Wesgroup Properties received final rezoning enactment for the 14-acre Inlet District in the area formerly known as Coronation Park.
The transit-oriented development in Port Moody will add more than 2,400 market condos and 101 market rentals to the city as well as two daycare centres, an office building, a supermarket, a drug store and other retail.
Wesgroup acquired the site in 2019 through one of the largest assemblies of single-family homes in B.C. The master plan encompasses 2.2 million square feet of buildable area and will feature six condo towers and three low-rise buildings surrounding a new community park.
The development agreement between the developer and the City of Port Moody includes $137 million in financial and in-kind contributions to the community.
“Inlet District is an example of the time and effort required to bring transformative projects like this to fruition,” said Brad Jones, senior vice president of development. “We first started working on Inlet District in 2019 and now expect that it will take another five years until the first residents are able to move in.”
Construction on the community is slated to begin in fall 2025 and the first residents are expected to be able to move in by 2029.
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