Park board approves plans for Coal Harbour restaurant
BY CHERYL CHAN, THE PROVINCE NOVEMBER 16, 2015
A new restaurant is coming to prime waterfront property at a public park in Coal Harbour.
On Monday, the Vancouver Park Board approved plans for the two-storey restaurant, which will join Cactus Club and Tap and Barrel in catering to hungry tourists, conference attendees from the nearby convention centre, and locals hankering for a meal with views of the water.
The Sequoia Company of Restaurants Inc. and McDougall Holdings Ltd. won the bid to build the restaurant on the eastern edge of Harbour Green Park adjacent to the grand staircase connecting Jack Poole Plaza to the seawall.
The Sequoia Company is no stranger to having to the park board as its landlord — it already operates the upscale Seasons in the Park at Queen Elizabeth Park and The Teahouse at Stanley Park — while McDougall Holdings, which operates Harbour Air, owns two casual eateries in Richmond and Victoria located near seaplane terminals.
The agreement allows for a 10-year lease with the option of renewing for two additional 10-year terms. The annual base rent is $200,000 a year, in addition to a variable rent based on earnings.
Based on the restaurant’s projected revenue, rent for the first five years is pegged at about $2.2 million, according to a presentation to commissioners Monday.
Plans for a new restaurant at Harbour Green Park have been in the works since 2006, said a park board report, but was revitalized in 2013 after the temporary seaplane terminal, which was using the site designated for the restaurant, moved to its permanent location.
The city had already approved a development permit in 2008, but the proponent submitted a new design featuring a shorter building and a covered second-floor patio that would require a new development permit process.
As part of that process, there will be public consultation, a public information meeting and a mail-out notification to nearby residents, said the park board.
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