Olympic Village & Southeast False Creek Updates Discussion - Page 149

SFUVancouver · #**2961** Posted **Apr 15, 2011, 11:38 PM**

Excavation and shoring has begun at Pinnacle's next project in SEFC. This is their site that fronts onto Second Avenue and is bordered by Manitoba and Ontario.

[edit] Upon a subsequent visit I see no evidence of this activity. Perhaps the excavator and shoring unit were just parked there overnight? Maybe prior to their delivery to the Wall Centre False Creek site? Either way, this project is about to move forward but does not appear to have crossed that threshold just yet.

Locked In · #**2962** Posted **Apr 17, 2011, 12:50 AM**

Maynards Block - my photos, today:

Full Size

Full Size

James:

Full Size

whatnext · #**2963** Posted **Apr 17, 2011, 2:39 AM**

Quote:

Originally Posted by Porfiry

As usual, you resort to superficial personal attacks without backing up your own position. So weak.

The asset was sold, payment fell through, and the asset was reclaimed. No cash was lost in that aspect of the transaction. You might argue that there's an opportunity loss, in that we could have retained the land for some other more lucrative purpose, but that's not quantifiable and is not a cash loss.

What rubbish. Under your logic the land has no value. Even Allen Garr, generally a friend to the Visionistas, is calling BS on their lame tactics to cloud the issue:
http://www.vancourier.com/columnists/Byl...show+Vision+Vancouver/4616412/story.html

And its not a personal attack to call the Mayor dumb as a stick (unless I've inadvertently insulted the stick) when he's proven it time and time again. He's a pretty figurehead, nothing more.

Porfiry · #**2964** Posted **Apr 17, 2011, 3:17 AM**

Quote:

Originally Posted by whatnext

What rubbish. Under your logic the land has no value.

The city paid $27 million for the land and got $29 million from Millennium. That's a profit. The fact that $200 million was promised is irrelevant.

An unrealized gain is not a loss.

jlousa · #**2965** Posted **Apr 17, 2011, 4:20 AM**

I bought a hockey card back in 78 I got 12 for 25cents so only 2cents each.
I sold the one my co-worker wanted for 5cents the other day so I made a profit. Doesn't matter that many other people would've paid me $1000 for it.

See the problem with your logic yet? Sure a paper profit might still have been made on the land, but the fact we did not realize market value.

Porfiry · #**2966** Posted **Apr 17, 2011, 5:20 AM**

Quote:

Originally Posted by jlousa

I bought a hockey card back in 78 I got 12 for 25cents so only 2cents each.
I sold the one my co-worker wanted for 5cents the other day so I made a profit. Doesn't matter that many other people would've paid me $1000 for it.

See the problem with your logic yet? Sure a paper profit might still have been made on the land, but the fact we did not realize market value.

That's fine, but no sane accountant will let you declare that $1000 as a "loss". Try it and see how quickly you get audited by the tax man.

An unrealized gain is not a loss. A bad decision, perhaps, but not a loss.

jlousa · #**2967** Posted **Apr 17, 2011, 5:27 PM**

You are arguing semantics, the fact is I am out an asset worth a lot more then I received for it. My real net worth is now less then before the transaction and will be reported as such by the rating agencies regardless of what my own books state.

twoNeurons · #**2968** Posted **Apr 17, 2011, 9:58 PM**

Quote:

Originally Posted by jlousa

You are arguing semantics, the fact is I am out an asset worth a lot more then I received for it. My real net worth is now less then before the transaction and will be reported as such by the rating agencies regardless of what my own books state.

Glass half full. Glass half empty.

You're both right.

Porfiry · #**2969** Posted **Apr 18, 2011, 1:43 AM**

Quote:

Originally Posted by jlousa

You are arguing semantics, the fact is I am out an asset worth a lot more then I received for it. My real net worth is now less then before the transaction and will be reported as such by the rating agencies regardless of what my own books state.

So what? Sure, you suffered great misfortune by selling it so cheaply, but you had great fortune in purchasing the asset so cheaply in the first place.

It just so happens that your fortune and misfortune are roughly equal. Yes, it'd be nice if the misfortune never happened, but ultimately it didn't result in any lost cash.

sacrifice333 · #**2970** Posted **Apr 18, 2011, 9:28 PM**

Aerial WCFC Update:

Untitled by sacrifice333, on Flickr

2 excavators now and numerous other bits of equipment, and given the site constraints they built a ramp through the property for the dump trucks.

