10 October 2019
Grosvenor Americas and Citimark Group join forces with Transca Development to create Polaris
Grosvenor Americas and Citimark Group have teamed up with Transca Development to develop Polaris at Metrotown, a 36-storey residential project in the heart of Burnaby. Polaris is a contemporary collection of 313 one, two and three-bedroom homes, townhomes and live-work residences just steps away from rapid transit, Bonsor Park and Metrotown, BC’s largest shopping center. The project has seen great success to date, with 80% of the project pre-sold.
Over the course of fifteen years, Citimark and Grosvenor Americas have focused on collaborating on residential projects in the greater Vancouver area, most notably 15 West, a high-rise comprised of 115 homes in the heart of Lonsdale, North Vancouver. Polaris will mark the fourth project between the two well-established developers, as they bring their successful working relationship and high-level of both local and international expertise to the project. Grosvenor also has a long-standing history in the Metrotown area, having built residential properties overlooking Central Park in the 1970’s.
“Each project we’ve built together has been unique,” says Nelson Chan, President of Citimark, “Polaris will be another development with Grosvenor where we combine our collective experience and expertise to deliver a project of outstanding quality and thoughtful design to Metrotown and the residents of Burnaby.”
“We’re excited to embark on this new journey with Citimark and Transca,” says Michael Ward, Senior Vice President of Development and General Manager, Vancouver of Grosvenor Americas, “We feel a great sense of pride collaborating with like-minded property professionals to develop noteworthy, memorable projects in highly desired neighborhoods like Metrotown.”
“Our vision for Polaris was always to inspire others,” says Fred Zhu, CEO of Transca, “Now, we’ve combined the original vision for the project with the experience of two seasoned developers to create a one-of-a-kind, globally recognized project in the heart of Burnaby and we couldn’t be more excited.”
Designed by globally recognized architectural firm, IBI Group, Polaris will be a marked by a public art installation and striking water feature at its elegant lobby. Each contemporary home features thoughtfully designed interior features by award-winning BYU Design including optimal living spaces, spacious balconies, air-conditioning and Italian-made cabinetry. Project amenities will include concierge service, a guest suite for visiting family and friends, a bike repair/wash station and the shared amenity space will include a social lounge, virtual golf simulator, table tennis room, meeting room, outdoor gardens with fire pit and BBQs.
Polaris has begun construction and is expected to be completed in early 2022. Citimark, Grosvenor and Transca anticipate releasing the final homes at Polaris for sale next year.
About Grosvenor Americas
Grosvenor Americas is an active developer and investor in several high-quality cities across the U.S. and Canada. Our strategy is to invest in vibrant urban locations where our activities can make a positive contribution to neighborhoods and communities.
Our active development pipeline focuses on projects in urban, transit-oriented and/or amenity-rich neighborhoods and includes current projects such as Crescent in San Francisco, The Pacific in downtown Vancouver, and Eckington Yards in Washington, D.C. We are also advancing larger multi-year projects in San Francisco, West Silicon Valley and Vancouver. Our Investment program adds value to residential, commercial and retail assets while also managing a portfolio of stable, high-quality properties across North America. Our Structured Development Finance business provides funds for much-needed residential development projects in our high growth markets.
We are part of Grosvenor Group, a privately owned international property company. With a track record of more than 340 years, the Group develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
As of December 31, 2019, Grosvenor Americas had assets under management of CAD $5B.
Notes to Editors
About Citimark Group
With decades of experience, the Citimark team delivers thoughtful, community-driven developments throughout Metro Vancouver and beyond. Citimark is committed to the creation of highly liveable and functional homes designed to meet the needs of families now and in the future. A wealth of expertise goes into every Citimark project, with each home built with the same care and attention as if it were their own. Citimark’s current multi-family projects include Belle Isle and Ebb & Flow in the District of North Vancouver, Wembley and Northview in Richmond and Apex in the Okanagan.
About Transca Development
Transca was born from a development legacy established over the course of sixteen years in Asia. By collaborating with local top consultants, Transca is committed to bringing innovative design and premium quality homes to Canada. Every Transca Project is crafted to meet the expectations of the people we build for and the people we collaborate with. Transca aims to create communities that leave a lasting impression on residents and neighbourhoods in Vancouver and beyond. Current projects include Polaris in Metrotown, Primrose on Queen Elizabeth Park and 49th Langara in Vancouver.