Downtown Vancouver Updates

[mcminsen]

Originally Posted by mcminsen

June 20 '21, my pic

About 4 months later...




Oct.25 '21, my pics

[dleung]

Those townhouses could've taken the colour of the mansion's trim rather than trying to match the limestone colour with gross-looking flat panels that have the same colour as batt insulation and more commonly found in low-end projects in Richmond or Surrey

I still don't get the proforma here... how many million $$$ for the site? How many millions for each of the 4 townhouses? Why aren't they ultra-luxury?

[urbanight93]

Originally Posted by dleung

Those townhouses could've taken the colour of the mansion's trim rather than trying to match the limestone colour with gross-looking flat panels that have the same colour as batt insulation and more commonly found in low-end projects in Richmond or Surrey

I still don't get the proforma here... how many million $$$ for the site? How many millions for each of the 4 townhouses? Why aren't they ultra-luxury?

The project files indicate new fibre cement panels and stone block veneer cladding (sandblasted limestone) are to come. I would suggest perusing https://rezoning.vancouver.ca/applications/1523davie/index.htm before breaking your legs jumping to conclusions.

[GenWhy?]

Market rental. No parkade was probably the saving grace.

[osirisboy]

Those panels are the worst! Always reminds me of a portable or something temporary.

[officedweller]

Agreed that the panels should have been a different colour to differnetiate it from the mansion, rather than trying to be "matchy-matchy".

[Ailurus]

I'm pretty sure that's the "factory default" colour of hardi panels pre-painting. I expect they will be painted a nicer colour before the end.

[officedweller]

Good to know, thanks!

[GenWhy?]

Supposed to be painted white as hell I think still.

[logan5]

Originally Posted by Ailurus

I'm pretty sure that's the "factory default" colour of hardi panels pre-painting. I expect they will be painted a nicer colour before the end.

Never seen hardi board painted on site before. That might be the finished product.

[Changing City]

Originally Posted by logan5

Never seen hardi board painted on site before. That might be the finished product.

Take a look at 2221 Main - the City social housing building just finishing construction. The boards went on beige - now they're grey, and white. The images of these townhouses look like the intention was for them to be painted too.


[source: Urban YVR]

[dleung]

Originally Posted by urbanight93

The project files indicate new fibre cement panels and stone block veneer cladding (sandblasted limestone) are to come. I would suggest perusing https://rezoning.vancouver.ca/applications/1523davie/index.htm before breaking your legs jumping to conclusions.

I've seen the renders long ago - the panels cover 60% of the building, along with the cheap flashing around each panel, while the stone covers more like 10%

For the price of the downtown land vs the low density going on it, I would've expected at least concrete construction and something more high end/boutique, like Artemisia or this u/c project in Toronto:

[Changing City]

Originally Posted by dleung

I've seen the renders long ago - the panels cover 60% of the building, along with the cheap flashing around each panel, while the stone covers more like 10%

For the price of the downtown land vs the low density going on it, I would've expected at least concrete construction and something more high end/boutique, like Artemisia or this u/c project in Toronto:

Still struggling to understand the fundamentals? Artemisia is a condo building. Dale Ave in Toronto is a condo building. These will be rentals.

[Vin]

Originally Posted by Changing City

Still struggling to understand the fundamentals? Artemisia is a condo building. Dale Ave in Toronto is a condo building. These will be rentals.

Why have ugly rentals placed beside a beautiful heritage building? The contrast is jarringly hideous.

[dleung]

Originally Posted by Changing City

Still struggling to understand the fundamentals? Artemisia is a condo building. Dale Ave in Toronto is a condo building. These will be rentals.

If you told me it's a city-owned project and they're trying to lose as much money as possible and set a new record for lowest psf revenue per acre of downtown land, then sure. But the financials don't make sense as it is.

[whatnext]

Originally Posted by dleung

If you told me it's a city-owned project and they're trying to lose as much money as possible and set a new record for lowest psf revenue per acre of downtown land, then sure. But the financials don't make sense as it is.

Maybe it's just a placeholder. Who bought the 1990's condo building on the other side of Gabriola from the strata corp?

[jollyburger]

Concord Pacific Group bought the St. Paul’s Hospital site for $850 million, according to a report from the province’s auditor-general this week.

The report, which looked at the finances of the provincial public sector, carried some interesting insights about the terms of one of the largest and more complex recent commercial real estate deals.

It had been reported in August 2020 that Providence Health Care would get nearly $1 billion for the property on the 6.6-acre site on Burrard in the West End while it worked to build a new $2.2 billion hospital in the False Creek Flats.

Providence, which operates the hospital, said the money will be put toward the construction of the new St. Paul’s and other facilities at the Jim Pattison Medical Centre, which is expected to open in 2026 next to the Via Rail station.

The St. Paul’s Foundation is raising $125 million for the new hospital, while the provincial government is contributing $1.158 billion. The rest of the money will come mostly from the sale of the old hospital site.

Auditor-General Michael Pickup said in his office’s audit of the public accounts that the sale, by way of a right-to-purchase agreement, closed on July 31, 2020, and title will be transferred seven years later on July 31, 2027. The report said that $125 million has been paid and that the outstanding amount of $725 million owing at March 31, 2021, should be recorded as a loan receivable, discounted as appropriate.

The report recommends that the “sale proceeds received to date (and at the anticipated date of July 31, 2027,) should be deferred until the completion of the construction of the new St. Paul’s.

The report said the old hospital is currently operating at the site under a sale-leaseback deal.

https://theprovince.com/business/concord...wcm/011ed414-e45b-4a90-9ebd-ffe9b7a4b0e7

[Changing City]

Originally Posted by dleung

If you told me it's a city-owned project and they're trying to lose as much money as possible and set a new record for lowest psf revenue per acre of downtown land, then sure. But the financials don't make sense as it is.

Maybe they don't to you. Carrera Management who bought the abandoned house in 2015 have a portfolio of houses and apartments throughout the city, and have developed several other 'Laneway 2.0' infill rentals in the West End.

They probably didn't over-pay for the house - it had been vacant for a decade, had an unsympathetic stucco addition (that has now been removed), and was protected as a Heritage building, so offered very limited opportunities for development or re-use.

They could have proposed a strata conversion, and then it might have made more economic sense to spend a lot more on the townhouses, but that wasn't their intention.

[Changing City]

It looks like Onni are finally getting round to building their two rental buildings on West Pender. They've installed some equipment associated with an excavation. (Looks like they have their own thread, and mcminsen has already got pictures!)



[my image: Changing City blog]

[jollyburger]

West End Community Hub engagement

The West End Community Centre will be replaced to meet the needs of the growing West End neighbourhood, including renewal of an ice rink.

King George Secondary School will be redeveloped to provide more spaces for students and meet seismic upgrade requirements.

Joe Fortes Public Library will be expanded to provide a larger library space.

The renewed community hub will likely have combined and shared programming spaces. Other potential uses that could serve the West End will be considered for addition or expansion in the renewal plan, including a relocation of Firehall No. 6, childcare, seniors’ spaces, and arts and culture facilities.

https://shapeyourcity.ca/weconnect