Construction begins on Vancouver condo building without struggling developer

Construction begins on East Vancouver condo building without struggling developer

Artistic rendering of Frame at 2751 Kingsway, Vancouver. (GBL Architects/Peterson Group)

Local developer Peterson Group has provided renewed confidence in its sizeable condominium building development at the northwest corner of the intersection of Kingsway and Earles Street in East Vancouver’s Norquay neighbourhood.

Construction officially began last week on the 10-storey Frame building at 2751 Kingsway, addressing some potential uncertainty homebuyers had earlier this year when Daily Hive Urbanized was first to report on Coromandel Properties’ immense financial challenges to the extent that the company contemplated insolvency in court.

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Coromandel was previously a partner on Frame, which was their most advanced upcoming project. However, Peterson states they now have full control moving forward.

“While initially a co-development, in February of this year, Peterson Group assumed full control of Frame, a substantial residential project bringing over 200 homes to Vancouver’s most well-connected corridor at Kingsway and Earles Street,” said Peterson Group in a statement to Daily Hive Urbanized.

“We are pleased to be moving forward with this project as intended, with construction underway.”

Frame 2751 Kingsway Vancouver construction

Official groundbreaking ceremony of Frame at 2751 Kingsway, Vancouver, in late June 2023. (Peterson Group)

Frame, designed by GBL Architects, will contain 217 condominium homes and nearly 20,000 sq ft of retail/restaurant spaces.

Court documents filed by Coromandel in February indicate the troubled firm previously had a 35% stake in Frame, with Peterson holding the remaining 65%. It was also noted that pre-sales on the condominiums starting in Spring 2022 reached a sufficient number of units to satisfy TD Bank’s approval of the project’s initial construction financing.

Frame is now expected to reach completion in late 2025.

The project’s location is well-served by frequent public transit services, including the buses along Kingsway and Earles Street, and it is a 10-minute walk from SkyTrain 29th Avenue Station.

“We see the long-term potential of the Norquay Village Neighbourhood Centre Plan and evolution of the Kingsway Corridor,” said Brendan Yee, director for development for Peterson Group. “The vibrancy of the neighbourhood is what gets us most excited as Frame is located at the centre of an evolving new retail hub and future community plaza.”

Artistic rendering of Frame at 2751 Kingsway, Vancouver. (GBL Architects/Peterson Group)

Artistic rendering of Frame at 2751 Kingsway, Vancouver. (GBL Architects/Peterson Group)

Artistic rendering of Frame at 2751 Kingsway, Vancouver. (GBL Architects/Peterson Group)

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