[Burnaby] Gilmore Place | Phase I: 64fl 51fl 43fl | 214.8 | U/C

[Changing City]

Originally Posted by LeftCoaster

Numbers out of my ass? I do this for a living, I have trade informed pricing from the last 3 months indicating over $100k per stall. You can get it for closer to $70k if the parkade is efficient and the ground conditions are stable, but that sure isn't the case at Gilmore station. These are all just hard costs too, the design and development costs like interest carry and permit fees just add to that.

You haven't been able to build structured parking in a major market in Canada for $30k since about 2010.

You may not value it at $100k, and the rental market may not either, but that is the replacement cost whether you like it or not.

Presumably the developer is treating this as a 'loss leader ', as the market doesn't value the spaces at the cost of construction? As Onni are not known as a registered charity, they must get the 'loss' back in the price they charge for the condo units, as another post suggested.

It will be interesting to see if developers risk saving cost, and time, and develop less or even no parking, as they're now allowed to do in the TOD zones. So far there doesn't seem to be anybody building no spaces, but there's certainly fewer proposed for rental buildings in Vancouver.

[jollyburger]

Parking stalls now cost approximately $100,000 to build, Sullivan said, up from $50,000 five years ago. (The city estimates construction costs at between $60,000 and $80,000 per stall, with certain projects seeing costs of $120,000 per stall.)

https://www.westerninvestor.com/brit...%20per%20stall.)

It was 20-45K per stall in Metro Vancouver back in 2012

https://www2.gov.bc.ca/assets/gov/ho...cal_report.pdf

Burnaby floated a 40-50K charge for unbuilt parking spots (below the minimum required) to fund active transportation.

[GilmorePete]

On a walk by Tower 2 this morning there were 14 balconies on the NW corner that look like they are complete and 16 more that have started. Perhaps completion in 2024 of Tower 2 is still achievable. Talked to a worker who had no idea or wouldn't say what the hold up has been.

[CondoInvestor]

Does anyone know where can I purchase replacement filters for the heat pump system? Link to the product would be greatly appreciated.

[fromthelake]

Has there been any movement on phase two of this project? The site feels so odd with the massive pit just sitting there.

[GilmorePete]

Originally Posted by fromthelake

Has there been any movement on phase two of this project? The site feels so odd with the massive pit just sitting there.

Most likely scrambling to get Phase 1 completed since it has been so delayed compared to the original Spring 2024 date.

[GilmorePete]

Originally Posted by CondoInvestor

Does anyone know where can I purchase replacement filters for the heat pump system? Link to the product would be greatly appreciated.

Would have thought that this information would have been included in the information package provided by Onni and their appliance instructions. Otherwise contact Onni Customer Service and hopefully get an answer.

[jollyburger]

Originally Posted by GilmorePete

Would have thought that this information would have been included in the information package provided by Onni and their appliance instructions. Otherwise contact Onni Customer Service and hopefully get an answer.

They have a heatpump manual on the homeowner section of their site.

https://www.onni.com/wp-content/uplo...matemaster.pdf

Probably grab the model number and measure the size of the existing filter to figure out which one you want to replace it.

It says you can wash the filters in the manual but I would double check with your contact.

Filters - Filters must be clean to obtain maximum
performance. Filters should be inspected every month
under normal operating conditions and be replaced when
necessary. Units should never be operated without a filter.
Washable, high efficiency, electrostatic filters, when dirty,
can exhibit a very high pressure drop for the fan motor
and reduce air flow, resulting in poor performance. It is
especially important to provide consistent washing of
these filters (in the opposite direction of the normal air
flow) once per month using a high pressure wash similar
to those found at self-serve car washes.

[GilmorePete]

Really? So every month approx. 1500 residents of the 3 towers need to take their heat pump filters to a car wash or to someone with a power washer to clean their filters. Seems a little unrealistic.

[WarrenC12]

Originally Posted by GilmorePete

Really? So every month approx. 1500 residents of the 3 towers need to take their heat pump filters to a car wash or to someone with a power washer to clean their filters. Seems a little unrealistic.

I think that's just a specific filter type. It says inspected every month and changed when necessary.

I tell my smart thermostat to remind me when my heat pump has been on for 300 hours and change it then. It's roughly 3 months in the cold or hot weather or much longer in the spring and fall when it hardly runs.

furnacefilters.ca is a good place to get bulk filters and they have every size. My heat pump has a weird size not regularly available at Costco or Home Depot.

[Alex Mackinnon]

Originally Posted by iml789

VALUATION ... by applying a basic Perpetuity valuation, a quick back of the envelope formula, we can obtain an approx. value of the Asset :

Present Value (PV) = Yearly Cash Flow (CF) / Interest Rate or Yield (IR or Y).

By assuming a annual Yield (return) of 4% you can change the other values as it fits you best ...

CAR SPACE VALUATION
PV = ($150 x 12 months) / 0.04 (yield)
PV = $45,000


2 BDRMS UNIT
PV = ($3,500 x 12 months) / 0.04 (yield)
PV = $1,050,000

A 4% yield? Oof. Also you need to include expenses, not just revenue. Yield is from profit, not revenue.

[A320]

The amenities look absolutely incredible. How are the initial impressions? I am particularly impressed at the size of the pool, hot tub, and steam/room saunas (two of each, correct?)

How is the gym and basketball court?

[mcj]

Originally Posted by Alex Mackinnon

A 4% yield? Oof. Also you need to include expenses, not just revenue. Yield is from profit, not revenue.

That's just your opinion, man /s

[DMMM]

Tower 3 just received occupancy

[GilmoreTone]

Originally Posted by DMMM

Tower 3 just received occupancy

Any rumour/speculation when the exact closing date will be? I imagine after Thanksgiving?

[yvrTAB2]

Originally Posted by A320

The amenities look absolutely incredible. How are the initial impressions? I am particularly impressed at the size of the pool, hot tub, and steam/room saunas (two of each, correct?)

How is the gym and basketball court?

Basketball court currently closed to to a leak a few weeks ago. Being dehumidified. Was nice for the first while. I'm hoping they get nets for other sports. But the gym has been great. Enjoying the pelotons (until they were all deactivated except for one). Could use more weight plates. Though residents seem to be shitty at putting them back.

As for other amenities, steam rooms are consistently closed for maintenance. Usually just 1 of the 2, but currently both are down. Saunas have been fine. Outdoor pool opened a couple weeks ago, closed after a 2 days due to someone breaking glass near the pool and they had to drain and clean it. Reopened after a few days and no incidents since.

[RabidMoose]

Originally Posted by yvrTAB2

Outdoor pool opened a couple weeks ago, closed after a 2 days due to someone breaking glass near the pool

Haha called it. So much stuff falling off the balconies are gonna land in the pool.

[jollyburger]

Originally Posted by RabidMoose

Haha called it. So much stuff falling off the balconies are gonna land in the pool.

Before you take credit you know there's an indoor pool as well.

[yvrTAB2]

Originally Posted by RabidMoose

Haha called it. So much stuff falling off the balconies are gonna land in the pool.

Nah someone brought glass drinks out by the pool unfortunately. But I don't doubt what you said will happen in time.

[CondoInvestor]

Originally Posted by DMMM

Tower 3 just received occupancy

Have you received the closing instruction from your lawyer yet?