Panatch Group launches second phase of Port Moody’s 50 Electronic Avenue
Michael Bernard
The Province
It is every developer’s nightmare. You have everything in place for your opening day, and then your plans are dashed by an event completely beyond your control. With COVID-19 and the public safety orders banning events of more than 50 people, you have the makings of a true catastrophe.
It could have turned out that way for Kush Panatch and the March 21 launch of the second phase of his multi-unit residential development 50 Electronic Avenue in Port Moody, except that this developer has shown an uncanny ability to adapt to change.
The Panatch Group’s challenge was to address the need for people to socially distance while giving them a close-up look at a new home. “Some people wanted to get full information on what was available but were uncomfortable coming in (to the sales centre). So what do we show people? We came up with the idea of hiring a professional videographer and featuring Jody Jobber, our sales director, conducting a virtual tour of the presentation suite.”
The result was a guided tour that was made available online. “Jody was nervous at first and had never done anything like that, but we told her to think of how she would do it if a real person was present,” said Panatch. That, combined with a robust list of more than 8,000 people who had registered their interest in the 358 homes in the two-stage development, led to an enviable start to the sales campaign. In less than two weeks, Panatch had 46 signed sales.
But that ability to act quickly isn’t the only reason 50 Electronic Avenue—named in honour of the radio and TV manufacturer, Chisholm Industries that produced products at the location for decades—has done so well. In fact, the seeds of success were sown more than 22 years ago when Panatch bought a 3.5-acre parcel of industrial land opposite Port Moody’s downtown. At that time it was simply a big industrial area with a sawmill, but Panatch saw the potential, even before the Westcoast Express and SkyTrain’s Evergreen Line hastened Port Moody’s development.
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Even as phase-one sales were progressing two years ago, the company was taking careful note of what buyers wanted in condo living. Panatch began tinkering with the project’s second-phase plans, especially after being pleasantly surprised by the resounding success of one particular type of unit.
“In phase one, we were blown away because in the first week we sold every one of our rooftop units,” Panatch said. “We always suspected we had the demand for that, but we never anticipated the strength of it. We had 24 rooftop units, and ended up with 34 offers. So, for our second phase we made some design changes, moved around units and ended up increasing the number of rooftop units to 32 from the original 14 planned.” With their private fenced and landscaped spaces accessed through a vertical door at the top of a flight of stairs, the units have been “over-the-top popular.”
The other change the company made was to increase the number of four-bedroom units in the second phase. Historically, such larger units have proved more difficult for developers to sell, but Panatch believes there is an increased demand for such larger spaces. He has found that baby boomers appear more willing to make the transition to condo life from single family homes if they are offered the space they need. 50 Electronic Avenue, for instance, offers suites as large as 1,635 square feet.
Nevertheless, the majority of suites offered at 50 Electronic Avenue are smaller in size. About 30 per cent are one-bedroom and one-bedroom and den homes, 60 per cent are two-bedroom or two-bedroom and den, with the remaining 10 per cent three- and four-bedroom models. The second phase has attracted a broad range of buyers, Panatch said. They include a 21-year-old professional who bought a home with some family help and young married couples from Yaletown and Burnaby’s Brentwood Town Centre seeking to start a family, to older retired couples downsizing from single-family homes in Port Moody.
Also attractive to buyers is the development’s close proximity to rapid transit, and the popularity of nearby amenities such as Rocky Point Park and the budding Brewery District. It also helps that 50 Electronic Avenue has a 9,000-square-foot, three-storey amenity centre called Club 50, which boasts a fitness facility, rooms for yoga and bike repairs, a dog wash, an arcade space, media room, social lounge with a large patio and a guest suite for visiting family and friends. There is also a one-acre, elevated private backyard with lawns, courtyards, urban gardens with water features, and a children’s playground. A feature popular with those in the ‘gig economy’ is co-working spaces with two boardrooms.
The homes, designed by Ciccozzi Architecture, have open floorplans with nine-foot ceilings. BYU Design has incorporated laminate wood flooring throughout, an integrated designer wardrobe with drawers in the master bedroom and closets with custom millwork organizers. The suites’ private deck or patio features power outlets and gas connections.
In the kitchen is a premium Bosch high-performance, stainless steel wall oven, a 30-inch gas cooktop, and a 36-inch Fisher & Paykel French door refrigerator with icemaker panelled to match the cabinetry. Also standard are a Bosch ultra-quiet dishwasher with custom panel, a Panasonic stainless steel microwave and a stainless steel Venmar hood fan. Polished quartz countertops are finished with a waterfall edge and there is a custom millwork pantry.
The bathrooms have a designer floating vanity, a large framed mirror with medicine cabinet and Soho white hexagon porcelain tile flooring. There is a frameless, clear tempered glass shower with handheld showerhead in the ensuite bathroom and a deep bathtub with handheld showerhead.
50 Electronic Avenue, Port Moody
Project address: 50 Electronic Ave., Port Moody
Project scale: Phase 2 of this 358-unit development consists of 220 woodframe homes, ranging from a one bedroom at 583 sq. ft. to four-bedroom plans at 1,635 sq. ft. Close to shopping, SkyTrain and West Coast Express and seaside amenities such as Rocky Point Park. Amenities include the 9,000-sq.-ft. three-storey “Club 50,” offering a fitness facility, dog wash, guest suite, bike repair rooms and co-working spaces, plus a one-acre elevated backyard with five distinct courtyards.
Prices: From $459,900
Developer: Panatch Group
Architect: Ciccozzi Architecture
Interior Design: BYU Design
Sales centre: 50 Electronic Avenue, Port Moody
Centre hours: 12 noon to 5 p.m. (by appointment only during COVID-19 social distancing). Virtual appointments and tours available as well.
Sales phone: (604) 492-2202
Website: www.50electronicave.com
Completion Date: Late 2022
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