Oakridge Park | 13 Towers | 154m | 52fl | 5M sqft | U/C

[LeftCoaster]

Originally Posted by officedweller

Hmm, I don't think that really works.

I never really did excel in my marketing classes

[shreddog]

Was anyone else at the VIP event last night at Oakridge? I must admit that while Gillespie is a successful developer, and certainly has a vision, he's not an effective orator. Plus whoever should scheduled the event should be fired - two hours of drivel before opening the "tour area"!

Anyway, it certainly is a grand vision, though I think it still has some major flaws and with the extended build out, I am not sure I would want to be in on phase 1.

Finally, I think the idea of running their own car and bike share programs (why compete with Uber/Limebike??) is one of the less smart developer pitches I have heard in a long time!!

Anyway, its open to the public today, for what it's worth ....

[shreddog]

Originally Posted by bb1510

Lmao

btw, do you happen to have any information about the starting prices for this project as well as finishes and amenities?

They were cagey about this last night, but I heard $2000+ sq ft mentioned.

[shreddog]

Originally Posted by bb1510

Here are some photos of the balcony 'pods'

From my understanding, one can experience them at the "unwinded" exhibition inside the old Zellers location in Oakridge.

Yeah you can ... IMHO these will seem like a great idea for the first week, and then be considered a real annoyance after that. The configuration is a bit contrived and the fact that it is permanent really kills the space for me.

But I don't think I am their target market ....

[Max.]

According to my agent, the avg. price is around $2,800 per/Sq feet...

[rofina]

Originally Posted by Max.

According to my agent, the avg. price is around $2,800 per/Sq feet...

Is this a joke? $2,800 for Oakridge????

I mean the concept is very nice, but I would not be buying out in Oakridge for $2,800 a foot.

[shreddog]

Originally Posted by rofina

Is this a joke? $2,800 for Oakridge????

I mean the concept is very nice, but I would not be buying out in Oakridge for $2,800 a foot.

Well according to Gillespie, Oakridge will be Vancouver's "new second downtown" so I guess that justifies the numbers.

Then again he also said that before Oakridge build out was complete, the Canada Line would have it's capacity tripled and there would a new transit line under 41st crossing the city. I'm kinda new to the Developer sell game in Vancouver, but he sure is an "optimist".

[phesto]

$2,800 psf is absolutely crazy if true.

To put that in perspective:

- only 20 condos in Vancouver have ever re-sold for $2,800 psf or greater, and they are all in Downtown's most luxury and/or waterfront buildings.

- You can easily buy an assigment in Vancouver House or 1550 Alberni for far cheaper.

- there is approx. 2.5 Million SF of gross market residential in this project. If you assume 85% sellable area @ $2,800 per SF would equate to a sellout of $5.8 Billion.

If Gillespie can pull that pricing off, I take my hat off to him as that is marketing genius.

[s211]

Originally Posted by phesto

If Gillespie can pull that pricing off, I take my hat off to him as that is marketing genius.

Or he could be putting a big target on his back for doing everything to make the region beyond unaffordable. That kind of figure is unconscionable.

[whatnext]

Originally Posted by shreddog

Well according to Gillespie, Oakridge will be Vancouver's "new second downtown" so I guess that justifies the numbers.

Then again he also said that before Oakridge build out was complete, the Canada Line would have it's capacity tripled and there would a new transit line under 41st crossing the city. I'm kinda new to the Developer sell game in Vancouver, but he sure is an "optimist".

LOL, does anybody think the residential Gillespie is proposing for Oakridge is geared to transit users? He better hope that Xi relaxes capital controls, or the market he thinks is going to buy these is nearly non-existent

[rofina]

Originally Posted by whatnext

LOL, does anybody think the residential Gillespie is proposing for Oakridge is geared to transit users? He better hope that Xi relaxes capital controls, or the market he thinks is going to buy these is nearly non-existent

Regardless if you agree or like what Ian has been able to turn Westbank into, its beyond doubt he has his finger on the pulse.

Their success in moving luxury units at astronomical prices is second to none.

Its obvious he knows who his clients are and what the likelihood of units selling is at a given price point.

