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Tower will be high point in Metro
The second tower in the Altitude development on Burnaby Mountain will be the highest point in Metro Vancouver when it's complete.
The project by Hungerford Properties goes on sale Saturday (April 12) at noon at 8955 University High St., Burnaby.
The first tower is 75 per cent sold and construction will be finished by the end of the year, the company says.
The project is located in the UniverCity community next door to Simon Fraser University. So far 3,500 people call the neighbourhood home, a figure that will eventually reach more than 10,000.
Tower 2 consists of 115 units in 14 storeys. When complete, estimated in fall 2016, its tallest point will be 1,300 feet above sea level with 360-degree views of Burrard Inlet, the North Shore and downtown Vancouver.
With prices starting at $239,900 for a one-bedroom, the company hopes to attract young families, couples, students, professionals, outdoor enthusiasts and investors.
Two years ago, an Urban Analytics study found that condos at SFU offered more positive cash flow than similar condos in UBC or Metrotown, based on price per square foot and rental rates.
"UniverCity continues to actively grow as an affordable complete community, as our newest residents move into Porte's "Lift" this year, bringing the population to nearly 4,000," said Dale Mikkelsen, director of development, SFU Community Trust, in an emailed statement.
"UniverCity will see three more projects under construction this year including Altitude (Hungerford Properties), Veritas (Polygon Homes), and CentreBlock (Liberty Homes), and the momentum continues with the release of two additional development sites slated to begin construction in 2015—all ensuring that the shops and services, as well as the two childcare facilities and K-7 Highland Elementary, continue to thrive."