Broadway Corridor Development Plan

[phesto]

Originally Posted by GenWhy?

All enquiry projects that applied have received responses. Those enquiries will be getting their Rezonings in as early as this Summer.

Hello thousands of new rentals.

Many of these rezoning enquiries are simply placeholders intended to secure tower development rights and have little prospect for moving forward to development in the near future.

[phesto]

Originally Posted by madog222

And I'm seeing more and more strata wind up for sale signs in Mt Pleasant, some for buildings that look very well maintained.

A lot of stratas seem to be testing the market but based on what I'm hearing, the Broadway Plan density, and by extension the market land value, is not sufficient to justify a wind up and sale in the majority of cases.

[GenWhy?]

Originally Posted by phesto

Many of these rezoning enquiries are simply placeholders intended to secure tower development rights and have little prospect for moving forward to development in the near future.

Right, but placeholders that will have enacted new zoning for their lots, getting taxed for a 18-storey tower instead of a 3-storey. That's a heavy loss.

I forget what Staff told us (as all our sites are going ahead) but if you sit for a year maybe you get tossed and another site can move in. (referring to the 2 tower per block policy).

I'd wager 1/2 of the enquiries are serious in this round.

[giallo]

Originally Posted by madog222

Mainly just that it's looking like the Broadway Plan will have the 1970s 3/4 storey buildings coming down faster than 1950s houses along Cambie did. I wasn't trying to make some deep coded message.

I currently live in one of these 1970s buildings along Broadway. I'm just waiting to get the "six months to vacate" message from management.

It'll suck to have to move, but it's absolutely worth it in the long run.

[GenWhy?]

Originally Posted by giallo

I currently live in one of these 1970s buildings along Broadway. I'm just waiting to get the "six months to vacate" message from management.

It'll suck to have to move, but it's absolutely worth it in the long run.

Giallo, I can give you LOTS of detailed info on the process if you want, as my company has about a dozen active sites here.

As a brief summary, if you're building is one of those about to be rezoned you'll be invited to a all tenant meeting (likely before September) with the City present:

"For proposals where there are ten or more existing rental units on site, a tenant meeting with City staff in attendance will be required before a rezoning application is submitted. For projects with less than ten existing rental units, applicants should meet with tenants individually. The purpose of these initial meetings is to inform tenants about the intent to redevelop and to provide information on the process and timelines. Note that Notices to End Tenancies are not to be issued at this stage."

If all things go ahead, at the earliest, you'll be moving maybe 3-4 years from September 1 (I can't imagine anyone with a tenanted building submitting before then).

If I recall, you just moved back here, so your tenancy isn't too long, but I'd get a jump start and check out what lump sum payout you'll get. I don't want to send outdated info so just check out this website and check out the latest TRPP info (should be the Feb. 2023 updated version). Not to mention the rent top up you'll receive while you're waiting to move back into your band new spanking fresh apartment!

[GenWhy?]

In addition the 4 month notice to vacate is when a project gets their Building Permit approved. So you don't have to move out until they are pretty much ready to start digging the parkade.

[giallo]

Wow. Thanks so much for the information. I had being following the process a bit, but didn't release that we'd be compensated as well as offered a new place to live.

Originally Posted by GenWhy?

Giallo, I can give you LOTS of detailed info on the process if you want, as my company has about a dozen active sites here.

As a brief summary, if you're building is one of those about to be rezoned you'll be invited to a all tenant meeting (likely before September) with the City present:

"For proposals where there are ten or more existing rental units on site, a tenant meeting with City staff in attendance will be required before a rezoning application is submitted. For projects with less than ten existing rental units, applicants should meet with tenants individually. The purpose of these initial meetings is to inform tenants about the intent to redevelop and to provide information on the process and timelines. Note that Notices to End Tenancies are not to be issued at this stage."

If all things go ahead, at the earliest, you'll be moving maybe 3-4 years from September 1 (I can't imagine anyone with a tenanted building submitting before then).

If I recall, you just moved back here, so your tenancy isn't too long, but I'd get a jump start and check out what lump sum payout you'll get. I don't want to send outdated info so just check out this website and check out the latest TRPP info (should be the Feb. 2023 updated version). Not to mention the rent top up you'll receive while you're waiting to move back into your band new spanking fresh apartment!

[GenWhy?]

Originally Posted by giallo

Wow. Thanks so much for the information. I had being following the process a bit, but didn't release that we'd be compensated as well as offered a new place to live.

We've had a running joke in our office that if we know friends that are moving to get them into ones we'll tear down so they win the new home lottery. In-suite laundry, air conditioning and a dishwasher - HELLO!

[whatnext]

Originally Posted by GenWhy?

Giallo, I can give you LOTS of detailed info on the process if you want, as my company has about a dozen active sites here.

As a brief summary, if you're building is one of those about to be rezoned you'll be invited to a all tenant meeting (likely before September) with the City present:

"For proposals where there are ten or more existing rental units on site, a tenant meeting with City staff in attendance will be required before a rezoning application is submitted. For projects with less than ten existing rental units, applicants should meet with tenants individually. The purpose of these initial meetings is to inform tenants about the intent to redevelop and to provide information on the process and timelines. Note that Notices to End Tenancies are not to be issued at this stage."

