VANCOUVER, BRITISH COLUMBIA–(Marketwire – Dec. 9, 2010) – The Executive Group of Vancouver is pleased to announce it has closed on an agreement with Argo Ventures Inc. to design and build a three tower mixed use project comprising the entire 100 Block section of W. 2nd Ave in the False Creek area of Vancouver, B.C.; opposite the newly constructed Olympic Village. The transaction, which closed in June, 2010, transfers a fifty percent ownership in the property to the Executive Group and names the Executive Group as development manager for this highly anticipated mixed use development. The project is being designed to house approximately 500 boutique style residences in three towers atop an approximately 40,000 square foot lifestyle oriented retail plaza. A feature of the project is anticipated to be a new ergonomically designed LEED Gold children’s daycare component set amid a landscaped green roof setting. Completion date of phase 1 of the project is anticipated to be mid 2013. The project’s design was first presented to the City of Vancouver by the award winning Francl Architects on December 1, 2010 and its construction is subject to all required regulatory land use permits and zoning requirements being obtained.
To view project rendering, please click here: http://media3.marketwire.com/docs/w2tower.JPG.
Argo Ventures Inc. initially acquired the property in 2009 after the completion of its successful project financing on the $400 million New Westminster Skytrain station / Azure Plaza 88 development. With its recent acquisition of the historic Sun Tower building near Rogers Arena and their funding participation in the Jameson House, designed by world renowned Foster & Partners Architects, Argo Ventures Inc. is looking forward to working with the Executive Group in achieving another landmark for the city of Vancouver.
Salim Sayani, President of the Executive Group, stated, “This unique project is sure to set a new benchmark of condominium high rise living in Greater Vancouver. These trend setting “boutique style” towers will blend many aspects from our boutique hotel collection with the contemporary styling of a glass encased residential tower.”
The Executive Group’s last residential offering launch in Greater Vancouver called the Parc Exclusive Residences Tower had over 90% of the homes being quickly sold as result of the project’s premiere location, stylish architecture, interior design and unique hotel-style amenities such as personalized wine storage cellars. The design of this current project is anticipated to have all the same components of Executive’s serviced lifestyle concept. It is anticipated pre-sales and leasing for Phase 1 could start as early as September 2011.
About The EXECUTIVE GROUP OF COMPANIES
Established in 1984, the Executive Group of Companies develops quality projects that stand the test of time in North America. The company has been fulfilling the need for exceptional residential, commercial, industrial and hotel development throughout its history. Known for quality workmanship, excellent customer service and attention to detail, the Executive Group of Companies maintains its reputation by fulfilling the needs of the end user of its projects. Developing strong services and amenities as a component of its residential projects has been a landmark of Executive’s developments. The Executive Group’s serviced residential projects are often developed on conjunction with the group’s Executive Hotels & Resorts hotel development division. With over 2500 residences or single-family home lots developed and sold over the past 20 years, Executive has established itself and its reputation for successful housing projects within the marketplace. Workmanship, quality materials and customer satisfaction are what to expect from the Executive Group of Companies.
About Argo Ventures Inc.
Since 1989, Argo Ventures Inc. has been involved in investing, developing, financing and managing commercial real estate properties across Canada. With over 1.2 million square feet of assets under its ownership and management, Argo Ventures Inc. have been providing its investors steady above average returns with the safety backed by a diverse real estate portfolio.