Some thoughts related to the initial comments in the Downtown thread, and some posted here.
Holborn have obviously waited 20 years to submit an application that might get approved. Over the years they've contributed significantly to politicians, (although apparently couldn't find enough money for Canadian Tire tarps to stop the water getting in to Dunsmuir House). Now the viewcones that limited the site are no longer a factor, and demand for office space has dropped, so they can safely remove all of the office space from their proposal, leaving the more profitable condo towers, and a hotel.
The social housing tower they're offering to build on West Hastings is significant, but they've held that site for nearly as long, and haven't got round to building the market rental building there, so it gets that site off the books. At least some of the units (or the value) are not a net new CAC - they're required to address the SRO rooms that still existed until Dunsmuir House had to be demolished. Under the appropriate bylaw the levy could be $300,000 per room, on the 167 rooms, so nearly $50m could be considered to not really be part of the CAC offering.
If Council are inclined to approve this rezoning it will be important that Holborn can't repeat the Little Mountain debacle, and are required to hand over the social housing building before the occupancy permit is approved for the condo towers.
The current proposal is concerning, because they're suggesting that Phase 1 is the two condo towers and the social housing, with the hotel to follow. The base zoning here is 7 FSR and residential uses are only permitted after that density has been provided. But phase 1 doesn't have much non-residential space. It doesn't include any hotel space, no offices, and only a token amount of retail. So how can the City ensure that the hotel actually gets built? Holborn's history on Little Mountain suggests they're not averse to a bait and switch.
The retail offering is very disappointing. This isn't a 1,300,000 sq ft Kuala Lumba mall. They're proposing 64,000 sq ft of retail in total, about half under the two condo towers, and the rest presumably associated with the hotel part of the project (unless they're also including the retail in the Hastings tower in the total). That's probably not much more retail space than already exists under the Seymour parkade and along Georgia.
The design will no doubt evolve. The hotel design seems expensive because of the structural steel exo-skeleton that allows greater flexibility in interior design, because it eliminates a lot of columns, but it must add to the cost, even if the steel is sourced and fabricated offshore (which it seems likely would be the case).
Overall, for something so huge, it doesn't seem to offer nearly as much as it would seem to at first glance. As genwhy noted, the idea of successfully selling 1,500 condos at the price they'll need to in order that they can make any sort of profit in the current market is 'bold'. The idea that they might get a rezoning in a year, a DP in two more, and then sell enough to start construction in 2030 seems incredible.
(incredible /ĭn-krĕd′ə-bəl/ - adjective - So implausible as to elicit disbelief; unbelievable.)
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