Quote:
Originally Posted by jasonpark
It's all about the price. If the condos are 20-30% cheaper than Lougheed, Edmonds, or Burquitlam, people will purchase there. Beedie is a reputable developer. People said the same thing about Marine Gateway. It was built next to the transfer station and that place was a dump before PCI redeveloped around the skytrain. Yet condos there are now $1200-1300 per sqft 5 years later.
I don't think there will be many people purchasing this development for investment purposes, but rather people that genuinely want to purchase something affordable. I think if they follow the River District model, it can succeed. But it will have to be WAY cheaper than river district.
That being said, out of all the mega master plan communities out there (like river district, Southgate city, etc), this is my least confident one.
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I mean, if Maple Ridge can't get people interested in living in high-rises (despite land also being cheap there too, and having better services), it raises the question of how low you'd
really have to go, and if you could still make money at that point.
As I said earlier, there's a
reason Beedie's been punting this one for 15 years.
Originally (earlier on), the project was actually mostly mid-rises, which would have increased the likelihood you could actually fill all the units (since people prefer mid-rises.)
The problem is that to make the economics work out as industrial rents rose (and not just give up on residential entirely), Beedie has been proposing higher and higher densities, until you get...
this.
Brentwood condos in Nowhereville.
Also, if you go too low, then it not just becomes a
condo ghetto, but an
actual ghetto in 15 years.
I guess we need affordable housing, but
that probably isn't a good way to do it.
Quote:
Originally Posted by Klazu
I see your point, but Marine Gateway is a decent commuter community with direct access to Skytrain and YVR. At least it has a mall, eventhough rest of the surrounding area is really appalling and yes, it smells like heck. We also live in a time where 20 people choose to cram into a single house with bunk beds to live affordably, so people living somewhere is not a good indicator of the success of the area.
I think they could mitigate a lot of the noise issue by increasing the height of the hill separating the waterfront from Highway 1, to make for an artificial sound barrier. That of course won't help with the smell or those living in the towers, but maybe it wouldn't be so awful to visit for a walk.
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I think that's why they have the industrial sections on the outside, protecting the condos inside from the sounds of Hwy 1.