TransLink mega land deal details revealed $450 million sale of Oakridge Transit Centre is 2016’s second-biggest public land deal in B.C.
By Frank O'Brien and Bob Mackin | Oct. 11, 2016, 7:15 a.m.
TransLink has sold its Oakridge Transit Centre in Vancouver to a consortium of investors that includes Vancouver developer Intergulf and Richmond-based Kunyuan International Group, a company linked to China-based investors.
A third party remains unconfirmed but is said to be Beijing-based Modern Green Development Co. Ltd., operating as Modern Investment Group.
The sale price for the 13.8-acre (5.6 hectare) site on West 41st Avenue is between $425 million and $450 million, sources have told Business in Vancouver.
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They paid almost half a billion for land in south Van that can only go up to 15 storeys in 2 spots on the property... Those are gonna be some expensive condos... Who will buy them.
At 1.26M sq. ft. of density, thats between $337 and $357 per buildable square foot. Thats a decent chunk of change for that area. What really throws the proforma off is the city's recommendation of 20% affordable housing, not to mention what sort of community amenities will be negotiated.
They paid almost half a billion for land in south Van that can only go up to 15 storeys in 2 spots on the property... Those are gonna be some expensive condos... Who will buy them.
Mainland Chinese developers building units for Mainland Chinese buyers. Standard Vancouver.
At 1.26M sq. ft. of density, thats between $337 and $357 per buildable square foot. Thats a decent chunk of change for that area. What really throws the proforma off is the city's recommendation of 20% affordable housing, not to mention what sort of community amenities will be negotiated.
Did you add in the $73.5 million in development levies and community amenities?
They really should increase the allowable density on this site to at minimum 3.25 FSR.
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Did you add in the $73.5 million in development levies and community amenities?
No, didn't add it into the calculation, as that was listed as "anticipated". DCCs are finite, but CACs are always a moving target, so I think we'd have to see what they end up at. However, whatever the number is, it definitely push that end land price up beyond the already pretty high number it is.
I'm quite curious to see what glass will go on this building - they had started putting up some peacock blue glass a few months ago that clashed badly with the refreshed heritage building, but it has since been removed. I wonder who had second thoughts about it!
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Originally Posted by truenorth44
New glass has been started on 2975 Oak Street - not as loud as the original glass - wish I'd taken a photo back then!
I wonder if the idea was to try to emulate a New Mexico feeling and have turquoise contrasting with a warm desert colour. Not sure that's what they're getting now.
Thanks for the updates. Perhaps the solid surface regulations wouldn't be so bad if balcony sizes weren't heavily restricted (then ugly spandrel could be hidden behind large balconies), but instead we get stuck with garbage like this.
Artist images based on community input from Saturday's open house on the Heather Street Lands. Some of these show promise while others, in my view, are rather far out there. I just want to be clear these totals are before I added my vote to them. These are taken from Monday's open house and it seems I missed one that had "tree mounds" and huge hedges as the primary suggestions.
I went to the open house at the ANZAC today. It was packed with people. I would estimate anywhere between 50 - 100. It far out-paced what city staff had expected. As you can see from the notices they handed out, they are quite against the proposal due to how it affects their community group. For those who want to see the proposal go forward, I highly urge you to voice your opinions on the online questionnaire.
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CONGRATULATIONS - Seriously
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These are taken from Monday's open house and it seems I missed one that had "tree mounds" and huge hedges as the primary suggestions.
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