Vancouver Infill & Lowrise Updates Discussion

[jollyburger]

Originally Posted by Changing City

Getting a repayable construction loan from BC Housing doesn't mean it isn't economically viable.

But they got a low-interest loan from BC Housing versus their market-rate mortgages on the project

Mr. Pappajohn noted during questioning that Jameson Development has another project in the Moderate Income Rental Housing Pilot Program (MIRHPP) incentive program, another contentious development at 1805 Larch Street in Kitsilano. A title search on that project reveals that the developer had a somewhat similar – and expensive – financing arrangement on that property as well: a first mortgage of $7.5 million where they developer is paying the greater of prime + 3%, or 6.7%, and a second mortgage of $7.5 million (note that the firm paid only $12 million for the property) at an interest rate starting at 10% and then going to 12%.

https://cityhallwatch.wordpress.com/...storey-mirhpp/

Or getting DLCs waived for the MIRHPP participation..

[Changing City]

Originally Posted by jollyburger

But they got a low-interest loan from BC Housing versus their market-rate mortgages on the project

https://cityhallwatch.wordpress.com/...storey-mirhpp/

Or getting DLCs waived for the MIRHPP participation..

Sure, that's the whole point of programs to encourage more rental housing. The DCL waiver, CAC forgiveness and construction loan from BC Housing made the project more viable. (Without a detailed financial statement, we don't know that it wouldn't be viable without those supports, but the developer went into the project knowing that they wouldn't pay DCLs or CACs if the rents were below a certain level, and there were 20% below market units). Without that sort of support, we'd see far less housing built, despite the need. Partly it's because, as your quote from 'the build nothing anywhere blog' showed, even established developers like Jameson face very high market interest rates for acquisition and financing their projects.

Housing starts fell across Metro Vancouver by 6,132 units last year, and in the City of Vancouver by 1,258, but rental starts were almost unchanged in both Metro and City, and in the City represented 67.6% of all starts - thanks to the support that makes projects viable.

[PBlonde]

Originally Posted by Changing City

Sure, that's the whole point of programs to encourage more rental housing. The DCL waiver, CAC forgiveness and construction loan from BC Housing made the project more viable. (Without a detailed financial statement, we don't know that it wouldn't be viable without those supports, but the developer went into the project knowing that they wouldn't pay DCLs or CACs if the rents were below a certain level, and there were 20% below market units). Without that sort of support, we'd see far less housing built, despite the need. Partly it's because, as your quote from 'the build nothing anywhere blog' showed, even established developers like Jameson face very high market interest rates for acquisition and financing their projects.

Housing starts fell across Metro Vancouver by 6,132 units last year, and in the City of Vancouver by 1,258, but rental starts were almost unchanged in both Metro and City, and in the City represented 67.6% of all starts - thanks to the support that makes projects viable.

A project is economically viable if the total cost to build it is less than the end result, along with a sufficient profit to reward the risk involved in undertaking the development. That 'blog' paints a picture that unless a developer can buy land, build something, be able to offer below market rents or social housing units and not accept any government support (whether it be CMHC, DCL/CAC waiver, BC Housing Loan, or any upzoning) it shouldn't be built because it's not 'economically viable'. We wouldn't have any new projects starting up if that was the case, but my guess is that's how those glue-huffing idiots want it...

[whatnext]

Dimex project at 1289 Nicola is belly up and in receivership:

https://storeys.com/dimex-group-1289...-receivership/

[osirisboy]

Never even heard of that project till this morning

[officedweller]

Looks like a small lot:


https://www.google.com/maps/@49.2830...oASAFQAw%3D%3D

[whatnext]

Originally Posted by osirisboy

Never even heard of that project till this morning

It was four unique postwar sort of cottagey townhouses. Oh well.

I wonder if this means the Dimex project on Templeton is also in trouble?

[csbvan]

Will probably become a rental tower after the sale.

[whatnext]

Originally Posted by csbvan

Will probably become a rental tower after the sale.

I can't see one on a lot that small.

[Changing City]

/\
It's a little over 120' by 60'. Combined with the 1981 18 unit strata lot next door, it's a potential rental tower site. Without it, it's probably only developable with the sort of project that was already approved.

[whatnext]

Some updates around Granville and 41st. Quite a mix of styles and sizes.

Strand's rental project on the east side of Granville just south of the Esso station
[IMG]IMG_5212 by bcborn, on Flickr[/IMG]

Across the street beside the church, a one-lot townhouse development.
[IMG]IMG_5197 by IMG_5198 by bcborn, on Flickr[/IMG]N08/]bcborn, on Flickr[/IMG]

Hard to capture the scale of the Amica seniors housing on the west side. Massive spanning two blocks from 45th to 47th.

IMG_5209 by bcborn, on Flickr


Meanwhile just a block off Granville it is a different, much quieter world:

[IMG]IMG_5205 by bcborn, on Flickr[/IMG]

my photos

[Feathered Friend]

https://porte.ca/home/grafia/

2406-2488 Garden – Grafia
122 Strata Homes, 4 Retail Stores

Photos Taken April 11, 2025
Rezoning Application Submitted – August 2, 2019
Building Permit Issued – September 29, 2022

https://www.instagram.com/p/DJVVytiv...I4bjdzNWRpdQ==

[osirisboy]

Omg, awful. Please stop breaking up the massing of buildings like this

[Feathered Friend]

https://lotuscapitalcorp.com/project/linx/

2246-2268 E Broadway – Linx
https://linxeastvan.com/
54 Strata Homes

Photos Taken April 11, 2025
Rezoning Application Submitted – February 21, 2020
Building Permit Issued – February 8, 2023

https://www.instagram.com/p/DJdFlR5pvps/#

[Feathered Friend]

https://garden11.ca/building/

2670 Garden Dr – Garden 11
https://garden11.ca/
40 Strata Homes

Photos Taken - April 11, 2025
Development Application Submitted – November 20, 2020 (Proposed Under Existing RM-11 Zone)
Building Permit Issued – March 18, 2024

