Olympic Village & Southeast False Creek Updates Discussion

[wrenegade]

A friend of mine lives in the Pinnacle building at 2nd & Crowe and from talking with his strata president he was told that the demolition of the old tire centre place at 2nd & Wylie is due to some permit issue with the city. Either the building is unfit or zoning/bylaws preclude a number businesses. Either way, it seems that the landlord has demoed the building and will turn the site into a temporary park until either the land is sold or rezoning occurs.

[nds88]

Correct, it is metal. Jimbo604's image made it appear that the first three letters "MEC" were gone, so I thought they were removing it. After looking at the image close up, the "MEC" is still there but the glare makes it looks like it is missing.

The Meccanica website shows the metal banner in their rendering, so it must be permanent. I thought they put that up to promote sales, but since people are moving in, they would remove it so as not to block their view. But it shows it on the website, so they should have known in advance.

Originally Posted by officedweller

I think that's a metal screen and permanent.

[nds88]

I'm in Wall Centre. A family member also pre-purchased in Block 100 too.

The Wall Centre initial budget was just under $100k. We have around 300 units (~113,000sf total), with ~80% of the units are 1br. I hate to break it to you, but my NEU fees more than doubled! I'm assuming Block 100 is around the same size as my building, so prepare for a noticeable hike in your strata fees.

Originally Posted by WarrenC12

Thanks for the info. I pre-purchased in Block 100, and noted that the initial strata budget has ~$100k for NEU annually. So it sounds like something similar, although without per-unit billing for resources, that doesn't help conservation efforts.

The big banner is to promote sales I'd imagine.

Which building are you in?

[WarrenC12]

Originally Posted by nds88

I'm in Wall Centre. A family member also pre-purchased in Block 100 too.

The Wall Centre initial budget was just under $100k. We have around 300 units (~113,000sf total), with ~80% of the units are 1br. I hate to break it to you, but my NEU fees more than doubled! I'm assuming Block 100 is around the same size as my building, so prepare for a noticeable hike in your strata fees.

I fully expect initial fees and estimates to be a little light, but your message mixes strata and NEU fees. I wouldn't expect my strata fee to double based on what I've seen and paid at other buildings. Are you saying the NEU portion of the strata doubled after a year?

How many energy related bills do you get? Do you still get a BC Hydro bill as well?

[wrenegade]

I'm in the James. Our initial NEU budget (late 2012) was $95k. Actual was just over $130k. Our current year budget reflected that large difference. Will be interested to see at our next AGM (late this year) where the actual number ended up.

[nds88]

My strata fee didn't double, but the NEU portion of the fee more than doubled. There is an immediate 5% increase in strata fees for all new buildings due to the need to build the reserve. Insurance also contributed a 2% increase. However, taking into account the NEU shortfall, my strata fee is going to go up about 25-30%. The developer is covering the short fall for the first year, but after that, we are on our own.

I thought it was just my building that did this monstrous projection screw up. My cousin is in opsal, so I will see if theirs will go up as well. My building didn't find out until several months after occupancy.

I get a BC Hydro bill for electricity (my heat and hot water is through NEU...but I only turn the heat on like 10 days out of the year). Hydro comes to about $20/month for a 1 br.

Originally Posted by WarrenC12

I fully expect initial fees and estimates to be a little light, but your message mixes strata and NEU fees. I wouldn't expect my strata fee to double based on what I've seen and paid at other buildings. Are you saying the NEU portion of the strata doubled after a year?

How many energy related bills do you get? Do you still get a BC Hydro bill as well?

[Vin]

If NEU fees double, then something is definitely screwy here. Residents are promised to have the bill come down over the years, especially since there are so many new condos being hooked up this year. Please help me understand why there is still a shortfall?

[vanciti]

NEU aside, strata fees jumping that much is ridiculous, however it doesn't surprise me. I'm not sure which building you are in to see the fees jump that much, however there are certain groups that are notorious for under-estimating strata fees.

[WarrenC12]

Originally Posted by vanciti

NEU aside, strata fees jumping that much is ridiculous, however it doesn't surprise me. I'm not sure which building you are in to see the fees jump that much, however there are certain groups that are notorious for under-estimating strata fees.

I think some rules changed regarding budgeting but I can't be sure. Certainly the projected fees I see for condos these days are closer to existing 5-10 yr old buildings in $ per sf, which indicates to me they are reasonable estimates.

