The developer of a new Surrey highrise hopes to attract first time buyers with an affordable, convertible space with built-in furniture.
Bosa Properties is developing the University District tower as the first phase of what could be up to 15 new towers in Surrey for the developer.
The spaces are small — 500 square feet — and start at $199,900.
The developer says they are not trying to squeeze people into smaller spaces, but into more efficient spaces that feel bigger.
“It’s not about trying to shoehorn someone into something smaller, it’s about giving them an appropriately sized and affordably priced suite that actually lives way better than anything else,” says Daryl Simpson, Senior Vice-President of Bosa Properties.
The homes feature many space-saving features including an island that converts into an eight-person dining table and bed that comes down from the living room wall.
“There’s a number of components that work together to create a home that fully transforms. A lot of people know about these micro lofts, this isn’t that. It’s about taking a suite that’s relatively conventionally sized and making it live way bigger. It’s not a micro condo, it’s a macro condo.”
The developer hopes to attract first time buyers and investors who couldn’t otherwise afford to own.
“Surrey is changing quite rapidly. Just as there is in Vancouver, there’s an affordability challenge in Surrey too. What you would pay $450,000 in downtown Vancouver, you would pay $250,000 in Surrey,” says Daryl Simpson, Senior Vice-President of Bosa Properties.
Surrey is ambitiously redeveloping the Central City and Whalley areas, in the hopes of creating a new downtown core to rival Vancouver’s.
Several major projects are already underway from developers such as Concord Pacific and Century Group.
This is the first project for Bosa in Surrey, but the company has big plans.
“We will be in Surrey for years to come, we have put a lot of horsepower behind this project,” says Simpson.
The building will be complete in 36 months.