Edmonds’ skyline will look decidedly different in the future.
Cressey Development Group broke ground on its Kings Crossing development, located at the corner of Kingsway and Edmonds Street, at a ceremony last week.
Cressey is heralding its three-tower project as part of an emerging market in Burnaby that’s attracting high-end clientele to the city.
According to Jason Turcotte, vice president of development at Cressey Development Group, Burnaby is no longer just an affordable alternative to Vancouver but rather a sought-after destination unto itself.
“It used to be you’d think of the suburbs, as far as multi-family, as being sort of the more affordable option, but it now seems to have shifted a bit into people who are seeking out (Burnaby’s) town centres for various reasons,” he told the NOW.
Along with increased demand for homes in these dense, highrise-oriented neighbourhoods, comes a push for high-end products and amenities, Turcotte said.
“You look at the amount of increase in these neighbourhoods where these town centre/high-density locations are and the values have climbed a lot. So what you’re dealing with are more affluent buyers that are buying there because these are the neighbourhoods they’re choosing as opposed to being their second or third choice – they’re seeking them out – and their expectations are simply higher,” he said.
Cressey Development is doing its best to tap into this high-end market. When complete, Kings Crossing will include three towers featuring 12 two-bedroom plus den penthouse units, which start around $1 million each.
But what place does this affluent demographic have in Edmonds?
In a neighbour made up primarily of refugees, immigrants and low-income earners, Kings Crossing is a definite shift in direction, but it doesn’t have to pit one group against another, Turcotte said.
“You’re going to have all sorts of different folk of different demographics and socio-economic backgrounds, and I think that’s what makes neighbourhoods interesting – that’s no different than living downtown. In a lot of neighbourhoods in Vancouver, it’s a very diverse mix and it makes for more dynamic neighbourhoods,” he said.
The average before-tax household income in Edmonds in 2005 was $56,861, about $6,000 less than the city average, and about 44 per cent of residents in Edmonds earned $40,000 or less per year, according to the City of Burnaby’s 2006 neighbourhood profile for Edmonds. (These figures are based on data collected in the 2006 Canadian census. New statistics, based on the 2016 census, are set to be released sometime in 2017.)
Immigrants, meanwhile, made up about 59 per cent of the population in Edmonds in 2006, according to the city’s neighbourhood profile.
When asked if he fears Kings Crossing will spark public pushback, as many developments have in the Metrotown neighbourhood, Turcotte said he doesn’t, adding that Kings Crossing is being built on the old Value Village site and a parking lot. The development will also bring new services and shops to the neighbourhood, he said.
“I think it’s a little different than what’s happened down the street in Metrotown, and I think, if done right, it could be a real positive thing for the neighbourhood,” Turcotte said.
With only 22 homes left to sell in Kings Crossing, Cressey’s focus is now on construction. The project, which essentially has one phase, is expected to be complete by spring 2019.
