Sen̓áḵw (Squamish Nation) | 11 Towers | 171m | 58fl | 4M sqft | U/C

[WarrenC12]

Originally Posted by cairnstone

I sure hope this dies before anyone buys into it. This sounds like the exact same brochure that was sold to New York, Chicago, Detroit etc. Now we call them Projects.
Density is great but everything has to be in balance. We are moving so far out of balance in this city. So where would the school go? Also last FN lands are not part of the Metro District so who is going to deal with the all the services they offer. Basically they are creating a city in a city that will be privately controlled

You don't think they'd integrate with Metro Vancouver, and be taxed accordingly for water/sewer/etc?

I suppose you don't think they'll get service from Fortis or BC Hydro either?

[jollyburger]

^^ Yeah someone trying to compare them to projects... needed a good laugh this morning.

[jollyburger]

Originally Posted by WarrenC12

You don't think they'd integrate with Metro Vancouver, and be taxed accordingly for water/sewer/etc?

I suppose you don't think they'll get service from Fortis or BC Hydro either?

From the article:

The team still has to negotiate with the city over water, sewer and waste-removal services, but the general idea is that the Squamish will collect taxes on all of the units, including the half owned by Westbank, and pay for services with that.

[Denscity]

Originally Posted by WarrenC12

I am currently heating the popcorn!

Haha me too.

[whatnext]

Originally Posted by WarrenC12

You don't think they'd integrate with Metro Vancouver, and be taxed accordingly for water/sewer/etc?

I suppose you don't think they'll get service from Fortis or BC Hydro either?

And policing? Fire?

There's a whole slew of reasons why it's hard to imagine any buyer choosing this over Oakridge, Trolley Depot lands. Rental is a different story.

[cairnstone]

History repeats itself and in the past they have not connected but have built separate infrastructure. The project beside the ferry in Tsawwassen put its own system in. Was in court for years against Delta and gvrd. I also believe the mall is on its own system

[Denscity]

Is it too early to share this to the Canadian Proposals thread?

[WarrenC12]

Originally Posted by whatnext

And policing? Fire?

There's a whole slew of reasons why it's hard to imagine any buyer choosing this over Oakridge, Trolley Depot lands. Rental is a different story.

Because Waterfront.

You think this is being done like a reserve in northern BC 50 years ago? Come on people.

[Denscity]

Ya downtown location and all the water views and the mountains are closer.

[cairnstone]

Would love to see who will be the financial partner that will be putting 1.5 plus billion dollars on the table and not owning any of the property.

[WarrenC12]

Originally Posted by cairnstone

Would love to see who will be the financial partner that will be putting 1.5 plus billion dollars on the table and not owning any of the property.

It's in the article. Westbank is taking 50% of profits and financing construction.

[whatnext]

Originally Posted by WarrenC12

Because Waterfront.

You think this is being done like a reserve in northern BC 50 years ago? Come on people.

Less and less of a selling point these days:

Climate change experts agree on the last place they'd invest for the future: waterfront property

I just can't see the value proposition in buying a high-end condo on leased land vs other new mega-developments.

[cairnstone]

Originally Posted by WarrenC12

You don't think they'd integrate with Metro Vancouver, and be taxed accordingly for water/sewer/etc?

I suppose you don't think they'll get service from Fortis or BC Hydro either?

Sure they could or they could be like the 2 North Vancouver's, 2 Langley's. Or white Rock and Surrey. They have some shared and some separate resources. The more the city gives the more control they will impose on this project.

It will be interesting to see what this turns into and what the price point will be per square foot when its rented.

[cairnstone]

Originally Posted by WarrenC12

It's in the article. Westbank is taking 50% of profits and financing construction.

Developers use other peoples money to build. So they will be creating a LLP with them being the front for the partners. SO who is the money behind the project?

[cairnstone]

Originally Posted by whatnext

Less and less of a selling point these days:

Climate change experts agree on the last place they'd invest for the future: waterfront property

I just can't see the value proposition in buying a high-end condo on leased land vs other new mega-developments.

Just ask investors in Jakarta market how that is turning out

[WarrenC12]

Originally Posted by cairnstone

Developers use other peoples money to build. So they will be creating a LLP with them being the front for the partners. SO who is the money behind the project?

A bank? Why is this different than any other large development?

[WarrenC12]

Originally Posted by whatnext

Less and less of a selling point these days:

Climate change experts agree on the last place they'd invest for the future: waterfront property

I just can't see the value proposition in buying a high-end condo on leased land vs other new mega-developments.

Downtown Vancouver area is pretty safe. Seawalls will be heightened if necessary. I'd worry a lot more about Richmond.

[vanman]

From the Daily Hive:

Squamish Nation planning 6,000 new homes next to Burrard Bridge

[Prometheus]

Some highlights from the article:

As Senakw, the name of the project, sits within the reserve’s boundaries, the First Nation is able to fully exercise its rights and construct a redevelopment without having to follow the City of Vancouver’s zoning and years-long application and review process. It aligns with the city’s much-touted policy of reconciliation.

But they will still need to negotiate with the municipal government and regional district for road and utilities connections.

If all goes as planned, master planning and detailed design work will continue throughout 2020, and construction could begin in early 2021 for a full completion within just five years.

Some commercial spaces are also planned on the ground level, although the precise mix of retail, restaurants, and other forms of commercial development, potentially some offices, have yet to be determined.

Khelsilem says the First Nation is looking to start a conversation with the municipal government to extend the route of the future Arbutus Greenway streetcar towards Senakw.

The city’s master plan for the streetcar currently does not call for a span that serves the area, and city staff last year recommended disposing of the former railway right-of-way, selling it back to Canadian Pacific Railway for $1.00. But the planned density, coupled with Concord Pacific’s long-term plan of redeveloping their old Molson Coors brewery property, located immediately south of Senakw, could warrant a streetcar connection.

Source: https://dailyhive.com/vancouver/squa...nakw-kitsilano


I do hope the final plan for ground-level commercial uses will be substantial and make a meaningful contribution to ubanity in the currently sleepy area.

[cairnstone]

Originally Posted by WarrenC12

A bank? Why is this different than any other large development?

Shape I think is the only other project near this size and its pension money and private equity. Something like this will be private money spread around to limit risk. Unless it has changed from the original plan to be all rental. The return will be a slow return over many years.