[Surrey] Whalley District | 6 + 35 + 37 + 46 fl | U/C

[Cypherus]

Originally Posted by Westbased

I think the return from developing is still very very significant.

According to the sale brochure its around 950,000 square feet. Construction cost at $600 (over estimating) is $570 million. Sale prices could be blended average around $900 is $855 million. Leaving a margin of $285 million. Minus taxes, fees, other soft development costs etc. still leaving a large profit.

However, if he can get a buyer around $100 million without any of the risk or time cost I think its a fair decision.

As Bleaze mentioned above, it really does now seem this was their plan all along, market a massive revitalization of a run down area and then flip it once approvals are in place.

Good analysis. And like Shift said, the project scope may be beyond what Tien Sher is expecting and they rather cash out now and take their profits than develop a somewhat difficult area with uncertainty with unknown Return on Investment (ROI). As well, Tien Sher is known have "unknown" investors in their joint venture using a series of bare trusts and shell companies (publicly available), so those investors would have much to say about their risk profile and it looks like they want a cash out now.

[Shift]

Yeah that area would be a tough sell for the amount of units these towers would contain. Maybe being close to Gateway Station, and the affordability crisis elsewhere could be enough to sell them, but not sure. They are slowly helping things with their 5-storey projects, getting rid of unsightly lots and building a more urban form for the area - but the sketch crowd around there isn't likely to go anywhere, and would persist even if all 3 of these towers were built.

[EhJay]

And the city just put up 3 temporary (soon to be permanent) housing shelters in the area. Sure building up it up instead of spreading it out.

[Shift]

Originally Posted by EhJay

And the city just put up 3 temporary (soon to be permanent) housing shelters in the area. Sure building up it up instead of spreading it out.

Are you referring to the portable city going up next to Gateway Station / across from the Tom Binnie Rec Centre? That area is about to go from bad to worse.

I thought they were going to create something that somewhat resembled housing - like the temporary modular housing at 1st & Main in Vancouver. But nope - just a sea of white portables resembling a ghetto work-camp. I'm assuming the intention is to relocate everyone from the tents along 135A to the new portable city? So there will be no more tent city?

[Westbased]

Originally Posted by Shift

Are you referring to the portable city going up next to Gateway Station / across from the Tom Binnie Rec Centre? That area is about to go from bad to worse.

I thought they were going to create something that somewhat resembled housing - like the temporary modular housing at 1st & Main in Vancouver. But nope - just a sea of white portables resembling a ghetto work-camp. I'm assuming the intention is to relocate everyone from the tents along 135A to the new portable city? So there will be no more tent city?

YES! They are literally using portables seen on construction sites. Those used at schools even seem more "housing" like than the ones being used now.

I cannot see tent city going anywhere. More and more people seem to be flocking to the area and now we will have both a tent city and like you said a ghetto work-camp style sprawl around it.

Although I understand the importance of trying to provide housing, I truly feel this will significantly set back any development plans around Gateway; Tein Sher tower project might very well be its first casualty.

[Shift]

Originally Posted by Westbased

YES! They are literally using portables seen on construction sites. Those used at schools even seem more "housing" like than the ones being used now.

I cannot see tent city going anywhere. More and more people seem to be flocking to the area and now we will have both a tent city and like you said a ghetto work-camp style sprawl around it.

Although I understand the importance of trying to provide housing, I truly feel this will significantly set back any development plans around Gateway; Tein Sher tower project might very well be its first casualty.

Yeah I can't see it changing much either. People will refuse to live in those portables - they prefer tents. Not sure if they will begin enforcing a camping ban there or not once the portables are open.

The sketch crowd in the area does seem to be growing though. The Safeway at 104 & KGB is now basically an extension of the 135A strip - always super sketchy outside that store. Have seen some pretty crazy activities going down - crack smoking right outside the doors, watched a crackhead steal a plant from inside the store, run out to the parking lot with it in a shopping cart to do donut circles while screaming. It's actual insanity around there.

Directly across the street from the 4-star Autograph Collection Civic Hotel and now $1800 1 bedroom rents.

That site needs to be redeveloped now.

