Olympic Village & Southeast False Creek Updates Discussion

[s211]

Originally Posted by hollywoodnorth

check out the site from Google Maps.....notice the 卐 symbol there....🞵🞵🞵!

http://maps.google.com/maps?hl=en&q=1577...23.100887&spn=0.001125,0.002575&t=h&z=19

Biz-arre.

There's actually two there, if my eyes don't fool me (other to the west of the building).

Stranger and stranger.

[djmk]

Originally Posted by hollywoodnorth

check out the site from Google Maps.....notice the 卐 symbol there....🞵🞵🞵!

http://maps.google.com/maps?hl=en&q=1577...23.100887&spn=0.001125,0.002575&t=h&z=19

that is actually a very common hindu symbol. i forget the name...

if it's on an angle, then its bad. flat with dots in middle, a hindu symbol

[djmk]

Originally Posted by squeezied

Not sure if this has been posted yet.

http://www.vancouversun.com/sports/Time%...lage%20market%20rates/2791270/story.html

"Real estate experts and city staff don't believe the city's initial investment could be recovered in a sale anytime soon. And even if you did take these green-plated units to market, the city would be in a pickle. It would in effect be competing with the other Olympic village condos that will soon be coming on the market, which need to be sold at a high price if the city is going to recoup the $750-million plus interest it has loaned to the developer, Millennium Properties."

i love how the article does not tell us who his real estate expert is.

[hollywoodnorth]

Originally Posted by s211

Biz-arre.

There's actually two there, if my eyes don't fool me (other to the west of the building).

Stranger and stranger.

wow ODD! I see the 2nd one now too!

[Yume-sama]

Originally Posted by djmk

that is actually a very common hindu symbol. i forget the name...

if it's on an angle, then its bad. flat with dots in middle, a hindu symbol

Yes, it dates back some 11,000 years before Hitler kind of ruined it. To put it lightly!

[SpikePhanta]

Originally Posted by Yume-sama

Yes, it dates back some 11,000 years before Hitler kind of ruined it. To put it lightly!

It's almost like how in Spain the people at the church wear outfits very similar to KKK outfits!

[jsbertram]

Originally Posted by Yume-sama

Yes, it dates back some 11,000 years before Hitler kind of ruined it. To put it lightly!

Seems like some local kids are having the wrong fun kind of fun
- freaking out the old folks.

Fortunately, it will disappear with the asphalt when digging starts.
Not sure how long before Google updates their sat images though.

[SpikePhanta]

Originally Posted by jsbertram

Seems like some local kids are having the wrong fun kind of fun
- freaking out the old folks.

Fortunately, it will disappear with the asphalt when digging starts.
Not sure how long before Google updates their sat images though.

A lot of sat images are since 04, hopefully they update them soon!

[Locked In]

Some financial/sales information about SEFC from the City, courtesy of Frances Bula's blog:

- the private developer Millennium Developments owes the city $710 million as of March 26, 2010 ($15 million more than on Dec. 31, 2009 — how that interest piles up quickly). That’s, of course, just for the construction loan. It also still owes $170 million for the land that it bought back in 2006.

- Millennium got a $1.5 million bonus for on-time delivery of the village to the Games

- the city is paying only .8 per cent interest on $480 million of the money it borrowed from banks to relend to Millennium, but is charging Millennium somewhere between four and eight per cent, depending on how long the loan goes on — that spread is a guarantee for the city that it will get its money even if not all the condos sell, according to the statements.

- and final fun fact: the city expects to see $200 million in deposits put down on the 500 condos that remain to be sold at the village. That would be as of May 15, when condo marketer Bob Rennie is going to launch a new sales phase with a “street of dreams” marketing campaign. As the mayor said so poignantly prior to the Games, “Go Bob go.”

[flight_from_kamakura]

yikes! with numbers like that, one has to wonder if the millenium principals are looking discreetly at asset protection.

[Yume-sama]

Hmm, $15 million interest in 3 months equates to $60 million in a year. Good luck, Millenium I hope this project has its own business name...

Vancouver must have a good credit rating to get their 0.8% interest rate.

I am sure it will all eventually sell. As does everything. It would be a rather nice area to live.

