Business in Vancouver December 18-24, 2007; issue 947
Real estate roundup: Peter Mitham
Downtown Vancouver condo vacancies on the rise, according to StatsCan numbers
Meanwhile in the Okanagan: former Pattison Group executive seeking investors for new boutique winery along Oliver’s Golden Mile
Vacancies rising
Speculation about the number of vacant condos in downtown Vancouver is usually good fodder for conversation. With more information becoming available from the 2006 census, it seemed time to ask Statistics Canada just how many downtown dwelling units are empty.
But first, the qualifier: when StatsCan talks about unoccupied private dwellings, it means both dwellings occupied by temporary or foreign residents who might not be present on census day, as well as those that are unoccupied. Yet, either way, unoccupied means the lights aren’t on when the sun goes down.
And just how many darkened suites might have been seen on the Vancouver skyline when the national census was taken on May 22, 2006? Approximately 3,755, up from 2,600 on May 15, 2001.
While this might prompt hand-wringing over an apparent increase in the number of absentee owners, the number of unoccupied dwellings increased in tandem with the total number of dwellings. Moreover, the rise in Vancouver was less than the increase countrywide.
Nationally, unoccupied dwellings topped 224,500, up from 120,189 in 2001.
Vancouver staff will consider the number of unoccupied dwelling units in the city as part of a comprehensive study of rental housing in the city, which is set to be completed in December 2009.
By the hour
A new short-term-stay hotel has opened south of downtown in the South Granville area.
Located near the Broadway-Granville intersection, Hidden Hour offers three “luxury intimate suites.” Rates start at two hours a booking. A call to the front desk last week garnered the info that suites are outfitted with a queen-size bed, cable TV and DVD player. Directions to the location would be disclosed on booking a reservation, which could be done with as little as an hour’s advance notice.
Sharon Townsend, executive director of the South Granville Business Improvement Area, wasn’t aware of Hidden Hour prior to being contacted last week. Nor did she seem keen to welcome what the Japanese call a “love hotel” to the area.
“I would not see this as positive for our community,” she remarked.
Paul Teichroeb, co-director of licence and inspections for Vancouver, said hotels aren’t required to rent rooms for a minimum period. It’s also difficult to track such businesses, which may operate covertly under various auspices.
The venture might be uncharacteristic for South Granville, but not necessarily part of a trend. Such businesses crop up from time to time, but there hasn’t been a notable increase in numbers.
“It hasn’t been a major issue that I’m aware of,” Teichroeb said.
Decanting opportunities
Bruce Fuller may have dispensed with plans for an Italian-style wine village near Oliver, but the success of wine sales under the D’Asolo brand name are prompting the former Pattison Group executive to seek land for his own boutique winery in the south Okanagan.
Back in 2003, the plan was for a 13-acre village built around a winery in the corner of Covert Farm. The $100 million Villagio d’Asolo was slated to wrap up in 2008, but the Coverts pursued another option for their property, which pulled the plug on Fuller’s vision for the site.
Now, with the wines made to promote D’Asolo enjoying distribution through a portfolio of 180 accounts, Fuller hopes to secure land in the famous Golden Mile stretch of Highway 97 south of Oliver for his own boutique winery. Until now, the D’Asolo wines have been made by winemaker Daniel Lagnaz at a host winery.
Rustico d’Asolo Estate Winery Inc. hopes to raise a minimum of $1 million from investors willing to ante up a minimum of $5,000 apiece to buy a 10-acre vineyard property and winery. Rustico d’Asolo operates under the province’s Small Business Venture Capital Act, which allows B.C. residents to claim a tax credit on their investments in its operations. The purchase is slated to complete by year’s end, with the first wines under the Rustico d’Asolo label available in 2008.
Cocktail circuit
With end-of-year parties marking the close of another 12 months, it was prime time to pick up the latest word on deal-making activities of the year just past and plans for the year to come.
Just in time for the holidays, ICBC was getting set to close a deal on December 14 for its former claims centre at Southwest Marine Drive adjacent to the Canada Line. PCI Group, which is handling the Cross Roads development at Broadway and Cambie, was poised to pick up the site for an undisclosed amount. PCI senior vice-president Dan Turner did not return calls by deadline.
Also in Marpole, buzz suggests that Safeway Canada is mulling redevelopment of its store at Granville and 70th with a mixed-use project incorporating retail and residential space.
Meanwhile, several blocks north, word comes that Concord Pacific Group is eyeing the development site Eden Group plans to sell at Oak and West 43rd.
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