General Vancouver Updates

[officedweller]

Originally Posted by SFUVancouver

The ministorage at Quebec and 2nd. It is actually looking pretty nice and it is a complete departure from the pre-fab dreck Public Storage builds.

I suspect it is being built to be easily converted to offices once the area is built out in a few years (probably already allowed in the light industrial zoning). - Never noticed the structure being built behind it - is that the same building?

[officedweller]

The Eden Group is the developer that cancelled two preconstruction projects in November - on the news the building looks largely complete from the exterior.

Construction at a standstill as Mount Pleasant condo development goes into receivership


Sophia Condos Vancouver
Courtesy of VancouverRealEstateDirect.com
Saturday, February 23 - 04:40:17 PM

Claudia Kwan
VANCOUVER (NEWS1130) - It's another blow to the hot pre-sale market for homes as another group of buyers is wondering when, if ever, they're going to get the condominiums they were promised.

Construction has shut down at the 81 unit Sophia development in Vancouver's Mount Pleasant neighbourhood now that it's in receivership.

Brian Thompson's real estate agency was responsible for marketing the building to buyers, and says even they were taken completely by surprise by Bill Eden of the Eden Group's decision to pull out because of financial problems.

If another developer is asked to take on the project, it could decide to boost prices by 20-25% to bring them to current market value--that's an extra $80,000 on a $325,000, 1 bedroom apartment.

Eden Group shelved two Vancouver projects in November before the ground was ever broken, citing rising construction costs, although The Mondeo in Burnaby was successfully finished in 2007.

Peter Simpson with the Greater Vancouver Homebuilders Association says he's very disappointed by this news, and by the situation the buyers in The Sophia are facing.

He says this is another reminder of the need to buy from a reputable company--and that doesn't only mean companies with a long history.

Simpson says, "If they've been around for five years but during those five years they've produced well-designed buildings and delivered them to happy customers at the originally agreed upon price, that's what you need to look into."

He confirms Eden Group is a member of his association, and they'll be looking at disciplinary action if necessary.

He also points out their developers have been delivering on their projects despite dealing with a rise in construction costs.

The Riverbend development in Coquitlam previously raised fears about pre-construction sales.

The developer in that case was accused of fraud.

[agrant]

Originally Posted by SpongeG

my friend was telling me that they want to put up a china town type gate for little india on main street

anybody heard anything?

I heard about this weeks ago on the news, but unfortunately can't recall the details. I believe it'll happen, they just need the money to make it happen.

[officedweller]

Sophia condo buyers have nervous weeks ahead
Sunday, February 24 - 12:55:12

Claudia Kwan
VANCOUVER (NEWS1130) - The 78 people who bought into The Sophia condo development in East Vancouver will have to wait until March 10th to get a better idea of how they might actually get their homes.

The Bowra Group is in charge of coming up with a plan now that the project's been placed in receivership by the developer, the Eden Group.

That could include an outside developer coming in to get the almost-completed building over the finish line, but former developer and urban land use consultant Bob Ransford says there are pros and cons to be weighed. "It may end up that a developer devides to take a discounted profit in order to deal with the situation."

That developer is also responsible for covering warranty terms for a period after the building's finished.

Massive cost overruns have been blamed for the shutdown of the project, and those have to be covered somehow.

That could include buyers pitching in more and creditors like banks and the trades taking a small loss.

If the Eden Group can come up with a good plan, Ransford says the original developer might even be the one that finishes construction for buyers at the Sophia.




Sophia's developer talks to News1130
Sunday, February 24 - 03:36:23 PM

Claudia Kwan
VANCOUVER (NEWS1130) - The developer behind a troubled condo development is making some stunning statements about the problems that led to The Sophia being placed in receivership.

Bill Eden has refused to take questions from other media outlets in town but is being remarkably candid now.

He's not sure if he'll ever take on any projects in Vancouver again after his experience with three separate developments here.

He says he already spent an extra $2.2 million in December to try to make The Sophia work, but when it became clear another $3 to $5 million would be necessary to finish it, he had to go to receivership. "I'm not a large developer. I don't have as deep pockets as some of these other large developers that are around. They can just throw millions and millions of dollars at these projects."

He's blaming construction costs for a 12-15% budget overrun--not on materials, but mostly for labour.

He uses the word 'blackmail' to describe the extra payments he was continually making to keep construction crews on site, especially with so many projects competing for the trades.