[phesto]

Originally Posted by s211

Or he could be putting a big target on his back for doing everything to make the region beyond unaffordable. That kind of figure is unconscionable.

I think more unconscionable is how Gillespie will sell somewhere between $4-6 Billion in condos after all is completed and the City only got $147 Million in public benefits...and a cash CAC of......<wait for it>... $2.5 Million! The guy probably chuckles to himself at night at how badly he fleeces the City over and over.

[retro_orange]

Originally Posted by phesto

I think more unconscionable is how Gillespie will sell somewhere between $4-6 Billion in condos after all is completed and the City only got $147 Million in public benefits...and a cash CAC of......<wait for it>... $2.5 Million! The guy probably chuckles to himself at night at how badly he fleeces the City over and over.

#lockhimup


I mean, how long can someone get away with the assisting of laundering of hundreds of millions of dollars, if not more? That can't be legal and would certainly be one of the biggest scandals in Canadian business and real estate history...



How can we get the ball rolling on this one?

[s211]

Originally Posted by phesto

I think more unconscionable is how Gillespie will sell somewhere between $4-6 Billion in condos after all is completed and the City only got $147 Million in public benefits...and a cash CAC of......<wait for it>... $2.5 Million! The guy probably chuckles to himself at night at how badly he fleeces the City over and over.

Being tight with Moonbeam and the Vision agenda certainly helped too.

[GenWhy?]

Originally Posted by phesto

I think more unconscionable is how Gillespie will sell somewhere between $4-6 Billion in condos after all is completed and the City only got $147 Million in public benefits...and a cash CAC of......<wait for it>... $2.5 Million! The guy probably chuckles to himself at night at how badly he fleeces the City over and over.

So all that development doesn't contribute any other fees to the City or property tax revenue? He fleeces the City how?

[phesto]

Originally Posted by GenWhy?

So all that development doesn't contribute any other fees to the City or property tax revenue? He fleeces the City how?

The items specific to the rezoning negotiation like the CAC payment, which is laughably low, and the fact that there was no requirement for social housing or more rental like is being required pretty much everywhere else, even in the new Oakridge MTC area surrounding the site where towers require 30% social housing.

If you were to run a valuation on the Oakridge site today assuming that the 2,600 market condos would be sold for $2,800 per SF, the City left an astronomical amount of money on the table.

But they want you to focus on the 9 acre park (which is really just disjointed rooftop green space) and a 100,000 community centre which would cost $40 Million at most.

[Changing City]

Originally Posted by phesto

The items specific to the rezoning negotiation like the CAC payment, which is laughably low, and the fact that there was no requirement for social housing or more rental like is being required pretty much everywhere else, even in the new Oakridge MTC area surrounding the site where towers require 30% social housing.

If you were to run a valuation on Oakridge site today assuming that the 2,600 market condos would be sold for $2,800 per SF, the City left an astronomical amount of money on the table.

10% of the units, 290, are non-market; handed to the City of Vancouver to own and manage and lease at below-market. Another 10%, 290 units, are market rental. The remaining 2,320 are strata - assuming there are enough wealthy buyers to spend that much.

[whatnext]

Originally Posted by rofina

Regardless if you agree or like what Ian has been able to turn Westbank into, its beyond doubt he has his finger on the pulse.

Their success in moving luxury units at astronomical prices is second to none.

Its obvious he knows who his clients are and what the likelihood of units selling is at a given price point.

Past Performance does not equal Future Performance.

I'm not sure many people, including Gillespie and Westbank, realize what an anomaly the last 10 years was. It is highly unlikely to be repeated.

[e-clam9]

Originally Posted by Changing City

10% of the units, 290, are non-market; handed to the City of Vancouver to own and manage and lease at below-market. Another 10%, 290 units, are market rental. The remaining 2,320 are strata - assuming there are enough wealthy buyers to spend that much.

How much below the market is for those 10% units ? It does not make sense to rent to low or no income drug addict into this type of high class building...

But it is not my problem because I can't justify $1.4 million for a 500 sq.ft. unit.... It is even more expensive than the crazy Hong Kong realty market.

[SpongeG]

they don't rent to drug addicts. well many drug addicts aren't poor anyway.