[SpongeG]

Originally Posted by hollywoodnorth

check out the site from Google Maps.....notice the 卐 symbol there....🞵🞵🞵!

http://maps.google.com/maps?hl=en&q=1577...23.100887&spn=0.001125,0.002575&t=h&z=19

go to some indian shops you can buy burners and things with that symbol on them - its shocking at first when you see it but you realize it was theirs in the first place - I see em all the time at indian shops in surrey

[SpongeG]

Half of Vancouver Olympic Village social housing may go to market-rate rentals

Vancouver city council is being asked to inject another $32.1 million into affordable housing program in its new Southeast False Creek neighborhood.


At the same time, it is considering giving preference for half of the 252 units to health and public safety employees who would pay full market rental rates.


Faced with a $78 million gap between the $110 million cost of building the units and the money it received from the Vancouver Organizing Committee, which used the area for the Olympic Athletes Village, the city has been struggling with how to preserve its pledge to provide at least 20 percent of area for affordable housing.


On Tuesday the city said it now believes it can still meet that target of providing half the units for the most neediest of people and half as market-rate rentals that still fit within the definition of affordable housing.


But in order to do so it needs to take the extra money from a variety of city funds in order to bring the mortgage down to a manageable $45.9 million.


Housing activists, however, said the plan is a betrayal of a promise to the International Olympic Committee that all of the units would be used for non-market housing. Laura Stannard, a spokeswoman for Citywide Affordable Housing, said allowing half the units to be rented at full market rental rates doesn't constitute affordable housing. She expected that all 252 units would go to housing people who have no prospect of paying market rents.

"The definition of non-market housing is that it requires a subsidy. If you are renting out units at market rates, that's not a subsidy and that isn't non-market," she said.


Mayor Gregor Robertson, however, said the city has always endorsed a mixed-use program for affordable housing across the city and that it had never considered devoting all the units to "core need" housing for the poor.


That view was also backed up by city staff who said council policies dictate that affordable housing units are to be a mixture of market rental, low-income and core-need housing.


Robertson also said a staff recommendation to give the market-rate rentals to police, fire and health employees is "intriguing". He said many are forced to live outside of city because they can't find affordable housing.


The social housing units are part of the financially-troubled 1,108-unit Millennium Water development on the south shore of False Creek, of which the vast majority are strata-title condominiums.


The city is also the financial backer of the Millennium project and is owed about $969 million. It expects to get that money back, with interest, as Millennium sells its condominiums for a profit.

...

http://www.vancouversun.com/business/Hal...g+market+rate+rentals/2929904/story.html

[TwoFace]

Who knew?
So, social housing doesn’t have to be located on the most expensive waterfront real estate.
Also, apparently, taxis don’t need to be Bentleys.

[The Corporal]

I was jogging along the OV seawall last night and noticed that the giant sparrows have finally landed in the plaza. Worth checking out.

[SFUVancouver]

The rezoning for 1553-1577 Main Street passed the UDP last night.


Source (elevations, page 1)

The seven-storey block on the lower left side of the elevation fronts onto Main Street and features retail at grade and six storeys of office space. The eleven-storey block on the lower right side of the elevation fronts onto Quebec Street and features two-storey townhouses at grade and nine storeys of residential above. The eight-storey residential "sky-bridge" spans the two mid-rise blocks at a 45-degree angle (notice the small black and white render in the lower corner for a better idea of this).

[red-paladin]

It's pretty cool, like a mini 'stilts'.

[LeftCoaster]

Very cool, so this is the chrystler dealership location?

I do wonder though what will be on either side of the open area in the middle. Hopefully future developments on either side will be accomidating to the psuedo public space created.

[Yume-sama]

Originally Posted by TwoFace

Who knew?
So, social housing doesn’t have to be located on the most expensive waterfront real estate.
Also, apparently, taxis don’t need to be Bentleys.

Life is so cruel! Vote NDP to get us all Bentley's and waterfront property.

Right the evil wrongs that Mr. Campbell is forcing upon us!

Anywho... the SkyBridge building is cool. But I remember looking at the plans and seeing that the individual units are no bigger than a shoe box.

It is market housing, right? You think they'll be able to sell units that are 8 feet wide? Like, not even joking.

[SFUVancouver]

Originally Posted by LeftCoaster

Very cool, so this is the chrystler dealership location?

I do wonder though what will be on either side of the open area in the middle. Hopefully future developments on either side will be accomidating to the psuedo public space created.

There are new side streets on either side of the project. It will take up the whole "block".

Yes, this is the site of the closed Chrysler dealership.