Another significant overrun happened over the last two weeks--so quickly that he claims he didn't have time to tell buyers exactly what was going on.

He wants to be a part of finishing The Sophia.

A plan will be presented by the receiver to the judge March 10th.

Meanwhile, Philip Hochstein with the Independent Contractors and Business Association says signed contracts should be honoured.

"If the developer misjudged the cost of his projects or had to change the cost of his project or underestimated the cost of his project, that's not the construction industry's fault," says Hochstein.

With so many projects underway, Keith Sashaw with the Vancouver Regional Construction Association says construction companies can't afford to put crews on standby because of a delay, and possibly miss another profitable opportunity.

He equates it to a restaurant holding onto a reservation indefinitely for guests that never show up, instead of seating other paying guests.

[SpongeG]

is the sophia the one with the honda dealership in it on kingsway?

[hollywoodnorth]

Concord Pacific's 2008 Outlook

2008 promises to be an exciting year for Concord Pacific and its clients. Along with the spring opening of our new presentation centre across from the Olympic Village on False Creek, will be a release of new projects. Three new Vancouver developments and a downtown Calgary offering are due to hit the market later this year. As well, the Coopers Quay Neighbourhood in downtown Vancouver and Fullerton in Richmond are scheduled for completion.
Coming Soon
The Grand on Oak

Grand on Oak – Spring 2008
Award winning Stuart Howard Architects will bring their design expertise to this boutique townhome project overlooking Montgomery Park. Register early for this limited opportunity. Visit our teaser website for more information.
Vancouver


West Hastings – Summer 2008
The West Hastings neighbourhood is alive with development and Concord Pacific has plans to release another offering of sustainably-designed urban flats by Busby Perkins and Will. Register under future developments for priority placement this summer.

Georgia and Beatty – Mid 2008
Location, location, location. Concord Pacific is proud to announce its fall line-up will include an all-new sophisticated collection of suites in Vancouver's lively downtown core. On West Georgia, up the street from the Art Gallery. Close to GM Place, BC Place and the shopping and dining hotspots of Robson and Yaletown.

Register now for this rare 2008 offering.
Okanagan
Greata Ranch Vineyard Estates

Greata Ranch Vineyard Estates
Coming off a great year with initial releases of select Infinity Villas, Antlers Ridge Townhomes and South Estate lots to an exclusive group of Prestige Customers, preparations are now underway for public launches later this spring.

New for 2008, is the introduction of the first phase of the Piazza Residences condominium suites.

Visit GreataRanch.com and explore vineyard living on the shores of Okanagan Lake.
Calgary
Eau Claire

Eau Claire
Concord Pacific is set to develop a residential masterpiece in Calgary's most sought after Eau Claire neighbourhood. The project will befit the beauty of the location and the city's status as the corporate hub for Western Canada. It is situated to capture the views to the west where the two arms of the Bow River converge around the western tip of Prince's Island. Pre-register for an opportunity to acquire a suite in this collectible offering set to release later this year. More on Calgary.
Vancouver North
Porteau Cove

Porteau Cove
With massive infrastructure activity now visible from the Sea to Sky Highway, interest in the project has been increasing. Much of 2008 will be devoted to developing the community's vast roads, services, community centre and commercial infrastructure with plans for an initial release in spring 2009. Visit our community page for details. Development updates to registered clients will follow periodically throughout the year.
Richmond
Concord Gateway

Concord Gateway
Much of 2008 will be spent on planning and development of the neighbourhood and 1000 stylish homes that make up the Concord Gateway community. Development updates to registered clients will follow periodically throughout the year.

[nathan6969]

What exactly do they mean by "substantially designed"...they only designed part of it...and just left the rest up to the construction workers...personally i'd want a building that was "fully designed"

[officedweller]

Originally Posted by SpongeG

is the sophia the one with the honda dealership in it on kingsway?

No, that one is Stella - right across the street.

Originally Posted by nathan6969

What exactly do they mean by "substantially designed"...they only designed part of it...and just left the rest up to the construction workers...personally i'd want a building that was "fully designed"

Busby => sustainable =/= substantial

[nathan6969]

Originally Posted by officedweller

Busby => sustainable =/= substantial

Thanks for that, obviously i've been staring at a computer for too long, all i can hope is that in time Busby will forgive me...

