Port Moody's Coronation Park Neighbourhood Poised for Massive Redevelopment

Port Moody's Coronation Park neighbourhood is set for a massive redevelopment.  The project will be overseen by Wesgroup Properties, known as one of Western Canada’s largest private real estate organizations, which will transform this once quiet, single family home neighbourhood.  After finally receiving the green light from the Port Moody city council in early October 2023, this marks the beginning of a significant transformation to the city, receiving both positive and negative feedback from city councillors and members of the public.

The Coronation Park Neighborhood is located on a 14.8-acre site at the corner of Ioco Road and Barnet Highway, and this new master planned community will replace around 59 aging single-family homes with six high-rise condominium towers, up to roughly 31 stories high, and 101 market rental apartments in a six-story building.  It will also include a four-story office complex, commercial spaces, two daycares, community amenity spaces, and a 2.5-acre park.

To make this project community-focused, Wesgroup Properties has committed $6 million to build a pedestrian overpass connecting the neighbourhood to Port Moody’s Inlet Centre SkyTrain station.  

Despite concerns about housing affordability and density, the project is set to provide affordable housing in response to the community's growing needs.  This significant redevelopment, which is set to start in October 2025 and expected to finalize by late 2028 or early 2029, is set to become Port Moody's most extensive project to date.

The project promises to bring about a thriving new community with enhanced livability. With approvals in place and construction permits underway, this development aims to play a vital role in shaping the city's future.

Read the full article here by Mario Bartel:  https://www.tricitynews.com/local-news/massive-port-moody-redevelopment-project-gets-green-light-after-marathon-meeting-and-some-drama