I purchased in Yaletown in 2000, in a building that has a pool and other "expensive" amenities. Fees started at $0.21/sf, and within 3 years they were something like $0.38/sf... so a huge increase early. They are now around $0.52. Being in a building with a pool, hot tub, and "free" gas heat via fireplaces adds up.

Insurance premiums are also a killer, but any well run building should have their deductible in the $20k range, and individual owners need to make up the difference on their own insurance. This limits all but the really serious claims.

Thanks for the info so far. I hope for all of our sakes the NEU starts to pay dividends as time goes on. Certainly by the time Concert's land is fully developed I would expect rates to be market competitive.

[spm2013]

Here's the annual report for NEU if anyone is interested:

http://vancouver.ca/files/cov/false-creek-neighbourhood-energy-utility-2014-rates-report.pdf

[wrenegade]

Originally Posted by WarrenC12

I purchased in Yaletown in 2000, in a building that has a pool and other "expensive" amenities. Fees started at $0.21/sf, and within 3 years they were something like $0.38/sf... so a huge increase early. They are now around $0.52. Being in a building with a pool, hot tub, and "free" gas heat via fireplaces adds up.

I'm not sure where things were in 2000, but now any new Strata building will have a hard time getting fees under $0.35/psf, and that would likely be without any amenities and little common area. Something in the low $0.40s/psf is more accurate, and yes, it will almost assuredly go up after the first year. My unit started at $0.38/psf in Fall 2012 and is now at $0.43/psf.

[Alpine1984]

I'll be moving into Meccanica within the next two weeks. Let me know if you have any questions and I'll try to answer them for you. I'll also keep an eye out on that pesky NEU fee...

[nds88]

That's what they say, that fees will come down as more residents are hooked up. I'm taking that with a grain of salt, since they are getting a high price, they have little reason to lower it without competition. When it comes up in the future, they will find excuses to use to not lower the fee.

I have a unit in Yaletown by the same developer. No water amenities, but it does have a concierge and after hours security. That unit is 20% bigger, but I am paying 20% less in strata fees. Granted, heat is not included, but the heat is only turned on a handful of days in the winter. The hydro bill still comes to an average of about $20/month. Its not really comparing apples to apples, but the combined hydro and strata at yaletown is a better deal. O well, in the end its more about the principle and annoyance, rather than having a financial impact on my lifestyle.

Does anyone have any more info on Concert? They are required to have 20% as non-market "affordable" housing. Is this going to be like the Marguerite social housing or "welfare" rate accommodation?

Originally Posted by Vin

If NEU fees double, then something is definitely screwy here. Residents are promised to have the bill come down over the years, especially since there are so many new condos being hooked up this year. Please help me understand why there is still a shortfall?

[WarrenC12]

Originally Posted by nds88

That's what they say, that fees will come down as more residents are hooked up. I'm taking that with a grain of salt, since they are getting a high price, they have little reason to lower it without competition. When it comes up in the future, they will find excuses to use to not lower the fee.

Isn't this a non-profit entity? As evidenced in the latest financial report above, the numbers are wide open for everybody to see.

[spm2013]

Reading the annual report, I don't see how they are going to reduce rates even if their projections of uptake in new customers is hit.

[Jebby]

The One

IMG_0334 by Yellow Fever @ SkyscraperCity, on Flickr

IMG_0335 by Yellow Fever @ SkyscraperCity, on Flickr

IMG_0336 by Yellow Fever @ SkyscraperCity, on Flickr

IMG_0337 by Yellow Fever @ SkyscraperCity, on Flickr

IMG_0338 by Yellow Fever @ SkyscraperCity, on Flickr

Turning out quite decent, IMO. The spandrel color is fine.

[osirisboy]

I like it. But everything down there all looks the same. This with wall centre certainly gives that stretch of first a very monotonous look. It would be nice to have some non point tower brick buildings in there

[BodomReaper]

Thanks, Jebby. The One is looking far better than Pinnacle's two prior atrocities in SEFC. Better than Wall Centre False Creek as well for that matter.

[Vin]

The slant portion of The One certainly makes this project more interesting and different from other OV buildings. Just wish the ground floor along 1st Ave isn't townhomes but CRUs, which would complement the village centre.

[WarrenC12]

The corners are CRU if I recall correctly.