Quote:
Originally Posted by jollyburger
It would be more of a miracle if they manage to sell the site.
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It depends on how much of a haircut they're willing to take to offload it.
Bosa made out like bandits way back in the day when they bought the site for some $24 Million or so, only to flip it and sell to Keltic a couple of years later during the height of the runaway Condo market for $145 Million, just before the pandemic crash (or just around then).
They're NOT getting $145 Million for it in this current market.
But it IS a prime site,...and one that could get a decent ROI for purchaser sometime in the future with the right redevelopment to fit the current market. And Keltic have been offloading a lot of their properties lately, like the Revs Bowling site in Brentwood as well, so I imagine a decent offer - even way below their asking should do the trick.
They had wanted to do a 70 storey, mostly condo tower with a shorter mixed rental/condo tower on a commerical/office and rental podium, but as mentioned, in this market that's not happening.
I could see a mixed use with hotel + condo tower (~50-60 storey) with a second shorter rental tower working on it several years from now if the market recovers enough.
There's already an Elemental hotel across the street in the tower next door, and another one coming down the line in Citizen's podium, but the location is prime enough to support another one, and Metrotown like most parts of the surburbs, is starved for hotel availability in such a prime transit location.
(and there's also a Hyatt in Highline's converted office podium on the south side of the mall as well)
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