If all things go ahead, at the earliest, you'll be moving maybe 3-4 years from September 1 (I can't imagine anyone with a tenanted building submitting before then).

If I recall, you just moved back here, so your tenancy isn't too long, but I'd get a jump start and check out what lump sum payout you'll get. I don't want to send outdated info so just check out this website and check out the latest TRPP info (should be the Feb. 2023 updated version). Not to mention the rent top up you'll receive while you're waiting to move back into your band new spanking fresh apartment!

Remind me again where these tenants are supposed to live in the interim? it's not like there's a slew of available rentals.

[NewfBC]

Originally Posted by whatnext

Remind me again where these tenants are supposed to live in the interim? it's not like there's a slew of available rentals.

Currently 7500 listings on Craigslist Apts for Rent.

The Broadway Tenant Protection Plan provides for rent top up and assistance in locating a rental while you wait for your new home to be built.

Ron.

[Migrant_Coconut]

Summary of enhanced tenant protections in the Broadway Plan area:

• Right of first refusal for existing tenants to return to the new building at their current rent, or a 20% discount on city-wide average market rents, whichever is less
• Tenants may choose to receive a temporary rent top-up equal to the difference between their current rent and rent in a new unit during construction of the new building
• Returning tenants will return to new homes that are an appropriate size for their household

I believe this has been going around the thread since last year.

[jollyburger]

From February

Property type: Strata windup

Location: 1039 West 13th Street, Vancouver

Type of sale: Court ordered

Current position: Building sale approved, with 80 per cent of owners agreeing to purchase. Rather than wait for appeal decision, buyer purchased 5 of the 6 units directly from owners.

Issue: City issued work orders to repair structure, which were not done. Water egress also noted. Repairs cost estimated at more than $1.6 million.

Potential: Demolition and mixed-use redevelopment close to Broadway Subway Skytrain.

Lot size: 6,247 square feet.

Sale price per unit: $550,000 (approx)

Total sale price: $2.75 million (for 5 of 6 units)

Brokerage: Goodman Commercial, Vancouver

Brokers: Mark Goodman and Cynthia Jagger

Broker comment: A "very complicated" transaction

https://www.westerninvestor.com/done-dea...-has-hold-out-in-cautionary-tale-6602563

[GenWhy?]

Those West 13th Ave properties are going to be a mess to assemble I'd imagine.

[LeftCoaster]

Originally Posted by GenWhy?

I'd wager 1/2 of the enquiries are serious in this round.

You're probably right, until they get their costing back...

[GenWhy?]

Originally Posted by whatnext

Remind me again where these tenants are supposed to live in the interim? it's not like there's a slew of available rentals.

Would be surprised what's on the market and how many rental buildings these companies own that have vacancies. You just move tenants between buildings they own. I find a lot of the time the biggest deal breaker is the escalated rent. So the rent bridge eliminates that and they move back in at the same rent as when they initially moved out. We do this in Burnaby quite a bit.

[logan5]

Originally Posted by phesto

A lot of stratas seem to be testing the market but based on what I'm hearing, the Broadway Plan density, and by extension the market land value, is not sufficient to justify a wind up and sale in the majority of cases.

Jumping up to 6.5 FSR is a major shift. I have to think there will be a lot of strata’s wanting to sell.

[GenWhy?]

Originally Posted by logan5

Jumping up to 6.5 FSR is a major shift. I have to think there will be a lot of strata’s wanting to sell.

Exactly those with an individual unit this early in the game could sell based on the maximum potential of 6.5 FSR to a major developer, but it'll be those that buy up those single properties and have 2 towers on their block beat them to the race and they'll only be able to sell for 1.0-2.7 FSR!

[logan5]

Originally Posted by GenWhy?

Exactly those with an individual unit this early in the game could sell based on the maximum potential of 6.5 FSR to a major developer, but it'll be those that buy up those single properties and have 2 towers on their block beat them to the race and they'll only be able to sell for 1.0-2.7 FSR!

Good point but do You think that 2 tower rule will last the duration of the Broadway Plan?

[GenWhy?]

Originally Posted by logan5

Good point but do You think that 2 tower rule will last the duration of the Broadway Plan?

I at least think the tower separation rules will apply for the next 20-ish years which then might get a 3-tower allowance in 15 years. Judging by how conservative planning has been over the last 30 years

[GenWhy?]

My gut tells me we'll do "round 1" of serious applciants. So existing proposals and plan framework and those buildings get occupied. Now it's 2030.

The tire kickers either step up or sell, they build and get occupied. Earliest they are move-in ready could be 2035? By that time you'll have evicted and shuffled around hundreds of renters during a housing crisis with high rents.

I predict a phase 1 roll-out and then a lot of pressure to re-direct housing in the SF areas. Then again anything can happen. But if renters are the majority of households, as they are now and impacted the most by this construction, the housing dev. pressure could move away from Broadway if the evictions are too political.