Investing in Masterplanned Communities
Southgate City by Ledingham McAllister
What are Masterplanned Communities?
Masterplanned communities are large scale communities designed with a primarily focus on residential homes but will also incorporate a mix-used component which could include commercial spaces and public spaces. Typically, you’ll find these communities are designed and built by a single developer and sold as a presale development, meaning the homes will be sold prior to completion. Sometimes these developers will involve a financial partner to help ease financial burdens or increase exposure through partnership branding.
LCRE - Shape’s retail partner at The Amazing Brentwood
Characteristics of Masterplanned Communities
Think of a Masterplanned Community as a “city within a city”. Built for the future, the developer try to anticipate the needs of the residents. The idea is that residents won’t need to leave the immediate community to access certain amenities such as grocery stores, banks, restaurants, parks, or transit hubs. The communities are designed to be self sustaining and provide walkable conveniences to the local residents. The scale of the Masterplanned Communities can vary from a handful of residential towers to over 20+ residential towers. This could mean a difference between adding a few hundred new homes to adding a few thousand new homes. Extreme large scale communities may be divided into multiple phases of construction so completion time may happen over a stretch of a many years.
The Amazing Brentwood Masterplanned Community
This extreme large scale community designed and built by Shape Properties is an example of the multi-phase construction. The developer sells and builds each phase separately which allows homeowners to move into a completed “neighbourhood” while the future ones are under construction.
Why Masterplanned Communities make good investments?
Convenience
Prime Location
Easily Accessible Amenities
City Contributions to Ensure Success
Masterplanned communities have grown a lot in popularity and demand over the years. To help combat the housing shortage in Greater Vancouver, large scale developments that provide hundreds, if not, thousands of housing units are encouraged by the city governments. In order to provide the ideal convenience to its local residents, Masterplanned Community locations are generally chosen near highway access or near major transit hubs such as a Skytrain Stations. For the same reasons that make the community convenient, a previously old or non-existent neighbourhood now becomes a prime location for both businesses and residents. The easy access to transportation is an attractive feature for businesses. A positive cycle develops when retail businesses attract residents to live near by, simultaneously, having lots of residents live near by helps the businesses thrive and attracts more businesses to the area. This positive cycle is the reason why properties in Masterplanned Communities increase in value over time. Furthermore, the addition of public spaces signifies the cities’ involvement and contribution to these new neighbourhoods. In the planning stages of Masterplanned Communities, a ton of time and money is usually already invested by both the city governments and the developer. By the time homes are offered for sale on the market, homebuyers can be rest assured that the chances of the project reaching completion is very high. See links below for examples City planning currently underway:
City of Burnaby - Edmonds Town Centre Community Plan (Phase 1)
City of Burnaby - Lougheed Master Plan (Part 1)
City of Burnaby - Lougheed Master Plan (Part 2)
City of Vancouver - Cambie Corridor Plan
City of Coquitlam - Fraser Mills Community Plan
Masterplanned Communities in Greater Vancouver
There are many Masterplanned Communities to choose from in Greater Vancouver. Here are some major Masterplanned Communities currently under construction and worth considering:
The Amazing Brentwood is a 28 acre masterplanned community situated at the Brentwood Town Centre Skytrain Station in North Burnaby. This masterplanned community will bring 11 new towers and over 6000 new homes to the area. Neighbourhood One is now complete. Neighbourhood Two, with Tower Five and Tower Six, is currently under construction.
To be built along the banks of the Fraser River in Coquitlam, Fraser Mills is a massive 96 acre masterplanned community by Beedie Living which will bring 5500 new homes to the area along with commercial, office, light industrial and public recreational spaces. A state-of-the-art 50,000 sf aquatic and community centre with a new pier along the water will be constructed.
The City of Lougheed
The City of Lougheed is a 37 acre city centre with residential, commercial, retail, parks and entertainment on the Burnaby side of Burquitlam. The residential portion of this masterplanned community is expected to see 20 new towers and over 10,000 new homes. Located only 8 mins walk from the Lougheed Town Centre Skytrain Station.
Concord Metrotown
Situated in the prime location of Metrotown in Burnaby, Concord Metrotown is next to the Metropolis Mall and a few minutes walk from the Metrotown Skytrain Station. 8 towers are planned for this brand new neighbourhood.
RC at CF Richmond Centre
Surrounding Richmond Centre is Shape and Cadillac Fairview’s newest Masterplanned Community consisting of 27 acres and more than 2000 new homes.
Located in Vancouver’s West side, Cambie Gardens encompasses a harmony of new homes, architecture, green space, and connectivity in one masterplanned community. Live within walking distance to the boutiques of Oakridge Centre, several nearby parks, two SkyTrain stations, the Langara Golf Course, and more.
Southgate City soars above the slopes of South Burnaby with nearly 60-acres of masterfully designed community. Shaped by magnificent glass towers and lush garden homes, this landmark new community encircles an expansive and meticulously planned 5 acre public park. Within a 8 minute walk from the Edmonds Skytrain Station which connects residents to Vancouver, Richmond, Coquitlam, New Westminster and Surrey.
Gilmore Place is a masterplanned community in North Burnaby serving as the western gateway between Vancouver and Burnaby. Conveniently situated above the Gilmore Skytrain Station and only minutes away from Brentwood Town Centre. The developer Onni plans to incorporate new shops, dining, and office space within this community.
