Posted Apr 20, 2023, 9:12 PM
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Registered User
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Join Date: Dec 2015
Posts: 9,595
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Not sure who has the title on the property but this FOI for those properties mentions this.
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The properties are currently fully leased to three tenants; however, as of the effective date of appraisal, termination notices were issued to all the tenants. Our client has indicated that the buildings will be demolished in the third quarter of 2020 to allow for the sites to be used for laydown space for the Broadway Subway Project. We have been instructed by our client to assume the subject sites will be leased to the Project for approximately five years, which will allow for holding income prior to redevelopment.
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Our report was prepared for the exclusive use of City of Vancouver for internal decision making and potential negotiation purposes and may be used for negotiations between City of Vancouver and the current owner of the adjacent property at 1451 West Broadway. We are not aware of any third party (parties), other than our Client's agents to assist in negotiations, that is likely to see or rely on the report; liability in this respect or for any other use is expressly denied.
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According to BC Assessment records, the subject properties sold on April 1, 2015 to the City of Vancouver for a combined price of $13,500,000. It is our understanding the properties were acquired to accommodate a potential future SkyTrain station.
To the best of our lmowledge, the subject properties are not currently listed for sale. However, our client indicates it may consider the sale of the subject properties to the adjacent owner at 1451 West Broadway.
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Doesn't that sound like they were thinking of selling those CoV properties to Shato or am I missing something?
https://gw.vancouver.ca/files/cov/2021-585-release3.pdf
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