Electric Avenue Under Construction

Sunday, August 15th, 2004

Wendy McLellan

Where: Paramount Place, 900 Burrard St., and Electric Avenue., 933 Hornby St.
What: A combination cinema, retail and residential development. Electric Avenue is the residential component, with two adjoining 12-storey towers with a total of 456 suites. The towers are set on a 30-metre podium that is Paramount Place, a commercial development that includes nine cinemas and 20,000 square feet of retail space.
When: The cinemas and retail space are scheduled for completion in December. Electric Avenue is to be finished in May 2005.
Who: Bosa Ventures Inc. is owner and developer of the property. The company presold the condos to Wall Financial Corp. in 2002.
How much: 2004 assessed value is $34.3 million. The completed project is valued at $120 million, according to Bosa.

Two years ago, the corner of Burrard and Smithe was a simple parking lot. Now it’s a busy construction zone and will soon be home to hundreds of new downtown dwellers as well as a brand-new Famous Players cinema complex, an Earl’s restaurant and, of course, another Starbucks coffee shop, among other retailers.
In 2002, Bosa Ventures Inc. bought the property from Famous Players after its plans for a huge entertainment complex were scrapped due to concerns about the economic viability of the project.
However, the sale was conditional on Famous Players becoming a tenant in the new development.
Colin Bosa, vice-president of development for Bosa Ventures, said Famous Players plans to shut down its Capitol 6 cinemas at 820 Granville St. when the new complex opens.
Electric Avenue was sold out in May 2003 after 11 weeks on the market.
The suites ranged from 449-square-foot studios priced at $151,900 to 1,200-square-foot penthouses at $460,000.
The development will provide residents with the usual conveniences of downtown living, including an IGA grocery store across the street.
But they will also be part of a unique car-sharing experiment.
Peter Wall, of Wall Financial Corp., has given a fleet of seven vehicles to his condo development, to be shared among residents who choose to join a car co-op.
The vehicles, four environmentally friendly Toyota Prius hybrids, a station wagon, van and pickup truck, will be parked on-site and available for members’ use for a monthly fee.
The car-sharing option is believed to be a first in North America.

©The Province

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