Downtown Vancouver Updates - Page 1044

Changing City · #**20861** Posted **Aug 26, 2022, 2:05 AM**

Quote:

Originally Posted by jollyburger

If that Richards Street development sketch is for that other parking lot then I guess they also own that two storey building next door?

I don't know whether they own 853 Richards or not. All the other lots of the parking lot (there are eight and a half lots) have the same address, as 817 Richards, so although not consolidated they seem to be in the same ownership. In 2009 it was reported that Paul Y owned 5 lots, so it looks like the site has been added to over the years. They didn't pick up the single storey retail at 500 Robson when it came up for sale though. The eccentric DeeCorp bought that. Not sure what they think they could do with a 25 feet deep site; they'd be better off selling to Paul Y.

whatnext · #**20862** Posted **Aug 26, 2022, 4:42 PM**

Quote:

Originally Posted by Changing City

It has to have at least 2 FSR of commercial of some sort. Another hotel, with residential above would work. Or long stay rental apartments above hotel units like Hotel Blu. Paul Y Construction BC built a strata building next to Stanley Park in 1974, but I assume that Paul Y Mansion, a rental tower on Barclay Street from 1970 might be theirs too.

Would that strata next to Stanley Park be 2077 Nelson? I always found it strange it is listed as strata but I don't recall ever seeing a unit for sale there. I always liked its brutalist vibe.

[IMG]

IMG_3262 by bcborn, on Flickr[/IMG]

[IMG]

IMG_3263 by bcborn, on Flickr[/IMG]
(my photos)

Changing City · #**20863** Posted **Aug 26, 2022, 4:48 PM**

Quote:

Originally Posted by whatnext

Would that strata next to Stanley Park be 2077 Nelson? I always found it strange it is listed as strata but I don't recall ever seeing a unit for sale there. I always liked its brutalist vibe.

That's what their website says they developed in the 1970s. I don't think they sold all the strata units, and there are only apparently now 52 in total. The City tried to stop the construction after the West End was downzoned in the early 1970s, but lost the case. The units were initially offered as rental, but some were sold.

[WestendVancouver blog]

GenWhy? · #**20864** Posted **Aug 26, 2022, 5:13 PM**

Quote:

Originally Posted by Changing City

I don't know whether they own 853 Richards or not. All the other lots of the parking lot (there are eight and a half lots) have the same address, as 817 Richards, so although not consolidated they seem to be in the same ownership. In 2009 it was reported that Paul Y owned 5 lots, so it looks like the site has been added to over the years. They didn't pick up the single storey retail at 500 Robson when it came up for sale though. The eccentric DeeCorp bought that. Not sure what they think they could do with a 25 feet deep site; they'd be better off selling to Paul Y.

Could be out of date news, but last I heard 853 was owned separately from the parking lots and DeeCorp was trying to buy out Paul.

jollyburger · #**20865** Posted **Aug 26, 2022, 5:24 PM**

Paul Y still has an active business license since the 1990s connected to that property

Quote:

Paul Y Construction Ltd is licensed by City of Vancouver, Community Services Group - Licence Office. The licence number is #22-101069. The business address is 2077 Nelson St, Vancouver, BC V6G 2Y2, CA. The business type is Apartment House.

https://opengovca.com/vancouver-business/22-101069

Top half of the building has two units per floor and then three penthouses occupying the entire floor.

Changing City · #**20866** Posted **Aug 26, 2022, 5:30 PM**

Quote:

Originally Posted by GenWhy?

Could be out of date news, but last I heard 853 was owned separately from the parking lots and DeeCorp was trying to buy out Paul.

If DeeCorp were successful, that could stay a surface parking lot for decades! (Not that it hasn't under Paul Y ownership, but things are finally happening with their other site, which is more than can be said of any of the DeeCorp redevelopment properties).

GenWhy? · #**20867** Posted **Aug 26, 2022, 5:32 PM**

Quote:

Originally Posted by Changing City

If DeeCorp were successful, that could stay a surface parking lot for decades! (Not that it hasn't under Paul Y ownership, but things are finally happening with their other site, which is more than can be said of any of the DeeCorp redevelopment properties).

The 500 Robson design I saw was cool tho, even tho 0 chance of happening

TwoFace · #**20868** Posted **Aug 26, 2022, 5:35 PM**

Quote:

Originally Posted by Changing City

If DeeCorp were successful, that could stay a surface parking lot for decades! (Not that it hasn't under Paul Y ownership, but things are finally happening with their other site, which is more than can be said of any of the DeeCorp redevelopment properties).

What type if time frame do you envision for Moxy to become a reality and braking ground?

jollyburger · #**20869** Posted **Aug 26, 2022, 5:38 PM**

Stanley Dee did that English Bay redevelopment a few years ago at 1460 Bute. Most of their other properties aren't really screaming for redevelopment. They're all kind of tiny like Pender/Granville, Robson/Thurlow.. It's curious how that adds up to a $300 million portfolio.

Dee Corp/Stanley Dee is also a HK family money real estate play I guess isn't a coincidence why they bought the Robson lot.

https://www.theglobeandmail.com/real-est...eted-at-billionaires-the-perfect-pied-a/

Changing City · #**20870** Posted **Aug 26, 2022, 5:43 PM**

Quote:

Originally Posted by TwoFace

What type if time frame do you envision for Moxy to become a reality and braking ground?

They are requesting 9 months to rezoning and 9 more for DP, so starting on site in early 2024. I have no idea if that's achievable, although it seems optimistic. There would seem to be issues to sort out with the adjacent Bene office building to the south. I would imagine Perkins + Will have designed something the UDP won't have any major issues with - but who knows? The rezoning wouldn't seem to be a problem either, but the makeup of the new Council who will consider it is obviously another unknown.

