Luxury at a lower price sells Cosmo at Georgia and Beatty, Downtown Vancouver
More condos will be released in the fall and developer is in talks to add 10 more floors
Lena Sin
Province
Sunday, August, 02, 2009
The Facts
What: Cosmo, 253 apartments and townhouses.
Where: Georgia and Beatty, Downtown Vancouver
Developer: Concord Pacific
Builder: Centreville
Sizes: From 455 sq. ft studios to two-bedroom plus den units that are 790 sq. ft. - 939 sq. ft. Only five townhouses are still available, from 1,017 sq. ft. - 1,139 sq. ft.
Prices: Studios, $218,800 - $258,900; 1 bed, $259,900 - $316,900; 1 bed plus den, $289,800 - $374,400; 2 bed plus den, $369,800 - $513,800. Only five townhouses are still available, priced from $500,000 to $639,000.
Open: Presentation centre is open from 10 a.m. to 5 p.m. daily at 88 Pacific Boulevard (at Carrall)
More info: cosmovancouver.com
There's an art to selling real estate, especially during troubled economic times. But while most sales and marketing experts fear peddling their wares during much-dreaded recessions, Grant Murray thrives.
So when Concord Pacific hit the pause button on launching Cosmo last October, Murray set himself the task of redefining the downtown Vancouver condo development into something consumers would buy even in uncertain times.
"What we're all about is not just designing a single building. Any developer can pick a spot and put a high-rise in. What we're about is defining what the consumer's looking for," says Murray, vice-president of sales for Concord Pacific. "When you create something where people actually want to be, first of all you have sustainability, and then you have value. You can create value in troubled times."
Without question, price was the key factor as Concord Pacific realized the development would no longer fetch the predicted $800 per square foot. Instead, prices were lowered to between $500 to $600 per square foot. Two factors made the price decrease less painful than it could have been for the developer. Concord Pacific had bought the land back in 1988; also, the flagging economy meant lower construction costs.
Murray was insistent that a sense of luxury was vital even as prices were coming down. So he went to architect James K. M. Cheng, whose resumé includes designing Vancouver's Shangri-La hotel and residence, with the challenge of creating high-living within an affordable price point.
Among the changes made to the Cosmo building over the past six months was the addition of a hotel-worthy lobby and a rooftop lounge and a bowling alley.
Judging by the sales of Cosmo, which nearly sold out over three days recently, Murray and his team got the design and sales brief right.
"The testament of our success is the fact that people bought it. It doesn't matter what it is, the bragging rights are if you sold the building that well, you must've done something right," he says.
Located at the corner of Georgia and Beatty, Cosmo sits on one of the last pieces of developable land immediately adjacent to the business district. Murray has dubbed the location "Funtown," with Gastown and Yaletown just minutes away and BC Place, GM Place and the Queen Elizabeth Theatre at its doorstep.
It's obviously the place to be -- but Cheng has also made it the place to be seen -- with a luxurious lobby outfitted with furnishings from designer Giorgio Armani's furniture line, Armani Casa. Cream, leather-stitch chairs face an $8,000 geometric coffee table, while a fireplace is set against a marbled wall.
"We wanted to make the building more upscale," explained Murray. "It's one way on Georgia Street so as you're coming down and driving out, what do you see? You see Cosmo. So you're looking square into the lobby. So we said we wanted to make that visually exciting."
Cheng also designed a rooftop deck with a hot tub and fire pit to give those living on lower floors access to a space with a view.
The building also boasts a two-lane bowling alley and residents will get access to the pool at Spectrum, Concord Pacific's award-winning development next door to Cosmo.
With 10 years experience of building 50 condo towers spanning 200 acres in False Creek, Concord Pacific knew the time was right to release Cosmo two weeks ago as inquiries into the building were mounting.
There are now just five loft-style townhouses left, some of which feature an arresting design element of a shallow pool of water in the front courtyard and a stone pathway leading to the front door. The sizes are from 1,017 sq. ft. to 1,139 sq. ft. and priced from $500,000 to $639,000.
For those still hoping to get in on a condo, there will be a chance in the fall, when nine suites still available on the 22nd floor and the penthouse suites on the 23rd floor will likely be released. The reason for the hold-back is that Concord Pacific is in talks with the city to potentially add another 10 floors to the building.
Cosmo is expected to be completed by summer 2012.
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