Richmond Updates

[gaviscon]

Those empty lots in the vicinity of Viewstar II pisses me off every time I pass there

I get it's a recession. But So. Slow.

[BaddieB]

Originally Posted by Zepfancouver

Working an office space at the International Trade Centre last week, only able to start work after office hours.
Started capturing the moment I got in, it was getting dark fast.
Nov 25, 2024 - 4:39pm


https://makeagif.com/i/YgBh0i

Richmond Centre's high limits makes it so the footprints of developments are bigger, meaning the area is more likely to fill out more quickly and feel like an actual downtown sooner than Surrey Centre will. It's like a giant Olympic Village.

[whatnext]

Originally Posted by gaviscon

Those empty lots in the vicinity of Viewstar II pisses me off every time I pass there

I get it's a recession. But So. Slow.

Only we're not in a recession.

[Spr0ckets]

Originally Posted by whatnext

Only we're not in a recession.

Probably meant Inflation crisis

(....and yeah, we're not in that anymore either)

[jollyburger]

Originally Posted by whatnext

Only we're not in a recession.

Well it's close to one.

The total size of the Canadian economy has continued to grow—narrowly avoiding the consecutive headline GDP declines that would normally qualify as a “recession” in the aftermath of surging inflation and aggressive interest rate hikes by the BoC in 2022-23. But, that’s only due to a wave of new consumers arriving from abroad. Canada’s population grew by 6% from Q2 2022 to Q1 of this year, adding 2.1 million new consumers to the economy. Consumer spending accounts for more than half of GDP, and many of those new arrivals (a larger share than the Canadian-born population) are also workers that added to the economy’s productive capacity.

Without higher population boosting demand, the Canadian economy almost certainly would have contracted outright over last two years. Per person after inflation household spending is 2.6% below its post-pandemic peak and down 2% from pre-pandemic 2019 levels as higher prices and interest rates cut into purchasing power. Per capita GDP has declined in six of the past seven quarters to 3.1% below 2019 levels.

https://thoughtleadership.rbc.com/ca...eels-like-one/

[Spr0ckets]

Originally Posted by jollyburger

Well it's close to one.

"The total size of the Canadian economy has continued to grow—narrowly avoiding the consecutive headline GDP declines that would normally qualify as a “recession” in the aftermath of surging inflation and aggressive interest rate hikes by the BoC in 2022-23. But, that’s only due to a wave of new consumers arriving from abroad. Canada’s population grew by 6% from Q2 2022 to Q1 of this year, adding 2.1 million new consumers to the economy. Consumer spending accounts for more than half of GDP, and many of those new arrivals (a larger share than the Canadian-born population) are also workers that added to the economy’s productive capacity.

Without higher population boosting demand, the Canadian economy almost certainly would have contracted outright over last two years. .....

https://thoughtleadership.rbc.com/ca...eels-like-one/

It's just a good thing we're cutting down on all those new incoming consumers, spenders, taxpayers and labor force, in the coming years with all this current push to pull back on immigration.

/s

Everything has a knock-on effect.

[whatnext]

Originally Posted by jollyburger

Well it's close to one.



https://thoughtleadership.rbc.com/ca...eels-like-one/

According to Chrystia it is just a "vibecession".

[Vin]

Originally Posted by Zepfancouver

Working an office space at the International Trade Centre last week, only able to start work after office hours.
Started capturing the moment I got in, it was getting dark fast.
Nov 25, 2024 - 4:39pm


https://makeagif.com/i/YgBh0i

Sweet. The Richmond ITC used to be so isolated, but now it's in the midst of an expanded City Centre. The Club Versante Hotel is a hidden gem with a couple of really good F&B outlets, including the Cask Whiskey Bar.

[jollyburger]

Pretty large expansion of the Buddhist temple in Richmond (the one near Ironwood). Seems like most of the structure is complete.



https://lymtcanada.com/about-third-p...-construction/

[BaddieB]

Looks amazing. I wish there was more traditional East Asian architecture around Vancouver.

