Posted Jan 21, 2025, 6:43 PM
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Join Date: Dec 2015
Posts: 15,807
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Quote:
Polygon moving forward on sizeable B.C. development pipeline
Polygon will be ready and waiting to greet them.
Perla is a 30-storey tower with 335 two- and three-bedroom homes near the Patterson SkyTrain Station in Metrotown. The project also has a six-storey rental component with 118 homes.
"It's a big project. We started selling that one in spring 2023 and we're about 80 per cent sold," Chrystal said, noting the project is expected to complete in summer 2026.
Onyx, also located at the western side of Metrotown, is a 36-storey building with 260 units, including 48 non-market rental homes in the base of the tower. Polygon started preselling Onyx in October and has sold roughly 80 homes so far, Chrystal said. "So, we’ve still got a little bit of work to do, but so far it’s been going pretty strong in light of market conditions around us."
Chrystal said Metrotown’s connection to mass transit, including the SkyTrain, its proximity to Central Park, and its critical mass of new homes and amenities makes it one of the region’s most attractive neighbourhoods for presale developments.
Meanwhile, in Brentwood, Polygon earned conditional approval late in 2024 from the city for a multi-phase, four-tower project called Emerald Place that also includes a six-storey wood-frame rental building. Chrystal said the Brentwood project, if fully realized, would total roughly 1,400 condo and rental homes.
"We're hoping to bring that to the market later this year, although we're still going through hoops to get our final approvals."
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Founded in 1980, Polygon has built more than 34,000 homes in Greater Vancouver. "We've been active, really, in every municipality," Chrystal said, noting it has built homes as far north as Squamish and as far east as Mission.
"This year we're sort of ready to start about 2,500 homes, market conditions willing," he said.
"We gravitate to areas such as Coquitlam and Richmond, North Shore, Surrey, Langley," he said, adding many of those communities are growing — especially around transit hubs and new or planned transit lines.
Chrystal said recent density policies by the province to up-zone properties and neighbourhoods around transit lines will spark more competition among land buyers and developers in the coming years. "When you have that competition, it's really hard for everybody to be successful."
That could result in Polygon making a slight adjustment and targeting development sites deeper into their target communities that face a little less competition, he said.
Another shift could be increasing the amount of low-rise wood frame projects that Polygon undertakes.
"It's cheaper to build, therefore it's more affordable once it's finished,” he said. "That's a niche that I like . . . and it's something that maybe will have a greater focus on this year and moving forward."
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https://renx.ca/polygons-lower-mainland-...ains-full-as-it-expects-buyers-to-return
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