Downtown Vancouver Updates II

[jollyburger]

Vancouver's historic Hudson's Bay Building up for grabs

On Wednesday, Coldwell Banker Richard Ellis and Marcus & Millichap announced the two firms were appointed as the advisory team behind the sale of the iconic downtown Vancouver retail space.

The store is (or rather, was) huge, and was home to the Hudson's Bay Company before closing earlier this year.

https://www.biv.com/news/real-estate/vancouver-hudsons-bay-building-for-sale-11576435

[Spr0ckets]

Originally Posted by jollyburger

https://www.biv.com/news/real-estate/vancouver-hudsons-bay-building-for-sale-11576435

A new (Ritz-Carlton) Hotel or the new Vancouver Art Gallery home.


(....are my suggestions for what should happen to it.
I don't really see any other project type working in that location in this market)

[Glow Fun City]

Originally Posted by Spr0ckets

A new (Ritz-Carlton) Hotel or the new Vancouver Art Gallery home.


(....are my suggestions for what should happen to it.
I don't really see any other project type working in that location in this market)

Art Gallery would be amazing if they can afford the combined property and renovation costs…

[osirisboy]

That building for the Art gallery would be horrible

[jollyburger]

I guess it all depends on the valuation of the land and how much of a rush they are in to sell it.

Here's the filings for the RioCan-HBC Partnership

https://cfcanada.fticonsulting.com/RioCanHBCJV/

Oxford was complaining about Fairweather being too downmarket for Yorkdale

https://www.thestar.com/business/fairwea...0c58c4a-48dd-5e73-bad1-3fcd6b8355fe.html

[Changing City]

The Bay building is much bigger than the Art Gallery needs. The only scenario that I could see that use being introduced would be if Reliance Holdings bought it, and the gallery occupied the top two floors with storage floor in the basement. (Jon Stovell is Chair of the VAG Board, and President and CEO at Reliance). Maybe there could be a hotel on a couple of floors as well - with a central atrium or two carved out.

Even then, the economics would be difficult - the land is valued at $162m, and unlike Winnipeg, the structure doesn't have a negative value. The Downtown Bay building there is a similar size, (655,000 sq ft), and was 'sold' to the Southern Chiefs' Organization for two beaver pelts and two elk hides, in 2022. The conversion and restoration of the building, in part as housing, is now budgeted at $310m.

[jollyburger]

I wonder what the 500 parking spaces Holborn needs to build for the old store is worth to them in construction costs?

[officedweller]

I'd rather see a tall tower on the northern half of the site rather than the Borg cube that was previously proposed.

[jollyburger]

Originally Posted by officedweller

I'd rather see a tall tower on the northern half of the site rather than the Borg cube that was previously proposed.

I don't think they mentioned why they chose to go that route so I guess we'll find out how practical it is to go taller when someone buys it. It was under the 300 foot view cone at the time.

https://www.urbanyvr.com/hudsons-bay-vancouver-redevelopment/

[jollyburger]

They're installing illuminated National Bank signs on 1070 W GEORGIA STREET

Not sure if they need to bring back the helicopter.

[Zepfancouver]

Originally Posted by jollyburger

They're installing illuminated National Bank signs on 1070 W GEORGIA STREET

Not sure if they need to bring back the helicopter.

If so, someone let us know, it was fun watching the initial install of Nov 13, 2022

[officedweller]

Originally Posted by jollyburger

I don't think they mentioned why they chose to go that route so I guess we'll find out how practical it is to go taller when someone buys it. It was under the 300 foot view cone at the time.

https://www.urbanyvr.com/hudsons-bay-vancouver-redevelopment/

I think it was for view cone compliance, but with Holborn's proposal at the parkade site, I hope the next project is tall and thinner.

[gaviscon]

Road diet on Homer turned out well:

20251203_123558 by globalbusinesscentre105 H, on Flickr

[gaviscon]

848 Seymour hotel:

20251204_112532 by globalbusinesscentre105 H, on Flickr

Listel Hotel Redevelopment on Robson:


20251205_145816 by globalbusinesscentre105 H, on Flickr


I think 1555 Robson is close to demolition. The entire stretch is now empty: bike shop, B.bq chicken, and the office building have closed down.

20251205_150314 by globalbusinesscentre105 H, on Flickr

20251205_150332 by globalbusinesscentre105 H, on Flickr

20251205_150454 by globalbusinesscentre105 H, on Flickr


1818 Alberni St


20251205_151053 by globalbusinesscentre105 H, on Flickr


Bute plaza:

20251205_145510 by globalbusinesscentre105 H, on Flickr

20251205_145409 by globalbusinesscentre105 H, on Flickr

20251205_145349 by globalbusinesscentre105 H, on Flickr


Hope they're not finished with the north side....

20251205_145237 by globalbusinesscentre105 H, on Flickr

20251205_145228 by globalbusinesscentre105 H, on Flickr

[jollyburger]

Going by the site diagram that looks finished on the North side.

https://vancouver.ca/files/cov/bute-robson-map.pdf

[officedweller]

Originally Posted by gaviscon

Bute plaza:

20251205_145510 by globalbusinesscentre105 H, on Flickr

Is it just me or would others feel uneasy having your back to the passersby?
(i.e. random stabbings)
The space is wide enough to have the bench perpendicular facing north or south.

[hollywoodnorth]

thx for the pics .... amazing news on 1555 Robson! that will be a great change for that strip.

[jollyburger]

They're doing internal abatement first on the Robson project.

[Vin]

Originally Posted by officedweller

Is it just me or would others feel uneasy having your back to the passersby?
(i.e. random stabbings)
The space is wide enough to have the bench perpendicular facing north or south.

In E Hastings or Granville St, I would be pretty scared, not so much this location, although in a town with so many drug-addicted crazies, you never really know.

I love how the intersection of Bute and Robson has turned out though. This is the kind of plaza design that steers away from the traditional North American style downtown intersections, where priority is on cars over anything else.

[gaviscon]

1068-1090 Burnaby St



Dec 8

20251208_123640 by globalbusinesscentre105 H, on Flickr

1045 Burnaby St


Dec 8

20251208_123905 by globalbusinesscentre105 H, on Flickr

20251208_124045 by globalbusinesscentre105 H, on Flickr