The 22-story Pacifica building at 38 Front Street in downtown Nanaimo is nearing completion. The tower crane was recently removed, the exterior painting is almost complete, and work on the interiors is well underway. It now looks like occupancy will be possible soon, beginning with the row of townhomes along the waterfront. These three-story units have all been sold but condos in the main building are still available, starting at $380,000 Canadian plus GST. It’s worth noting that most units at Pacifica were pre-sold well before the current economic recession began, when the Vancouver Island real estate market was somewhat different than it is now, and it’s quite likely that many who put down deposits several years ago will try to wiggle out of their contracts. Condos marked “sold” on the Pacifica website may soon be back on the market at reduced prices.
Pacifica isn’t Nanaimo’s tallest building. That distinction goes to The Beacon on nearby Cameron Island. The 27-story Beacon and adjacent seven-story Newcastle and Gabriola buildings were erected between 1992 and 1994 and their décor is beginning to age. Even older is the 18-story Seacrest Apartments at Chapel and Front streets which was finished in 1965 and now provides much-needed rental accommodation. Tommy Douglas lived in Seacrest while serving as Nanaimo’s member of parliament. The 14-story Coast Bastion Inn, Front and Bastion streets, went up in 1985. Construction of the 24-story Seawalk building by InSight Developments on Front Street right next to Pacifica began in 2008 but – surprise, surprise – work has now stopped leaving a deep crater which will no doubt deface our city for many years to come.
Not to be overlooked is the eight-story Marine Vista building at the corner of Vancouver Avenue and Rosehill Street, a 10-minute walk north of Pacifica toward the Departure Bay ferry terminal. Marine Vista has been occupied since June, 2008, but only eight of the 23 luxury condos have been sold. The remaining units start at $384,900 including GST and they’re much larger than the Pacifica condos (1,479 to 1,516 square feet at Marine Vista compared to 1,074 to 1,211 square feet at Pacifica). Unlike the two bedrooms offered at Pacifica, each unit at Marine Vista has two bedrooms and a den. And unlike many waterfront condos along nearby Stewart Avenue which are wood frame constructions, Marine Vista is solid concrete and steel. No leaks are possible here. Recently the project was a finalist in the Multi-Family category at the Vancouver Island Real Estate Board’s 2009 Commercial Building Awards.
Toronto Apartments says: December 9, 2009 at 4:36 am
Thanks for letting us know about the Nanaimo Condos! This is a nice informative post to get familiar with the rental properties available. I had recently had stay in one of the condos in Toronto, they were really good at their service!