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New Homes

Concord plugs a new high-rise project

Vancouver— Special to The Globe and Mail

With precision timing, Mayor Gregor Robertson pulled up to a Concord Pacific media event this week in a hybrid Prius sedan, then posed for cameras as he plugged the vehicle into its power source.

The gathering was less about the announcement of the 200-residence Concord Pacific Cosmo than to announce the project's inclusion of power plugs in all its parking stalls. Marketing for sale of the development at Georgia and Beatty streets begins this summer, with completion scheduled in three years.

Concord says it will be the first downtown Vancouver condo to offer plug-in capability for electric vehicles and hybrid electric vehicles, including faster-to-charge 220 volt outlets.

It may not sound like much to get revved up about, but for electric vehicle proponents, it was a major boost in touting their mission.

"It is the first developer to recognize that we are shifting our automobile technology," said John Stonier, director for the Vancouver Electric Vehicle Association, who stood on the sidelines during the event.

Concord chief executive officer Terry Hui says he believes the electric vehicle will be a mainstream staple within five years. He was less willing to guess the future when it came to real estate sales.

"The future is hard to predict," Mr. Hui said, following the press conference. "I think in the spring things are picking up. Generally, with the low interest [rate] environment, it's a good time to own a home. I think transactions are happening. I think the sales department feels it and the market statistics show it.

"You cannot always time the market, right? But it is a good time to buy."

When asked if it's a better idea to buy after the 2010 Olympic Games, he said: "Crystal ball gazing - no one can do that. But downtown has a limited supply of land, right?"