Developer –AREE Developments Ltd
Architect – Ankenman Marchand Architects

https://www.shapeyourcity.ca/2660-garden-dr

https://www.instagram.com/p/DKDdCFHB_Zq/#

[Feathered Friend]

https://woodlandblock.com/wp-content...k_Brochure.pdf

2377 E 11th Ave – Woodland Block
https://woodlandblock.com/
68 Strata Homes, 4 Market Rental Homes, 10 Strata Retail Spaces

Photos Taken - April 11, 2025
Development Application Submitted – April 27, 2022 (Proposed Under Existing C-2 Zone)
Building Permit Issued – April 25, 2024

https://www.instagram.com/p/DKGDy0jyrkB

[SFUVancouver]

Originally Posted by Feathered Friend

https://woodlandblock.com/wp-content...k_Brochure.pdf

That's a handsome low-rise. I like how it breaks up its massing linearly, instead of vertically, and it's symmetrical.

[whatnext]

Originally Posted by Changing City

Chloe is at W47th and East Boulevard. The sales centre is at W43rd. The developer is Matchpoint (lead by Vicky Zheng). The renders suggest it will have 45 units in 4 storeys with retail on the main floor.

Oh dear, poor Chloe. Buyers go bye bye..

Matchpoint Facing Receivership On Completed Chloé Project In Kerrisdale
The Chloé project at 2096 W 47th Avenue in Vancouver was completed by Matchpoint Development last year and placed under receivership this February.
Howard Chai
May 22, 2025

Most development projects that face insolvency are ones that are in the early stages, which makes the Chloé project that's now under receivership something of an anomaly.

The Chloé project is a four-storey mixed-use project located at 2096 W 47th Avenue in the Kerrisdale neighbourhood of Vancouver, along East Boulevard and the Arbutus Greenway. The project consists of 46 strata units and 11 commercial retail units and was completed last year. The project website describes Chloé as "classical architecture and living spaces that reflect the natural beauty, heritage, and allure of the community."

The developer of the project is Vancouver-based Matchpoint Development, according to the project website, but court documents identify the developer as Lightstone Development. Provincial corporate registry records indicate that Matchpoint Development Ltd. changed its legal corporate name to Lightstone Holdings Ltd. in February 2019....

....The receivership proceeding was initiated by Peterson Investment Group, the real estate developer that also frequently acts as a lender and/or partner to other local developers. Peterson — the North American arm of the Hong Kong-based company of the same name — has been the lender in numerous local insolvencies in recent years, including Coromandel Properties, Create Properties, and Landmark Premiere Properties. Peterson is also a long-time and frequent partner of Westbank....

... The guarantors of the loan were 1082463 BC Ltd., 1218548 BC Ltd., and Gold Coast Industries Ltd., as well as three individuals named Ying Zheng Yu, Xiao Li, and Xiao Song Zheng, the last of whom is also known as Vicky Zheng, the Founder of Matchpoint Development, according to the project website for Chloé...

https://storeys.com/matchpoint-devel...-receivership/

[ecbin]

Originally Posted by SFUVancouver

That's a handsome low-rise. I like how it breaks up its massing linearly, instead of vertically, and it's symmetrical.

Same, looks terrific though I wish the zoning allowed for something a bit taller (like 8 stories). That courtyard could be really cool as well.

[s211]

Originally Posted by whatnext

Oh dear, poor Chloe. Buyers go bye bye..

Matchpoint Facing Receivership On Completed Chloé Project In Kerrisdale
The Chloé project at 2096 W 47th Avenue in Vancouver was completed by Matchpoint Development last year and placed under receivership this February.
Howard Chai
May 22, 2025

Most development projects that face insolvency are ones that are in the early stages, which makes the Chloé project that's now under receivership something of an anomaly.

The Chloé project is a four-storey mixed-use project located at 2096 W 47th Avenue in the Kerrisdale neighbourhood of Vancouver, along East Boulevard and the Arbutus Greenway. The project consists of 46 strata units and 11 commercial retail units and was completed last year. The project website describes Chloé as "classical architecture and living spaces that reflect the natural beauty, heritage, and allure of the community."

The developer of the project is Vancouver-based Matchpoint Development, according to the project website, but court documents identify the developer as Lightstone Development. Provincial corporate registry records indicate that Matchpoint Development Ltd. changed its legal corporate name to Lightstone Holdings Ltd. in February 2019....

....The receivership proceeding was initiated by Peterson Investment Group, the real estate developer that also frequently acts as a lender and/or partner to other local developers. Peterson — the North American arm of the Hong Kong-based company of the same name — has been the lender in numerous local insolvencies in recent years, including Coromandel Properties, Create Properties, and Landmark Premiere Properties. Peterson is also a long-time and frequent partner of Westbank....

... The guarantors of the loan were 1082463 BC Ltd., 1218548 BC Ltd., and Gold Coast Industries Ltd., as well as three individuals named Ying Zheng Yu, Xiao Li, and Xiao Song Zheng, the last of whom is also known as Vicky Zheng, the Founder of Matchpoint Development, according to the project website for Chloé...

https://storeys.com/matchpoint-devel...-receivership/

That has to be way too much commercial for that East Blvd area.

As for the rest of the situation, YIKES. If the side dealing is proven, the judgement could be substantial and I wonder if the guarantors have sufficient on-shore assets to liquidate.