Vancouver, British Columbia — The $3.5 billion B.F. Development Corp. project to build a luxury condominium on the site of the old Olympic and Commonwealth Games site may be nearing completion.
The project’s developer, First Coast Capital, said it has started construction on the new condo complex at 740 Granville Street.
It has already secured a $3 million federal loan to start construction on an adjacent site that has a smaller site.
First Coast says it expects to be in the market by early next year.
First Coast, which was formed in 2009, says it is “actively seeking financing” to build the project.
It says the new site, in the heart of downtown Vancouver, will house “the highest-density condominium in the world.”
It says its developers have secured financing for up to $7 million for the project, including a $2.6 million loan from the BC Government.
The complex, which will include a ground floor retail center, is being developed by First Coast’s partner, Pacific Investment Group.
B.C. Premier Christy Clark, who is also the chair of the B.I.O., has been touting the project as a potential first home for British Columbians.
She said it is a good investment for B.G. and the province.
“It’s a project that I’m excited about, and one that I think is an important piece of our future,” Clark said in a press release announcing the project’s launch.
“It’s an important first step to realizing our long-term vision to build an economic powerhouse in British Columbia.
It will also create more jobs, expand our economy and create more opportunities for people of all ages and abilities.”