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Originally Posted by Vin
Makes sense now. I was a little confused as the rendering looks way too wide for those old row of shops at the corner with Joyce. I wonder how they "assemble" all the strata units for the owners at the current tower and short woodframe to agree to part with their properties. In Vancouver, it certainly isn't easy to find alternatives, especially to replace the larger 90s-built space.
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Intracorp paid $41m for the 63 unit strata building. That sounds like they offered to pay something like assessed value, maybe plus a small amount. Only 80% of the owners have to agree to the buyout.
Faced with a potential special assessment that could be at least $200,000 per owner, it's not too surprising that they agreed to sell. There are a number of strata buildings in the Broadway corridor with similar issues that are candidates for redevelopment.
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