Broadway Corridor Updates

[csbvan]

Some land will change hands at a price that may spur development. But it will take time for that to all work itself out.

Population growth is very slow at the moment, so it's not like the drivers of 2 years ago are still present.

[GenWhy?]

Originally Posted by logan5

The Broadway Corridor is ground zero for the development/construction industry. If nothing is happening there, nothing is happening anywhere else, and we would be in a huge prolonged recession. But given our always growing population, homes have to be built...

If Broadway rental replacement projects are too pricey + not profitable enough there will be plenty of net rental being built here and in other parts of town.

[GenWhy?]

Not to mention, as well, that contractors and trades are giving folks "deals" because they can go ahead while the market cools. We're under budget on a big rental project under construction right now - which is so nice compared to pricing we had in 2021-2023

[MalcolmTucker]

Originally Posted by AlessioSBT

Demand doesn't matter, we cannot physically build at the price people can pay. We need 10 to build something that currently is valued at 5. That's the problem.



Exactly.

Some will act to catch the falling knife. Those that borrowed to buy sites might be forced to. Those with only options can pay break fees. Other companies will just limp for decades with weak balance sheets.

[logan5]

Originally Posted by GenWhy?

If Broadway rental replacement projects are too pricey + not profitable enough there will be plenty of net rental being built here and in other parts of town.

There are numerous sites in the Broadway Corridor that don't require rental replacement.

All due respect, but I'm always skeptical of developers. While there may be financial concerns with certain projects, developers will always amplify these issues in order to get more concessions from City Hall, which they are getting.

The City is creating district schedules for high rise development. This is a huge win for developers. And now the City will likely allow residential in the MPIA, which is a huge area, and won't displace current residents. Another huge win for developers.

I think the Broadway Corridor will be going gangbusters for a long time.

[GenWhy?]

Originally Posted by logan5

There are numerous sites in the Broadway Corridor that don't require rental replacement.

All due respect, but I'm always skeptical of developers. While there may be financial concerns with certain projects, developers will always amplify these issues in order to get more concessions from City Hall, which they are getting.

The City is creating district schedules for high rise development. This is a huge win for developers. And now the City will likely allow residential in the MPIA, which is a huge area, and won't displace current residents. Another huge win for developers.

I think the Broadway Corridor will be going gangbusters for a long time.

Agreed on the numerous sites with no current rental, and they could reasonably go ahead.

Not sure about these City Hall concession where requesting and getting.

New zoning is a great step and takes a good year off the project schedule - they also included some nice floorplate flexibility, which was borne out of all the enquiry and rezoning apps in the B Plan area. They'll save developers (big and small) a few hundred grand upfront. Not only a big win for those that build housing but those that live in them.

Not sure about more residential being allowed in the Mount Pleasant Industrial Area quite yet, or other industrial areas.

If the Broadway Plan works, financially, for folks it will mean projects getting built. Currently some can proceed (even if they don't "pencil") and some will wait a bit longer. I would mention the number of rezonings for B Plan projects still waiting to have their Public Hearing is large. Many of us can't build remotely soon because the City is still pending their approval.

Sept. has only 2 on the docket so far. I heard 396 E 2nd Ave is tryign to get their BP issed by April but that seems unrealistic to me.

[Changing City]

Originally Posted by whatnext

A cautionary note about the likely pace of building Broadway Plan.

...“Probably 85 per cent of those developments along the Broadway Plan aren’t going to get built any time soon,” Goodman noted...(bold mine)[/I]

https://www.westerninvestor.com/british-...economic-uncertainties-continue-11135651

So that would be 15 per cent of those developments in the Broadway Plan area getting built soon. There's 104 towers, with over 20,000 units already on 'Shape Your City' for decision, and another 30+ submitted with over 5,000 more dwellings.

So if 15% go ahead soon, that would be around 20 towers and c4,000 apartments (almost all rental) for around 6,000 additional residents. So not the gung-ho 'everything will be built' that some here suggest, and equally, not supportive of the 'nothing is going to be built' view. Some developers, like PCI, are keen to keep developing in the area.

