Downtown Vancouver Updates II

[Jimbo604]

Src: Daily Hive 2020 picture


Pic: mine

Lights were on at the future Rec Room site on Granville. Wonder when they will open.

Daily Hive article above from last October has more details & pics.

[jollyburger]

They just started hiring some additional positions (assistant GM, head chef) recently so maybe a month or two away?

From the fitout reports it seems like they still are still finishing framing/firewall type things with the space.

https://plposweb.vancouver.ca/Public...ctId=155467887

[mcminsen]

Originally Posted by Zepfancouver

And more pre-cast panels

Yesterday

...

May 18 '24, my pics

[djh]

Originally Posted by Jimbo604

Src: Daily Hive 2020 picture


Pic: mine

Lights were on at the future Rec Room site on Granville. Wonder when they will open.

Daily Hive article above from last October has more details & pics.

From the start of this project to now, this vies for one of the longest rehabilitation/redevelopment projects in the Lower Mainland, by my estimates.

It's just astounding how long this has taken. Whole projects have been submitted, approved, built, and occupied in the time this has been ongoing.

I know they had to take special care because of the need to preserve the existing facade but... others have done this on more complex projects just blocks away in less time, AND built tall towers on the site to boot. This feels like a massive boondoggle.

[NewfBC]

Originally Posted by djh

From the start of this project to now, this vies for one of the longest rehabilitation/redevelopment projects in the Lower Mainland, by my estimates.

It's just astounding how long this has taken. Whole projects have been submitted, approved, built, and occupied in the time this has been ongoing.

I know they had to take special care because of the need to preserve the existing facade but... others have done this on more complex projects just blocks away in less time, AND built tall towers on the site to boot. This feels like a massive boondoggle.

This was announced in 2019. And then there was a pandemic.

Ron.

[Jimbo604]

Originally Posted by NewfBC

This was announced in 2019. And then there was a pandemic.

Ron.

That is true, though they did build the nearly finished Butterfly in roughly the same amount of time as renovating this old theatre.

[LeftCoaster]

Cineplex definitely ran out of cash and had a bit of an existential crisis mid project, so I'm just happy it got done. Definitely wasn't even sure Cineplex itself, let along this project would be around at all a couple years ago.

[Jimbo604]

Originally Posted by LeftCoaster

Cineplex definitely ran out of cash and had a bit of an existential crisis mid project, so I'm just happy it got done. Definitely wasn't even sure Cineplex itself, let along this project would be around at all a couple years ago.

That is true as well. I am glad it is moving ahead, Granville street needs a boost.

[Metro-One]

So, Vancouver's population is bursting, and yet its seems none of the larger downtown projects have moved forward... at all, over the last 6 months to a year... A few smaller projects have, but overall, seems oddly quiet downtown given the circumstances.

[csbvan]

Originally Posted by Metro-One

So, Vancouver's population is bursting, and yet its seems none of the larger downtown projects have moved forward... at all, over the last 6 months to a year... A few smaller projects have, but overall, seems oddly quiet downtown given the circumstances.

The price per square foot for downtown condos doesn't work for most buyers in today's market (more domestic end users, less investors). Sales efforts continue to flop downtown, and many of the projects moving forward are rental. Condos are still being successfully launched south Cambie Corridor and the suburbs, where prices are more suitable for domestic buyers and end users. The population is booming, but they aren't buying $2500 psf condos. Nobody is. That's probably healthy.

[Changing City]

Originally Posted by Metro-One

So, Vancouver's population is bursting, and yet its seems none of the larger downtown projects have moved forward... at all, over the last 6 months to a year... A few smaller projects have, but overall, seems oddly quiet downtown given the circumstances.

The Art Gallery has started construction, the steam plant replacement and BIG office building, the second Burrard Place condo tower, The Block condos and hotel on Robson and the Ismaili rental tower on Richards are under construction, two big rental towers and two condo towers (on West Georgia) in the West End are being built, there's a non-market building over a new school in Coal Harbour and a big wood frame non-market and community centre on Burrard. The Granville Street Bridge is being rebuilt to allow 6 more towers in the future. And there are at least 5 big non-market buildings being constructed in the DTES.

At least a couple more projects should start soon including a non-market opposite Emery Barnes Park. Pinnacle have to commit to 601 Beach soon, or risk losing the site. Curv will have to start soon, or risk losing purchasers. Wall has said they'll build 1290 Hornby next year, and rent it rather than sell it. (I could link to all these, but it's way too much effort!)

Nobody is going to start another office building on spec just yet, but one or more of the hotel towers might get going soon. At least one is on a vacant site. Several of the rental tower projects are also likely to be able to get going, as some don't need external funding (Great West Life for example).

No doubt Cadillac will finally announce the retailers to replace Nordstrom, and QuadReal will find a way of opening their food hall in The Post, but the delays (and Leftcoaster's comments about Cineplex) show that behind the scenes some developments aren't as straightforward as random internet posters think they should be. And of course, if we get into a recession - all bets are off.

[urbanight93]

I'm hearing from a credible source that there is movement regarding 1157 Burrard (gearing up for sales), so you can add that to your list of downtown projects. Last update i was aware of was the approval of the development application in Feb 2023.

There's a model on the architects site here: https://merrickarch.com/work/burrard-and-davie/

[whatnext]

Originally Posted by Changing City

..... Pinnacle have to commit to 601 Beach soon, or risk losing the site. Curv will have to start soon, or risk losing purchasers. Wall has said they'll build 1290 Hornby next year, and rent it rather than sell it. (I could link to all these, but it's way too much effort!)...

I think 601 Beach will be the bellweather to watch. If they can't drum up enough sales then that segment is effectively dead for the near future given the current mix of buyers and pricepoints.

Better to follow Wall's lead and go rental.

[madog222]

Even at 720 Beatty we don't have any confirmation that they are proceeding with the office tower right away. It's still a few years away from when they can even start on it.

[Changing City]

Originally Posted by madog222

Even at 720 Beatty we don't have any confirmation that they are proceeding with the office tower right away. It's still a few years away from when they can even start on it.

But they are building the replacement steam plant, which is a significant investment and an important piece of infrastructure.

[jollyburger]

They were cutting into those corner concrete sections running up the the Royal Centre Tower and they are surprisingly hollow inside with just concrete panels on a steel frame.

[officedweller]

Originally Posted by jollyburger

They were cutting into those corner concrete sections running up the the Royal Centre Tower and they are surprisingly hollow inside with just concrete panels on a steel frame.

They house ventilation shafts, from what I recall (or one or two of them do).

Pic by me last night - the former mall entrance on Georgia next to 1075 has been covered over by girders.

[connect2source]

Originally Posted by jollyburger

They were cutting into those corner concrete sections running up the the Royal Centre Tower and they are surprisingly hollow inside with just concrete panels on a steel frame.

Here's some photos of the hollow core, super interesting and likely not seen since 1973.

Photos by me.

[Vin]

Originally Posted by Metro-One

So, Vancouver's population is bursting, and yet its seems none of the larger downtown projects have moved forward... at all, over the last 6 months to a year... A few smaller projects have, but overall, seems oddly quiet downtown given the circumstances.

Not surprising here. They really missed the boat to have larger projects completed here pre-Covid. We've been saying all along that rigid Vancouver rules have not helped in property or major business improvements for quite a while now.

For a so-called "World-class" city, it looks like we have not been capitalizing on businesses setting shop here to fund this city. The burbs have certainly drawn a lot of the property investment money away.

[officedweller]

Pic by me tonight of the Royal Tower corner.