Compass tower to rise in an up-and-coming neighbourhood
Lynn Creek development hopes to attract 30- to 40-year-old demographic
John Major and Mitchell Lucas have been best buddies for years, so it seemed natural that when Lucas spotted a good deal, he would get Major involved.
The next thing Major knew, he had purchased his first home, a suite with one bedroom and a den at Denna Homes’ Seylynn development in an upand-coming neighbourhood in North Vancouver. His new nextdoor neighbour? His best friend Lucas, of course.
“It was super nice,” the 31-year-old computer marketer said of the Compass tower show suite he had toured. “Everything was kind of high end and my buddy found it for me. I think it is a super investment.”
Lucas, 37, who owns a bathroom design business in Calgary, says he urged Major to buy the suite next door for the same reason he had bought. “I told John this is an excellent opportunity to get in while these towers are being built for the next two or three years. The price point they are selling for today is not the same as it will be in three to seven years.“Both paid about $350,000 for their ground-floor homes.
Lucas and Major represent what the District of North Vancouver calls the “missing generation” — missing because with prices in the largely single-family homes community averaging more than $1 million, the 30- to 40-year-old age group is noticeably absent from the population mix. To encourage a more diverse — or affordable — community, the district has zoned Seylynn’s new neighbourhood of Lynn Creek at the north end of the Ironworkers Memorial Bridge with a higher density designation, says Nic Askew, whose company Pacesetter Marketing is selling units in Denna Homes’ three-tower development.
Lynn Creek is one of four community village centres — nearby Maplewood, Capilano and Marine and Lynn Valley are the others — that the district is actively promoting through YouTube videos to woo developers, commercial and light industries. Seylynn’s own on-site video presentation borrows liberally from the district’s video and the Compass project brochure dedicates several pages to the district’s official community plan for Lynn Creek.
The district projects Lynn Creek will become home to about 6,000 people over the next 20 years as the Seylynn towers are eventually surrounded by a variety of low- and medium-rise homes. More than $1 billion in infrastructure development is planned. It includes the current construction of the new Keith Road bridge over Lynn Creek, new access and exit ramps on the Upper Levels Highway and major enhancements to the Phibbs Exchange bus terminal at the north end of Ironworkers Memorial Bridge.
The Lynn Creek neighbourhood itself, currently a hodgepodge of auto-body shops and other light-industrial businesses interspersed with older singlefamily homes, will be transformed into more consumerfriendly shops, restaurants and convenience stores intersected by pedestrian and bicycle paths and greenways connecting Lynn Creek to the Park and Tilford shopping centre to the west.
The plans were enough to persuade Lucas to also locate his second design shop — his first is in Calgary — just a stone’s throw from Seylynn’s first tower, where he currently rents a suite. Both he and Major believe the area will prove popular with their age group, which likes the quick access to the city and the recreation possibilities of thousands of hectares of North Shore wilderness.
Askew said sales in the 247unit Compass — it is 28 storeys high — have been good with more than 60 units selling before the official Saturday start of the sales campaign. Many of the buyers were friends and relatives of those who purchased homes last year in the Beacon tower.
“What is interesting is that we have had a very low resale rate — maybe half a dozen — in Beacon. That suggests that people are very happy with what they bought and that there were few investors who are flipping.”
Askew says he expects more investor interest in the second tower, partly because of the rents that the first tower homes are commanding. “We are seeing $3 a square foot a month,” he said, adding that is higher than the $2.75 a square foot of many condo properties in Lower Lonsdale.
Askew says Compass, which includes a number of low-rise townhomes at street level, is attracting a range of buyers from first-timers like Lucas and Major, families with one to several children and downsizers from nearby neighbourhoods. One retired woman purchased two units and plans to combine them into one home, which can be done fairly easily before construction begins, he said.
The Compass showroom occupies the same space that was used to present suites in the Beacon building. However, there are some major modifications, including a computerized screen that shows prospective buyers views photographed by drones from every floor level. “It came as a surprise to us that the views to the north and east (of the North Shore Mountains) were as beautiful as they are.”
Meanwhile, construction has begun on the Denna Club, a 14,000-square-foot facility that will be eventually shared by residents of all three towers. It will include a 25-metre infinity lap pool, hot tub, dry sauna and steam room, fitness and cardio room, a yoga and dance studio, a lounge and media room and a licensed daycare.
The building’s modern architecture provides for floor-to-ceiling windows, which are tripleglazed for superior insulation and soundproofing. All homes have air conditioning as well.
The kitchens feature modern sleek cabinetry with fullextension drawers and softclose hinges, “floating” ceilings, composite countertops and with islands in some models. Gas cooktops, ovens and dishwashers are by Bosch, the bottom freezer fridge by FisherPaykel and microwaves with trim kits from Panasonic. Appliances can be upgraded to a fiveburner Bosch gas cooktop and integrated Bosch fridge and dishwasher.
Main bathrooms have oversized showers and spacious soaker tubs, deep storage drawers in the vanities and 24-inch medicine cabinets.
Suites come standard with laminate floors, which can be upgraded to engineered flooring. Balconies are liberally sized and range up to 300 square feet.
Downstairs, owners have the option of individual bike lockers and access to a bike repair shop, dedicated bike and pet-washing station and on-site co-op cars.
Nearby Bridgeman Park, a favourite with dog owners, has prompted creation of a new dog owners’ club in Beacon, which meets every Sunday, said Askew.