Marketing of the first tower of six that will transform Port Moody’s old 14.8-acre Coronation Park neighbourhood into a dense, urban enclave now called the Inlet District has begun.
Vancouver-based developer Wesgroup Properties said in a news release 1 Market Square will comprise a 27-storey residential tower with 299 homes, as well as a new grocery store and daycare.
It’s part of the massive project’s first phase of construction that also includes a second residential tower and a four-storey office building.
A 27,000 sq. ft. amenity space for the neighbourhood’s residents will also be built. It includes a gym, yoga studio, swimming pools, sports courts and a synthetic ice rink along with a co-working space, music bar, lounges for kids and adults as well as a movie room.
“We want to build communities where residents can grow and thrive,” said Wesgroup’s vice president of sales, Joey Coupland.
Subsequent phases will include four more high-rises up to 31 storeys and three low-rise residential buildings along with a second daycare facility and 2.5-acre central park.
By the time the project is completed in about 25 years, its 2,587 new homes will accommodate up to 5,500 residents across from the Inlet Station SkyTrain station the developer has stated will eventually be linked by a new pedestrian bridge over Ioco Road.
On Jan. 14, Port Moody council passed final adoption of a bylaw to close several streets in the old Coronation Park neighbourhood that used to be comprised of 51 mid-century single-family homes so construction can proceed.
The new pedestrian-oriented development will have no surface roads as all parking and vehicle access to buildings will be underground.
That’s necessitating the removal of up to 544 trees, most in fair to good health and some as tall as 35 metres, according to an arborist’s report that was submitted to the city as part of Wesgroup’s application for a development permit.
Mayor Meghan Lahti said she expects the developer to conform to Port Moody’s tree protection bylaw that requires each tree being removed get replaced by two new ones. But she also held out hope some trees could be relocated elsewhere in the city.
“Tree canopy is a priority in Port Moody and comments were made during the project consideration to preserve and replant trees where feasible,” said Lahti.
Preservation considerations were also given to some of the neighbourhood’s old homes as 10 were relocated to remote First Nations communities rather than demolished.
That effort, lead by a company called Renewal Home Development in conjunction with Wesgroup and the city, sparked a review of Port Moody’s demolition requirements to determine how more such homes in the way of new development could be saved. The review was scheduled to be presented to council’s city initiatives and planning committee last night (Jan. 21).
Prices at 1 Market Square start at $450,900. Construction is expected to be completed in mid-2029.
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