Quote:
Originally Posted by jlousa
The purchase was by Westbank. Hootsuite had a sweetheart deal with the city, they signed an undermarket rate lease on the city building, and were then given the option to buy the building from the city outright at the price from 5yrs ago. Would've been stupid for them not to exercise that option so they teamed up with Westbank. The original deal was taken to court but never went anywhere. The PEF and all citizens certainly lost out on a lot of money on this deal.
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Aren't these two different properties? The sweetheart lease deal was in the old VPD special operations building at 8th & Ontario wasn't it? Did Hootsuite end up purchasing that site?
The Westbank/Hootsuite deal is the former RBC Operations/Call Centre/BIV offices at 4th/5th & Main/Quebec, which was part of a portfolio Oxford Properties was offloading a couple years ago. Not sure how the PEF/Vancouver taxpayers are losing on this particular deal, unless it is rezoned for a song (currently zoned IC-2, I-1 and M-1).