[jlousa]

Looks like Ivanhoe Cambridge has found a suitcase full of money, They have Metrotower 3 going ahead, and it looks like Oakridge is going to go ahead now as well. The city is now in the process of reworking the DCLs for this project which is already approved. The details as we've know amount to an increase of Retail from 619,000sqft to 950,000sqft, Office 126,600sqft to 326,600sqft, residential from 50,400sqft to 1,250,400sqft (including 200,000sqft non-market), community amenities from 25,230sqft to 60,000sqft as well as 2 acres of public parks.

Heres the link to the project, a lot of you have seen it already, the pdf is over 7mb so it can take some time.

http://www.vancouver.ca/commsvcs/current...mar07policystatement/policystatement.pdf

[Jacques]

Georgia and Beatty – Mid 2008
Location, location, location. Concord Pacific is proud to announce its fall line-up will include an all-new sophisticated collection of suites in Vancouver's lively downtown core. On West Georgia, up the street from the Art Gallery. Close to GM Place, BC Place and the shopping and dining hotspots of Robson and Yaletown.

I was under the impression that this site was to become the new home of the VAG, anyone can clarify this?

[jlousa]

The site that will be home to the new VAG is the old greyhound station/Olympic live venue, the block betweenBeatty to Cambie and Georgia to Dunsmir.

The Concord tower will be on the NE corner of Georgia and Beatty in front of Specturm. It was originally to be non-market housing but they have paid the city in lieu.

[officedweller]

New Global Air Photos dated Feb 24, 2008:

http://www.globalairphotos.com/gallery/BC/Vancouver/South/2008/1

[excel]

Amazing photo. Great news about oakridge.

[Jacques]

Originally Posted by jlousa

The site that will be home to the new VAG is the old greyhound station/Olympic live venue, the block betweenBeatty to Cambie and Georgia to Dunsmir.

The Concord tower will be on the NE corner of Georgia and Beatty in front of Specturm. It was originally to be non-market housing but they have paid the city in lieu.

So if I understand the city at first was to have the block from Georgia to Dunsmuir between Cambie and Beatty Street is still open for the VAG, but the little parcel of land where there is a small park above the old tunnel at the SE remains the same, and at the NE isn't it the ARMOURY located at that side with the tank and cannon?
I really try to picture where they are going to build, the armoury is NE the park on The SE of Beatty?????

http://maps.google.ca/maps?hl=en&tab=wl

[vanlaw]

Originally Posted by Jacques

So if I understand the city at first was to have the block from Georgia to Dunsmuir between Cambie and Beatty Street is still open for the VAG, but the little parcel of land where there is a small park above the old tunnel at the SE remains the same, and at the NE isn't it the ARMOURY located at that side with the tank and cannon?
I really try to picture where they are going to build, the armoury is NE the park on The SE of Beatty?????

http://maps.google.ca/maps?hl=en&tab=wl

I think you are thing of Dunsmuir/Beatty. From what I understand, the new building with be on the NE corner of Georgia/Beatty - between the Costco parkade entrance off Beatty and the Georgia Viaduct - right where Concord has had their various billboards for Greata Ranch etc. for the past year.

[officedweller]

Originally Posted by Jacques

there is a small park above the old tunnel at the SE remains the same...

The condo site IS the small park, which was formerly the site of the entrance to the first Georgia St. viaduct (it led diagonally over to the actual Georgia St. and the park has either original or recreated balustrades from the old viaduct along the escarpment).
Note that there is a new park next to the Armoury.

[vanlaw]

Originally Posted by officedweller

The condo site IS the small park, which was formerly the site of the entrance to the first Georgia St. viaduct (it led diagonally over to the actual Georgia St. and the park has either original or recreated balustrades from the old viaduct along the escarpment).
Note that there is a new park next to the Armoury.

That makes sense. Thought he was referring to the small park on NW corner of Duns/Beatty where Ricky's is.

[officedweller]

There must have been some land exchange for that site - as I find it odd that the City would give up a park site esp. since it is on Georgia St. (even though there is a new park space next to the Armoury, Georgia St. is supposed have the alternating plazas along it like Burrard St. does.). Maybe (hopefully) it'll have retail/restaurant space in the base to liven up the area a bit.

[Jacques]

thanks guys for the info, but how on earth are they going to avoid the tunnel that passes underneath this parcel of land, it has been closed off to the public for years, yet the film industry uses a lot for shoots.
As you stated the parcel of land is quite small, but Concord makes it look like its a huge project, it isn't.
I live a few block from the Concord Pacific HQ as soon as they open I have to go take a look at what they have in store regarding the DTES
cheer