Surrey Condo Project Shifts to 100% Rental Housing Amid Market Weakness

A significant shift has occurred in the planned 102+Park condominium project in Surrey City Centre, with all residential units now designated as 100% secured purpose-built market rental housing. This change reflects the ongoing challenges in the condominium market within the Metro Vancouver area, as confirmed by the Surrey City Council earlier this week.

Initially approved in 2023, the project was envisioned as a 440-ft tall, 42-storey tower comprising 365 strata market condominium homes, along with nearly 121,000 sq. ft. of office space and over 8,000 sq. ft. of retail and restaurant space. However, plans were revised in February 2025 to increase the tower height to 476 ft and include 496 homes, which featured a mix of 376 strata homes and 120 secured rental units. This revision also reduced the office and retail space to approximately 61,000 sq. ft..

The most recent changes, approved this week, revert the project back to its original height of 440 ft, but now all 444 residential units will be dedicated to rental housing. The revised project includes 33,000 sq. ft. of office space, 8,800 sq. ft. of retail space, and over 19,000 sq. ft. allocated for hotel use. The breakdown of the residential units will consist of 61 studio units, 220 one-bedroom units, 20 one-bedroom units with a den, 119 two-bedroom units, and 24 three-bedroom units.

City staff have indicated that these adjustments respond to the current market conditions, specifically the sustained weakness in the condominium sector and the office market following the pandemic. The decision to pivot to rental housing is also influenced by a growing demand for hotel accommodations in the area, as the region experiences a shortage of available rooms.

According to city officials, the revisions aim to align the project with the municipal government’s policies for the Central Business District of Surrey City Centre. These policies encourage developments that incorporate significant commercial components to enhance economic vitality in the area. City staff stated, “The applicant is proposing to adjust the overall scale and composition of the project to ensure it remains feasible while continuing to support City Centre policies and objectives.”

In a related development, a pre-sale buyer from the original 102+Park project recently shared an email from the developer informing them that the strata residential component had been cancelled, and their deposit would be refunded. This cancellation suggests that the project was unable to meet its pre-sales target required for construction financing.

The project has also undergone adjustments in its parking provisions. The number of underground parking spaces has decreased from 435 stalls in the original 2023 approval to 240 stalls in the latest iteration, reflecting the flexibility offered by recent provincial legislation that removes minimum vehicle parking requirements for residential developments in designated Transit-Oriented Areas. This project is strategically located adjacent to the SkyTrain Surrey Central Station and a major bus exchange.

Architectural oversight has shifted from Musson Cattell Mackey Partnerships to Arcadis, though the overall design remains consistent with the initial proposal. While the base podium’s floor plate sizes have been reduced, changes to the overall floor area density have been minimal.

As Surrey City Centre continues to adapt to evolving market conditions, the 102+Park project illustrates the complexities facing developers as they navigate shifting demands in the residential and commercial sectors.