Downtown Vancouver Updates

[jollyburger]

$$$$

Two adjacent properties taking up a prime, full city block on Alberni between Nicola and Broughton streets in the West End have been sold for almost twice what they went for less than two years ago.

Alberni Street Nominee Ltd., which paid $83.4 million for the buildings at 1444 Alberni and 740 Nicola in March 2014, is under contract to sell them (which means the deal hasn’t been finalized), said local developer Bruno Wall, who is a partner in the company along with Peter Wall and others.

Wall declined to reveal the price and buyer.

The deal is estimated by real estate industry sources to be in the range of $160 million. The buyers are Hong Kong-based Asia Standard International Group Ltd. and Landa Global Properties, a relatively new, Vancouver-based developer headed by 27-year-old Kevin Cheung and Scott Wang, 31.

The two executives have been making a name for themselves in local real estate circles, sometimes paying high prices for prime locations.

http://www.vancouversun.com/business/wes...+years/11683652/story.html#ixzz3yoB6K3Os

[whatnext]

Originally Posted by jollyburger

$$$$

http://www.vancouversun.com/business/wes...+years/11683652/story.html#ixzz3yoB6K3Os

Yeah, but there's no bubble. Really.

[officedweller]

2 11-storey rental projects by ONNI on West Pender between Richards and Homer - 2 separate lots - both currently empty it appears.

http://changingcitybook.com/2016/02/03/424-and-454-west-pender-street/


http://changingcitybook.com/2016/02/03/424-and-454-west-pender-street/


http://changingcitybook.com/2016/02/03/424-and-454-west-pender-street/

See also:
http://www.vancouvermarket.ca/2016/02/03/two-downtown-rental-apartment-buildings-proposed/

************

and Vancouver Market.ca also reports the sale of that highrise site at Barclay & Thurlow:


http://www.vancouvermarket.ca/2016/02/02/sold-downtown-highrise-development-site/

***********

From a piece by Frances Bula about the Wall Financial parcels across the alley on the Nelson & Thurlow corner:

But, said Mr. McNaney, sometimes the planning department doesn’t hear about sales until deals are done.

He confirmed that the site being advertised as “1065 Nelson” hasn’t been rezoned.

Currently, there are two low-rise apartment buildings at 1075 Nelson and 1059 Nelson, for which the Walls had started the rezoning process.

Last July, they held a pre-application open house to show off a 60-storey “pixellated skyscraper” called Nelson on the Park. But the application never went ahead.

http://www.theglobeandmail.com/news/brit...re-of-real-estate-risks/article28471686/

The article also talks about the supposed pre-sale of condos at the Molson Brewery site.

[dreambrother808]

One of those Pender sites appears to be the Smile Diner location.

[csbvan]

Yes. It appears the Smile diner location and also a surface level parking lot. None of the century old buildings seem to be included.

[officedweller]

Yeah, I think you're right.
This pic shows an ONNI awning on the building:


http://www.visitcaprica.com/2011/01/episode-1-pilot.html

[osirisboy]

Great infill. Love it!

[mcminsen]

Ah, the Smile Restaurant. I haven't been there in a long time but when I first moved into the neighbourhood in 2001, I would go there for the breakfast special:

-3 eggs, any style
-bacon or ham or sausage
-hash browns
-toast and jam

For $2.95. It's a bit more now. A few times when I went they were closed for the day because a movie or TV series was doing some filming in there. I don't think they needed to change it too much. The Naugahyde booths and general greasy spoon tackiness was perfect as was. I will miss it.

[nefc]

Here are some more details on the 23 sites that the City has offered up for "affordable housing", including a map of the site locations: http://www.straight.com/news/628706/city...ble-housing-sites-bid-federal-investment

[VanK]

Originally Posted by nefc

Here are some more details on the 23 sites that the City has offered up for "affordable housing", including a map of the site locations: http://www.straight.com/news/628706/city...ble-housing-sites-bid-federal-investment

If you build it, they will come (the backpacking-able bodied-unwilling to work -but sit on Robson asking for my money folks from other provinces and other neighbouring municipalities, that is).

[officedweller]

Originally Posted by nefc

Here are some more details on the 23 sites that the City has offered up for "affordable housing", including a map of the site locations: http://www.straight.com/news/628706/city...ble-housing-sites-bid-federal-investment

Thanks!

No surprise about the ones on the Expo Lands.

I guess #58 would have been the connector from Kingsway to Quebec St.

