Quote:
Originally Posted by Sheba
I'd expect it if it's close to Kingsway - everything else has topped out at 4 storeys. Even all the newer buildings right around Royal Oak Station are only 4 storeys and that's supposed to be an important area.
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To be fair, most of those new lowrises were first put in application for development before the City put out their 'Downtown Core' plan - which obviously means closer to nothing on that side of Royal Oak, however it was in concert with the city's overall drive and increased push to have more density around Transit hubs.
Even the recently completed Saavin just north of Royal Oak station I remember had began construction really early a few years back, then had several delays and a considerably slow construction start, and finally completion for a building that size. Which is to say, who knows if the developer knew back then that they could have gotten more density and a couple more floors had they applied for it when they did.
I think if they were applying for rezoning today, they'd almost certainly try to get more density, and for a 6 storey building that close to a Skytrain station.
Quote:
Originally Posted by Sheba
I slightly sympathize with the woman in the article if she really wasn't warned about the place she's in being a prime redevlopment spot until they put a sign on the property. Still being in a rental doesn't guarantee that you'll get to stay there as long as you want to so I think she's over-reacting (hardly surprising considering the last year we've had). The rest of the people complaining is pure Nimby action. FYI the plan shows an added road in the area. |
I don't have any sympathy for anybody living that close to a Transit hub and not realizing they're living on a prime redevelopment property and liable be either asked to move out when their lease runs out, or to expect a major development next door in their neighbourhood.
Especially after all the "Demoviction" brouhaha from a couple of years ago for the area just south of the Metrotown SKytrain station that practically saw the Liberals kicked out of power.
If you're living in a lowrise older than 20-30 years old and not expecting that your building owner could suddenly decide to cash-in and sell up then I don't know what to say to or for you.
I do have sympathy for the seniors and retirees living in those walkups though, since the situation is somewhat different for them and its not like they can just up and set up elsewhere.
The general rule of thumb is that if you're living anywhere within 4-6 blocks of a Transit station/hub and in an older building, then it's almost certain your building/property owner is having discussions about selling - if he hasn't already - and that you're living on borrowed time.
Quote:
Originally Posted by Sheba
I remember the Grimmer tower proposal but nothing has happened to the site since then. In the meantime a number of lowrises in the Royal Oak area have been completed and most have people living in them. The current state of the world makes me suspect we'll see a lot more of the lowrises built here than towers on the Metrotown side of the street - simply because it's likely financially safer to build smaller buildings right now.
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It's just as likely that the property owners will just apply for rezoning (if they haven't or aren't already) and then just sit on it for as long as the market is unfavourable, before deciding to proceed with redevelopment once it improves, or just as likely find a buyer to sell their upzoned lot to for a nice tidy profit.
I guess if you're suddenly bundled with a whole bunch of pandemic-induced vacancies and loss of rent money coming in, it will change your outlook over whether to sell-up or not, since at that point you're just paying property taxes on a property that's mostly not paying for itself let alone earning you any revenue or profit.
I believe 2021 and 2022 will likely be quiet on the redevelopments front as most developers take a wait-and-see approach, and gage how things recover (or not) from the forced slowdown thanks to the pandemic.
Lots of vacancies and people moving out has changed the outlook for a lot of folks, but as long as the area is neighboring the Metrotown core and as long as the condo market itself remains relatively hot, if not in-demand (with the likes of Concord Metrotown and the Beresford 'Tower row' still proceeding apace), then the property values in the surrounding area will remain high, regardless of whether the owners decide to redevelop or sell-up.
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