Quote:
Originally Posted by SpongeG
can a buyer pick it up and construct what was going to be? as is? basically or would they have to propose something different?
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No, a new buyer can buy the site and the proposed project and build it as is.
Or if they want they could modify it and submit a DP Amendment to get the new design approved and build that instead.
Likewise they could buy it and start from scratch again and submit and entirely new design, but they would have to get back to the back of the line again (but probably not from Rezoning, but rather a new Design Permit).
This option obviously takes more time and pushes the project timeline several months if not years back.
Anthem did the first option when they bought the site at Marlborough ave. in Metrotown from Accorde Properties who had already submitted not just the Design Permit application, but had gone all they way to having a building permit granted.
The only thing Anthem changed was the project type from Rental to Strata.
But the tower (now known as 'Ethos') is exactly the same.....more or less....in form, height and every other feature as what had been submitted and accepted by the city.
Maybe they changed some of the finishes, and the unit mix and types, but it wasn't that much of a deviation from what was already approved.
Ditto their Southyards project in Brentwood, which is essentially the same as it was when they bought that site and project from Aoyuan who went belly up.
This is even actually an actual business model for some developers who will buy a site or consolidate several, get a rezoning approved for a highrise tower, and even submit an application for a design permit, without ever having the intention of building it, and then when the DP is granted, they sell the site and the project for a profit to another developer who doesn't have to go through the whole process again and can go straight to getting a Building permit and getting it built without the long wait. That's why you'll see a developer like Anthem taking the punt on projects like these where the original developer went bankrupt or ir facing foreclosure, but who had everything in place to get a project built but no longer have the liquidity to do so, and Anthem with their experience can get the wheels moving and the project built much faster than if they had originally bought the original lots and started the project from point zero.
I suspect much the same will happen to this site - with the exception of most of that podium either getting converted from office use to hotel (which would still fit the zoning for tha Central Surrey zone) thanks to the current market, or possibly reduced somewhat and maybe replaced with some rental in the tower instead. Both of those options would take much less time than if they wanted to submit something entirely new, which is weeks and months of going through the whole process all over again.
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