Q3 2023

5 Q3 2023 BUILD Spencer Building Carrier Hotel is proud to announce that it has obtained all necessary permits to commence the construction of its groundbreaking, state-of-the-art data center in the heritage section of Vancouver’s iconic Harbour Centre. Following a year of anticipation since the initial announcement, this milestone marks a significant advancement towards meeting the increasing IT infrastructure and connectivity needs of Vancouver’s burgeoning digital landscape. Currently in its preconstruction phase, Spencer Building Carrier Hotel will fully commence construction in August 2023, with completion and the launch of operations expected in the fourth quarter of 2024. Boasting an innovative, energy-efficient design that will leverage free cooling opportunities, this facility is set to be Vancouver’s most advanced and sustainable data center, setting new benchmarks within the region’s industry for both technological prowess and ESG compliance. Overcoming the unique challenges posed by Vancouver’s constrained commercial real estate market, Spencer Building Carrier Hotel successfully collaborated with Harbour Centre to repurpose the historic Spencer Building, originally built in 1926. This ambitious project combines heritage architecture with cutting-edge IT infrastructure and connectivity services, providing enterprises, cloud providers, and service providers with the fast, direct connections and expanded capacity required for advanced digital transformations. “The arrival of Spencer Building Carrier Hotel in Vancouver is a testament to our commitment to offering premiere data center services that are economically viable for our customers and backed by the rich connectivity legacy of Harbour Centre,” said Chris Jones, Director of Data Center Infrastructure and Operations at Spencer Building Carrier Hotel. “We are proud to merge the history and experience of Harbour Centre as Vancouver’s primary interconnection hub with our trailblazing innovations and customized service offerings. This unique blend will redefine the data center experience, helping us empower businesses and service providers of all sizes.” The Spencer Building Carrier Hotel not only addresses the pressing demand for superior data center capacity in the region but also strives to make these services more economical. In a city known for its high costs, the company aims to provide costeffective solutions to customers in a premier location close to the rich connectivity ecosystem of Harbour Centre. As a testament to the strong collaboration between Harbour Centre and Spencer Building Carrier Hotel, the unveiling of an updated logo further solidifies their partnership. The refreshed logo visually captures the strength and essence of the relationship, embodying the meeting point of long-standing history and pioneering innovation. To learn more about Spencer Building Carrier Hotel, visit their website at spencerbuilding.com Spencer Building Carrier Hotel Begins Construction of Vancouver’s Newest Cutting-Edge Data Center Heidi Nevin and her husband John Patrick were among the reservation holders who secured a future purchase opportunity while the contractor lien matter was being resolved. “We are now in the process of converting to a purchase and sale agreement and eager to downsize from our current Lake Washington waterfront residence in the coming weeks,” said Nevin, who is also a broker with RSIR. “As a Realtor, I’m familiar with the chain of title. Now that the project is cleared for closings, I believe it’s about to become more competitive for buyers. Infinity Shore Club Residences is extraordinary real estate, and I feel fortunate to have identified a preferred home during the intermission of sales.” The recent closing, new sales, and impending occupancy schedule is welcome news to buyers and agents alike, as was the most recent inflation rate data released by the Fed. By most accounts, both the Consumer Price Index and mortgage interest rates are expected to retreat through 2023, allowing prospective homebuyers to realize more purchasing power. Meanwhile, the closely watched S&P/Case-Shiller Home Price Index revealed the second consecutive month of price gains for the US National Index as of March 2023 (the most recent dataset), signaling a housing rebound anticipated to make its way westward. “Most of the impacts from Fed bank rate increases have been priced into the market already, and the decline of listings and increasing demand is firming up a clear inflection point in our local market,” notes Dean Jones, President and CEO of RSIR. “What we know for sure is the supply pipeline is pinched and it could be many years before we see more condominiums break ground, especially in a unique location such as Alki Beach. Comparable waterfront developments in Vancouver, BC, or Southern California would trade at twice the price, and they are far more plentiful.” Jones confirms the S&P/Case Shiller Home Price Index speaks only for resales of existing single-family homes and it doesn’t include data for condominiums or new construction of any kind. He says projects like Infinity Shore Club Residences define their own real estate microclimate, and recent appraisals and closings demonstrate the current market values. “For prospective buyers at Infinity Shore Club Residences that need to sell a home to make their way to this new condominium estate, there’s a good chance they’ll be successful as our market reboots,” said Gwo. “Consumers are realizing that today’s higher mortgage rates are a temporary headwind, while a sharper purchase price is a forever benefit. Most pundits anticipate lower interest rates ahead, setting up for a refinancing opportunity.” Gwo believes that replacement costs for Infinity Shore Club Residences would require additional 25-30% premiums to pencil the development considering inflation with construction costs, higher interest rates, and the steeper underwriting requirements for commercial bank loans. “One of the most valuable attributes about this project is the fact these homes are available for immediate purchase and occupancy,” concludes Gwo. “It could be another few decades before we see another land assembly and vision realized such as this.” For more information, visit https://www.infinityshoreclub.com/