As we look back at 2022, we are proud of what we achieved and the impact we have made. From our focus on community building and sustainability, to our commitment to strategic partnerships and innovation, we have stayed true to our values and pushed the boundaries of what is possible in the real estate industry. Looking ahead, we are excited to continuously improve ourselves, keep going on this journey, and build on the lessons we have learned.
One of the biggest challenges we faced in the past year was the changing landscape of the real estate market. As interest rates began to rise and concerns over affordability grew, we had to be strategic in our approach to development. This meant being laser-focused on execution while ensuring we were differentiating our projects by building sustainable, community-driven developments. Our goal was to adapt to the changing realities of the marketplace while offering unique and desirable features that would attract a culture of like-minded tenants or buyers that valued livability. We believe we achieved this. Also, we were able to keep to our principles of creating positive impact to the community and environment. As an example, we were able to create a no-parking and bike-friendly rental project with childcare facilities that serve as an amenity to the tenants and the local community.
Construction and Development Labour
Another challenge we faced was the difficulty of finding and retaining good people in order to execute the many tasks that help create our projects and tell our story. With increased pressure related to affordability and lack of experienced talent, all facets of our business required more patience and resourcefulness to keep things moving forward. By staying small and thinking big, we avoided the challenges many faced by overestimating growth. As a company, we had to tackle the reality that we were running a marathon and not a sprint. We had to have conviction while being patient - not just “over react” to challenges because we were afraid of being left behind.
Adapting to New Technology
Lastly, we had to adapt to new technologies and innovations in the construction and development sector. This meant staying up-to-date on the latest trends and systems and incorporating them into our projects where appropriate. By embracing new technologies and being highly involved with our trade relationships, we were able to be more efficient with our time. We were able to manage and be prepared to address the chaos we expected every development would bring.
Partnerships and Strategic Alliances are Crucial
One of the key lessons we learned was the importance of partnerships. We learned how to be creative in structuring new partnerships in a changing real estate environment. By aligning ourselves with like-minded companies and individuals, we were able to pool our resources and expertise to create truly innovative and impactful developments. This approach was particularly effective in our work on the first-ever zero-parking, childcare-inclusive residential building in North Vancouver. By working closely with community organizations and city officials, we were able to bring this unique development to fruition, and it has become a model for future projects.
Staying True to Values and Priorities
Another lesson we learned was the importance of staying true to our values and priorities. As competition in the real estate market increased, it was tempting to focus on growing too fast for the sake of short-term gains and quick profits. However, we remained committed to our philosophy of being nimble and principally-led while focusing on thoughtful developments that build communities. We believe this approach has paid off and will continue to pay off in the long run. By staying true to our values, we were able to differentiate ourselves and create developments that were not only profitable, but also truly meaningful and impactful.
Staying flexible and adaptable
Lastly, we learned the importance of staying adaptable and open to new ideas and technologies. In a rapidly changing industry, it is essential to be willing to adapt and evolve in order to stay relevant and competitive. It is also important to be less reactive and be mindful of external factors. By embracing new technologies and innovations, we were able to streamline our processes and create more thoughtful and sustainable developments.
Three Shores placed a strong emphasis on sustainability and environmental responsibility in our developments in 2022. This was a natural extension of our commitment to creating a positive impact, and it is an area where we will continue to push the boundaries in the coming years. For example, our developments place emphasis on walkable neighbourhoods and empowering people to use active transportation. Our property on East 4th highlights a childcare facility and a “zero parking” zone - two initiatives that will create community and address climate change. We have delivered developments that leverage density while maintaining a small footprint — meaning that we can house more people and preserve natural spaces without compromising on quality. Sustainability is a key priority for Three Shores and we are committed to incorporating it into all of our developments. By doing so, we are able to create communities that are not only beautiful and desirable but also sustainable and environmentally responsible.
Overall, 2022 was a year of growth and learning for Three Shores. We faced a number of challenges and opportunities, and we came out of the year with a renewed focus on community building, sustainability, and strategic partnerships. These lessons will guide us as we continue to innovate and push the boundaries of real estate development in the years ahead.