1045 Haro Street | 177m | 55 fl | Proposed - Page 6

Changing City · #**101** Posted **Feb 21, 2024, 3:00 AM**

Quote:

Originally Posted by officedweller

Court's judgment in appointing the receiver.
Has some interesting background information.

https://www.bccourts.ca/jdb-txt/sc/2...24BCSC0047.htm

Thanks for that. Fascinating to read the details. So assuming the owners haven't found a new lender to repay BMO, so they can retain the property, we should expect to see a sales pitch after February 23rd. It'll be interesting to see if Chard still think it's worth making a bid. We've seen a few more projects fail to launch since the previous set of offers were solicited for the site.

whatnext · #**102** Posted **Apr 2, 2024, 11:26 PM**

Site now listed for sale:

After Receivership, Planned 55-Storey Tower Site In Vancouver Put Up For Sale
The developer of 1045 Haro Street was placed under receivership in January and the property has since been listed by CBRE.
Howard Chai
April 02, 2024

Vancouver's most high-profile receivership case, that of the 55-storey tower planned for 1045 Haro Street, has now progressed to the sale stage, according to an official sales brochure obtained by STOREYS.

The 1045 Haro Street property is being listed by Tony Quattrin, Jim Szabo, and Carter Kerzner of CBRE Vancouver without an asking price. As of writing, the listing is not publicly available.

Although there is no asking price, there are a few existing numbers that could potentially serve as points of comparison.

In August 2018, the developers acquired the site for $172,750,000. Now, however, BC Assessment values the property at $98,077,000. The site is currently occupied by a seven-storey rental building with 160 units that were originally constructed in 1980 and a three-storey commercial building. According to CBRE, the property currently carries a net operating income of $1,770,000.

Additionally, after the developers came to the realization that they would not be able to move the project forward, an attempt was made last year to try to sell the property. Then, CBRE was also retained, and one of the offers it received was from Chard Development for $93M.....

https://storeys.com/1045-haro-street-receivership-sale/