Massive Port Moody project will create thousands of homes
Portwood’s team says construction is likely to begin this fall.
Portwood’s design aims to marry Scandinavian style with the West Coast. – Edgar Development
Something big is brewing in Port Moody, B.C.
No, it’s not just beer from the city’s popular “Brewer’s Row”. It’s a massive development set to take shape over the next decade. Rather than transform 24 acres of the the city into buildings, developers plan to preserve large amounts of greenspace for the public to enjoy.
EDGAR Development is the company behind Portwood, the $1.1 billion master-planned multi-family mixed use project that will add thousands of homes to the region.
“Driving through Port Moody, we became aware of the property that was for sale and instantly it was ‘wow, what is this’,” said Matthew McClenaghan, EDGAR senior vice president of development. “It’s 24 acres, lots of green space, lots of open space, what a great opportunity to work on a master plan community.”
In the past, EDGAR has built primarily market rental buildings. But about five years ago it decided to focus more on building strata homes and master-planned type communities in particular.
“I think starting with a 24-acre property really allows us to be creative,” said McClenaghan.
The creative vision is big. Once complete, Portwood will include 20 buildings in five new neighbourhoods. It will create just over 2,000 new market strata apartments, 138 new market rentals and 328 below market rentals.
The community will also have a new grocer, retail stores and a 12,300-square-foot child care facility.
The team plans to keep much of the site green. The plan includes two parks, a 1.5-kilometre-long walking trail and bike paths. In total, around 70% of the total development will be green space. This includes the protection and enhancement of more than five acres of environmentally sensitive areas.
“Certainly respecting nature is the the forefront,” said McClenaghan.
While the vision is big, McClenaghan noted that the plan for Portwood is slow growth.
“We aren’t dropping 2,000 homes on the doorstep on day one,” he said. “ It’s a multi-phased community that will be built over 10-15 years.”
But when it comes to amenities and affordable housing, EDGAR doesn’t want to make its neighbhours wait.
“Every community that we build is unique,” said McClenaghan. “Certainly in the larger, master-planned communities that have lots of amenities, it’s a balancing act. It’s important for us to deliver amenities up front in the earlier phases. That’s one of the challenges financially, but it’s just something we believe in. It’s best for the community to have these things up front but typically, you’d see them trail at the end.”
He added that Portwood’s presentation centre is built and open, and EDGAR is in the process of pre-sales. He anticipates starting construction sometime this fall.