[Airboy]

Richmond Hospital may be awarded this afternoon.

[VanK]

Originally Posted by gaviscon

Those empty lots in the vicinity of Viewstar II pisses me off every time I pass there

I get it's a recession. But So. Slow.

are you referring to the land between Sea Island Way and Bridgeport Rd?
if yes those are all non-residential zoning only. not much market for employment use lands.

[svlt]

Surprised nobody mentioned this but Capstan Station was finally opened to the public last week on December 20th.

[officedweller]

Two new Marriott hotels with 457 rooms to open next to Capstan SkyTrain station

...
The north building fronting Sea Island Way, known as Building L, will be a 12-storey building with 100% hotel uses, containing 351 guest rooms. This will be the Elements by Westin hotel, which offers options that include long-term stays.
Building L was originally planned as 100% office space before being completely pivoted to hotel uses in 2024 due to the current weak office market conditions.
...
Immediately to the south, Building K is a 14-storey mixed-use building, with hotel uses in the lower seven floors and strata market ownership condominium homes within the upper seven floors. Le Meridien Pinnacle Hotel, providing 142 guest rooms for traditional short-term stay, will operate Building K’s hotel volume below 115 condominium units.
He says Building K is expected to reach completion in late 2025, while Building L should be ready by late Spring 2026. However, the opening dates for both hotel properties have not been established at this time.
Revised schematics submitted to the City of Richmond in 2024 show Building L and Building K sit on top of a shared two-level underground parkade and share an interconnected single-storey base podium that contains a shared hotel lobby, hotel meeting space, and retail and restaurant spaces. On the rooftop of the podium, between the two towers, there will be a landscaped amenity space, including an outdoor swimming pool just for hotel guests and a separate outdoor amenity space only for residents.
...

https://dailyhive.com/vancouver/marr...ation-richmond


Artistic rendering of Building K, containing condominiums and Marriott's Le Meridien Pinnacle Hotel. (Bingham Hill Architects/Pinnacle International)
https://dailyhive.com/vancouver/marr...ation-richmond


Ground level floor plan; 2024 revised design for Building L (top) and Building K (bottom), which share a base podium. (Bingham Hill Architects/Pinnacle International)
https://dailyhive.com/vancouver/marr...ation-richmond

[Coldrsx]

[jollyburger]

Keltic Gauging Interest For 27-Acre Richmond Site Acquired For $300M In 2021

It is unclear why Keltic has floated the idea of selling the property. For the site, Keltic has been developing a master-planned community called River Garden that would create "a seamless transition between the Fraser River and Olympic Oval in to the surrounding communities," according to the company's corporate website.

City of Richmond records indicate that a rezoning application has previously been submitted, with the proposal comprised of 1,833 residential units, 118,402 sq. ft of retail space, and 334,758 sq. ft of office space.

Reached for comment, Keltic Development confirmed that they have been gauging buyer interest in the site, but added that they may also hold on to the property.

''We are weighing both options including continue developing it, or sell it if the value is right or good," said CEO Rachel Lei in a statement provided to STOREYS. "No definite decision has been made yet."

https://storeys.com/keltic-developme...-river-garden/

[NetMapel]

Originally Posted by Coldrsx

Your signature matches quite well with that aerial photo. Look at all the wasteful parking space that are half empty. Metro Vancouver is by no means the worst in that regards but we can do better for sure.

[jollyburger]

Originally Posted by NetMapel

Your signature matches quite well with that aerial photo. Look at all the wasteful parking space that are half empty. Metro Vancouver is by no means the worst in that regards but we can do better for sure.

I mean every parking lot probably has some kind of development plan in some stage. But who knows when the market will return to support the build out..

[gaviscon]

Damn we can fit so many units in that parking lot

[NewfBC]

Originally Posted by gaviscon

Damn we can fit so many units in that parking lot

https://www.lansdownedistrict.com/news

Ron.