601 Beach Crescent | 202m | 67fl | Proposed

[ricazoid]

All traces of this development have been wiped from Pinnacle International's site.

[madog222]

Internet Archive shows this was done sometime between June 2022 and January 2024. Pinnacle Lougheed was also removed so I wouldn’t read too much into what this mean.

[jollyburger]

The city has an option to buy back the land before May 3, 2025?

https://cityhallwatch.wordpress.com/2024/11/17/city-bungled-sale-601-beach-renger/

[vanman]

Great! New architect and new developer please.

[whatnext]

Originally Posted by vanman

Great! New architect and new developer please.

Better yet, no developer. As jollyburger mentions the city has the chance to get this back for a pittance. They should work with the province to build rentals for those making less than $90k a year and working on the downtown peninsula.

[Changing City]

Originally Posted by ricazoid

All traces of this development have been wiped from Pinnacle International's site.

It still says "Currently in the development stages are two exciting new communities: 601 Beach Crescent; and Pinnacle Lougheed, a mixed used community next to SkyTrain's Lougheed Town Centre Station in Burnaby."

It's true that the previous sales offering is no longer showing on the site. I think there's a one year period during which the developer can pre sell, before they have a building permit, but if they can't get enough pre sales in that period to obtain financing, they have to start again.

Originally Posted by whatnext

Better yet, no developer. As jollyburger mentions the city has the chance to get this back for a pittance. They should work with the province to build rentals for those making less than $90k a year and working on the downtown peninsula.

The City have three other projects very close to this site for 673 rental units, for those making less than $90k a year, and having obtained development permits for most of them over a year ago, nothing is being constructed yet. If BC Housing and the City can't get already approved buildings underway, why would they be able to get another one built?

[jollyburger]

From a few days ago

A vacant downtown Vancouver lot and a promise of housing unfulfilled

On an empty, overgrown downtown Vancouver lot, 152 units of social housing remain unbuilt almost nine years after the city sold the land to a developer. With no sign of development in a slowed down real estate market, it’s unclear when the desperately needed housing will be delivered.

As part of the sales contract, the city has until May 3 to buy the land back from the developer. But if it plans to act on the option, it’s not saying.

And although the city’s auditor-general couldn’t give specifics, the site at 601 Beach Cres., is expected to be included in an upcoming audit on how public lands have been sold off.

“I can confirm that my office is currently conducting an audit of city land sales,” said Auditor-General Mike Macdonell in an e-mail. “However, Canadian audit standards prevent me from speaking to the details of this work until it is complete.”

“Right now we have ceased marketing,” said Grace Kwok, vice-president of Anson Realty and sales director for 601 Beach.

Ms. Kwok couldn’t comment on future plans.

https://www.theglobeandmail.com/real-est...ot-and-a-promise-of-housing-unfulfilled/

[whatnext]

Originally Posted by jollyburger

From a few days ago





https://www.theglobeandmail.com/real-est...ot-and-a-promise-of-housing-unfulfilled/

So why not use the $55 million they’re getting from letting the Curv developer off the look for social housing to buy this back? Wasn’t the buyback price just $20 million?

[jollyburger]

In an April 30, 2025 email to the author, Director Real Estate Services Andrew Newman wrote:

“we are in active discussions with the property owner regarding the Option to Purchase and its potential extension. We can confirm a short-term extension has been authorized past May 3, to allow us to conclude discussions with the property owner.”

https://cityhallwatch.wordpress.com/2025/05/01/601beach-update-staff-nego-and-stonewall-renger/

[jollyburger]

VanPoli

"We understand the importance of transparency and accountability ... After concluding and registering all documentation on the transaction this summer, a memo on the 601 Beach Crescent file was drafted for public release. That memo will be posted in the coming weeks, following Access to Information’s sign-off. We will be sure to notify you when it goes up."

https://www.facebook.com/groups/VanPoli/posts/31309957988619654/

[gaviscon]

Originally Posted by jollyburger

VanPoli



https://www.facebook.com/groups/VanPoli/posts/31309957988619654/

What does that mean?

Does it mean there's a proposal still planned for that site?

