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  #1  
Old Posted Sep 25, 2007, 4:01 AM
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Arrow [Richmond] Pinnacle Park Place | 16-towers | 5-15 fl | proposed

PINNACLE PARK PLACE, Richmond

Pinnacle International, Concord Pacific, and Sun Tech City Developments have applied for rezoning and the construction of a 17.2 acre parcel of land bounded by No. 3 Road, Sea Island Way, Sexsmith Road, and Capstan Way. This is a huge proposal, and it includes:

- 16 high-rises up to 14 storeys in height
- 25-space daycare
- 100-units of social housing (five per cent of the total residential component)
- 2,134 residential units
- hotel
- retail and commercial
- $250,000 worth of public art
- live-work units (the idea is that shop owners would live above their ground-floor retail operations - something that reduces reliance on cars)
- parking reductions of 35%, compared to city by-law standards
- developer contributing $15 million to fast-track the construction of the Canada Line's Capstan Station, adjacent to the development. Construction on the station could start after the line is completed, in 2010.
- a transit-oriented development
- sustainability: green roofs and geothermal heating
- a 1.4-acre city-owned park

Concord Pacific owns 1/3rd of the site (http://www.concordpacific.com/gateway) while Pinnacle owns 2/3rds of the site.











View from No. 3 Road



View from Sexsmith Road & No. 3 Road








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  #2  
Old Posted Sep 25, 2007, 4:01 AM
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From the Richmond Review:
---------------------
By Martin van den Hemel
Staff Reporter
Mar 31 2007

It may have lost out on the lands surrounding the speed skating oval, but Concord Pacific still plans to make a major residential development splash with its first foray into Richmond.

The developer of Downtown Vancouver’s False Creek is now the majority interest in one-third of the 6.9-hectare (17.1 acre) property immediately east of No. 3 Road and north of Capstan Way. The site sits west of Sexsmith Road and south of Sea Island Way. A previous development was dubbed the Sun Tech Place.

Pinnacle International retains control of the remaining two-thirds of the property.

Peter Webb, vice-president of development for Concord Pacific, told The Richmond Review that groundbreaking for the 16-tower residential community—five towers to be done by Concord, the remainder by Pinnacle, all centered on a future city park—could begin early next year.

Webb said Concord is also “pursuing” an assembly of land near the Capstan site, which comprises about 9.3 hectares (23 acres).

Concord Pacific develops master plans for communities, Webb explained, and typically looks for large areas of land. Along the Sea-to-Sky Highway, it’s working on the 1,400-unit Porteau Cove development and in Kelowna, a residential subdivision.

“When you’re into a community design, you’re incorporating into your design, things such as parks, public walkways, daycares, schools, public amenities of various natures, different architectural forms and types relating to different market groups.”

The types of projects Concord associates itself with “require some longer term commitment to the community in terms of development strategies.”

Affordable housing is incorporated in the current rezoning application, Webb noted.

But no commitments have been made regarding daycares and schools, “but that’s a result of the history of this existing rezoning application,” he said.

Thousands of people will eventually move into the area, Webb said.

“As we move into Richmond as well, we’re looking for large land development assemblies that include an opportunity to apply a master plan approach and bring to it Concord’s expertise in understanding how higher density tower environments are designed,” he said.

“We like the relationship to the Canada Line. We think it represents a good connection between the future of Richmond and its relationship with Vancouver and the dense nature of Concord’s development history.”

City of Richmond spokesperson Ted Townsend said Concord and Pinnacle’s rezoning application is still making its way through the process, but the plan could surface at a planning committee of council in April and could reach a public hearing as soon as May.

Webb sees the developments by Concord and Pinnacle, along with Wall Financial Corporation’s plan to build two 16-storey residential towers and an 11-storey hotel on its Sea Island Way property west of No. 3 Road, as the catalyst for the reshaping of northern No. 3 Road.

Although Webb wouldn’t comment on Concord’s failed bid for the oval lands, he did say Concord is “looking throughout Richmond. We are continually looking at properties in Richmond at this point.”

