The Ultimate Vancouver Rumour Thread!

[officedweller]

Originally Posted by jollyburger

Anyone with Douglas Coupland's phone number..

https://www.instagram.com/reel/Cyy6cV5STyc/?utm_source=ig_web_copy_link&igshid=MzRlODBiNWFlZA==

[simons]

Originally Posted by Feathered Friend

…

I don't have any insight into which firm that account is referencing, but it's worth highlighting that they mention it's a residential developer.

For what it's worth, Landa Global has more than couple high end residential proposals Downtown which have yet to submit building permits. Wall has seen a few developments fall apart in Kerrisdale over the last few years, but I doubt it's them.

Given that Westbank has (at least co-)developed or are developing Fairmont Pacific Rim, Shangri La (in Vancouver and Toronto), the Main Street tech offices, and Creative Energy in Vancouver, and my understanding is that they’re developing both offices and residences in San Jose, I wouldn’t characterize them as strictly a residential developer. I’m inclined to believe it’s another developer.

[jollyburger]

Originally Posted by simons

Given that Westbank has (at least co-)developed or are developing Fairmont Pacific Rim, Shangri La (in Vancouver and Toronto), the Main Street tech offices, and Creative Energy in Vancouver, and my understanding is that they’re developing both offices and residences in San Jose, I wouldn’t characterize them as strictly a residential developer. I’m inclined to believe it’s another developer.

But bb1510 does have previous history with some insider knowledge on some Vancouver developers so that's why that rumour has some legs IMO.

[bb1510]

Originally Posted by jollyburger

But bb1510 does have previous history with some insider knowledge on some Vancouver developers so that's why that rumour has some legs IMO.

Lots of collapsed/defaulted units at Kengo Kuma, unofficially offering 20% off last listed price but with no takers.

[Feathered Friend]

For what it's worth, I've since been told that Landa's 10th & Alma project has whole bunch of liens filed on it.

[bb1510]

Originally Posted by whatnext

Though bb5510's info about 1550 Alberni makes you wonder how many are firmly sold....

Kengo Kuma was actually completely sold out with firm contracts. However, many buyers just walked away because of the prices (who would’ve guessed) and market conditions.

Also, Westbank offers 10% down instead of 25% down for some clients (largely those of Virani’s) so many of them buy with the intent of assigning them prior to completion, which clearly wasn’t the case for them here like at Vancouver House so many of them walked away.

[bb1510]

.

[officedweller]

E-mailed an engineer friend of mine and he said he heard Westbank was in trouble a couple days ago.

[jollyburger]

This says London Plaza was bought in 2006 by an IG property fund

London Plaza
5951 No. 3 Road &
7997 Westminster Hwy.
Richmond, British Columbia
Multi-Tenant
Retail/Office (100%)
Aug-9-06 $37,793,224 $40,859,869 Aug-9-18 Burgess Cawley
Sullivan &
Associates Ltd

https://www.ig.ca/content/dam/investorsg...orp/regulatory/prospectus-guides/f79.pdf

Blakes helped them sell it

IG Mackenzie Real Property Fund (formerly Investors Real Property Fund) in the sale of London Plaza, a retail shopping centre and office property located at 5951 No. 3 Road, Richmond, British Columbia, comprised of 105,907 square feet.

https://www.blakes.com/expertise/practices/commercial-real-estate#ac-recentexperience-5

[phesto]

I think bb1510 might be referring to Ironwood Plaza, not London Plaza.

[Klazu]

It's long time since this thread has actually been as juicy as it currently is. Cheers!

[Changing City]

Originally Posted by phesto

I think bb1510 might be referring to Ironwood Plaza, not London Plaza.

Westbank's first project in Richmond was London Plaza, four years before Ironwood Plaza. London Plaza was sold in 2020 by its owner at the time, Investor's Group, for $57m.

[Chappnw]

Originally Posted by Changing City

Westbank's first project in Richmond was London Plaza, four years before Ironwood Plaza. London Plaza was sold in 2020 by its owner at the time, Investor's Group, for $57m.

There have been rumours this week that it’s Westbank but the indication that this company is purely a residential developer has me thinking otherwise.

Westbank is struggling on their Seattle projects while other Canadian developers have completed and stabilized in that market. Their Broadway and Alma project had been stalled for a long time and the main reason that Senawk is moving fast and furiously is due to substantial federal funding. They may be in some hot water but may not be the “resi” developer that Steve is referring to.

[Permanentmagnetman]

111

[FarmerHaight]

WeWork is also expected to file for bankruptcy protection in a matter of days. The effect won't be as far-reaching as a developer's demise, obviously, but WeWork does have five co-working properties in Vancouver and one in Burnaby.

[Migrant_Coconut]

Originally Posted by Permanentmagnetman

Guys I just want to say it is Westbank. I happen to know personally this is the case. I’m not sure what will come of it or how exactly they are structured liability wise. But the rumours you’re hearing are true.

All due respect, you're going to need a lot more than three posts here before anybody will take you at your word.

[hollywoodnorth]

Originally Posted by Chappnw

There have been rumours this week that it’s Westbank but the indication that this company is purely a residential developer has me thinking otherwise.

Westbank is struggling on their Seattle projects while other Canadian developers have completed and stabilized in that market. Their Broadway and Alma project had been stalled for a long time and the main reason that Senawk is moving fast and furiously is due to substantial federal funding. They may be in some hot water but may not be the “resi” developer that Steve is referring to.

as per my post today >>

Originally Posted by hollywoodnorth

CONCRETE is AGAIN being poured at the WESTBANK project at ALMA and BROADWAY ..... and it is starting to rise.

so ya .... good news there

[cairnstone]

Originally Posted by Vancouver_Highrise

They have projects in the works in Toronto and I wonder what it will also mean for Senakw

It's secured by the feds. Otherwise it would be lawsuits for a hundred years.

[cairnstone]

Originally Posted by Changing City

Unless they've changed their practice, 'Westbank' doesn't develop anything. Each project has a seperate limited liability entity (including the projects in Texas, Washington and California). I'm not sure what that means for the 'Westbank being in trouble' story (which seems to be entirely unconfirmed so far, and Saretsky isn't saying).

That's pretty standard business. But when you mix money from A And B etc soon D finds out.

[Klazu]

I understand why people want Westbank to fail, as they have been an epitome of marketing projects overseas before locally. At the same time, they are to thank for most of Vancouver's architectural highlights, so losing them would be quite a setback for how our city will look like.