Quote:
Originally Posted by whatnext
Towline delayed the start of their Coquitlam project, maybe they're doing the same thing here.
That's the thing if you need X amount of pre-sales to get construction going. When you think about it, it's odd all the developers are privately held companies when so much capital is required. Why are none of them public companies?
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If you read back whatnext, you'll see that the thread title is misleading, because Townline don't own the site, the City of Vancouver's Housing Agency, VAHA, now own it. As far as I know Townline never submitted any proposal for the site. (Is there any way the Mods can change the thead title?)
VAHA haven't submitted a proposal yet, so I don't know why SeymourDrake thinks there was going to be any change yet. Unless the City has the intention of dropping the guidelines on shadowing the park (which has impacted West End and Coal Harbour market projects), it'll be a midrise building when it does get submitted. Earlier indications were that they were planning 146 units here.
Once submitted it'll still have to go to Urban Design Panel, and then the DP Board (if it's not a rezoning). If it's a rezoning it'll have to go to City Council first, which will probably add a year at least to the process. Just because it's a City project doesn't mean it won't get the full scrutiny, and potentially get changed. 58 West Hastings - a City non-market building - was redesigned after UDP comments.
VAHA seem to be getting their Downtown projects going very slowly. They may be having problems getting a builder willing to construct their proposals for the fixed budget available. There are still more units being built across the region than at any previous period - and there's more office space under construction Downtown than ever before, so there's still a squeeze on construction capacity. That's why so many projects seem to be taking longer to build. Housing starts this year are actually higher than the first five months of 2018, so it's not slowing down (yet).