Vancouver developer cancels ‘no longer viable’ luxury condo project

An anticipated development in Vancouver's River District is no longer going ahead as planned. The developer, Wesgroup, is pulling the plug on the project.

The developer responsible for Vancouver’s River District – a 130-acre master planned community along the banks of the Fraser River in the city’s southeast corner – has cancelled a major component of the plan.

The 204-unit Ardea project, described in a 2023 sponsored content piece in the Vancouver Sun as “a luxury oasis on the waterfront,” is no more.

“Wesgroup has made the difficult decision to cancel our Ardea project at River District,” a spokesperson for the developer said in an email to CTV News on Tuesday.

“Ardea was envisioned as a landmark waterfront community, but higher-than-anticipated construction and delivery costs specific to this project mean that it is no longer viable for us to move forward.”

Wesgroup stressed that it remains “financially strong” and is working to complete more than 2,000 homes it currently has under construction in the River District and elsewhere.

However, the cancellation comes amid a significant downturn in the condo market, particularly in the Toronto and Vancouver markets.

Toronto has seen condo sales fall by 75 per cent since 2022, while Vancouver sales have dropped by 37 per cent in the same time frame.

Earlier this year, Adil Dinani, a sales representative with Royal LePage West in Vancouver, told CTV National News both markets were “significantly oversupplied.”

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The Ardea project’s website now redirects to the main River District page on the Wesgroup website.

The project was slated to feature five buildings located along the river, one of which was to be a standalone amenity building dubbed “Stil Haus.” An archived version of the Ardea website describes Stil Haus as “spa-inspired,” with “steam room, sauna, hot tub and cold plunge pool,” plus a fitness studio and a “relaxing zen garden.”

Cancelling the project was not a move Wesgroup took lightly, according to the company’s statement, which notes the impact cancellation will have on “purchasers, trades and other project partners.”

“Purchasers will have their deposits returned to them in full as per the terms of their agreements,” Wesgroup said.

The company added it “remains fully committed to the long-term success” of the River District, which has so far seen 2,400 homes built across 11 mixed-use projects.

“We are now reassessing our plans for the Ardea site and will bring forward a new project that is more viable,” Wesgroup said.

With files from Heather Wright of CTV National News and Spencer Harwood of CTV News Vancouver