[deasine]

Well technically they are just using the old park for the new fairgrounds, so like pushing everything to the sides... I personally am not a fan of the idea entirely, but both Playland, PNE, and Hastings Park needs a big makeover, so this isn't necessarily bad.

[jlousa]

Sorry to take this off the Hasting Park topic, but figured I'd post this before I forget.
As many of you already know the huge plans for the Broadway tech park (Boardway and Renfrew), well Bentall has even larger plans, they just bought their neighbours at E Broadway and Lillooet St for $36Million. That's a sizeable amount of money in that area. Should be interesting to see what they have in store as they are still less then half-way thru the current site.

[LeftCoaster]

Awesome, and this is just after that document issued by city hall calling for increased densities and mixed uses in the area no?

This could be a pretty great development.

[David]

Both approaches show a significantly reduced area for Playland. In fact, in "Approach 3" the roller coaster is the ONLY part of Playland remaining.

[flight_from_kamakura]

thanks for posting the fairgrounds info j-lo.

personally, though it's unrealistic, i'd very much like to see any master plan of the area see the highway covered.

the highway is set to be redone anyway, and the land recuperated would probably offset a nice chunk of the costs, and reuniting sunrise vancouver with boundary would change the shape of the region, it's unfortunate that we're not thinking a little bigger.

(that said, obviously, a city planning document has nothing to do with the province's highway plans...oy)

[Jared]

Sorry to take this off the Hasting Park topic, but figured I'd post this before I forget.
As many of you already know the huge plans for the Broadway tech park (Boardway and Renfrew), well Bentall has even larger plans, they just bought their neighbours at E Broadway and Lillooet St for $36Million. That's a sizeable amount of money in that area. Should be interesting to see what they have in store as they are still less then half-way thru the current site.

Presumably you mean between their current site and Lillooet? Or is it to the east, between Lillooet and Renfrew?

Either way, its good to see a bunch of office development near SkyTrain stations starting (Broadway Tech Park, A couple towers at Brentwood, Metrotower 3, the stuff at Gateway station etc.). Now hopefully the clients they attract are the types who would otherwise be in sprawly office parks, not the types who would otherwise be downtown.

[SFUVancouver]

First
http://img185.imageshack.us/img185/8229/firstjuly252008p1080680zb0.jpg
http://creativecommons.org/images/public/somerights20.png (http://creativecommons.org/licenses/by-nc/2.5/ca/) Taken by SFUVancouver, July 27th, 2008.

Crossroads
http://img185.imageshack.us/img185/7548/crossroadsno1july302008la1.jpg
http://creativecommons.org/images/public/somerights20.png (http://creativecommons.org/licenses/by-nc/2.5/ca/) Taken by SFUVancouver, July 27th, 2008.

http://img185.imageshack.us/img185/3743/crossroadsno2july302008zb1.jpg
http://creativecommons.org/images/public/somerights20.png (http://creativecommons.org/licenses/by-nc/2.5/ca/) Taken by SFUVancouver, July 27th, 2008.

http://img112.imageshack.us/img112/4182/crossroadsno3july302008gc9.jpg
http://creativecommons.org/images/public/somerights20.png (http://creativecommons.org/licenses/by-nc/2.5/ca/) Taken by SFUVancouver, July 27th, 2008.

http://img185.imageshack.us/img185/7279/crossroadsno4july302008xo3.jpg
http://creativecommons.org/images/public/somerights20.png (http://creativecommons.org/licenses/by-nc/2.5/ca/) Taken by SFUVancouver, July 27th, 2008.

Now close ups of the curtain wall and the wooden supports for the glass canopy.
http://img262.imageshack.us/img262/4493/crossroadsglazingzoomjulo6.jpg
http://creativecommons.org/images/public/somerights20.png (http://creativecommons.org/licenses/by-nc/2.5/ca/) Taken by SFUVancouver, July 27th, 2008.

http://img262.imageshack.us/img262/7227/crossroadswoodbeamsjulywn8.jpg
http://creativecommons.org/images/public/somerights20.png (http://creativecommons.org/licenses/by-nc/2.5/ca/) Taken by SFUVancouver, July 27th, 2008.

[sacrifice333]

First on First has gone up fast.

And I really like how Crossroads has turned out, especially the commercial tower.

[AlexYVR]

Interesting glass colour - or maybe just the sky that day. I need to look up more often. The wood spars are a really nice touch when you see them in person.

[danby]

Im very impressed with the look of crossroads!! its turning out great!

[officedweller]

Nice thanks. Wish the Crossroads tower was a bit taller though.

[squeezied]

me too.. but i hope this allows zoning of the site north of crossroads to be taller then. i imagine the city wouldnt allow two tall buildings opposite of each other.

actually it just came to me, could it be that its due to view cones?

[LeftCoaster]

Yes the tower's hieght is a direct reflection of the City Hall viewcone I believe. This was the maximum height either building could go. The development is deveptively large though, as the podium is quite substantial and the towers are slightly wider and longer than their surrounding neighbours.

I do agree though, they would both look significantly better with about 3 or 4 more stories.

[SpongeG]

looking good

its set to open this fall - well the retail in crossroads is?

[jlousa]

Due to a couple of emails, I've been encouraged to continue posting. I'm back and hope to remain here, but as I mentioned to others I don't have the time and definately the patience for some of the stuff that's been going on.
Anyways back to business.

Scheduled for the DPB for Nov 3, another addition to the SEFC community at 26 East 1st Ave.

To develop this site with a 15 storey residential building and 2 storey townhouses at grade all over 4 levels of underground parking with vehicle access from the lane.

You can see the renderings as well as many others for that area on a recently released city website. They are making strides to release a lot more information to the public.

http://www.city.vancouver.bc.ca/commsvcs/southeast/rezoning/index.htm

Also I attended the open house for the Hills project last evening at Renfrew community centre, looks like there won't be a grocery store but a large-format drug store (name still disclosed probably a Shoppers though). The tower and the whole project for that matter look really good. Hopefully they proceed with the 2nd phase soon after (a nice 7 storey podium along Nanaimo).
For those interested in some more info, I've included a link.http://vancouver.ca/commsvcs/developmentservices/devapps/2300kingsway/index.htm

[Smooth]

Great to hear you're sticking around jlousa! I was afraid SSP had lost one of its most valuable members because of one of its worst.

[officedweller]

Thanks for the info. Always appreciated.

[SpongeG]

some pics from one of the projects in Kerrisdale - there is another tower but it was rainy and wet and couldn't get there...

I can't remember the name of this one

pics by me aug 9

http://img.photobucket.com/albums/v62/spongeg/DSC00818.jpg

http://img.photobucket.com/albums/v62/spongeg/DSC00820.jpg

http://img.photobucket.com/albums/v62/spongeg/DSC00825.jpg

looks like an outdoor fireplace - huge out door area though

http://img.photobucket.com/albums/v62/spongeg/DSC00823.jpg

[osirisboy]

interesting project i like it, thanks for the pics!

[excel]

nice pics thanks.

[Coldrsx]

as much as it should have been higher, crossroads turned out very nice.

[jlousa]

Pretty large project planned by Ledingham McAllister at Fraser and 29th Ave where that strip mall is. It's only 4 floors but it's huge in size at 214,000sqft it'll have 213 units including 48 replacement rental units. Parking for 411 cars, 263 res and 148 commercial stalls. For that many commercial units I can only guess they are planning for a supermarket as there isn't one in that area.

[phesto]

Pretty large project planned by Ledingham McAllister at Fraser and 29th Ave where that strip mall is. It's only 4 floors but it's huge in size at 214,000sqft it'll have 213 units including 48 replacement rental units. Parking for 411 cars, 263 res and 148 commercial stalls. For that many commercial units I can only guess they are planning for a supermarket as there isn't one in that area.

Thanks.

The plans show a 16,000 sq ft. foodstore, a 12,000 sq ft drug store and a bank.

What would be an appropriate small-format grocery store in that area? Nester's? Choices?

[officedweller]

Probably Nestor's or Buy-Low.

[hollywoodnorth]

Business in Vancouver August 12-18, 2008; issue 981

Great Canadian Gaming Corp.’s $40 million Hastings Racecourse overhaul at the starting gate

Company says revenue from 600 slot machines will help revive province’s ailing horse racing industry

Glen Korstrom

Great Canadian Gaming Corp. (TSX:GC) is set to open a $40 million gaming and entertainment facility at Hastings Racecourse August 15. The ground-level centre in the track’s 60-year-old grandstand will include 600 slot machines, which will replace the 150 that have operated temporarily in the far eastern end of the grandstand since November 10, 2007.

The 42,000-square-foot facility will house a sports and entertainment lounge, new food and beverage concessions and washrooms that will be a marked improvement over the cold-water-only pit stops that racing fans previously had to use.

But it’s the gaming floor filled with blinking, musical slot machines that is expected to be the real cash cow for Great Canadian.

The company has steadily increased slot machine revenue while expanding its number of slot machines to 3,471 in B.C. and 5,727 across Canada at the end of 2007.

But not everyone is happy with Great Canadian’s Hastings Racecourse initiative.

The upgraded casino facility leaves park neighbours and slot machine foes disheartened but not defeated.

Arguing that the City of Vancouver doesn’t have the power to authorize slot machines at Hastings Park, opponents initially lost their case in B.C. Supreme Court. On March 20, they lost again. This time in the B.C. Court of Appeal.

Access Law Group partner Derek Creighton has now appealed to the Supreme Court of Canada on behalf of the group, known as the Hastings Park Conservancy.

He said there are two key issues in the case. “One relates to the whole issue of who’s the proper elected authority to govern Hastings Park. The other is the whole comprehensive zoning powers of the city and their obligation to give the neighbours details of what’s going to be built [in their neighbourhoods].”

But that doesn’t worry Howard Blank, Great Canadian’s vice-president of media and entertainment.

“We feel their case is without merit and, hence, this is being opened on schedule with the approval of the city, B.C. Lottery Corp. and our company.”

Great Canadian’s last annual report points to “strong performance” from Fraser Downs’ 503 slot machines and the addition of 150 temporary slot machines at Hastings for the last month and a half of 2007 as reasons for a 24% growth in annual gambling revenue at B.C. racing facilities.

On-track wagering at Fraser Downs and Hastings Racecourse declined last year. However, that dip was more than offset by a boost in Internet-based wagering and horse race betting at telecentres.

Blank said slot machines have helped B.C.’s horse racing industry, which provides an estimated 7,500 jobs and generates $350 million a year, turn a corner.

“We think that the bleeding in horse racing has stopped, and I think we’re seeing a turnaround now,” Blank said. “All you have to do is look at other tracks that have put in slots and offered full-service facilities, how they’ve turned around.”

He said that in recent decades, high-calibre B.C. jockeys, trainers and other industry talent have left the province. But he added that they’re now coming back.

“Remember it’s all because the slots help with the purses as part of the deal. That, in turn, enables owners to spend more on their horses and their stables because they know they’ll have a chance to vie for higher prizing.”

Purses now range up to $250,000 for the September 21 BC Derby. Blank expects purses to rise 10% to 15% thanks to the new slot machines. •

[hollywoodnorth]

Business in Vancouver August 12-18, 2008; issue 981

PCI Group targeting Vancouver’s eco-density objectives with its Marine Gateway project

City’s downtown building costs last seen heading through the roof – again

by Peter Mitham

Southern gateway

PCI Group’s Cross Roads project at Cambie and Broadway is steadily taking shape. Completion of the 310,000-square-foot mixed-use project is scheduled for later this year. London Drugs is set to move in before Christmas, while Lululemon and Whole Foods Market will take occupancy in early 2009.

The landmark project isn’t the only one in the PCI pipeline, however.

A more ambitious venture is in the works for the south end of Cambie on the site of the former ICBC claims centre at Southwest Marine Drive. PCI bought the 4.8-acre site last December for $20 million. Now, it hopes to transform ICBC’s bunker-style centre into a transit-oriented hub with up to 850,000 square feet, including multi-level retail space, an office tower and up to 500 homes. The residential portion will include 180 rental units, improving the mix of housing options in a city that has seen its rental stock diminish in recent years.

PCI bills Marine Gateway as the first project planned with a view to incorporating the objectives of the city’s eco-density charter. Vancouver architecture firm Busby Perkins + Will is drafting the project’s plans, which promise to have a green tint in keeping with the firm’s mandate.

PCI president Andrew Grant says the project is targeting LEED (leadership in energy and environmental design) gold certification. While planning is in the preliminary stages, he expects the project to move to completion within five years.

With a busy bus loop and the opening of the Marine Drive station on site next year, Grant said PCI, the city and potential office tenants are keen to develop the site with uses that will benefit from the transit connections.

By request …

Since the cost of buying a buildable square foot in Vancouver’s downtown topped $100 a square foot five years ago, the role of high site acquisition prices in driving up the cost of new construction in the city has been well known. Developers securing land for projects during the recent condo boom tightened the screws for commercial developers, and more projects began mixing uses in an effort to pencil out project costs.

It didn’t come as a great surprise, therefore, when a reader of this column recently asked for a roundup of current pricing information in the downtown core.

While $200 a buildable square foot isn’t yet the norm, the latest stats from Avison Young Commercial Real Estate (B.C.) Inc. indicate that the figure isn’t out of the question.

Between January 2007 and mid-2008, Avison Young reports, development sites in downtown Vancouver were selling for between $140 and $200 a buildable square foot. That’s up from a range of $85 to $140 a buildable square foot in the previous 18 months.

While residential sales continue to set the pace so far as valuations go on the downtown peninsula, Avison Young principal Michael Gill believes the upward pressure on site prices is moderating.

“The recent lack of activity in residential land transactions in downtown Vancouver suggests that there is some cooling-off in pricing, which is mainly reflective of the recent drop-off in condo sales (and pre-sales) in the market,” he said.

Projects win recognition

Two high-profile projects recently won recognition for efforts to make good on what they’ve got.

In the first case, the Planning Institute of B.C. awarded Vancouver’s plan for a makeover of the Oakridge Centre site at Cambie and West 41st as the province’s best in the site planning and design category for projects over $50,000 at its annual awards last month.

Ivanhoe Cambridge’s makeover of the site, which is set to begin next decade, will see a mix of uses that builds on what is already on site.

The objective is to create a pedestrian-friendly environment on what is now a site largely designed for vehicle access. The opening of a Canada rapid transit line station at the mall next year will create opportunities to increase densification by reorienting the mall to transit.

A project that’s underway has also won kudos for its accomplishments.

The first phase of Dockside Green, the mega-project taking shape opposite downtown Victoria, recently achieved the highest score ever under the LEED standard.

Made up of 95 homes in two buildings, Phase 1 racked up 63 points out of a possible 70, securing it a rating of LEED platinum.

Key components of the project’s success include waste reduction, measures to reduce water and energy use, and site measures that include green roofs and incorporation of a naturalized creek on site. •

[jlousa]

The Province just released a RFS for the trees for tomorrow project, personally I had never heard of it, but it sounds great, should even be larger. Anyways not sure if this is the best place to put this, maybe someone can move it if needed.

The Province has committed to be carbon neutral by 2010 and to reduce provincial greenhouse gas emissions by at least 33 per cent below 2007 levels by 2020.

Trees for Tomorrow will provide opportunities for every community in BC to help sequester carbon, beautify public spaces and make their communities greener and healthier.

Over the next five years, these communities will plant four million trees in BC’s urban areas, absorbing a million tonnes of greenhouse gases, improving air quality, increasing energy efficiency and regenerating forests in urban areas affected by the Mountain Pine Beetle.

• Trees for Tomorrow is one of the Province’s key strategies for reducing greenhouse gases by 33 percent by 2020.
• Trees for Tomorrow gives BC communities, organizations and individuals a tangible way to contribute toward positive climate action while creating other social, economic and environmental benefits.
• Four million trees will be planted in schoolyards, hospital grounds, parks, campuses, parking lots, paths and walkways and other public spaces in BC communities.
• More than 120 BC communities have already signed on to the Climate Action Charter and Trees for Tomorrow will help them meet these Charter obligations.

[sacrifice333]

four million trees in BC’s urban areas, absorbing a million tonnes of greenhouse gases, improving air quality, increasing energy efficiency and regenerating forests in urban areas affected by the Mountain Pine Beetle.


So that ought to cover 10% of the trees being killed off by the Mountain Pine Beetle... so what are we going to do about the other 90%?!

BC will be forest free in the not to distant future with the current status quo.

[Smooth]

So that ought to cover 10% of the trees being killed off by the Mountain Pine Beetle... so what are we going to do about the other 90%?!

BC will be forest free in the not to distant future with the current status quo.

This is a program for urban areas. I'm sure there is a different program for the pine beetle ravaged forests throughout BC.

[djh]

That is a LOT of tree plantings. Not to look at this as a job-maker, or economy-driver, but in a way, it could actually provide a small stimulus to the economy.
Think about it: 4 million trees planted over 5 years = an average 1.25million trees planted per year in URBAN areas. Let's assume there are, what 10 main urban areas province-wide, that's an average of 125,000 trees per year per city.
Think of how many tree nurseries will be receiving purchase orders from the government for trees, how many youth and forestry workers will be hired to plant trees, how many arborists to advise, how many city staff to choose, prepare and maintain the trees and their sites. How many urban kids might get some education on different tree types that will appear in their areas.

I really hope the program grows.

[jlousa]

The program acutally includes a number of eductional centres across the provincefor kids, as well as supply jobs for various youth groups, including some troubled youths. Sounds great on paper hopefully it works out like planned.

[squeezied]

don't know if this is new, but there's a townhouse project on the southeast corner of granville and mcrae ave, or on the lands of the Nichol House estate. the project is called Mcrae Avenue Townhouses by Fifth Avenue Architecture. i'm probably not allowed to post any pics, as the drawing plans don't belong to me; but i will say that there are 16 townhouses ranging from 962-3434 sq-ft, 2 stories at the granville and mcrae ave side transitioning to 3 stories at the courtyard side adjacent to the 3 story 10000sq-ft Nichol House mansion. the townhouses look pretty high class(obviously) like the townhouses one would find in the higher-end areas of london.
i guess it wouldn't hurt to list the materials:
-brick and stone (rusticated limestone) cladding
-wood windows
-concrete columns
-wrought iron/milk bottle balustrades

some applicable sites:
http://www.straight.com/article-127708/shaughnessy-residents-fight-townhouse-development-on-nichol-house-estate
http://www.ecopreservation.org/ecopblog/index.php/archive/1/index.php/item/94 (you might be able to get a small glimps here if the pic works)
http://www.theglobeandmail.com/servlet/story/RTGAM.20080813.wbcheritage13/BNStory/National/home?cid=al_gam_mostview

seems there's a huge opposition against this project, but it passed and i'm eagar to see the finished product!

[jlousa]

Yeah that project was approved a while ago against the wishes of alot of nimbys, some of their concerns were legimate others were purely selfish.

Bentall is now proceeding with Phase 2b of the Broadway Tech complex, it consists of buildings 4 and 6, nothing major but it's an additional 200,000sqft of office space.

[LeftCoaster]

great.... I have high hopes for the Broadway tech park/renfrew area after seeing those city documents pushing for more density and mixed uses. Some of you may remember my bitching and moaning a year or so back about the lack of density in this area.... actually im sure no one does. But it happened.

The Broadway tech park has acutally turned out quite nicely. The buildings really stand out as you drive down the lougheed, and I dont know if they actually are but they seem to be of decent quality.

[jlousa]

Anyways the project by Thind on Kingsway finally has their website up. They are calling it the scene (unsure what scene we're talking about :shrug: )
The rendering doesn't look too bad though, a great improvement over what was there for sure.

http://www.thind.ca/projects/the-scene/index.html

[NewfBC]

Anyways the project by Thind on Kingsway finally has their website up. They are calling it the scene (unsure what scene we're talking about :shrug: )
The rendering doesn't look too bad though, a great improvement over what was there for sure.

http://www.thind.ca/projects/the-scene/index.html

Hmmm.. maybe you get a discount with your 'scene' card...
http://www.scene.ca/home.aspx

:)

Ron.

[vanlaw]

Anyways the project by Thind on Kingsway finally has their website up. They are calling it the scene (unsure what scene we're talking about :shrug: )
The rendering doesn't look too bad though, a great improvement over what was there for sure.

http://www.thind.ca/projects/the-scene/index.html

I see the presentation centre is at the old Wally's Burger site. Is it safe to assume that will become a Thind project as well?

They had actually started excavating back in July. It created a pretty decent dust storm every day. I guess some of the residents behind it complained to the City. The City showed up and shut the site down. Apparently they were working without permits.

These are the emails I have recieved:

________________________________________________________________________________________________________
Thank you for pre-registering for The Scene, our exciting new CONCRETE STEEL development at Kingsway and Nanaimo.

Construction is finishing on The Scene Show Centre which will showcase a fully decorated and furnished Display Home ready for viewing by the end of August.

The scene has more than 100 units including residential and commercial (14 units) with 1 bedroom, 2 bedroom and 3 bedroom condos and townhouses located at 2239 Kingsway just across Canadian Tire. The completion date will be in the spring of 2010. It's Concrete and Steel Studs building. The floor plan will be ready for you in our show room. This project is outstanding for its amazing quality (concrete and steel),great location (most convenient with 3 buses serves all the time to everywhere), unbeatable price (priced as wood frame building), gorgeous view of the city and mountains, and fantastic layout. You will find what you want here.

By pre-registering on our website, you will be updated on our progress and be cordially invited to preview our homes prior to the public opening.


In the meantime, if you have any questions, please call me at 778 883 7033 anytime or email me at pennybcit@yahoo.ca.

_______________________________________________________________

The Scene show room is ready anytime from now on for our VIP clients. It's currently available by appointments only, so please let me know the time you would like to come and I will be there serving you. It would be great to visit before the public so you can choose the best layout.

Show Centre Address: 2701 Kingsway, Vancouver

The Show Room is located 2701 Kingsway ( A Pink Building). To serve you better,please call me before you visit.

Thank you. I am looking forward to hearing from you soon.
___________________________________________________________________________________________________

[Smooth]

So the main contact for that project is someone with a cell phone number and a yahoo email account?

[vanlaw]

So the main contact for that project is someone with a cell phone number and a yahoo email account?

LOL - seems to be. That is the real estate person dealing with pre-sales.

Had a look at the plans. Obviously they want to have as many units as possible, but I would have thought that on the top "penthouse" floor, they woudl have had some larger units on the north facing side with the view - i.e. 950-1005 sq ft. I gues not - pretty tiny units.

[jlousa]

They don't own the Wallys site, they are leasing it out, the site is on the market right now along with the used car lot and the two mechinic shops to the west (not the fountain tire site). No one is touching it yet as the lease on the mechanic shop doesn't expire for a couple of years. Any developer doesn't want to wait that long.

[worldwide]

So the main contact for that project is someone with a cell phone number and a yahoo email account?

i noticed that too... not to mention they use google maps on their website and it has typo's.

[vanlaw]

i noticed that too... not to mention they use google maps on their website and it has typo's.

I'm not so sure about Thind. The project at King Ed/Fraser looks just average, and as pointed out, the small details in their marketing are pretty mickey mouse. Will be interesting to see how pre-sales for the Scene work out.

[jlousa]

Pretty sure they'll do okay, they're a small developer but have numerous projects under their belt, especially in the Hastings/Sunrise area. That marketing company though could sure use some help. They should take some lessons from Rennie or MAC.

[jlousa]

Looks like CHMC is planning on some upgrades to Granville Island, nothing major though as it's budgeted at under $5Million.

Revitalization of the Granville Island Public Market Marina

CMHC wishes to enter into a contract with a vendor for the undertaking of repairs for the revitalization of the Granville Island Public Market Marina. The work includes, the demolition of existing structures and the design, supply and install of new structures.

Proponents are requested to submit their signed quote as per the instructions outlined in the ITT document on or before the submission deadline of 2pm PST, September 8, 2008.

[hollywoodnorth]

Business in Vancouver August 19-25, 2008; issue 982

Residential housing sales continue summer swoon, according to real estate board stats

But Canada Mortgage and Housing Corp. reports new home construction still accelerating in Metro Vancouver region

Real estate roundup: Peter Mitham

Residential markets swoon

A slowdown in residential real estate markets is holding steady through the summer, with the latest figures from the Real Estate Board of Greater Vancouver indicating declining sales, rising listings and sure signs of a buyer’s market (for those who can afford entry).

Stats for the seven months ending July 31, 2008, indicate that MLS sales for Metro Vancouver are off 24% versus the same period last year, while total listings for the year are up 18.9%.

Moreover, price reductions have started.

Since the end of May 2008, the benchmark selling price for homes in Metro Vancouver has declined 2.1%, to $556,605 from $568,411, which is slightly more than a percentage point a month.

The decline – one is tempted to call it precipitous – raises the question of whether residential buyers are responding faster to shifting market conditions than in the past. It’s a phenomenon commercial brokers such as Avtar Bains of Colliers International have noted, thanks to the global flow of information.

The same is true of local real estate markets like Vancouver, said Dave Watt, president of the Greater Vancouver Real Estate Board.

While he believes the market fundamentals are still pretty good, with net migration for the region still positive, Watt said buyers tend to be better informed.

“The buyer is armed with so much information with the coming of the Internet world, which even 10 years ago was still in kind of its infancy,” Watt said.

“If you are a buyer today, your sources of gaining information today are so rapid, you just go on to MLS.ca or whatever your website of choice is, and you will be up to speed on what the marketplace is saying. The buyers are quicker than the sellers, that’s for sure.”

How one uses the information is another question.

While access to information is good, Watt warned against using a wealth of information to justify a complacent approach.

Buyers also have to have sound judgment with regards to specific transactions to avoid missing out on some of the deals to be had.

Watt pointed out that while benchmark prices may be falling, good properties are still selling.

On the bright side

While housing sales drop, new home construction seemed to pick up steam in July, according to the Canada Mortgage and Housing Corp.’s latest report.

Starts in the Vancouver metropolitan area last month were 24.9% above July 2007, boosting starts for the year to a gain over the first seven months of 2007.

While outlying areas such as Chilliwack and Prince George saw declines of 47.4% and 37.5%, respectively, starts rose a respectable 11.2% in the first seven months of this year versus the same period last year.

The biggest percentage gains in the Vancouver area for the first seven months of this year were seen in Delta, Surrey and Vancouver.

Rental renos redux

The facts journalists have to work with aren’t always perfect, making for articles that are sometimes less than perfect.

A case in point was the reference in this space two weeks ago to 990 Bute Street (see “Suite renos mean some nervous renters are being shown the door” – issue 980; August 5-11). The property is one of several apartment buildings in Vancouver’s West End that’s on the Renters at Risk coalition’s list of endangered rental properties. Some good source information delivered to yours truly with poor spelling got worse when searched in the province’s register of companies.

The good news is, feedback to the item confirmed that the new owners of 990 Bute are Jason Gordon and Chris Nelson, a pair of Vancouver entrepreneurs formerly with RBC Dominion Securities and RBC Capital Markets, respectively.

In addition to real estate, the two have a background in online gaming and are co-founders of Vancouver-based Internet Gaming Partners Inc.

A note was also received from Rob Whitlock, the city’s senior housing planner, who co-authored the staff report recommending a survey of the city’s rental housing stock in 2007 (a project now in the hands of Jill Davidson). Whitlock noted that Mayor Sam Sullivan contacted Premier Gordon Campbell in May regarding landlords’ drive to achieve vacant possession of rental units in order to pursue renovations.

Sullivan’s letter urged the province to consider amending the province’s Residential Tenancy Act to better define the scope of renovations needed to evict tenants.

Sullivan’s letter also encouraged the province’s Residential Tenancy Board to track the number of evictions sought for renovations, the number of units unavailable due to renovations and pre- and post-renovation lease rates.

The latter sounds more like a matter for the rental market reporters at Canada Mortgage and Housing Corp., but research for the previous story suggests the complexities of such an endeavour would be overwhelming without greater data collection when municipalities issue permits for renovations.

[officedweller]

Renders from the Chris Boyzk website:

http://www.bozyk.com/HTML/Navigate1.html

901 Main Street (next to the Georgia Viaduct offramp to Main st.)

http://www.bozyk.com/IMAGES/Residential/901_Main/MainSt_image03.jpghttp://www.bozyk.com/IMAGES/Residential/901_Main/MainSt_image02.jpg
http://www.bozyk.com/IMAGES/Residential/901_Main/MainSt_image01.jpg

Jacobsen loft condo

http://www.bozyk.com/IMAGES/Residential/Jacobsen/Jacobsen_image03.jpghttp://www.bozyk.com/IMAGES/Residential/Jacobsen/Jacobsen_image02.jpg
http://www.bozyk.com/IMAGES/Residential/Jacobsen/Jacobsen_image01.jpg

Funky canopy for the Rocky Mountaineer Station (unbuilt??)

http://www.bozyk.com/IMAGES/HighTech/RMR%20Station/RMR_image3.jpghttp://www.bozyk.com/IMAGES/HighTech/RMR%20Station/RMR_image2.jpg
http://www.bozyk.com/IMAGES/HighTech/RMR%20Station/RMR_image1.jpg

The "current" projects page also has a couple of renders - one for 3777 2nd Ave for Bosa - not sure where this is - near Boundary? Click on the images to the left.

http://www.bozyk.com/HTML/Current.html

[SpongeG]

according to google maps its on the burnaby side of boundary road - its either that big empty lot that has been vacant for years

or they are going where there is some crappy used car dealer?

[vanman]

Renders from the Chris Boyzk website:

I like almost all their projects thanks.

[LeftCoaster]

Good news about 901 Main, that site as it stands is an eyesore when you get to the end of the Georgia Viaduct.

[Delirium]

Museum of Anthropology will re-launch for Olympics
MARSHA LEDERMAN, Globe and Mail

September 1, 2008

Vancouver -- The Museum of Anthropology in Vancouver will close down after today for six months, to accommodate a major renovation. The museum, on the campus of the University of British Columbia, is expanding its size by 50 per cent in a $55-million plus renovation.

Phase two of the project - renovating 75 per cent of the museum's existing spaces - will require the museum to close for the extended period. It will partially re-open on March 3, 2009, with a grand re-launch planned for January, 2010, to coincide with the Cultural Olympiad.

The first phase of the renovation involving the construction of a new research wing was completed in May.

The museum made headlines this year when it was the site of a break-in and theft of 15 works, including 12 by the iconic Haida artist Bill Reid - most of them gold. All of the works have since been recovered, with the exception of a fragment of a Reid argillite pipe panel. No charges have yet been laid.

Before the museum closes its doors this afternoon, it will hold a Closing Time party from 1 to 4 p.m.

http://i4.photobucket.com/albums/y101/oct2gon/ubc.jpg

http://i4.photobucket.com/albums/y101/oct2gon/ubc1.jpg

lots more info here. click on "building plans" for additional renderings -
http://www.moa.ubc.ca/renewal/index.php

[Coldrsx]

^that's kinda exciting...i love that building.

[Hed Kandi]

So that ought to cover 10% of the trees being killed off by the Mountain Pine Beetle... so what are we going to do about the other 90%?!

BC will be forest free in the not to distant future with the current status quo.

Is there any way to stop the pine beetle from devestating BC forests?

[jhausner]

Is there any way to stop the pine beetle from devestating BC forests?

Not really. They are combatting it but it's basically a losing battle at this point unless we get some insane long term cold weather in the Winter though even that's a bit questionable now since 2008 was fairly cold for a modern Winter in BC and this summer the result looks as though the affect was far less than predicted. Our forests won't be completely destroyed though forever like some doom and gloom people state. They tend to completely avoid new growth so once they've done their devistation, new smart regrowth will help the forests come back. We're talking decades though.

The forests and trees will come back and the ecosystems will recover. The main concern is economical.

[Denscity]

Pine isn't the only type of tree in our forest as well. Especially on the coast.

[Built Form]

A major redevelopment is in the works for London Drugs at Hastings and Penticton. A new mixed use development will see a 4 story building with 96 condominium units above a new 31,000 square foot London Drugs with a new McDonalds, walk-in clinic and 1 available retail unit. 8 buildings or 75% of the block will come down to accommodate this.

[East Van]

the already cut down the trees on that block. when is this supposed to start ? major change for this area as the neighborhood has always centered around this london drugs. plently of these 4 story low rises to come for this hood...

[SpongeG]

for those who loved it and followed the story...

Upside down church sculpture finds new home in Calgary after removal from Vancouver

CALGARY -- The location of Dennis Oppenheim's Device to Root out Evil and the partnership that made it possible were dramatically announced Friday as the sculpture of a six-metre-tall church rolled down 24th Avenue S.E. on a long flatbed truck.

The Glenbow Museum and the Torode Group of Companies are partners in relocating the upside down church from Vancouver to Calgary and its new home in Ramsay, one of the city's oldest and most artistic neighbourhoods.

The sculpture's installation, which moves Calgary another step closer to becoming a major centre for art, began soon after the truck reached the site, and the two parts of the work were lifted into position by crane.

On long-term loan to the Glenbow, Device to Root out Evil has been situated in a park-like setting on the west side of the Dominion Bridge building in Ramsay Exchange, Torode's billion-dollar redevelopment of the 21-acre industrial land for mixed residential and retail use. The park has been landscaped with trees and shrubs and provides benches to sit on for viewers of the artwork.

Torode's gift to the Glenbow in providing a site for the work is estimated at about $100,000.

The inverse position of the church has been interpreted as blasphemous by some viewers and this has given the work a reputation for being provocative. The artist has said he did not have this intention in mind when he made the work.

The sculpture, which debuted at the 1997 Venice Biennale, arrived in Canada for the Vancouver International Sculpture Biennial in 2005. It was purchased for $300,000 the following year by the Benefic Foundation, a group of lawyers that specializes in philanthropy.

After condo residents in the waterfront area complained that the sculpture blocked their view of Coal Harbour, and others argued it was blasphemous, Vancouver's art in the parks coordinator called for its removal.

Glenbow president Jeffrey Spalding then secured a five-year loan from the Benefic Foundation to bring the work to Calgary and found a partner in John Torode.

Dennis Oppenheim, who is in Korea to participate in the Bufan Biennale, is an internationally famous American artist whose outdoor sculpture is found in major cities around the world.



http://www.canada.com/vancouversun/news/westcoastnews/story.html?id=9b1b41a5-94b9-438c-b9b8-56ab38a19f0c

found a pic on flickr

http://farm4.static.flickr.com/3064/2832986721_730fc19bd5.jpg?v=0
flickr (http://farm4.static.flickr.com/3064/2832986721_730fc19bd5.jpg?v=0)

[Smooth]

^ I was expecting that it would end up in a more prominent location in Calgary. From that picture it looks like it's in a typical suburban park. Sad.

[Distill3d]

they put it in Ramsay? god, that think its going to be repainted within a month!

this is why i moved away from Calgary...

[Delirium]

wow.. i thought it was going to go somewhere prominent downtown. where is that area exactly?

seeing it in such an unceremonial place makes it look so.. boring. but i have to laugh at the calgary media. i noticed this headline from the herald;
"Controversial artwork could put Calgary on global cultural stage" :haha:
http://www.canada.com/calgaryherald/news/story.html?id=f515c5c3-4c25-4992-a24f-d6abc0fe30ae

[osirisboy]

so after its 5 year loan period is up what are the chances of it coming back to vancouver?

[dreambrother808]

^

who cares... it was a boring, unattractive piece

[osirisboy]

^

who cares... it was a boring, unattractive piece

boring? I have never heard anyone call it that before

[SpongeG]

wow.. i thought it was going to go somewhere prominent downtown. where is that area exactly?

seeing it in such an unceremonial place makes it look so.. boring. but i have to laugh at the calgary media. i noticed this headline from the herald;
"Controversial artwork could put Calgary on global cultural stage" :haha:
http://www.canada.com/calgaryherald/news/story.html?id=f515c5c3-4c25-4992-a24f-d6abc0fe30ae

theres a bunch of pics of it in this thread (http://forum.skyscraperpage.com/showthread.php?t=157303)

it looks like its next to some work shack thing like an unused grass plot that belongs to the city or something :shrug:

[Distill3d]

wow.. i thought it was going to go somewhere prominent downtown. where is that area exactly?


Ramsay is just east of downtown. its an older, more industrial community. its similar to East Vancouver, like from Commercial west to Main type thing. the people are a mixed blend of middle class and lower class. it really sucks having it there rather than somewhere like Eau Claire or in a more prominent beltline area just south of downtown.

[cornholio]

^

who cares... it was a boring, unattractive piece

This boring piece was the best piece of public artwork in this city, the fact that there are several threads on it and may posts here, and many newspaper articles is testament to that. People are talking about it, it brings up conversation, that is what it was meant to do and that is what its doing, props to the artist for A+ piece of work. Abstract type art is meant to stir up thoughts and conversations. Its too bad this city got rid of it, shows the lack of brain cells in some decision makers heads, get rid of it because its successful. I suppose their type of art work is boring and shity that doesn't stir up though and doesn't draw peoples attention...they want a sterile and boring city.

[Delirium]

thanks SpongeG and Distill3d for the info. and agreed - terrible place to put it.

art is totally subjective so there's no reason to debate if it's boring or not or the best piece in the city. it is a controversial piece for the religious types i guess but i think it got more press because of the view blockage issue than anything else.

and that's what i find repulsive. that the parks board caved in to the few coal harbour residents who actually complained. i can't think of how this actually blocked a view.

the city should have just moved it somewhere else as a compromise - foot of davie would have been appropriate :D

[Distill3d]

thanks SpongeG and Distill3d for the info. and agreed - terrible place to put it.

art is totally subjective so there's no reason to debate if it's boring or not or the best piece in the city. it is a controversial piece for the religious types i guess but i think it got more press because of the view blockage issue than anything else.

and that's what i find repulsive. that the parks board caved in to the few coal harbour residents who actually complained. i can't think of how this actually blocked a view.

the city should have just moved it somewhere else as a compromise - foot of davie would have been appropriate :D

well there is the one park near the port here that would've been perfect for it. not sure what its called, but yeah.

[Boris2k7]

The area immediately around it isn't very great right NOW, but it was definately put there for a reason. It is going to be in the middle of a big mixed-use development by Torode.

http://www.ramsayexchange.com/

[SpongeG]

ah

our loss calgarys gain

[jlousa]

Maybe it's time to create a thread for Little mountain. BC housing just issued the RFP for demolition of the project, it's a large undertaking and is going to be expensive. The site apparently has quite a bit of asbestos, as it does lead paint, lead, mercury, PCBs, hydrocarbon (used to use heating oil). Demo will be in 3 phases and must be complete by whichever come earlier Dec 30, 2010 or 88 days from the issuance of rezoning to Holborn Properties.

Current zoning allows up to 1.5 FSR (if underground parking provided) the existing site is .27FSR. So since the site is 664,725sqft that gives us a current allowance of just shy of 1 Million sqft. Pretty sure they'll be asking for a bit more. ;)

[officedweller]

Rennie's ad has a rendering of the Maynard's Block project (i think the view is looking west) - and I think calling it "downtown" is a bit of a stretch:

http://cdn.travidia.com/rop-ad/6869605

[LeftCoaster]

Haha yeah I saw that in the paper too, had a little laugh.

I'll grab some pics of Evelyn for you guys soon, as it's in my hood. The site looks to be completly graded and some sort of semi-permanent sales structure is up on the corner of Taylor Way and Keith.

[excel]

Drove by the site of the new Ferrari and Maseratti dealership on 3rd and Burrard and they have finally put up fencing around the lot. Any news on this project?

[LeftCoaster]

Hmm well I posted somehting about it nearly a year ago now, can't remember where though. The building is going to be a 3 storey glass box designed by everyone's favourite architect JM Chang. The glass is going to be very high quality and it will have Ferrari and Maserati signage on the top right corner of the three facades fronting the streets, with first and second floor showrooms facing Burrard. I don't know much about the actual schedule other than that a project of this size and structure should take roughly 9 months from start of excav to the delivery of the first shiny red ferrari in the showroom.

[excel]

cool thanks for the description. if you come accross any renderings or timelines please keep us updated!

[SpongeG]

i saw the rendering too somewhere

i could have sworn it was in here somewhere

[LeftCoaster]

I posted renderings a while ago... I dont know where I posted them and I dont have them anymore. Sorry.

[zivan56]

Apparently the Royal Bank Crossroads (Cambie and Broadway) branch will open Nov 24. So the building should be done by then. The sidewalk on the Cambie side has been completed, and the building looks quite close to being done.

On a side note, the brand new sidewalk on Cambie and 12th (Southwest corner) had to be partly torn up...apparently someone forgot to put in a light standard!

[officedweller]

Bigger Maynard's block render:

http://shopping.vancouver.canada.com/SS/Page.aspx?sstarg=&facing=false&secid=52965&pagenum=80

http://shopping.vancouver.canada.com/SS/Page.aspx?secid=52965&pagenum=42&sstarg=&facing=false&

[jlousa]

Discovery Park was the purchaser of the QLT site on Great Northern way they have immediate plans to install a cafe/food service which is lacking in that area, they havee longer term plans is to build out the site with 2 new buildings totaling 400,000sqft. That area should see a huge transformation just in time to see the millenium line extension.

[LeftCoaster]

400000k? Those are decent sized buildings.

I take it that will be single A office space... reminiscent of Broadway Tech Centre?

[hollywoodnorth]

Great news!

[jlousa]

That's correct. :tup:

[djh]

This is the same land that in 2000 was going to the Vancouver's high-tech centre. That faded with the dot-com bubble. Then it was going to be the biotech centre. That seems to have faded with the fading share values of the various biotech companies in the area.

So what is the plan for the area now, if there are no high-tech and no biotech tenants to take that planned space?

[phesto]

This is the same land that in 2000 was going to the Vancouver's high-tech centre. That faded with the dot-com bubble. Then it was going to be the biotech centre. That seems to have faded with the fading share values of the various biotech companies in the area.

So what is the plan for the area now, if there are no high-tech and no biotech tenants to take that planned space?

Who says there are no tenants? ;)

[djh]

Who says there are no tenants? ;)

I wonder if what you're hinting at is connected to this thread:
http://forum.skyscraperpage.com/showthread.php?p=3823281#post3823281

???

[officedweller]

While local biotechs are being merged and acquired by US and other big pharma companies, for the most part, local operations are still maintained. A lot are, however, downsizing due to their own financial problems, poor results and the difficulty in raising financing. i.e. QLT itself downsized significantly in the past few years and has effectively put itself up for sale. The QLT building has space subleased to Mark Anthony Group (wines, etc.).

[phesto]

I wonder if what you're hinting at is connected to this thread:
http://forum.skyscraperpage.com/showthread.php?p=3823281#post3823281

???

No, but that's an idea as well I guess; though I'm not sure either SFU or UBC would want another campus given their recent investments in Surrey and Kelowna respectively.

Suffice it to say that there are companies looking for space in this type of development as opposed to Downtown/Metrotown towers.

[djh]

No, but that's an idea as well I guess; though I'm not sure either SFU or UBC would want another campus given their recent investments in Surrey and Kelowna respectively.

Suffice it to say that there are companies looking for space in this type of development as opposed to Downtown/Metrotown towers.

That's great to hear! I trust that as soon as you can go public with names or even industry sectors, you'll let us know. My only concern is that there are enough companies seriously interested and willing to wait for the infrastructure to be put in place and the office space to be completed.

With the planned St. Paul's hospital moving just around the corner from that location (aside: any news on that?), it does seem like an area with real potential for being a busy hub within a few years.

[hollywoodnorth]

From four to six storeys
Victoria/CKNW(AM980)

9/25/2008

Housing minister Rich Coleman says the province will do away with the current limit of four storeys for wood-frame homes in the new year, and will allow up to six storey’s instead.
Coleman says developers have been asking for the change because it's cheaper to build with wood.

"There's some buildings that are under construction where, steel and concrete buildings that even in this community in Penticton where we are today that are at $450 a square foot, and one developer told me he thought he could deliver the same product for $150 a foot less, which on a thousand square foot condo is $150,000, and so that will change affordability and the ability of people to get into a home."

Coleman says the change will also encourage more use of BC wood products.

[fever]

That's potentially a huge change.

Will Vancouver be changing its C-2 zoning to match?

[wrenegade]

I heard about that a couple weeks back. I think it's huge. Think about it. 50% more density (affordable density) available. It is important however that cities and municipalities get onside with this and change FSR and height limit restrictions accordingly.

[entheosfog]

Some non-downtown updates, taken yesterday by me...
Just off Clarke Drive near 6th Ave. I think this is going to be a Police firing range?
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7672.jpg?t=1222655115

Another shot:
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7669.jpg?t=1222655176

Vancouver Community College Building (?), almost complete:
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7670.jpg?t=1222655202

Great Northern Way sidewalk work/widening:
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7673.jpg?t=1222655262

Further down GNW:
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7677.jpg?t=1222655294

http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7678.jpg?t=1222655318

Jacobsen:
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7680.jpg?t=1222655338

Main & 2nd. I think something is planned for this corner??
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7682.jpg?t=1222655389

Self-storage building, all finished and much of the landscaping is done:
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7686.jpg?t=1222655437

Recently demolished buildings along 2nd:
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7687.jpg?t=1222655515

More of the same, closer to Cambie:
http://i537.photobucket.com/albums/ff339/entheos1977/DSCF7690.jpg?t=1222655545

[SpongeG]

the KFC on west broadway has closed down

[hollywoodnorth]

the KFC on west broadway has closed down

great! :)

[osirisboy]

another place thats closed down is boyd body shop on 2nd. anyone know whats going in there

[officedweller]

I think this is going to be a Police firing range?

Looks like it.

Scotiabank is going to be sorry it sold that site in a few years (although it was the most frequently robbed location from what I heard) - unless it relocates closer in the SEFC village.

[jlousa]

The Scotia bank site has been for sale for years, although the sold sign is up it is still in contract and has been for over a year. Not sure what is holding up the completion of sale.

I recall one of the conditions of the sale was that it had to be for community good, ie social housing, senior housing something along those lines, I have no idea why such a condition would've been placed on the property and if it's still on there. Anyone else have any insight?

[hollywoodnorth]

Business in Vancouver September 23-29, 2008; issue 987

Contentious Shaughnessy condominium development set for spring 2009 start

New Westminster’s landmark Royal City Centre shopping mall put up for sale

Real Estate Roundup: Peter Mitham

Shaughnessy seeing change

Brian Bell is proceeding with a controversial makeover of the Nichol estate at Granville and West 16th after opponents failed in early September to appeal an August court decision that deemed Vancouver staff had followed due process in considering an application to build 16 townhomes on the high-profile site.

Bell, president of Arthur Bell Holdings Ltd., and Formwerks Architectural Inc. drafted plans for the project last year, but ran into significant opposition from community members who felt that densification of the site with townhomes would compromise the border of the Shaughnessy neighbourhood.

The Shaughnessy Heights Property Owners Association argued that townhomes on the southeast corner of Granville and 16th would compromise the appearance of one of the main routes to the exclusive area surrounding the Crescent. The association added that the plans would undermine Shaughnessy planning guidelines and set a precedent that would open the door to the wholesale densification of the area.

With the challenge to the project despatched, Bell hopes final approvals and other arrangements can be completed that would allow construction at the site to begin in spring 2009. He believes the project will result in an entrance to Shaughnessy that respects both its heritage and speaks to its future.

“I think it’s unfair to suggest that this project would be the ruination of Shaughnessy,” Bell said last week. “You’ve got Hycroft Apartments, an [eight]-storey tower looking over it on one side, you’ve got medical buildings, you’ve got infill buildings, you’ve got the University Women’s Club (which is basically a commercial establishment now), the Chinese consulate … we’re not exactly sitting in the middle of a single-family neighbourhood.”

Architect Paul Sangha will handle landscaping of the site to ensure that the wood-and-brick townhomes planned integrate with the surrounding homes.

“Once it’s all settled in there, it should be a great addition to Shaughnessy,” Bell said.

Other projects Bell has undertaken include development of the Fifth Avenue Cinemas complex at Burrard and West 5th and the refurbishment of the former CIBC building at West 4th and Yew, both in partnership with Formwerks.

QLT deal completes

Discovery Parks Holdings Ltd. is the new owner of the QLT Inc. headquarters on Great Northern Way in Vancouver.

Discovery Parks acquired the 160,000-square-foot building and an adjacent undeveloped parcel at the beginning of September for $65.5 million. QLT entered a five-year lease agreement for approximately 48,000 square feet as part of the transaction.

The sale took place as part of QLT’s restructuring, but it also represents a boost for Discovery Parks, which has been an active player in the biotech property market of late.

Tom Douglas, director of development and leasing for Discovery Parks, said there’s been good interest from potential tenants in the available space. One niche Discovery Parks wants to have filled is a bistro on-site to serve local tech companies along the café-starved Great Northern Way.

Discovery Parks is also reviewing plans for an additional two buildings that would add 440,000 square feet on the undeveloped parcel. Musson Cattell Mackey Partnership drafted plans for QLT, but Discovery Parks will review the design to ensure it serves the current market.

Goodman selling mall

New Westminster’s landmark shopping mall is on the market.

Seattle-based Goodman Real Estate Inc. and the Blackstone Group of New York are selling Royal City Centre on Sixth Street three years after acquiring the property.

“Their role was simply to reconfigure it, lease it up,” said listing broker Kevin Meikle of Cushman & Wakefield LePage in Vancouver.

Having achieved their goals, Goodman and Blackstone are looking to sell, leaving a potential residential tower as an upside for a future developer.

Built in 1992, the two-storey complex boasts approximately 360,000 square feet of commercial space. The centre has retail on its first floor and a mix of retail and office space on its second. Two residential towers have also been developed on the site, and Goodman had been seeking to develop a third tower planned since the late 1990s.

An application for a 22-storey tower with 206 residential units (including 38 rental units for seniors) lapsed, however, and the project is on hold.

The tower remains an opportunity any potential buyer could pursue. Meikle described the mall as “the centre for uptown New Westminster.”

The property will be sold through a competitive bid process.

While a tough financing environment means potential buyers will likely come to the deal with more cash than they did in the past, Meikle feels there’s been good interest to date. An initial offer could even be in place this fall, despite the longer timelines that tighter financing conditions have typically meant for transactions. •