Downtown Vancouver Updates II

[tddasv]

I recently created a website to track developments in Vancouver from proposal to completion.

Let me know what projects you'd like to see added to it.

https://vancouverdev.ca/

[jollyburger]

Originally Posted by tddasv

I recently created a website to track developments in Vancouver from proposal to completion.

Let me know what projects you'd like to see added to it.

https://vancouverdev.ca/

Maybe links to YouTube videos on construction sites like from Zeph and

https://www.youtube.com/@MetroVancouverConstruction

[Feathered Friend]

Originally Posted by tddasv

I recently created a website to track developments in Vancouver from proposal to completion.

Let me know what projects you'd like to see added to it.

https://vancouverdev.ca/

There are rezoning to construction completion spreadsheets & maps on City Duo for anything submitted between 2015-present, so you could always look to that for inspiration if you want

https://cityduo.wordpress.com/developmen...progress-reports/?frame-nonce=900e172aa9

[tddasv]

Originally Posted by jollyburger

Maybe links to YouTube videos on construction sites like from Zeph and

https://www.youtube.com/@MetroVancouverConstruction

Thanks for the suggestion!

[tddasv]

Originally Posted by Feathered Friend

There are rezoning to construction completion spreadsheets & maps on City Duo for anything submitted between 2015-present, so you could always look to that for inspiration if you want

https://cityduo.wordpress.com/developmen...progress-reports/?frame-nonce=900e172aa9

Thanks for sharing this, I didn't know this site existed.

[jollyburger]

Late November Rec Room finally opens downtown

https://vancouversun.com/news/can-cineplex-rec-room-venue-revitalize-vancouver-granville-strip

[whatnext]

So, is this another China-linked development flop?

Seven Years After $245M Sale, 1608 W Georgia In Vancouver Remains Dormant
The 1608-1616 W Georgia Street site in the West End of Vancouver was formerly home to a White Spot that was sold for $245 million in December 2017.
Howard Chai
October 09, 2024

A common refrain among the development industry in Metro Vancouver is that we have no land to build on. This is true in the sense that we don't have much untapped "greenfield" land that can be developed. But walk around cities across the region and you will see plenty of vacant pieces of land that appear ripe for development, but have been mysteriously dormant for years.

One of the biggest such mysteries is the property known as 1608-1616 W Georgia Street, located at the intersection of W Georgia Street and Cardero Street in the West End of Vancouver, a few blocks away from Stanley Park...

....When the property was sold in December 2017, the purchaser was reported as Champion Rainbow Holdings Ltd., which the Vancouver Sunidentified as an entity associated with Carnival International Holdings, a company based in Hong Kong with no relation to the cruise-ship operator.

The sale was not reported until December 22 and a BC Corporate Registry Notice from that month indicates that Champion Rainbow Holdings Ltd. was incorporated on December 13, suggesting it was incorporated for the purchase. However, a different registry notice the next month indicated that Champion Rainbow Holdings Ltd. changed its name to Alberni Street Holdings Ltd. on January 10, less than a month after the incorporation and purchase, suggesting there may have been another change in ownership.....

....Additionally, in 2023, the original purchaser, Carnival International Holdings, went through a wind-up and liquidation process that ended with the company being delisted from the Hong Kong Stock Exchange (HKEX), according to an HKEX announcement...

....According to the Land Owner Transparency Registry, the current registered owner of 1608, 1616, the subdivided 1616, and 1670 W Georgia Street is still Alberni Street Holdings Ltd. The registry also notes that Alberni Street Holdings Ltd. is controlled by Alberni Street Developments Ltd. and a Hong Kong-based individual named Adam Kai Fai Kwok.

Adam Kwok is listed as an Executive Director on the corporate website of Sun Hung Kai Properties, one of the largest real estate developers in Hong Kong..

... In Vancouver, the Kwok family is a major stakeholder in Aspac Developments, the developer behind the ongoing multi-phase River Green project near the Olympic Oval in Richmond....

