[Burnaby] Riviera on the Park | 110.7m | 38Fl | Completed

[A320]

The tower crane is now being dismantled. I guess only the interiors, amenities, and lobby remain. I wonder if this will complete sooner than anticipated? One of the construction workers onsite told me that they are planning to finish in March or April according to the schedule they were provided.

Official word from the developer LedMac, however, is that it will be completed between June 15 and September 15, 2025. LedMac has occasionally been ahead of schedule in the past. Azure II, for example, completed six months early.

What are the chances this completes a few months early?

[jasonpark]

Originally Posted by A320

The tower crane is now being dismantled. I guess only the interiors, amenities, and lobby remain. I wonder if this will complete sooner than anticipated? One of the construction workers onsite told me that they are planning to finish in March or April according to the schedule they were provided.

Official word from the developer LedMac, however, is that it will be completed between June 15 and September 15, 2025. LedMac has occasionally been ahead of schedule in the past. Azure II, for example, completed six months early.

What are the chances this completes a few months early?

I live in Azure I and they were almost a year ahead of schedule... They said will done Summer 2024. But they finished the condo Jan 2024.

[Klazu]

There is a huge tree in the northwest corner of the park next door that used to have several big branches encroaching on the property to the point that they were touching the balcony glass of few floors. Not sure if they asked anyone anything, but sure enough the branches were recently trimmed and removed.

I thought it was amusing to think someone would have to have those tree branches next to their balcon, just because they built the building so close to edge of the property.

[A320]

Originally Posted by jasonpark

I live in Azure I and they were almost a year ahead of schedule... They said will done Summer 2024. But they finished the condo Jan 2024.

That's interesting! And quite different from the usual outcome with most pre-sales being delayed by a few months minimum if not a year or more.

I wonder if this was intentional by LedMac (advertising a longer completion date being advantageous for sales due to current interest rate environment) or if the project actually turned out to be easier than anticipated. Or did Marcon have some unused capacity that was offered to LedMac to get them completed ahead of schedule?

[A320]

Originally Posted by Klazu

There is a huge tree in the northwest corner of the park next door that used to have several big branches encroaching on the property to the point that they were touching the balcony glass of few floors. Not sure if they asked anyone anything, but sure enough the branches were recently trimmed and removed.

I thought it was amusing to think someone would have to have those tree branches next to their balcon, just because they built the building so close to edge of the property.

There is a sign at Lobley park from the city saying that one tree had been killed and the other, damaged. I wonder if this is the one they were referring to? They planted a bunch of new trees (10+) since then.

[Alex Mackinnon]

Originally Posted by A320

That's interesting! And quite different from the usual outcome with most pre-sales being delayed by a few months minimum if not a year or more.

I wonder if this was intentional by LedMac (advertising a longer completion date being advantageous for sales due to current interest rate environment) or if the project actually turned out to be easier than anticipated. Or did Marcon have some unused capacity that was offered to LedMac to get them completed ahead of schedule?

They might have just been sandbagging the original schedule.

[A320]

The building is complete, and key pickups are happening through the end of this week. Looks like approximately half of the units are unsold. LedMac will be setting up the sales centre and a few display units on Level 33.

[jasonpark]

Originally Posted by A320

The building is complete, and key pickups are happening through the end of this week. Looks like approximately half of the units are unsold. LedMac will be setting up the sales centre and a few display units on Level 33.

May I ask how you know that half of the units are unsold? Holding on to that many units must be quite risky jesus.

[A320]

Originally Posted by jasonpark

May I ask how you know that half of the units are unsold? Holding on to that many units must be quite risky jesus.

That is what the sales centre staff told me a couple of months ago. I don't think it was intentional, Riviera launched late 2023 which was a bad time for RE and the market has declined even more since then.

Also, Marcon (GC) left the blinds down in all the units prior to walk throughs. People who moved in opened the blinds. Estimating by how many units have all blinds closed I'd say the building is at 1/3 occupancy or less. The south facing side with the one bed units have the most blinds up and the corner 2 beds have the least. Perhaps some people purchased as an investment and haven't found a renter yet.

Overall the building looks great and the finishings were nicer than what was shown in the renderings/promo materials which was a nice (and unexpected) surprise. I wonder if it had anything to do with the large number of unsold units? My only complaint is as discussed earlier in this thread the lack of a third elevator.

[A320]

Originally Posted by jasonpark

Holding on to that many units must be quite risky jesus.

A year out from completion, we got a disclosure statement amendment saying that LedMac had paid out the entire construction loan facility in cash and there was no balance owing.

I think they are operating a bit differently than the other developers. No idea how they are so flush with cash. It's a mystery to me!

[jasonpark]

Originally Posted by A320

A year out from completion, we got a disclosure statement amendment saying that LedMac had paid out the entire construction loan facility in cash and there was no balance owing.

I think they are operating a bit differently than the other developers. No idea how they are so flush with cash. It's a mystery to me!

They say they are a 150 years old company, they must be old money rich and are loaded with cash.

[Lexus]

2026, May 13

DJI_0405 by Lexus LX 700, on Flickr

DJI_0407 by Lexus LX 700, on Flickr

[osirisboy]

I can’t wait to see that weird little building on the corner redeveloped into something interesting

[A320]

Originally Posted by osirisboy

I can’t wait to see that weird little building on the corner redeveloped into something interesting

Do you think development is feasible on that small a lot given the need for underground parking, indoor amenities, and replacement below-market units? Would it be profitable?

[officedweller]

Originally Posted by Lexus

2026, May 13

DJI_0405 by Lexus LX 700, on Flickr

What's the tower going up on the left background?

[osirisboy]

Originally Posted by A320

Do you think development is feasible on that small a lot given the need for underground parking, indoor amenities, and replacement below-market units? Would it be profitable?

That lot is bigger than some lots that have been developed

[A320]

Originally Posted by officedweller

What's the tower going up on the left background?

I believe that is Ethos by Anthem.

[Lexus]

Originally Posted by officedweller

What's the tower going up on the left background?

It’s this one: https://skyscraperpage.com/forum/showthread.php?t=260531

[officedweller]

Thanks!