Quote:
Originally Posted by VancouverOfTheFuture
eek, quite the fire.
i do have a question about this building, though. assuming it is burned to the ground, would anyone actually rebuild the SRO's? i know CoV would most likely mandate it. but would it be worth anyone rebuilding them? even if you could do condos above, i dont see people wanting to buy into a building with SROs in them, in that area...
is there a real chance this would sit an empty parcel?
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It would no doubt take a while to sort out. Buildings have burned down, but not SRO hotels, although there have been fires in old hotels in recent years, none have required demolition. The only previous example I know is
the Park Hotel in the 100 block of West Pender, that burned down in 1950. The site is still vacant.
One option would be to sell the site to the City, or to BC Housing, if they were interested in buying it. Another would be to rebuild a replacement, using the insurance that the owners almost certainly will have had. A third might be to request the rooms be allowed to be removed from the SRA register. There's a base fee of $15,000 per room, so roughly a $1.4m cost here, but I don't see City Council being willing to allow that given the low-income housing crisis. They might agree to have fewer, larger self-contained rooms as a replacement; that's happened where buildings have been renovated and improved.