It is often claimed that foreign buyers are snapping up Vancouver properties so fast that not much are left for locals.
Whether that’s true or not will not matter much when it comes to a new downtown condo development.
Local buyers with the right kind of budget will be first in line to purchase units at a proposed 46-storey condo tower at 1445-1455 West Georgia Street.
The Georgia Straight previously reported that the property was bought in 2014 by the Brilliant Circle Group Investments Ltd., a company based in Shenzhen, China.
James KM Cheng Architects filed the rezoning application for the property on behalf of BCG Developments.
According to a City of Vancouver staff report, the developer has “provided a voluntary commitment to support residents who live or work in Metro Vancouver by giving them the first opportunity to purchase new presale homes in the new development on the subject site”.
The report was written by Karen Hoese, acting assistant director for downtown of the city’s planning, urban design and sustainability.
Hoese wrote that the developer will give a 30-day “exclusive local buyer period after launch of the marketing campaign during which buyers will be required to sign a statutory declaration attesting that they live or work in Metro Vancouver, and that they intend to occupy the unit they are purchasing”.
“There shall be no foreign marketing during this Exclusive Local Buyer Period,” reads one of the conditions for the development.
Also, the conditions require that no buyer shall get more than one unit during the exclusive local buyer period.
The proposed condo tower will have 119 units.
The development is at what Hoese described as a flatiron-shaped property at the intersection of Pender, West Georgia, and Nicola streets.
City council will hold a public hearing on the rezoning application for 1445-1455 West Georgia Street on July 31.
In related news, local buyers will also get first crack at condo units that will be constructed as part of the redevelopment of the Plaza of Nations site in Vancouver.
City council approved on July 12, 2018 the rezoning application for 750-772 Pacific Boulevard that will pave the way for commercial, residential, community and civic uses and public open spaces.
The Plaza of Nations site is owned by Canadian Metropolitan Properties Corp., a company by Oei Hong Leong, an Indonesia-born property magnate of Chinese descent, and who is said to divide his time between Vancouver and Singapore.
The development will also have a 30-day local buyer period.