Concord and Pinnacle are jointly seeking a rezoning of the land, which Webb expects will wrap up in the next six months. Concord purchased its majority ownership in the southern third of the site, along Capstan Way, in May of 2006.

Webb said it will take at least five years to complete the project, with Hazelbridge Way extended and curved eastward before connecting with Sexsmith Road.
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  #3  
Old Posted Oct 2, 2007, 12:40 AM
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i am very interested to see this develop...just massive for richmond...
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  #4  
Old Posted Oct 2, 2007, 6:12 AM
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First SEFC, and now this. A wonderful development for Richmond.
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  #5  
Old Posted Oct 2, 2007, 6:39 AM
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All I can say is WOW...Cant wait to see this...
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  #6  
Old Posted Oct 6, 2007, 9:31 PM
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I emailed the Concord rep and they informed me that sales should begin in the spring of 2008. Can't wait to see this take shape.

Here's the entire email:
-----------

Thank you for your interest in the Richmond Gateway Project! Located only 15 minutes from downtown Vancouver, close to the proposed Canada Line and 5 minutes to Vancouver International Airport it the most convenient address in Richmond.

With approximately 1000 stylish homes in the heart of the Richmond Gateway area near No. 3 Road and Capstan Way. This stylish development will include townhomes, midrise condominiums and a high rise condominium tower. The neighborhood will have a dedicated park including a children's playground as well as convenient mixed use centre with shops, offices and community open space for residents enjoyment.

At Concord Pacific Lifestyle and Convenience is key! That's why this vibrant new community will also feature Concord's famous amenities package. A proposed Health club will feature swimming pool, hot tub, steam & sauna, fitness room, theatre and entertainment lounge for the pleasure of all residents.

The projected sales launch is Spring 2008. Your online registration enables you to enjoy the benefits of a VIP Viewing prior to our Public Launch. If you already have an internal contact from Concord or Prompton please let me know.

I hope that in the near future you will enjoy living in an exciting new master planned community by Concord Pacific and look forward to being of assistance to you. If you have any additional questions regarding the Richmond Gateway Project please feel free to contact me directly at your earliest convenience (see coordinates below).

Kindest regards,
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  #7  
Old Posted Dec 14, 2007, 12:15 AM
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posted by joulsa:

Quote:
Richmond, BC PREPARING PLANS
Pinnacle Park Place/Western Centre/Capstan Village, 3200-3360 No 3 Rd, 3131-3411 Sexsmith Rd, 8511 Capstan Way, V6X 1R3
Start: June, 2008 Complete: 2018
Further update in Spring 2008. This development will be phased construction over ~10years.
Project: Proposed comprehensive high-density mixed-use development may include: approx 177,860m2 of residential area (a portion of 4,645 sq m will allocated for affordable subsidized rental housing on two parcels, approx 100+ units); commercial will cover approx 125,114m2; there will also be a portion of live/work units; a transit commercial plaza & public park will cover 1.4 acres at the centre of the development.; low-rise/mid-rise bldgs will be between two-eight stys; high-rise towers will be up to 15-stys.
Scope: 302,974 m²; 15 storeys; 16 structures; 2150 units; 17 acres
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  #8  
Old Posted Dec 14, 2007, 1:27 AM
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I have a hunch it will take less than 10 years to develop. 5 sounds more reasonable.
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  #9  
Old Posted Dec 14, 2007, 1:52 AM
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^ But 10 years manages expectations, especially if the inevitable slowdown is severe.

In the same breath, I think it will be exceptionally high-end projects that feel the pinch first.
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  #10  
Old Posted Dec 14, 2007, 8:10 AM
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Is it just me or is this right in line with a major runway. hope they have some heafty sound proof windows.
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  #11  
Old Posted Dec 14, 2007, 6:44 PM
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not really.... it's still noisy, but not as bad as a block north & a block south
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  #12  
Old Posted Dec 15, 2007, 12:03 AM
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Great news for Richmond, quite the boom.
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  #13  
Old Posted Jan 5, 2009, 7:47 PM
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http://www.bclocalnews.com/richmond_.../37026949.html

Quote:
Richmond Review
Sun Tech City development may be shelved

By Matthew Hoekstra - Richmond Review

Published: January 02, 2009 5:00 PM
Updated: January 02, 2009 6:22 PM

Touted as a “monumental” landmark development, a master-planned community known as Sun Tech City appears to be sinking.

