I cannot say that I am surprised about this announcement given the current state of real estate market and the B.C. economy:
https://vancouversun.com/news/develo...%20forward.%27
A large Vancouver developer has cancelled a major project that was to add 204 homes, including condos and townhomes over several buildings, on a half square kilometre plot in southeast Vancouver.
Wesgroup Properties confirms that the Ardea project “is no longer viable for us” and blames “higher-than-anticipated construction and delivery costs.”
Ardea had been scheduled to be completed by spring 2028 and was billed as a concrete, waterfront development with “numerous pathways, extensive landscaping and a two-storey amenity building that includes a hot tub, cold plunge pool, steam and sauna room, a dining and kitchen lounge, and a gym.”
Wesgroup owns most of the land covered by the River District plan, which is on the site of a former sawmill on the Fraser River.