Surrey Condo Tower Transforms into 100% Rental Housing Amid Market Shift

A significant shift has occurred in the housing landscape of Surrey City Centre, where a previously planned condominium tower will now exclusively serve as rental housing. This decision reflects ongoing challenges in the condominium market within Metro Vancouver. The project, known as the 102+Park, originally approved by Surrey City Council in 2023, aimed to construct a 440-ft-tall, 42-storey building featuring 365 strata market condominium homes, alongside a substantial commercial component.

In February 2025, just before the anticipated launch of pre-sales, the city government reviewed a revised plan. The updated design proposed increasing the tower’s height to 476 ft and expanding total residential units to 496, which included 376 condos and 120 rental units. This adjustment also reduced the overall commercial space to approximately 61,000 sq. ft.. However, as of this week, the project has reverted to its original height and is now entirely focused on rental housing.

The latest iteration of the 102+Park project will consist of 444 secured purpose-built market rental units. These will include 61 studio apartments, 220 one-bedroom units, 20 one-bedroom units with a den, 119 two-bedroom units, and 24 three-bedroom units. Additionally, the project will feature 33,000 sq. ft. of office space, 8,800 sq. ft. of retail space, and over 19,000 sq. ft. designated for hotel use. The changes received approval from City Council earlier this week.

City officials have stated that the decision to pivot to rental housing is a direct response to current market conditions, particularly the sustained weakness in both the condominium and office markets post-pandemic. The shift also addresses a growing shortage of hotel rooms in the region. According to city staff, the revised scale and composition of the project will help maintain its feasibility while aligning with the city’s objectives for economic revitalization in the Central Business District.

In a noteworthy development, a buyer who had previously reserved a unit in the condominium project reported receiving a communication from the developer indicating that the strata residential component had been cancelled, and their deposit would be refunded. This cancellation underscores the challenges faced by developers in achieving the necessary pre-sales targets for financing construction.

As part of the project revisions, the amount of underground parking has been adjusted. The original plan called for 435 vehicle parking stalls, which has now decreased to 240 stalls in the latest design, reflecting the flexibility provided by new provincial transit-oriented development legislation. This legislation removes minimum vehicle parking requirements for residential uses within designated Transit-Oriented Areas (TOAs), allowing for more adaptive project planning.

The architectural design team for the project has transitioned from Musson Cattell Mackey Partnerships to Arcadis, although the overall design remains consistent with the initial proposal. While the sizes of the base podium floor plates have been reduced, the overall floor area density has not seen significant changes.

This transformation of the 102+Park project highlights the ongoing challenges within the real estate market in Metro Vancouver. As housing demands evolve, developers are increasingly adapting to market realities to ensure project viability and align with community needs.