Quote:
Originally Posted by whatnext
And yet the Coast Plaza on Denman is being converted to apartments...:
I do enjoy your insights on the forum, but many tines you come across as an apologist for developers. Let’s be honest we all know why this hotel is coming down.l
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The Coast Plaza presumably has greater structural integrity and so doesn't require the same level of potential upgrades. The same would seem to be true of the Pacific Pallisades, converted from hotel to apartments a few years ago. The Plaza 500 on W12th Avenue saw a similar change, but took a very long time to complete because the building needed a lot more remediation and cash than the owners had anticipated would be needed to bring it up to code.
This hotel is coming down because there's more money to be made from redeveloping it. The owners bought it, and ran it as a hotel, for over a decade. The West End Plan allowed them to develop condos, and that's worth more, especially as a conversion from hotel has all sorts of additional problems associated with the seismic performance of the existing structure. It was explained in the press last year - including
in The Guardian in the UK. If Burnaby condos now sell at over $1,200 per square foot, and Downtown Vancouver has a significant premium over that, it's not so surprising that even large buildings are seen as potential redevelopment opportunities.
If explaining why development happens the way it does on an internet forum for skyscraper hobbyists and enthusiasts is viewed as being an apologist for developers, then so be it. We haven't actually offered an opinion on whether the Landmark is a loss or not. Obviously it's prominent in the skyline, but assuming the property market doesn't collapse, there are at least five taller towers planned nearby that will more than fill the gap. The design doesn't really inspire us that much. The Blue Horizon, which is earlier, is by the same architect for the same developer.