Shovels finally hit ground at Coronation Park in Port Moody

Wesgroup Properties officially broke ground this week on the first residential tower in its Inlet District master-planned community – also known as the Coronation Park –  a project which has been a major flashpoint in development debates around the community.

A groundbreaking ceremony was held on Monday, Dec. 8, attended by buyers, developers, city councillors and Mayor Meghan Lahti, who praised the project as aligning with the city’s long-term planning goals.

“Inlet District is an important step towards delivering the kinds of homes our community needs,” Lahti said. “It brings together a walkable neighbourhood next to transit, new opportunities for local businesses, and new public park and gathering spaces. It’s the kind of growth that strengthens our local economy while protecting the character and quality of life that residents value.”

The 15-acre project is the largest development in the city’s history, featuring six residential towers between 26 and 31 storeys, 100,000 square feet of commercial space, a grocery store and drug store, two daycares, a 2.5-acre public park, a 2,000 sq. ft. municipal-owned civic facility, and a pedestrian overpass to the Inlet Centre SkyTrain station.

The project has not been without controversy. During rezoning discussions, concerns were repeatedly raised by many in the community about tower heights, density, traffic impacts and the lack of affordable units.

Supporters, however, have argued that the site’s proximity to the Inlet Centre SkyTrain Station makes it one of the most appropriate locations in the city for taller buildings and increased housing supply.

The project received approval from council on Oct. 3, 2023, after more than four years of negotiations. Occupancy of this first tower, dubbed 1 Market Square, is expected to take place in mid-2029.

Wesgroup credits strong early presales – despite a deflated regional condo market – to the project’s design, amenities, and location.

“We designed Inlet District as a complete community,” stated Joey Coupland, Wesgroup’s senior vice-president of sales, in a release. “We wanted to give residents the convenience of urban living with high-impact amenities and services like a grocery store, sports facilities and SkyTrain right at their doorstep, while still being close to nature, the water and the local breweries and restaurants that make Port Moody such a desirable place to live.”

Once complete, the tower will add 299 new homes to the city, along with a grocery store and daycare. Residents will have access to “The Well,” a 27,000 sq. ft. amenity centre that includes a large fitness facility, yoga studio, pools, sports courts, a synthetic ice rink, co-working space, lounges for adults and children, a cinema, and a music bar with a vinyl library.

The building will offer a mix of studio, one, two and three-bedroom homes ranging from 381 to 1,034 sq. ft.