Quote:
Originally Posted by Changing City
They have been trying to sell it, and some of their other Granville property, for a while. Although significantly underbuilt (in terms of zoning, let alone rezoning policy), it's hard to see anybody buying it for redevelopment unless there's a lot more demand for office space.
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I would imagine if the demand for office space climbs up again back to pre-pandemic levels, they would redevelop it themselves rather than sell or offload it.
Maybe the reason they're trying to sell it (along with some of those other property on Granville) is that outside of hotel and commercial retail tenancy improvement, there aren't really many alternative options for what to redevelop a property into, along the Granville strip.
The city isn't likely to make that many more exceptions to allow (even) more residential on Granville, and Bonnis' position is that the hotel business is just not their thing.
So if the market isn't accommodating more office space, and you're not willing to do hotels (which the market could conceivably accommodate) then selling off is probably the only thing that makes sense.
Maybe they find another Hotelier to sell it to,... to redevelop it into a hotel much like they did their lot on the Robson and Seymour corner next door (the 809 Seymour Street/ 600 Robson Street lot).
It would certainly be an ideal location for one, smack dab in the middle of the entertainment district.