Is #55 the parkade across from VCC (kitty corner to Victory Square)? (with a 0-2 year timeframe?)

[osirisboy]

The downtown sites just baffle me. Frankly all of them baffle me. I still don't understand why we aren't building these out in the suburbs where it's drastically cheaper. Maybe I'm wrong but I feel that we could get better value and build more units out in mission or Abbotsford

[officedweller]

GBL Twitter says the 225 Smithe rezoning has been approved by council:


http://www.gblarchitects.com/225-smithe-street-rezoning-approved-by-council/

[Jebby]

Originally Posted by osirisboy

The downtown sites just baffle me. Frankly all of them baffle me. I still don't understand why we aren't building these out in the suburbs where it's drastically cheaper. Maybe I'm wrong but I feel that we could get better value and build more units out in mission or Abbotsford

Because building them out in the suburbs would mean they aren't CoV projects. That means CoV politicians wouldn't be able to take credit for them or ask other levels of government for additional money to build/maintain them.

Obviously it would make sense to build them outside of downtown. With the sale from the land for those projects they could easily fund twice as many units, including much larger units for families.

[WarrenC12]

I don't see Corrigan, Hepner or others offering up city land...

[nefc]

Looks like the crane is going up tomorrow at the old United We Can site - that block sure is changing!

Project: Weekend Work: Crane Lift at 41 East Hastings Street
Location: E Hastings St from Carrall St to Columbia St
Start Date: 2016/02/06 Expected Completion: 2016/02/06
Status: Approved
Description: Crews will reduce traffic 1 lane on each direction on E Hastings St from Carrall St to Columbia St during crane lift from 5:30am to 6pm.

http://app.vancouver.ca/roadahead_net/#1

http://changingcitybook.com/2014/07/31/41-east-hastings-street/

[Smooth]

Originally Posted by osirisboy

The downtown sites just baffle me. Frankly all of them baffle me. I still don't understand why we aren't building these out in the suburbs where it's drastically cheaper. Maybe I'm wrong but I feel that we could get better value and build more units out in mission or Abbotsford

City Land = $250M
Federal Contribution = $500M
Provincial Contribution = $500M
Total = $1.25B

Units = 2,616

Average cost per unit = $478,000

Average unit size = ~500 sq.ft.

Cost = $956/sq.ft.

...Damn

[Vin]

Can't we just give them a nice clean cubicle or room, and provide communal kitchens and washrooms? Dorm style for the homeless would be good. It's not like they have lots of stuff.

$478,000 to house a person with no contribution is simply ridiculous.

With that kind of spending, no wonder taxes remain high, and we still need the Chinese investors to help bankroll the cities mainly through property and other sales taxes.

[a very long weekend]

^ the sros are dorm style. even if you knock out the land contribution that the city is making, the per unit comes in at $382,263 though there's nothing there as to unit size (assuming 500sqft, that's $765/sqft). then again, if you want a building to operate as housing for 100+ years, you build to a very high standard. some things to really be outraged about if they materialize: there should be no off street parking of any kind for these (so no significant excavation), there should be no amenities to speak of, and lost coverage should be maximized to benefit from the decreased marginal cost of additional units (so no large yards). they do all of that, what's to complain about? maybe you or someone you know will end up in one of these places in 40 years?

[Vin]

Originally Posted by a very long weekend

^ the sros are dorm style. even if you knock out the land contribution that the city is making, the per unit comes in at $382,263 though there's nothing there as to unit size (assuming 500sqft, that's $765/sqft). then again, if you want a building to operate as housing for 100+ years, you build to a very high standard. some things to really be outraged about if they materialize: there should be no off street parking of any kind for these (so no significant excavation), there should be no amenities to speak of, and lost coverage should be maximized to benefit from the decreased marginal cost of additional units (so no large yards). they do all of that, what's to complain about? maybe you or someone you know will end up in one of these places in 40 years?

How did you come to $382,263 per room for a dorm style housing? I'm sure the City can purchase a few warehouses, say between 2nd Ave and West Broadway, or Prior Street, and convert them cheaply into dorm rooms. A homeless person just needs a clean place to sleep in, so 300sqft is more than sufficient. I used to live in the university dorm room (180sqft) for 2 years, and still having to pay rent at around $600 per month.

Seriously, if I don't contribute to society anymore, I would still feel shamefully obligated even if they give me a tent to sleep in. No one is entitled to free housing, especially if others are paying so much for it.