Oakridge Centre redevelopment offering "car for a condo" trade-in

Aug 9 2021, 4:46 pm

Prospective homeowners at Vancouver’s current largest development project are being provided with the option of trading in their private car towards the cost of buying a new condominium.

Dilawri Group of Companies, a major chain of local automobile dealerships, has partnered with developer Westbank for the new “Car for a Condo” promotion for Oakridge Centre’s 42-storey Lissoni tower.

However, prospective buyers will not be able to trade in any car. In order to qualify, the vehicle being traded in must be from British Columbia, with the program available to Dilawri customers. As well, the purchaser must be the sole owner of the vehicle, and the vehicle must be in good condition.

oakridge centre vancouver

2021 artistic rendering of Oakridge Centre. (Westbank)

oakridge centre vancouver

2021 artistic rendering of Oakridge Centre. (Westbank)

The dealership will determine the trade-in value and coordinate the transfer of funds towards the purchase of a condominium, with the vehicle credit amount limited to 20% of the purchase price of the home. Any vehicle of any make or model from the chain of dealerships can be traded in for a credit towards a home valued at the original price of the car.

Dilawri has two dozen dealerships within Metro Vancouver for makes that include Acura, Audi, Bentley, Ferrari, Honda, Infiniti, Jaguar, Land Rover, Maserati, Mercedes, Nissan, Porsche, Subaru, and Volvo.

The Lissoni tower has a total of 248 homes ranging in size from 582 sq ft to 7,250 sq ft, with available units starting at $850,000.

“Dilawri is excited to partner with Westbank and Oakridge Park on the ‘Car for a Condo’ program,” said James Coats, vice president of operations for Dilawri BC, in a statement.

“As Canada’s largest automotive group, we are dedicated to the development of innovative solutions that support our customers and communities. ‘Car for a Condo’ is the first program of its kind, and we are looking forward to the response from our region.”

oakridge centre vancouver

2021 artistic rendering of Oakridge Centre. (Westbank)

oakridge centre vancouver

2021 artistic rendering of Oakridge Centre. (Westbank)

Lissoni is currently under construction and set for completion in 2024 as one of Oakridge Centre’s first and tallest towers.

A significant portion of the new mall and nine-acre rooftop public park will also reach completion in 2024 instead of 2026, after a decision was made last year to expedite the project.

Based on recently revised plans for the redevelopment that seek the city’s permission to add density, there will be 1.2 million sq ft of retail and dining areas, over 800,000 sq ft of office space, and more than three million sq ft of residential space in over 3,300 homes — a mix of strata and rentals.

Upon the full completion of all construction phases, the new Oakridge Centre will have homes for over 7,000 residents and 6,000 permanent on-site jobs related to the retail, offices, public park, and community centre.

The project is billed as a transit-oriented community given its immediate adjacency to the Canada Line’s Oakridge-41st Avenue Station and the R4 41st Avenue RapidBus.

The 28-acre mall property is owned by QuadReal Property Group, the development arm of British Columbia Investment Management Corporation, one of Canada’s largest pension funds.

Kenneth ChanKenneth Chan

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