Downtown Vancouver Updates

[officedweller]

Good to see progress, thanks.

[SeymourDrake]

I can't get past the terrible design of this old Empire Theatre redevelopment at 855 Granville.

[Metro-One]

Yeah, given that it’s going to be an entertainment centre on the region’s primary entertainment strip it should have far more lights / animation / and a large video screen.

But if the sign with the diving lady was rejected, I don’t expect much from Vancouver in this regard. The country side town I live in (population 150 000) here in Japan has more lights and glitz in its entertainment district than Vancouver (and a better selection of bars and lounges, not all owned by one company).

Wish Vancouver did lighting as it does homelessness, all in without looking back!

[scryer]

Originally Posted by Metro-One

Wish Vancouver did lighting as it does homelessness, all in without looking back!

[rofina]

Originally Posted by Metro-One

Wish Vancouver did lighting as it does homelessness, all in without looking back!

That was a 10/10 zing. You win this Friday sir!

[whatnext]

Originally Posted by SeymourDrake

I can't get past the terrible design of this old Empire Theatre redevelopment at 855 Granville.

Welcome to the Eighties and post-modern design.

[Changing City]

Originally Posted by whatnext

Welcome to the Eighties and post-modern design.

The infill they're demolishing could be considered post-modern. The replacement that's going to be built surely isn't?

[whatnext]

Originally Posted by Changing City

The infill they're demolishing could be considered post-modern. The replacement that's going to be built surely isn't?

I took it he was critiquing the old Granville 7 theatre infill design.

[Changing City]

Originally Posted by whatnext

I took it he was critiquing the old Granville 7 theatre infill design.

You might be right. It was critiquing the 'redevelopment' that made me unsure.

[officedweller]

Yeah, I thought he meant the old development (definitely PoMo), but the new one isn't anything very special either.
Confusion arose because he says the "old Empire Theatre" (meaning the old structure) and "redevelopment" (meaning the new project).

[Vin]

Originally Posted by RDW989

A fair bit of activity at the three-building, old Empire Theatre redevelopment at 855 Granville.

North building well towards gutted, windows out most places except for top two floors of brick building, south end

My pixs, Sept 10
[IMG][url=https://flic.kr/p/2jFpqdo]

One of the few heritage facades which isn't part of a an SRO or homeless shelter in this city.

[GenWhy?]

Of Category A, B, or C on the registrar? Or just Granville St?

I really hope the art deco turns out. Facade preservation is tricky and not cheap.

[Metro-One]

Originally Posted by rofina

That was a 10/10 zing. You win this Friday sir!

I thank you

Just wish it wasn’t true...

[whatnext]

Originally Posted by Changing City

Confirmation that Terrace House (on W Pender) won't get developed any time soon. From Frances Bula's Twitter feed. Port Capital have insufficient funds to cover cost overruns, and cannot pay interest to the construction lender.

Some more detail courtesy of the Vancouver Sun.

Signature mass-timber Terrace House stalled under court protection from insolvency
Developer said cost overruns and lack of capital to cover them were behind financial troubles, according to court filings.

Author of the article: Derrick Penner
Publishing date:Sep 13, 2020

Vancouver developer PortLiving scored a win by enlisting architect Shigeru Ban to design its luxury Terrace House residential project adjacent to the renowned Arthur Erickson-designed Evergreen building in Downtown Vancouver.

Now the Pritzker Prize-winning Japanese starchitect’s firm is listed among the project’s unsecured creditors as PortLiving’s principals struggle to recapitalize Terrace House under court protection from bankruptcy...

...Port Capital and Evergreen sought an extension to its initial Sept. 3 deadline to come up with a resolution to insolvency proceedings that were touched off in May as cost overruns, and the project’s inability to cover them, caused its main construction lender to call its $20-million loan.

In an affidavit to Port Capital and Evergreen’s petition to the court, Reyes said the entities were “undercapitalized in terms of equity and as a result, are unable to meet their obligation to fund any cost overruns.”...

...The Terrace House development was granted court protection from bankruptcy May 29 with $41 million in debts, including $34.8 million to secured creditors, which included $14.7 million to its insurer. It was appraised at a market value of $43.5 million.

