The Bay Parkade Redevelopment | 315, 271, 239m | 80, 69, 68fl | Proposed

[LeftCoaster]

Rennies entire job is to sell real estate, not to predict it. There are no sales now so they downsized.

I doubt their already tiny analytics team has shrunk much as their clients are constantly asking for market updates.

Why on earth would Holborn want to 'artificially' raise their land value? Their tax burden would shoot through the roof.

[jollyburger]

Originally Posted by Migrant_Coconut

Rennie (i.e. the people whose entire job is to read the real estate market's long-term future) massively downsized just last year.

If you or the devs are expecting another pre-pandemic level boom by the end of the decade, more power to you; otherwise, this may very well be yet another Holborn scheme to artificially raise their Vancouver land value while doing absolutely nothing with the actual land.

If no one wants to buy a luxury condo which idiot institutional fund is going to buy some overvalued land they can't do anything with?

[Migrant_Coconut]

Originally Posted by jollyburger

So they're going to try to raise their land value for a market that doesn't exist. If no one wants to buy a luxury condo which idiot institutional fund is going to buy some overvalued land they can't do anything with?

Why's Concord sitting on an empty brewery and an empty concrete lot under a viaduct? Why'd Holborn sit on an empty meadow for over a decade, and let their downtown hotel fall apart? They already missed their best shot ten years ago when everybody was fighting for shoeboxes; seems like the "idiots" see a point in raising land value without doing anything with it.

[LeftCoaster]

Originally Posted by Migrant_Coconut

Why's Concord sitting on an empty brewery and an empty concrete lot under a viaduct?

They're not entitled. Holborn is literally purposefully entitling this site which will dramatically increase their tax liability.

They sat on it for well over a decade too. The fact that they are rezoning it means that has changed.

[Migrant_Coconut]

Originally Posted by LeftCoaster

They sat on it for well over a decade too. The fact that they are rezoning it means that has changed.

Then I suppose they know something that everybody else doesn't; general consensus is a downturn for condos for the next few years.

[LeftCoaster]

Originally Posted by Migrant_Coconut

Then I suppose they know something that everybody else doesn't; general consensus is a downturn for condos for the next few years.

Like I said this will take a few years to launch.

Sounds like they know exactly what everyone does....

[s211]

Originally Posted by officedweller

"DTES-shoulder" adjacent area.

Remember when real estate people tried to market that area as "Crosstown"? That sure didn't stick.

[jollyburger]

Just for background on this project.

The earliest rezoning enquiry was around 2006 when they bought the property? 10-15 story towers?

In 2006, the developer made a rezoning inquiry to the City of Vancouver that outlined their early conservative proposal of floor space ratio (FSR) densities of 2.0 for commercial uses—including ground-level retail—and 3.0 for market residential, plus an additional market residential bonus for the retention of Dunsmuir House.

There would also be 500 parking spaces for Hudson’s Bay, replacing the existing parkade, in addition to the parking built to serve the redevelopment.

But city staff’s response at the time deemed the redevelopment scope to be unambitious and unworthy, given the size of the property and its location on West Georgia Street, which is considered by the municipal government as Vancouver’s ceremonial street. The site is also located next to the Expo Line’s Granville Station and Canada Line’s Vancouver City Centre Station.

City staff mandated that any rezoning application of the property will only be considered if there is a minimum of 5.0 FSR of commercial space, with at least one major office tower, as well as a hotel and lower level street-oriented retail.

https://verticalurbanism.org/news-ar...own-vancouver/

The 2006 rezoning enquiry:

https://council.vancouver.ca/2006121...BayParkade.pdf

The ARC competition proposals were ~2017?

This is the 2019 enquiry with OMA (all the details are blacked out)

https://vancouver.ca/files/cov/2020-120-release.pdf

More details here:

https://www.urbanyvr.com/bay-parkade...ment-concepts/