Bear in mind Mark Goodman makes his living selling off old apartment buildings, often these days for redevelopment. So a slow down in land sales is bad news for him.

[jollyburger]

Another project that will never be built.

1305-1325 W 13th Ave rezoning application

The City of Vancouver has received an application to rezone the subject site from RM-3 (Residential) District to CD-1 (Comprehensive Development) District. The proposal is to allow for the development of a 20-storey rental building with a 4-storey podium and includes:

172 units with 20% of the floor area for below-market units;
A floor space ratio (FSR) of 6.5; and
A building height of 61.5 m (202 ft.).

Canderel
Chris Dikeakos

Updated rezoning application with refinements

https://www.shapeyourcity.ca/1305-1325-w-13-ave

[s211]

Originally Posted by jollyburger

Another project that will never be built.





Canderel
Chris Dikeakos

Updated rezoning application with refinements

https://www.shapeyourcity.ca/1305-1325-w-13-ave

Canderel? Didn't know they did MF projects on the west coast.

[jollyburger]

Originally Posted by s211

Canderel? Didn't know they did MF projects on the west coast.

They're doing the Francaphone project at Fir/West 7th as well

https://www.shapeyourcity.ca/1551-1581-w-7th-ave

And some towers at City of Lougheed and partnered on Luxe in Richmond.

[s211]

Originally Posted by jollyburger

They're doing the Francaphone project at Fir/West 7th as well

https://www.shapeyourcity.ca/1551-1581-w-7th-ave

And some towers at City of Lougheed and partnered on Luxe in Richmond.

Thanks for that info. It's helpful to know.

[whatnext]

Originally Posted by jollyburger

They're doing the Francaphone project at Fir/West 7th as well

https://www.shapeyourcity.ca/1551-1581-w-7th-ave

And some towers at City of Lougheed and partnered on Luxe in Richmond.

Is there a timetable for that project? Doesn’t look like any of the tenants have moved out.

[madog222]

Originally Posted by whatnext

Is there a timetable for that project? Doesn’t look like any of the tenants have moved out.

For what it’s worth, DP was submitted back in June, two months after rezoning approval.

[kikin]

Originally Posted by AlessioSBT

I keep saying this and people keep replying that is not true. If you ask me we will not see anything for at least 10 years.

prices will start to accelerate upward in the condo market and then there will be a lag before a panic to build again, but new builds will be expensive still

[whatnext]

Originally Posted by kikin

prices will start to accelerate upward in the condo market and then there will be a lag before a panic to build again, but new builds will be expensive still

Not if the foreign buyers ban and the crackdown on bogus international “students” continue.

[logan5]

(groan)

[kikin]

Originally Posted by AlessioSBT

Demand doesn't matter, we cannot physically build at the price people can pay. We need 10 to build something that currently is valued at 5. That's the problem.



Exactly.

and in a few years or so what is now valued at 5 will be valued at 10, but by then we will need 15 to build something valued at 10.... and so on

[MalcolmTucker]

Originally Posted by whatnext

Not if the foreign buyers ban and the crackdown on bogus international “students” continue.

I don't expect the condo market for internationals to recover, but different pathways will, like a rebirthed Multiple Unit Rental Building (MURB) program to allow investment and protection of capital for building rentals (and flipping them) will provide an area for presale like returns but one large projects.

[kikin]

Originally Posted by MalcolmTucker

I don't expect the condo market for internationals to recover, but different pathways will, like a rebirthed Multiple Unit Rental Building (MURB) program to allow investment and protection of capital for building rentals (and flipping them) will provide an area for presale like returns but one large projects.

all it takes is rental rates to get a little closer to equivalent mortgage payments and condos still become a great investment, international or otherwise. People are sinking their money into gold and silver like crazy right now, just for the long term safety of a real asset. Canada isn't going anywhere, even with all of our problems, and the population is going to grow a lot even with births within Canada on top of immigration. Money will still find its way to follow the immigrants from some of their extremely overpopulated homelands.

[madog222]

DP for 188 E 5th, formerly 2111 Main, the City Centre Motor Hotel site was approved late August and building permits for both towers were submitted last week.