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Sizzling Market Makes Way for Abbotsford's Tallest Tower
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(Posted on Sep 24, 2016 at 01:00PM by Michelle Bogle)
Quantum Properties is set to build a 26-storey mixed-use tower, named Mahogany at Mill Lake, located on Gladwin Road and Bevan Avenue in Abbotsford, B.C.Â
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Along with residential units, the condo tower will also offer 30,000 square feet of prime commercial space on the first three floors with plans for a medical clinic, pharmacy and restaurant. Standing at an impressive 80 metres tall, the tower is also expected to be the tallest residential building between Surrey and Calgary.Â
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Mahogany at Mill Lake is targeted specifically towards downsizers who are cashing in on valuable homes across the Lower Mainland, as well as people looking to move to Abbotsford for lower land costs and business opportunities. It is expected to be completed in 2018.Â
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Abbotsford, as a whole, is experiencing significant increases in development projects, such as Quantum Properties’ build, as well as inquiries by developers. Construction value in Abbotsford in the first quarter of 2016 totaled $52.8 million across all types, including agricultural, commercial, industrial and residential. That’s up $12.4 million dollars from the same period last year.Â
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The number of building permits issued has also increased – to 359 in the first quarter of this year from 302 across all types in the first quarter of 2015. The biggest gains came in industrial, single-family residential, multi-family residential and agricultural permits, while commercial permits retreated.
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With the growth in building projects within Abbotsford, many young buyers and investors, who are priced out of Metro Vancouver’s tight residential and commercial markets, are considering the city as the next logical place to invest. Here, they are able to secure affordable and available land much more easily. For foreign investors, Abbotsford also offers respite from the province’s new 15% foreign buyers tax on Metro Vancouver residential properties.Â
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With close proximity to the airport, river, highways and borders, Abbotsford, B.C. is becoming a hot-bed of activity. To learn about the Mahogany at Mill Lake development or other commercial real estate investment opportunities, please contact our office to speak with an associate.
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