Quote:
Originally Posted by whatnext
Regarding another project, Michael Geller on X says the project referenced in this January article is DOA:
...Jennifer Irvine purchased her Kitsilano duplex on Vancouver’s west side eight years ago, but now that her neighbours have assembled their properties to develop an 18-storey tower, she says her leafy picturesque street is undergoing a new form of blockbusting.
Last fall, a company called Havn Development obtained a rezoning permit on behalf of three property owners with a proposal to build a 170-unit rental tower with podium at 2156-2172 W. 14th Ave., between Yew and Arbutus streets. The site currently consists of a detached house and two duplexes, but the city has plans to create a second downtown for the low- to mid-density neighbourhoods within the 500-block Broadway Plan. That includes the approval of high-rise towers in the middle of quiet side streets....
https://www.theglobeandmail.com/real-est...ia&utm_campaign=Shared+Web+Article+Links |
Assuming Geller's information is correct, it supports the comments here that not all the projects will go ahead anytime soon. The three owners have spent quite a bit establishing the potential for a future rental tower, but raising the development funds to do it themselves, or finding a developer willing to buy them out, was always risky. Especially so now, as population growth is slowing in the region, and rents have fallen every month - "the 13th consecutive month of yearly rent declines" according to Zumper's survey.
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