... STOREYS reached out to Aspac on September 27 inquiring about why the project has not progressed and what the company's plans are for the site, but has not received a response....

https://storeys.com/1608-w-georgia-vancouver-aspac/

[jollyburger]

What do you expect with the market for luxury condos? The fact they bought the land at the top of the market but are wealthy enough to wait for the next cycle probably means there isn't going to be a fire sale to someone else to build.

[s211]

Originally Posted by whatnext

So, is this another China-linked development flop?

Seven Years After $245M Sale, 1608 W Georgia In Vancouver Remains Dormant
The 1608-1616 W Georgia Street site in the West End of Vancouver was formerly home to a White Spot that was sold for $245 million in December 2017.
Howard Chai
October 09, 2024

A common refrain among the development industry in Metro Vancouver is that we have no land to build on. This is true in the sense that we don't have much untapped "greenfield" land that can be developed. But walk around cities across the region and you will see plenty of vacant pieces of land that appear ripe for development, but have been mysteriously dormant for years.

One of the biggest such mysteries is the property known as 1608-1616 W Georgia Street, located at the intersection of W Georgia Street and Cardero Street in the West End of Vancouver, a few blocks away from Stanley Park...

....When the property was sold in December 2017, the purchaser was reported as Champion Rainbow Holdings Ltd., which the Vancouver Sunidentified as an entity associated with Carnival International Holdings, a company based in Hong Kong with no relation to the cruise-ship operator.

The sale was not reported until December 22 and a BC Corporate Registry Notice from that month indicates that Champion Rainbow Holdings Ltd. was incorporated on December 13, suggesting it was incorporated for the purchase. However, a different registry notice the next month indicated that Champion Rainbow Holdings Ltd. changed its name to Alberni Street Holdings Ltd. on January 10, less than a month after the incorporation and purchase, suggesting there may have been another change in ownership.....

....Additionally, in 2023, the original purchaser, Carnival International Holdings, went through a wind-up and liquidation process that ended with the company being delisted from the Hong Kong Stock Exchange (HKEX), according to an HKEX announcement...

....According to the Land Owner Transparency Registry, the current registered owner of 1608, 1616, the subdivided 1616, and 1670 W Georgia Street is still Alberni Street Holdings Ltd. The registry also notes that Alberni Street Holdings Ltd. is controlled by Alberni Street Developments Ltd. and a Hong Kong-based individual named Adam Kai Fai Kwok.

Adam Kwok is listed as an Executive Director on the corporate website of Sun Hung Kai Properties, one of the largest real estate developers in Hong Kong..

... In Vancouver, the Kwok family is a major stakeholder in Aspac Developments, the developer behind the ongoing multi-phase River Green project near the Olympic Oval in Richmond....

... STOREYS reached out to Aspac on September 27 inquiring about why the project has not progressed and what the company's plans are for the site, but has not received a response....

https://storeys.com/1608-w-georgia-vancouver-aspac/

It appears that somebody with a little bit of knowledge, but not enough knowledge, is trying to stir the pot for "reasons"?

1) "the sale was not reported until December 22". What do you mean by "reported"? By whom? What are you trying to imply? That information was being purposely withheld? Perhaps nefariously so?

2) "a different registry notice the next month indicated that Champion Rainbow Holdings Ltd. changed its name to Alberni Street Holdings Ltd. on January 10, less than a month after the incorporation and purchase, suggesting there may have been another change in ownership". Do you have any concept of what a name change is, in a land title setting? It's just that: a change of name. It's not an underhanded way to disguise a transfer.

While I have no personal knowledge of the ownership situation, this kind of drive-by reporting does nobody any good.

[jollyburger]

Originally Posted by s211

While I have no personal knowledge of the ownership situation, this kind of drive-by reporting does nobody any good.

He should have read the Sun article he linked to?

The other two directors listed for Champion Rainbow fill out the other half of the story.

