1455 West Georgia | 156.7m | 46 fl | Proposed

[vanman]

How many inexperienced developers are active in large scale developments in Vancouver currently? This company seems like more of an anomaly than anything else.

[Vin]

Originally Posted by Galaxy

At the very least if this building is uneconomical to build in Vancouver I would love this design may be a little taller to be built in Burnaby and or Surrey! It's a shame that a lot of really nice buildings get planned and don't get built.

I second that!

[officedweller]

Originally Posted by whatnext

True but that was in the face of a big global recession. The circumstances around this cancellation are Vancouver-specific. Our economy is booming, so it’s clear this building was never intended for local wage earners.

Originally Posted by Changing City

...

It's possible they'll mothball the design, and wait for the market for high-end towers to recover. It's not like they've demolished the existing buildings, or that they paid crazy money for the site. They could see if another developer wants the site, or they could redesign the tower to reflect a market for smaller and less expensive units, although they'll still have to include a proportion of 2 and 3 bed units to meet city policy. It's not a location that lends itself to an office tower, and the floorplate would be really inefficient for office use, so that seems a pretty unlikely option.

Yeah, so I'm wondering if it would be changed to smaller units to appeal to locals (to live in or invest in).
Could end up like a Yaletown Park - a ton of 1 bedrooms in a dumbed down design.

[kaitoe]

http://dailyhive.com/vancouver/1445-...oned-july-2018

Daily Hive Article about the project. It's similar to the Globe and Mail article but has some quotes from James Cheng,

“We are not withdrawing the project from the rezoning process, we are only withdrawing our current application so that we can have a better understanding of the current changing market demands in relation to the current CAC valuation,” Cheng told Daily Hive.

[Graham_Yvr]

Originally Posted by kaitoe

http://dailyhive.com/vancouver/1445-...oned-july-2018

Daily Hive Article about the project. It's similar to the Globe and Mail article but has some quotes from James Cheng,

It occurs to me that they may also be taking a 'wait and see' approach to the city government and what the situation may be regarding CACs with a new Mayor and Council.

[LeftCoaster]

Originally Posted by Graham_Yvr

It occurs to me that they may also be taking a 'wait and see' approach to the city government and what the situation may be regarding CACs with a new Mayor and Council.

Probably a bit of both. A lot of proposals are taking a wait and see approach right now to both the market and the City elections.

Specifically for 1455, I think the pro forma has materially changed and as such the developer would like to re-negotiate their CAC payments with the city, which is totally within their rights and quite smart to do if costs and revenues have materially changed.

[VancouverOfTheFuture]

does anyone know what happened to this proposal? it has been awhile since this first broke.

[trofirhen]

Originally Posted by VancouverOfTheFuture

does anyone know what happened to this proposal? it has been awhile since this first broke.

I saw it listed here someplace as "stale." From this I assume that it is indefinitely suspended due to whatever reasons. A shame, as I thought it would enhance that corner well.