Its unsecured creditors are owed about $8 million, including Shigeru Ban Architects, which is owed $946,550, and general contractor Urban One Builders CM Inc., whose debt is listed as $887,921 and holds a lien against the project and has filed a separate suit against Evergreen, Port Capital and Reyes.

https://vancouversun.com/news/local-news...cm/b12d15e9-eeb0-4c6f-a840-892d751e009f/

[officedweller]

I wonder if the foundations are strong enough to allow a conventional concrete or steel tower to be built on top of it, or whether they would have to demolish the foundations to do so?

[whatnext]

Looks like Port Living is leaving a string of unpaid creditors behind it, not just at Terrace House:

...Lawsuits allege PortLiving owes millions

Several lawsuits claiming unpaid debts and bills have also been filed in B.C. Supreme Court against Reyes, Port Capital Group and its various subsidiaries.

Studio B Architects claims the developer owes it $198,771 in unpaid invoices for designing four of its Mt. Pleasant projects, including Midtown Heritage.

Port Capital Group is also facing a second suit from Studio B under its new name, Formosis Architecture. The company claims it’s owed $369,520 for work on five PortLiving projects, including services that led directly to development approval for Midtown Heritage.

In March, Delta Pacific Landscaping filed a lawsuit against Port Capital and a subsidiary, Living Midtown 2 Development, claiming it hadn’t been paid in full for work it did on the Midtown Modern project on Broadway between Carolina and Fraser streets. Delta Pacific claims the Port Capital Group owes it $15,432 in outstanding invoices and $39,614 from a lien holdback for extra work it completed....

...In separate lawsuits filed in June, two Vancouver businessmen claim Port Capital Group, Reyes and another subsidiary, Origami 2 Investments, owe them for unpaid loans. James Foley said he’s owed $373,776, while Mark Vanry is demanding $160,189.

Urban One Builders asked a judge to grant it a lien of $915,926 against the Terrace House project, claiming the Port Capital Group had made “misrepresentations” to the construction management firm about its ability to fund the project. Port Capital lists Urban One among its creditors in its creditor protection filing, claiming to owe the firm $887,921.

An Okanagan family business is suing three Port Capital Group companies, claiming they failed to pay for company shares they had agreed to buy. Roland and Hagen Kruger, along with two family trusts, claim the Port Capital firms owe them $2.25 million for the shares and $251,000 in promised working capital...

.....Another company, D & J Osoyoos Holdings, also claims Port Capital Group entities reneged on an Okanagan real estate deal. The holding company sued for a $50,000 deposit in February, 2019. Port Capital filed a response, claiming D & J Osoyoos had attempted to change the terms of the deal upon which there was “no meeting of the minds” or agreement. The development company said it doesn’t owe anything, noting the Osoyoos property in question later sold for $1.22 million – more than the original asking price...

https://www.citynews1130.com/2020/09/15/portliving-eviction-alleged-debt/

[Changing City]

Originally Posted by whatnext

Looks like Port Living is leaving a string of unpaid creditors behind it, not just at Terrace House:

Maybe, and maybe not. As the news piece notes, that's a list of claims filed. What it doesn't tell you is how many (if any) have not been paid, or negotiated. We don't know whether there are any of those claims that will end up in court. The Terrace House bankruptcy is the only one that's ended up unresolved so far, and PortLiving say they have partners to build the East Broadway scheme as a rental project, starting this year.

[jollyburger]

Originally Posted by Changing City

Maybe, and maybe not. As the news piece notes, that's a list of claims filed. What it doesn't tell you is how many (if any) have not been paid, or negotiated. We don't know whether there are any of those claims that will end up in court. The Terrace House bankruptcy is the only one that's ended up unresolved so far, and PortLiving say they have partners to build the East Broadway scheme as a rental project, starting this year.

Here's the Evergreen filings

https://documentcentre.ey.com/#/detail-engmt?eid=385

[officedweller]

Renovations underway on Bentall Centre office complex in downtown Vancouver
https://dailyhive.com/vancouver/bentall-centre-vancouver-renovations-2020



New LED crown lights on Tower One and Tower Two of Bentall Centre. (Hudson Pacific Properties)
https://dailyhive.com/vancouver/bentall-centre-vancouver-renovations-2020

[jlousa]

Bonnis Properties is proposing a 24flr office tower with retail at ground at 526 Granville (current building where Moore's is). As far as I can tell it's just the Moore's build and doesnt include the now empty Joe Fresh space. Seems tight but certainly doable. Always likes the look of that building hopefully they can save it.