[jollyburger]

Originally Posted by gaviscon

What does that mean?

Does it mean there's a proposal still planned for that site?

Seems likely they'll just extend their current deal.

[jollyburger]

Further to Council’s In Camera approval (RTS 17913, April 15, 2025) of the extension
agreement (the “Extension”) to amend the 601 Beach Crescent Sale Contract, Option to
Purchase and Right of First Refusal, Council authorized the public release of the decision
following successful negotiation and execution by the parties of the Extension (all capitalized
terms used in this memo are defined in the Sales Contract and Council Report RTS 17913).
The parties have now executed and registered all necessary documents and accordingly, Staff
are recommending full release of the decision, as described in Appendix A of this memo.
Staff would also like to address assertions made by a member of the public regarding
calculation of the Adjustment Price (as herein defined):
• To calculate the Adjustment Price, a determination was needed of the amount of gross
buildable square feet which exceeded the Base Gross Buildable Area (as defined in the
sale contract);
• The Adjustment Price is the product of multiplying $365.00 by the difference in gross
buildable square feet and the Base Gross Buildable Area;
• At the time of finalizing the Adjustment Price, there were multiple iterations of the
development permit drawing set provided by the Buyer’s architect to staff in Planning &
Development Services (“PDS”) and Real Estate Services (“RES”);
• When confirming the final buildable square feet in the project, there was a discrepancy
between PDS’s and RES’s assumption on balcony exclusions;
• However, Staff can confirm that even with this discrepancy:
a) The Offer to Purchase provided by the Buyer exceeded all other bids received
through the Invitation to Offer (“ITO”) process for 601 Beach Crescent;
b) The total consideration (Base Purchase Price + Adjustment Price + delivery of
152 Social Housing Units, as defined in the Sale Contract) continues to
represent very strong pricing for land that would be unachievable in today’s
market (and further supports Council’s decision to authorize the Extension); and
c) On a net effective basis, the total consideration for 601 Beach Crescent has
increased since the deal was finalized due to significant construction cost
escalations (meaning, the cost to deliver the required 152 units of Social
Housing has increased).
This memo will be shared with the public in response to requests for details on the 601 Beach
Crescent disposition transaction. Should Mayor or Council have further questions on the
foregoing, Staff remain available.

https://vancouver.ca/files/cov/2025-09-08-memo-to-mayor-council-601-beach-public-response-on.pdf

[whatnext]

So in other words they’re not buying it back for $20 million? If so, what a waste.

[whatnext]

Wait we might not be getting the land back at a great price for affordable housing but are they preparing it so the current owners delivers one of our cherished community gardens?!

www.flickr.com/photos/56453875@N08/54807234853/in/dateposted-public

[whatnext]

My bad. Instead of a cherished community garden it looks like we got the world's most unappealing dog park.

So glad the city didn't buy that back at the bargain rate of $20 million for social housing.

[IMG]IMG_8512 by bcborn, on Flickr[/IMG]

my photo

[officedweller]

I think I see coated grass seed.
Maybe it'll be closed off over winter for the grass to grow.

[madog222]

I'd like to see how much is still in place after today's downpour!

[jollyburger]

Dec 9

Following the Public Hearings on September 17 and 30, 2020, Council gave conditional
approval to the rezoning of the site at 601 Beach Crescent. The Director of Legal Services has
advised that all prior to conditions have been met, and enactment of the attached by-law will
implement Council's resolutions. A consequential amendment to CD-1 (366) By-Law No. 7675 is
no longer necessary and will not be brought forward for enactment.

https://council.vancouver.ca/20251209/documents/bylaws1to41.pdf

[jollyburger]

Westbank's old 2016 proposal to buy 601 Beach Avenue

9 level parkade
grocery store

Mirrored tower with Vancouver House
Fresh St would have been a Restaurant Hall
London Drugs/Grocery under the mirrored tower.

For the sake of this proposal, we have assumed a total density of 567,345 sqft at 601 Beach Crescent which
is based on similar height to Vancouver House but a smaller iloor plate. We note that the proposed tower
location is not restrained by any view cone.

Onni was also interested.

https://vancouver.ca/files/cov/2025-663-release.pdf