A development application has been submitted for Phase ‘C’ of PCI Group’s ‘King George Hub’ at Fraser Hwy & King George Blvd next to King George Station. Details of the application indicate that Phase ‘C’ will consist of a single 34-storey mixed-use tower just to the east of Phase ‘A’ – the landmark 10-storey Coast Capital Savings headquarters built in 2014. No renderings of the tower have been released at this time, but the project is proposed to contain 363 residential units above 10,000 sq.ft. of ground-level retail.
With the application just submitted, it is expected that Phase ‘C’ will not likely begin construction until around 2020/21, around the time when Phase ‘B’ reaches completion. It could however be fast-tracked to begin sooner, given the strong response for Phase ‘B’ – which sold out both its residential towers in a matter of days. Phase ‘B’ is set to begin construction in the coming months, and will contain 29 & 40-storey residential towers, a 15-storey office tower, a 2-storey (9,376 sq.ft.) standalone restaurant next to the Coast Capital Savings Headquarters, and 112,535 sq.ft. of retail.
Following Phase ‘C’ will be the final phase of King George Hub – Phase ‘D’. No details of Phase ‘D’ have been released yet, but this last piece of the site at the corner of Fraser Hwy and Whalley Blvd is expected to add 2-3 more residential towers above retail. Full buildout of all phases is expected to be complete around 2025, and will be accompanied by numerous other surrounding projects – also expected to complete within that timeframe.
PCI Development’s King George Hub project has officially sold out both residential towers within Phase B of the project. The 40-storey tower first went to market in October, quickly selling out, followed by the 29-storey tower in November. Phase B will also include a 15-storey office tower, 2-storey stand-alone restaurant, as well as over 100,000 sq.ft. of retail space integrated with a plaza.
According to the King George Hub Sales Team, over 12,000 people registered as interested purchasers for the 738 units. Given this unprecedented demand for a condo project in Surrey City Centre, units were allocated through a lottery system. Of those units sold:
697 were purchased by local residents
1 in 4 were first-time home buyers
65% of buyers currently live within 20km
30% of buyers currently live in Vancouver
With the success of King George Hub selling out so quickly, PCI developments has indicated that they are now moving forward with plans for Phase C of the project, which should include 1 additional residential tower to the east of the existing Coast Capital Savings headquarters. A future Phase D is set to follow that with space for up to 3 more towers, however detailed plans for both sites have yet to be finalized or released.
With sales now complete, and final approval in place, it is expected that Phase B of King George Hub will begin construction by Spring 2018. This should be joined by Concord Pacific’s 42-storey Park Boulevard project just north of King George Station around the same time, making for 4 new towers starting construction within the area immediately surrounding King George Station. For more on King George Hub: