Quote:
Originally Posted by trofirhen
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That site is addressed as 601 Beach Avenue. It was part of the Concord Pacific site that was sold to the City of Vancouver for non-market housing in 1999. The City in turn sold it to Pinnacle in late 2016 for them to submit a rezoning to include market and non-market housing. The City had to be very careful to ensure that the rezoning is not a foregone conclusion, but there are higher building policies that identify the site as suitable for a tower to have a similar height to Vancouver House to provide a 'gateway'.
Concord Pacific sued the City earlier last year because they argued that the City could only build non-market housing here. That court case hasn't been heard yet, and it's not clear if Concord have dropped it, or reached an agreement with the City, but the sale to Pinnacle was in November 2016, after Concord sued.
The deal is quite complex - here's what's on the City's website: "Financial details
•$20 million: base purchase price
•$44.5 million (estimated): design, financing, and development costs to provide the “turnkey” 152 affordable housing units to the City of Vancouver
•An adjustment price of $365 per every additional buildable square foot above the current zoning that may be approved as part of a future rezoning and development of the property. For example: •If 200,000 additional buildable square feet were approved at rezoning, the adjustment price would be an additional $73-million payment to the City of Vancouver
•If 350,000 additional buildable square feet were approved at rezoning, the adjustment price would be an additional $127.75-million payment to the City of Vancouver
These amounts are only examples and the actual amount of the adjustment price will depend on the approval of an application to rezone the property for future development, which is subject to a public hearing."
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