"Destined for a few": Luxury Vancouver condo sign hits housing sore spot
The slogan for a new luxury condo being built in Vancouver’s Coal Harbour neighbourhood has elicited both laughs and misery online for accurately summarizing the state of Vancouver’s housing market.
“Desired by many. Destined for a few,” reads the boarding for the under-construction Park Georgia building.
Daily Hive
It’s being built at Georgia and Bidwell streets, at the site of the former Chevron gas station.
The Chevron gas station at 1616-1698 West Georgia Street was closed and demolished in 2017, shortly after it was acquired by Anthem Properties. The site has been sitting vacant ever since. (Daily Hive)
While the phrase may have begun as an attempt to drum up interest in the lavish 127-unit building, it’s made many Vancouverites reflect on just how difficult securing housing is as asking rents skyrocket and high interest rates make already-expensive home prices even less attainable.
“They got it right, eh” one Reddit user said.
“I too desire housing but am destined for few opportunities,” another person weighed in.
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“I think this sentiment is being felt not just on a comedic level but a really painful level by many right now,” a third said. “It is a pretty sad state of affairs when basic rentals provide this much misery and stress for so many Canadians.
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Daily Hive has reached out to Anthem Properties, the developer behind the sign, for its thoughts on the discussion it’s sparked. The developer has not replied.
2021 artistic rendering of 1616-1698 West Georgia Street, Vancouver. (Kohn Pederson Fox/Chris Dikeakos Architects/Anthem Properties)
In June, Anthem asked the City of Vancouver for a “one-off” deferral of the remaining payment of what it owes. At the time, Anthem had paid $15.7 million of the $26.1 million in community amenity contributions (CACs) it agreed to provide as a condition of the lot’s rezoning for higher density.
The City’s typical CAC policy requires developers to pay 60% of their amenity contributions upfront in cash, with the remaining 40% due when the first building permit is issued.
Anthem’s reason for delay was due to economic challenges and rampant inflation and construction costs, according to a report from City staff.