Years after a development plan for the decaying north Richmond neighbourhood collapsed, a group led by Pinnacle International revived the radical dream.

Crews would raze the few buildings and houses left of the area bounded by No. 3 Road, Sea Island Way, Sexsmith Road and Capstan Way, and build an entirely new mixed-use neighbourhood with 16 high-rises, a series of mid-rise buildings with a total of 2,136 homes.

The seven-hectare (17.2-acre) community would be linked to a new Canada Line station at Capstan Way, thanks to the developer’s willingness to ante up $15 million, and include a daycare for 25 children, 100 units of affordable subsidized rental housing, $250,000 worth of public art and live-work units.

Coun. Harold Steves called it “monumental,” and on May 22, 2007, city council gave the project third reading after a public hearing.

The plans were so bankable that city staff included the concept inside the revamped City Centre Area Plan last summer.

Peter Webb, vice-president of development for Concord Pacific, told The Richmond Review groundbreaking could be early 2008. It wasn’t.

Now city planners say the plans will be run through the shredder.

As with all developments, conditions must be met before the city grants fourth and final reading, a stage which allows developers to begin building. In this case, the developers have done little to satisfy the conditions.

In her report, senior planner Suzanne Carter-Huffman notes staff have offered help and flexibility, including relaxing the one-year requirement to meet fourth-reading conditions.

But she noted the developers are no longer prepared to produce the $15 million agreed upon for the Capstan Way station up front. Instead, the group is offering just $500,000—and the rest when half the towers are finished.

“The developers are unwilling to fund the Capstan Station as originally agreed, and have proposed terms that are unacceptable to TransLink and city staff,” she wrote.

In addition, Carter-Huffman says there’s been no response to the childcare and affordable housing requirements and the group has lowered its offering price for needed city land by $1.6 million.

Significantly changing rezoning conditions would make the public hearing invalid.

Pinnacle’s delay has halted projects elsewhere in the area, and letting the application sit on the books could be “a significant hardship” to property owners in the area who are waiting for the green light to develop, Carter-Huffman noted.

Two-thirds of the site is owned by Pinnacle International. The rest is owned by Concord Pacific.

Richmond’s chief administrative officer, George Duncan, pointed to “several issues of fundamental disagreement” between the two.

In a May 29, 2008 letter to Terry Hui of Concord and Michael De Cotiis of Pinnacle, Duncan suggested the pair go to arbitration and hire a single project manager.

Another major hurdle for the project is the current economic downturn.

In a Nov. 27, 2008 letter, Pinnacle development manager Ian Kent said his firm appealed for an extension and a reduction of up-front costs due to “current market conditions.”

City council will consider the report at its Jan. 6 general purposes committee meeting.
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  #14  
Old Posted Jan 5, 2009, 7:50 PM
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that is too bad, Richmond really needed that one
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  #15  
Old Posted Jan 5, 2009, 7:53 PM
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Yeah, it'll probably also impact the pace of development at Bridgeport too, if there's no continuity from the south part of town.
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  #16  
Old Posted Jan 5, 2009, 7:59 PM
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If this development is so important to Richmond then maybe they should pay for the station themselves and be repaid later. It seems like quite a lot to lose (16 highrises)
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  #17  
Old Posted Jan 5, 2009, 8:04 PM
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^station is the small potatoes part... it is more market conditions and financing along with a dispute between pinn/con
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  #18  
Old Posted Jan 5, 2009, 8:08 PM
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Depressing....first Aberdeen, then River Rock, and now this. And all because American banks couldn't control their lending?
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  #19  
Old Posted Jan 5, 2009, 8:12 PM
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^much more than that... 'perfect storm'
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  #20  
Old Posted Jan 5, 2009, 8:15 PM
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It really is frustrating, Metro-Vancouver is getting the worst of it in Canada for cancelled projects. Yet Toronto has seen almost none cancelled despite the fact it is centered in the worst economy in Canada for the recession.
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