[EhJay]

The portables are meant to be an interim solution until modual housing can be built on the same location. But agreed, I can't see the tents going away. That being said, if they offer up housing and people refuse it, then they can use it to get an injunction through the courts against the people tenting. Then where do they go though? They'll just set up elsewhere or in 10 separate parks.

[Shift]

Originally Posted by EhJay

The portables are meant to be an interim solution until modual housing can be built on the same location. But agreed, I can't see the tents going away. That being said, if they offer up housing and people refuse it, then they can use it to get an injunction through the courts against the people tenting. Then where do they go though? They'll just set up elsewhere or in 10 separate parks.

Have started seeing tents popping up elsewhere. Pretty much any vacant lots around Whalley have make-shift camp sites in them. Ive also seen tents / campsites set up all the way down King George in Newton as far as 64th Ave. Newton may become the new Whalley once City Centre develops. Already kinda is.

[CoryHolmes]

I hate saying this, but I can't help how I feel. I have no solutions that work for everyone, whether it's this housing or injunctions or whatnot, I don't know how to fix this.

All I know is I don't want my neighbourhood becoming even more like the Downtown Eastside than it already is.

[Blease]

One of the things I liked about Surrey when I first moved here was refreshing lack of politically correct BS that affects all debate on topics like homelessness and addiction in the city of Vancouver. But as Surrey Central continues to evolve into a major urban centre, I find SJWs are increasingly starting to dominate social discussions here as well, including homelessnes in Whalley, which is in no way a good thing.

[CoryHolmes]

Originally Posted by Blease

One of the things I liked about Surrey when I first moved here was refreshing lack of politically correct BS that affects all debate on topics like homelessness and addiction in the city of Vancouver. But as Surrey Central continues to evolve into a major urban centre, I find SJWs are increasingly starting to dominate social discussions here as well, including homelessnes in Whalley, which is in no way a good thing.

I see their stupid posters all over the Skytrain columns, trying to "end police brutality", amongst others. They don't last long since people tear them down.

[Bombaman]

Does anyone know what's happened to this project? It seems the progress has came to a halt.

[osirisboy]

Originally Posted by Bombaman

Does anyone know what's happened to this project? It seems the progress has came to a halt.

We will all long be dead by the time this is finished

[Bombaman]

Originally Posted by osirisboy

We will all long be dead by the time this is finished

Since most tents on 135a has been cleared out, how about creating a new tent city on this piece of land? It will surely become the new art and culture center of Whalley as they call it.

[Westbased]

Originally Posted by Bombaman

Does anyone know what's happened to this project? It seems the progress has came to a halt.

It appears the current developer (Tien Sher) is shopping the project on the market. List price is undisclosed, but its for sale.

There is a strong possibility this may not be built for a while...

[Flynn86]

I wounder which developer would want to buy it? Concord I could see.

[EhJay]

Originally Posted by Westbased

It appears the current developer (Tien Sher) is shopping the project on the market. List price is undisclosed, but its for sale.

There is a strong possibility this may not be built for a while...

Where did you see this as listed for sale?

[Westbased]

Originally Posted by EhJay

Where did you see this as listed for sale?

I believe it was listed by an Avison Young agent, can't recall the name now.

Price was undisclosed.

This was a few months back now and I'm sure things have changed. Can't find it if googling right now.

Thinking about this in hindsight, the developer may have been looking for a partner rather than selling the whole site.

Based on the application info online, they are at the project detailing stage, with the latest activity August 15, 2018.

So they are moving ahead although maybe slowly.

[Bombaman]

I am curious about what's happened to the gateway project. I assume most developers want to wait unit the surrey central and King George area is fully developed. After that, they will begin more developments in Gateway.

[officedweller]

Tien Sher's project is still on.

From an October 4, 2018 BIV story:

“Surrey is the future,” said Surrey developer Charan Sethi, president of Tien Sher, who has built and sold out half a dozen low-rise condominium projects in and around Surrey Centre.

Sethi is now pulling together plans and permits for the redevelopment of the former Flamingo hotel site into Tien Sher’s first highrise residential project.

https://biv.com/article/2018/10/fras...-transit-steps