They are Jeffrey Skinner and Gary Wong, both noted with a 1055 West Hastings address that is the head office of Aspac Developments Ltd. Both are Aspac executives with Skinner, a vice-president, development and projects, and Wong, a vice-president and director.

Of note here is that Aspac has been developing projects in B.C. since 1993, including a joint venture with Marathon Realty (the real estate arm of Canadian Pacific Railways) that transformed Coal Harbour with its Harbour Green luxury condos. More recently, it also built River Green in Richmond and Wesbrook at the University of B.C.

“The two are working together on that project. (Carnival) chose a local company with know-how here,” said Perry Allen, a real estate consultant involved in the deal. He declined to comment on the exact financial arrangement between the two companies.

An Aspac spokesperson could not be reached for comment.

https://vancouversun.com/business/local-...gia-the-largest-land-transaction-of-2017

[jollyburger]

Also this from December 31 2020 a Cayman Island fund I think Carnival was directly managing for investments.

Fair value change on financial assets
The Group recorded an impairment loss on fair value change on financial assets at fair
value through profit or loss of approximately HK$63,554,000 (2019: HK$132,061,000).
The fair value change on financial assets is related to the investments in MSQ Fund SPC.
MSQ Fund SPC invests in, among others, a luxury residential condominium complex
real estate project in West Georgia Street, Vancouver, British Columbia, Canada. The fair
value of MSQ Fund SPC was determined with reference to the redemption price quoted
by the fund administrator.

https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0528/2021052802224.pdf

The year earlier

The Group recorded an impairment loss on fair value change on financial assets
at fair value through profit or loss of approximately HK$132,061,000 (2018:
HK$680,589,000). The fair value change on financial assets is related to the investments
in MSQ Fund SPC.

https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0504/2020050401154.pdf

[whatnext]

Originally Posted by jollyburger

What do you expect with the market for luxury condos? The fact they bought the land at the top of the market but are wealthy enough to wait for the next cycle probably means there isn't going to be a fire sale to someone else to build.

True, no doubt ASPAC is not the next Coromandel.

I wonder if the federal finance minister's musings on taxing vacant lands might be enough to prod some movement:

Consultations on the Taxation of Vacant Lands
Current Status: Open

Join In
In Budget 2024 and Canada’s Housing Plan, the federal government announced the most ambitious housing plan in Canadian history—a plan to build nearly 4 million new homes by 2031. To help achieve this ambitious target, the federal government is rolling out a suite of policies that will unlock more land for new housing development, including surplus, underused, and vacant public lands.

To encourage private sector landowners to develop their vacant land, Budget 2024 announced that the government is considering a tax on residentially zoned vacant land. Canada is a vast country with differing local needs and land availability. The federal government recognizes that such a policy may need to be tailored to address the unique circumstances and requirements of each region.

The federal government is undertaking this consultation to:

Hear views from all stakeholders on the potential application of vacant land taxes, including feedback on their potential design and impacts; and
Gauge interest from provinces, territories, and municipalities on the potential introduction of vacant land taxes at the provincial, territorial, and municipal levels, with federal funding to support their implementation.
https://www.canada.ca/en/department-fina...ons-on-the-taxation-of-vacant-lands.html

Hopefully lame dog parks or community gardens won't qualify for an exemption.

[jollyburger]

Province seemed to be against it. 2021 UBCM resolution

Ministry of Municipal Affairs The Ministry of Municipal Affairs is actively engaged in supporting new development and affordable housing in British Columbia. Any solutions to challenges in property development must be consistent with fundamental principles of tax policy as well as being practical, fair and effective. Creating a new property class for vacant land would not be optimal in that regard. For example, the reasons for land being vacant can be many and varied. In many cases, property owners do not fully control the timing of new development, as it may depend on factors that are beyond the control of the property owner, like approvals and permitting.

https://www.ubcm.ca/convention-resolutio...utions-database/vacant-land-property-tax

[whatnext]

Originally Posted by jollyburger

Province seemed to be against it. 2021 UBCM resolution



https://www.ubcm.ca/convention-resolutio...utions-database/vacant-land-property-tax

Disagree. Developers love to land bank. And this might actually persuade that guy in Hong Kong who has been sitting on that vacant lot at Broughton and Robson to sell. Or whoever owns the vacant lot at Oak and 16th.

