The Curv | 178.5m | 60Fl | Proposed

[GenWhy?]

"Robert Renger, a retired chief planner for Burnaby, thinks that is a scandal. He makes a strong case that the $55 million is insufficient."

Are Doug and Rob buddies and just writing opinion pieces for each other? That's a hell of a way to make a living.

[jollyburger]

Was Geller too busy gardening to send him a quote?

I mean it was probably based on developer feedback/looking at the market but COV opened up this option so it seems a bit unfair to just dump this all on the developer.

https://storeys.com/vancouver-west-e...ousing-policy/

[whatnext]

Originally Posted by GenWhy?

"Robert Renger, a retired chief planner for Burnaby, thinks that is a scandal. He makes a strong case that the $55 million is insufficient."

Are Doug and Rob buddies and just writing opinion pieces for each other? That's a hell of a way to make a living.

So you think there's a market for $60 million condos? This isn't 2015.

[GenWhy?]

Originally Posted by whatnext

So you think there's a market for $60 million condos? This isn't 2015.

No idea.

[GenWhy?]

Originally Posted by jollyburger

Was Geller too busy gardening to send him a quote?

I mean it was probably based on developer feedback/looking at the market but COV opened up this option so it seems a bit unfair to just dump this all on the developer.

https://storeys.com/vancouver-west-e...ousing-policy/

If anything this just proves how ugly and silly the CAC negotiations and inclusionary zoning policy is.

[GenWhy?]

So actually... let's back up a minute here.

The Referral Report for the February 4, 2025 Public Hearing (which looks to have been approved as is) mentions both a $55m CAC cash contribution and rental built within the building (176 units).

So if the rental is no longer provided on-site that would likely entail a new Report to be issued and approved, with a new CAC calculation to be paid in cash as well as updates to the unit count and tenure. I cannot seem to find that updated Referral Report.

Storeys says this:

"This week, on March 11, Council approved the text amendment application following a public hearing.

The staff report regarding the amendment application reveals that Brivia Group has agreed to pay $55,000,000 in exchange for cutting the 102 social housing units, which translates to approximately $539,216 per unit. Had the developer opted to stick with the original plan, they would have instead been obligated to pay $70,000,000 in community amenity contributions (CACs) that was negotiated by the City in exchange for the rezoning.

According to the City, $20,000,000 (36%) will be payable just prior to rezoning enactment — a step that comes after rezoning approval. The remaining $35,000,000 (64%) will then be payable either upon the issuance of the demolition permit for the site or exactly two years after the rezoning is enacted — whichever comes first."

EDIT: So it looks like it's going under the new Rezoning Policy, which reduces the social housing requirement by 5%.

Previous CAC was valued at $70m (calculated at 25% of floor area) because it was being built on-site. $55m new CAC is the value to build those units off-site (based on 20% of buildings floor area)

[officedweller]

How likely is this project to proceed, anyways?

[whatnext]

Originally Posted by officedweller

How likely is this project to proceed, anyways?

Which is exactly what I was trying to get at when I asked GenWhy if he thought there was a market for $60 million penthouse condos. This proposal feels like it was cryogenically frozen in 2015 and just thawed out. That market doesn’t exist anymore.

[jollyburger]

Originally Posted by officedweller

How likely is this project to proceed, anyways?

Last December

Construction failed to start this year because the developer has had problems selling its 358 luxury strata units in a market downturn.

Before the downturn, the marketer for the project, Jacky Chan, said many of the buyers were super wealthy, seasoned investors and holders of large property portfolios. More recently, he said the higher interest rates and China’s own housing downturn were having an impact on the Vancouver market.

In B.C., developers must show they’ve got the financing in place to start construction within 12 months of filing a disclosure statement with the BC Financial Services Authority. Lenders require about 70 per cent of the project is presold.

“We still need another $100-million,” Mr. Chan said in June. “We have filed a new disclosure statement that gives us another year to work on it, because of how big it is. We were able to retain 95 per cent of the buyers. … People want to stay in and continue to see this building come through.”

Brivia Group did not respond to a request for an interview.

https://www.theglobeandmail.com/real...ing-component/

Sales centre seemed to be open the last time I walked by.

[Changing City]

Originally Posted by officedweller

How likely is this project to proceed, anyways?

You wouldn't think the developer would go to the expense of revising the project and switching social housing to market rental (and paying a CAC) if the economics made it completely dead in the water.

[jollyburger]

This month is the end of their extension to meet their pre-sales goal. I guess we'll find out soon.

[vanman]

Since when is this "the tallest building ever approved by city council"?

[GenWhy?]

Originally Posted by jollyburger

This month is the end of their extension to meet their pre-sales goal. I guess we'll find out soon.

Ouch! Good luck. All year I get a monthly "no nibbles for new product" update. can't imagine who they're faring at those rates.

[jollyburger]

Originally Posted by vanman

Since when is this "the tallest building ever approved by city council"?

Tallest passive house?

[AlessioSBT]

If you go on Reddit you will find people that bought the pre-sale, they said they paid $2300/sqft.

The average for Vancouver right now is barely $1000.
Similar "luxury" projects like The Butterfly or Kuma, where people already lost money, are around 1500/1800.

And this was last year. I don't see how they can sell something now for 2300/sqft.

[jollyburger]

Originally Posted by AlessioSBT

If you go on Reddit you will find people that bought the pre-sale, they said they paid $2300/sqft.

The average for Vancouver right now is barely $1000.
Similar "luxury" projects like The Butterfly or Kuma, where people already lost money, are around 1500/1800.

And this was last year. I don't see how they can sell something now for 2300/sqft.

Wouldn't they just slash the rates for current pre-sales buyers?

[LeftCoaster]

If no one thinks this will get built why the concern about the cash in lieu of built housing units?

I personally think the deal is fine, the City can make those dollars go further than Brivia can in a more suitable location with a more appropriately priced build.

Also of course the article is full of inaccuracies, it's douglas todd, he isn't exactly known for his crack journalism, he's just a NIMBY pot stirrer.

[chowhou]

Originally Posted by LeftCoaster

If no one thinks this will get built why the concern about the cash in lieu of built housing units?

It's the Jean Swanson mentality. Anything that provides market housing (or even worse, luxury housing!!) is bad, regardless of how much social housing/funding it provides.

[LeftCoaster]

There are three options here:

1. $72M worth of subsidized housing in an expensive building
2. $55M worth of subsidized housing in a more cost effective building
3. $0 worth of subsidized housing when the project gets cancelled because we insisted on option 1

Seems like option 2 ain't a bad deal at all to the taxpayers of Vancouver.

[Feathered Friend]

For all the chattering about this, there were no public speakers when its DP was approved by the Development Permit Board this Monday.