The views are great, but the excavation part of living next to a construction site is by far the most annoying. Looking forward to them completing the digging and starting the building. With nearly 500 units they'll likely be going down for a while though.

Note: Gonna be out of town for most of the next month. I'll provide an update as soon as I'm able.

officedweller · #**2971** Posted **Apr 18, 2011, 10:23 PM**

WRT the $29M received, the $27M originally paid and the $200M promised:

In my view, the $200 million (if under a binding contract) should have been an "account receivable" - shouldn't that appear on the books?

If perhaps the contract provided that the $200 million was contingent on proceeds from the sales of units (i.e. derived from such revenues), I could understand why the accounting was done that way (and would then blame a poor negotiating team in allowing the money to be "contingent").

SFUVancouver · #**2972** Posted **Apr 19, 2011, 1:24 AM**

Great update sacrifice333. They didn't waste any time getting to work. I'm very excited to see Wall Centre False Creek come together and help complete First Avenue between Manitoba and Columbia.

Out of curiosity, sacrifice333, would the geometry of the buildings and your vantage point work for you to be able to take photos of the construction progress of Pinnacle Living's project on Second Avenue between Manitoba and Ontario?

SFUVancouver · #**2973** Posted **Apr 23, 2011, 8:29 AM**

SEFC from Second Avenue and Cambie Street.

Taken by SFUVancouver, April 21st, 2011.

SEFC from the Cambie Street Bridge, looking down First Avenue.

Taken by SFUVancouver, April 21st, 2011.

Maynards Block.

Taken by SFUVancouver, April 21st, 2011.

Maynards Block project detail.

Taken by SFUVancouver, April 21st, 2011.

Taken by SFUVancouver, April 21st, 2011.

James as seen from the Cambie Street Bridge.

Taken by SFUVancouver, April 21st, 2011.

Pinnacle Living False Creek is basically done.

Taken by SFUVancouver, April 21st, 2011.

James is above grade.

Taken by SFUVancouver, April 21st, 2011.

The temporary iteration of Crane Park is complete.

Taken by SFUVancouver, April 21st, 2011.

Wall Centre False Creek has seen excavation and shoring begin on the western half of its site. Is it known whether this project will be single-phase or multi-phased?

Taken by SFUVancouver, April 21st, 2011.

The First Avenue frontage of most of the Olympic Village as seen with Pinnacle's temporary park in the foreground.

Taken by SFUVancouver, April 21st, 2011.

Opsal deconstruction continues and the advertising hoarding is up on the Second and Quebec corner of the project.

Taken by SFUVancouver, April 21st, 2011.

First and Main supportive housing.

Taken by SFUVancouver, April 21st, 2011.

agrant · #**2974** Posted **Apr 23, 2011, 9:17 AM**

Thanks for the updated pics.

"The temporary iteration of Crane Park is complete."

<<< It shall temporarily be referred to as Dog Poop Park until they actually get a crane in there.

entheosfog · #**2975** Posted **Apr 26, 2011, 1:39 AM**

Here's said hoarding on the site of Opsal. They must be close to removing those remaining beams, I would imagine. Maybe a separate thread should exist for this project....?

(+ a pretty cool car!)

SFUVancouver · #**2976** Posted **Apr 30, 2011, 8:16 AM**

Site prep is well under way for Pinnacle's second project in SEFC. They have an excavator on site and have scraped all the top soil into one great pile.

Also, the presentation/sales centre for Wall Centre False Creek has been demolished, which indicates to me that the project will proceed as a single phase.

hollywoodnorth · #**2977** Posted **Apr 30, 2011, 8:53 AM**

Quote:

Originally Posted by SFUVancouver

Site prep is well under way for Pinnacle's second project in SEFC. They have an excavator on site and have scraped all the top soil into one great pile.

Also, the presentation/sales centre for Wall Centre False Creek has been demolished, which indicates to me that the project will proceed as a single phase.

it will be Timed in terms of delivery .... but not in terms of construction. Think Spectrum as an example.

SFUVancouver · #**2978** Posted **May 4, 2011, 9:40 AM**

[moved to top of the next page]

hollywoodnorth · #**2979** Posted **May 4, 2011, 11:07 AM**

nsulated pipe for the expansion of the neighbourhood energy utility to Main street is being assembled in the vacant lot beside the Olympic Village.

I take it then it is going to hook up with the First and Main supportive housing?

officedweller · #**2980** Posted **May 4, 2011, 6:40 PM**

That reminds me - there's huge cables/insulated pipes along the Downtown Streetcar RoW adjacent to 6th Ave. Anyone know what's being installed?