Changing City · #**20871** Posted **Aug 26, 2022, 6:03 PM**

Quote:

Originally Posted by jollyburger

Stanley Dee did that English Bay redevelopment a few years ago at 1460 Bute. Most of their other properties aren't really screaming for redevelopment. They're all kind of tiny like Pender/Granville, Robson/Thurlow.. It's curious how that adds up to a $300 million portfolio.

Dee Corp/Stanley Dee is also a HK family money real estate play I guess isn't a coincidence why they bought the Robson lot.

https://www.theglobeandmail.com/real-est...eted-at-billionaires-the-perfect-pied-a/

The company has owned the old bank and adjacent run-down buildings on Granville at Davie for many years, and obtained a permit for a replacement residential building in 2016. And they've looked at office schemes on the low-rise Pender and Granville buildings they own (keeping the 50s facades) for over 10 years, but never submitted anything. He also lost Starbucks as a tenant in 2012 because he wanted a demolition clause for Thurlow and Robson, although nothing has ever been submitted for that corner either.

That Beach Avenue weird building that they tried to offer leasehold is pretty much all they've actually built. He also owns other properties outside the DeeCorp brand, which might be part of the portfolio. I don't think his family are from Hong Kong, but maybe the Philippines or possibly Thailand.

TwoFace · #**20872** Posted **Aug 26, 2022, 6:19 PM**

Sounds like both of these companies are just parking money, I wonder if anything they do in Vancouver makes any economic sense.

GenWhy? · #**20873** Posted **Aug 26, 2022, 6:32 PM**

Quote:

Originally Posted by TwoFace

Sounds like both of these companies are just parking money, I wonder if anything they do in Vancouver makes any economic sense.

More than you think.

GenWhy? · #**20874** Posted **Aug 26, 2022, 6:34 PM**

Quote:

Originally Posted by Changing City

The company has owned the old bank and adjacent run-down buildings on Granville at Davie for many years, and obtained a permit for a replacement residential building in 2016. And they've looked at office schemes on the low-rise Pender and Granville buildings they own (keeping the 50s facades) for over 10 years, but never submitted anything. He also lost Starbucks as a tenant in 2012 because he wanted a demolition clause for Thurlow and Robson, although nothing has ever been submitted for that corner either.

That Beach Avenue weird building that they tried to offer leasehold is pretty much all they've actually built. He also owns other properties outside the DeeCorp brand, which might be part of the portfolio. I don't think his family are from Hong Kong, but maybe the Philippines or possibly Thailand.

Definitely some more ambitious proposals being floated by them for both the Granville/Davie and Granville/Pender sites.

I think he sold Q-14

officedweller · #**20875** Posted **Aug 26, 2022, 6:35 PM**

Quote:

Originally Posted by Changing City

That's what their website says they developed in the 1970s. I don't think they sold all the strata units, and there are only apparently now 52 in total. The City tried to stop the construction after the West End was downzoned in the early 1970s, but lost the case. The units were initially offered as rental, but some were sold.

[WestendVancouver blog]

Relevant caselaw for the Cressey Chinatown case?

TwoFace · #**20876** Posted **Aug 26, 2022, 6:48 PM**

Quote:

Originally Posted by GenWhy?

More than you think.

I don't think so, rising interest rates have put a damper on imaginary market valuations. It's time to look at tangible income vs. expense.

whatnext · #**20877** Posted **Aug 26, 2022, 6:52 PM**

Quote:

Originally Posted by Changing City

That's what their website says they developed in the 1970s. I don't think they sold all the strata units, and there are only apparently now 52 in total. The City tried to stop the construction after the West End was downzoned in the early 1970s, but lost the case. The units were initially offered as rental, but some were sold.

[WestendVancouver blog]

Interesting. The building seems very well maintained so it wouldn't surprise me if the company still owns the lions share of the units. Though Paul Y. Tso himself is deceased it seems the engineering company is very much still around in Hong Kong. I assume the Vancouver based entity is an outgrowth of that. https://en.wikipedia.org/wiki/Paul_Y._Engineering

jollyburger · #**20878** Posted **Aug 26, 2022, 7:45 PM**

Seems like Dee does have Filipino roots possibly as well. He was on some Asian gossip site and they visited Hong Kong/Philippines for their honeymoon.

He was having a private party on the roof of 455 Granville back in 2012. Maybe he owns that as well?

http://www.presidiopenthouse.com/realestatefundmanager/deecorp.rooftop.2012.html

GenWhy? · #**20879** Posted **Aug 26, 2022, 8:16 PM**

Quote:

Originally Posted by jollyburger

Seems like Dee does have Filipino roots possibly as well. He was on some Asian gossip site and they visited Hong Kong/Philippines for their honeymoon.

He was having a private party on the roof of 455 Granville back in 2012. Maybe he owns that as well?

http://www.presidiopenthouse.com/realestatefundmanager/deecorp.rooftop.2012.html

He does.

That property is a part of Granville Pender Changing and I are talking about

Changing City · #**20880** Posted **Aug 26, 2022, 9:26 PM**

Quote:

Originally Posted by officedweller

Relevant caselaw for the Cressey Chinatown case?

Probably not - 2077 Nelson was approved by the Director, and then City Council tried to stop it by holding up the issue of the permit. (They were warned that would prompt a legal challenge, and backed down and issued the permit in the end). The Cressey DP was refused by the DP Board.