Mayfair West (Oakridge Transit Centre Redevelopment) | Proposed

[whatnext]

Originally Posted by GenWhy?

Which I think still isn't an issue, according to the Province or City:

"Staff recommended that new developments be exempt from the tax until they are sold to buyers so that developers aren't forced to pay additional fees if the housing market is slower than anticipated when their projects are available to the public.

Staff noted it was the same rule the province had for its own vacant homes tax, and Mayor Ken Sim framed it as making it easier for Vancouver to meet its supply goals by doing more to support development. "

And the market dictates that if you can't move a product, you cut the price. Why do you hate capitalism?

[GenWhy?]

Originally Posted by whatnext

And the market dictates that if you can't move a product, you cut the price. Why do you hate capitalism?

I'm just stating what the current rules are.

[Changing City]

Originally Posted by Vin

Let's look at the facts:
1. Oakridge is named after a village in Gloucestershire, England.

Source?

[whatnext]

Originally Posted by GenWhy?

I'm just stating what the current rules are.

I was saying it somewhat tongue in cheek, but it is pretty clear Grosvenor should have cut prices on 889 Pacific to move those unsold units. They were overpriced.
By deferring the tax council just encourages the developer to build and hold more unaffordable units.

[GenWhy?]

Originally Posted by whatnext

I was saying it somewhat tongue in cheek, but it is pretty clear Grosvenor should have cut prices on 889 Pacific to move those unsold units. They were overpriced.
By deferring the tax council just encourages the developer to build and hold more unaffordable units.

We get the CACs so sounds like a win to me.

[whatnext]

Originally Posted by GenWhy?

We get the CACs so sounds like a win to me.

Having overpriced unsold units benefits nobody. How many beautiful empty penthouses are scattered across Vancouver's towers that could have been spilt up into smaller units? Residences at Hotel Georgia, Trump Tower, Kengo Kuma etc etc.

PS I assume you mean when the developer doesn't petition to delay CACs?

[GenWhy?]

Originally Posted by whatnext

Having overpriced unsold units benefits nobody. How many beautiful empty penthouses are scattered across Vancouver's towers that could have been spilt up into smaller units? Residences at Hotel Georgia, Trump Tower, Kengo Kuma etc etc.

PS I assume you mean when the developer doesn't petition to delay CACs?

They'll pay before people move in, same as with this location. This location's sales will gift us some nice stuff.

[MalcolmTucker]

I have to wonder about how we'll adapt to much lower CACs. CACs, DDCs and land for the old Chevron station works out to $800 thousand a unit. Totally unsustainable.

[Changing City]

Originally Posted by MalcolmTucker

I have to wonder about how we'll adapt to much lower CACs. CACs, DDCs and land for the old Chevron station works out to $800 thousand a unit. Totally unsustainable.

CACs would only be lower here if land values drop, and prices fall for condos sold in a location like this. It's purely a matter of the value of the additional space allowed in the rezoning, and the developer offering a proportion of that 'land lift' for the extra density they'd like, over the base zoning.

So far prices haven't fallen much (if at all) on new projects like 1698 W Georgia, so paying $800K per unit for a site (and CACs) will still make sense if they can sell them north of $2,000 per square foot, which seems to be the going rate in that area.

And the Oakridge Transit Centre CAC of $80m was almost all included on-site, as non-market housing, a childcare, and a public park.

[jollyburger]

They have some dates for the first few phases: 2028 Phase 1 and 2029 Phase 2 in their sales brochure for the retail component. Who knows what the final timing will be..

https://www.grosvenor.com/getattachm...pdf?lang=en-GB

[Feathered Friend]

With its “high quality” public realm & architecture, the Development Permit Board excitedly approved the first phase of Mayfair West, Vancouver’s newest neighbourhood. Despite its strong start, they hoped future stages would better reflect this former bus depot’s history.

https://www.instagram.com/p/C5enAyCvGuf/?img_index=1

[jollyburger]

Grosvenor - Property Americas has applied to the City of Vancouver, seeking to develop a Rectifier Substation building serving the existing TransLink trolley bus network, consisting of:

A single storey rectifier building located at the southwest corner of Parcel B, adjacent to existing lane
A floor area of approximately 340 m² (3,650 sq. ft.)
A maximum height of approximately 8 m (26 ft.)

https://www.shapeyourcity.ca/949-w-41-ave