Come to think of it, why doesn’t Eby outlaw the pathetic municipal tax dodge of “community gardens” if he’s helllbent on getting housing built?

[jollyburger]

Originally Posted by whatnext

Disagree. Developers love to land bank. And this might actually persuade that guy in Hong Kong who has been sitting on that vacant lot at Broughton and Robson to sell. Or whoever owns the vacant lot at Oak and 16th.

Come to think of it, why doesn’t Eby outlaw the pathetic municipal tax dodge of “community gardens” if he’s helllbent on getting housing built?

It's no different than those family owned investment companies that sit on buildings but don't care about redeveloping/increasing the density on it.

[whatnext]

Originally Posted by jollyburger

It's no different than those family owned investment companies that sit on buildings but don't care about redeveloping/increasing the density on it.

True but if they’re sitting on a residential property and not putting money into it at least they’re providing housing of some sort. Those two vacant lots I mentioned aren’t providing even that. The one on Robson isn’t even providing a crappy dog park.

[officedweller]

1150 Barclay

Changes from 11 storey condo to 21 storey rental tower.


Previous 2018 concept of an 11-storey condominium tower (left) and the 2024 revised concept
of a 21-storey rental housing tower (right) at 1150 Barclay Street, Vancouver. (Dialog/PC Urban | Musson Cattell Mackey Partnership/PC Urban)
https://dailyhive.com/vancouver/1150-barclay-street-vancouver-rental-housing-tower-pc-urban


https://dailyhive.com/vancouver/1150-barclay-street-vancouver-rental-housing-tower-pc-urban


https://dailyhive.com/vancouver/1150-barclay-street-vancouver-rental-housing-tower-pc-urban

[jollyburger]

Gracorp And Fiera Real Estate In Legal Battle Over JV Project In Vancouver

In their Notice of Civil Claim dated August 8, Gracorp claims that Fiera approved the easement agreement and payment on May 3, but then issued Gracorp notices of default on June 25, saying that Gracorp entered into the easement agreement without approval from Fiera. On July 9, Gracorp nonetheless sought out approval for the easement agreement from Fiera, in an attempt to cure the alleged default, but Gracorp says Fiera "refused to provide written approval as requested" and "has refused or neglected to provide any substantive objection."

On July 25, Fiera then informed Gracorp that it was terminating their co-owner agreement and development management agreement, saying that Gracorp had failed to cure the default within 30 days, while "further alleging that the alleged Events of Default were incapable of being cured by Gracorp Owner over any time period," according to Gracorp.

At the same time, Gracorp says Fiera also indicated it wanted to exercise a buy-out clause in their co-owner agreement that allows one partner to buy out the stake of the other, upon a default, at 90% of the fair market value. Gracorp says at this time, Fiera also provided them with an appraisal report.

Gracorp argues that Fiera had "no valid basis" to terminate their agreements and is thus also "not entitled to exercise any rights under the Discounted Buy-Out Clause." Gracorp argues that Fiera "acted unreasonably" when it withheld approval for the easement agreement and is accusing Fiera of "breach of duty of good faith performance" pertaining to their agreements.

https://storeys.com/gracorp-fiera-1045-burnaby-vancouver-lawsuit/

[Migrant_Coconut]

Originally Posted by Migrant_Coconut

Close it again next year, see if the pattern repeats, this time get a larger sample of the neighbourhood and its visitors - that's how you form a general consensus.

Turns out we don't even need to wait until next year; 84% of visitors, 79% of residents and 59% of businesses support the return of the Gastown Pedestrian Zone next summer.

Wonder which side Council will listen to?

[seamusmcduff]

If they do vote down the pedestrianization I bet they'll use the excuse that 60% of businesses didn't support it, only 59% lol