Construction on The Butterfly, the 331-unit luxury condo tower developed by Westbank, is expected to start in December 2018 with an anticipated completion date of the summer of 2022.
Units started at $990,000 and they are almost sold out.
A marketing and advertising campaign for The Butterfly, targeted to Metro Vancouver residents, launched last November. For the marketing campaign, Westbank held a keynote address to 1,200 Vancouver realtors on Nov. 27. A 30-day locals-first sales period began Dec. 14.
The City of Vancouver adopted a locals-first policy in October 2017.
The majority of the units in The Butterfly sold within the first month, according to Michael Braun, director of marketing and sales for Westbank. He said as of mid-January there were only 30 homes remaining, making 90 per cent of the project purchased by locals.
Homes that didn’t sell locally as of mid-January were made available on a first-come first-served basis, without restriction.
Most of the interest for the project, according to Westbank, has come from local rather than international buyers so the company anticipates the majority of the 30 remaining homes will be sold locally.
Read related interview about the project’s design here.