Upon completion of an initial design, Caloah partnered with the City of North Vancouver to rezone the property to allow for increased density and multi-family residential as well as a commercial component with two levels of underground parking.
With rezoning complete, the team partnered with Rennie Marketing to design and execute a full marketing program that catered to new homebuyers that had been priced out of the Vancouver market, focusing on millennials who had been raised on the North Shore of Vancouver, but had been having difficulty entering a market wrought with escalating prices and targeting a buyer focused on the higher end.
The investment thesis called for appropriate-sized units (44 residential, 6 CRU) that had selective features that would create value for a long-term homeowner and a fit and finish that would separate the project from its competition.
Construction financing was arranged by Caloah to ensure the project would be completed with as efficient a capital structure as possible.
In order to bring a high-quality product to market and build on the already strong reputation of its principals, Caloah partnered with Marcon Construction as a general contractor. Caloah has also been an equity investor in other Marcon development projects. Marcon has a terrific reputation in the market and has had an ongoing relationship with other projects in which Caloah’s principals have participated.
