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  #521  
Old Posted Feb 17, 2019, 3:18 PM
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Quote:
Originally Posted by fredinno View Post
On the intersection on Richards and Robson?
No that would be south.

Richard and Georgia
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  #522  
Old Posted Feb 17, 2019, 3:30 PM
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Originally Posted by Changing City View Post
I think the recent wave of demand has taken the commercial development industry a bit by surprise - as the Avison Young report notes for Downtown "Vacancy fell to 2.9% at year-end 2018 from 7.1% at year-end 2017, the largest year-over-year decline recorded in the Downtown market since Avison Young started tracking the market in 1996."

Developers have identified a number of new proposals to respond - and there are more 'in the wings'. 1166 West Pender - despite the height limit - will add a net 200,000 sf and replace a 45 year old 15 storey building. There are a lot of those older, stubbier buildings from the 70s and 80s in the CBD that might well get replaced, so while we might have a shortage of vacant sites (although there are still a couple), or older parkades (and there a still a few of those as well), there are many other locations that could see significant increases in space, in higher quality more energy efficient buildings.

What the shortage of space might finally help is the lack of significant development in the other City Centres. The Avison Young report shows 4.63 million sf under construction for completion by 2023 Downtown (which represents 20% of existing space). That doesn't include projects in planning, like the Steamplant, or the Waterfront Tower by the station. There's another 1.42 million sf shown likely to complete by 2022 in the Broadway Corridor / Mount Pleasant / False Creek Flats area.

All the suburban centre projects added together come to 2.1 million sf of office space - and that includes the City Centre 2 tower in Surrey, which is the only large building (at 437,000 sf of office).


That suggests 75% of new office jobs will end up in Vancouver in the next four or five years, and only 25% in all the other municipalities. That really needs to change if the entire region is going to benefit from all the new jobs coming, and if we're going to get the best out of the transit network.
It is incredible that Broadway/Mt. Pleasant Industrial areas are seeing almost as much office development as all of the suburban centres combined. I wonder if this will change any time soon. It is not as though the suburban centres are unconnected. They all have at least one Skytrain station...
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  #523  
Old Posted Feb 19, 2019, 4:18 AM
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I think Austerville owns or used to own that former Budget lot (now Car-to-Go lot) @ Richards & Georgia.
I was expecting that one to be built on before the Deloitte lantern tower next door because it's closer to the core.

Quote:
Originally Posted by csbvan View Post
It is incredible that Broadway/Mt. Pleasant Industrial areas are seeing almost as much office development as all of the suburban centres combined. I wonder if this will change any time soon. It is not as though the suburban centres are unconnected. They all have at least one Skytrain station...
Mount Pleasant is probably hipper than the suburbs and high tech workers may be renters rather than property owners, or more willing to live in condos, so the rush to the burbs may not apply to that workforce - just a guess.
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  #524  
Old Posted Feb 19, 2019, 5:16 AM
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Quote:
Originally Posted by officedweller View Post
I think Austerville owns or used to own that former Budget lot (now Car-to-Go lot) @ Richards & Georgia.
I was expecting that one to be built on before the Deloitte lantern tower next door because it's closer to the core.



Mount Pleasant is probably hipper than the suburbs and high tech workers may be renters rather than property owners, or more willing to live in condos, so the rush to the burbs may not apply to that workforce - just a guess.
Mt. Pleasant is close enough to the Downtown core that networking possibilities are much more plentiful than in the suburbs. I think of it as an extension of Downtown proper.
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  #525  
Old Posted Mar 2, 2019, 6:28 AM
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Sellers of Downtown Vancouver's Bentall Centre court bidders

Established investors from Hong Kong and the U.S. are bidding to buy the Bentall Centre in Downtown Vancouver.

JOANNE LEE-YOUNG Updated: March 1, 2019


There are media reports of established investors from Hong Kong and the U.S. making first-round bids for the Bentall Centre, the four-tower office and retail complex in Downtown Vancouver. GERRY KAHRMANN / VANCOUVER SUN

The ownership of the Bentall Centre in Downtown Vancouver has been in limbo since Beijing-based Anbang Insurance Group was taken over by the Chinese government, which said it will off-load some US$10 billion of the company’s assets after overspending led to high debt, allegations of corruption and the jailing of its former chairman.

Talk in recent months of commercial realtor CBRE Ltd. seeking potential buyers for the Bentall Centre, which is the most notable commercial property currently for sale in Canada, has coincided with an increasingly tense bilateral relationship with China.

Now, there are media reports of established investors from Hong Kong and the U.S. making first-round bids for the four-tower office and retail complex. They include Hong Kong-based CK Asset Holdings Ltd., which is partly owned by tycoon Li Ka-shing, and New York-based private equity firm the Blackstone Group.

CK Asset was previously known as Cheung Kong Property Holdings Ltd. and came into being in 2015 when Li restructured his CK Hutchison Group, a conglomerate with operations around the world.

...

https://vancouversun.com/business/co...courts-bidders
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  #526  
Old Posted Mar 6, 2019, 7:21 AM
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https://dailyhive.com/vancouver/coqu...town-area-plan

Mostly generic stuff, except:
Quote:
The plan calls on creating two office business districts within the city centre around Coquitlam Central Station and Lincoln Station, with developers required to build standalone office buildings.
Another suburban office district? The vast majority of office tenants are still choosing downtown over Surrey, despite...everything, with the only major office buildings being the City Centre complex, and the Hub, both of which are overshadowed by the residential towers/districts. It feels like developers are avoiding developing office space, despite the current boom and hyper-low vacancies, indicating low demand for AA and A office space.

It'd probably be better for Metro to try to get people to focus on a few clusters, or even just Downtown. As is, all these suburban office districts might just end up creating empty void spaces for the most part.

This might be better in the Surrey Central thread, but couldn't find it, so...
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  #527  
Old Posted Mar 27, 2019, 7:39 PM
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Blackstone Group is the successful biddder for Bentall Centre:


Private equity firm Blackstone Group LP and a U.S. real estate company have reached a deal to buy Anbang Insurance Group’s office complex in Vancouver, the companies announced on Wednesday.

The acquisition of the four office towers called Bentall Centre will give Blackstone and Los Angeles-based Hudson Pacific Properties Inc. a major property in one of the hottest office markets in North America.

The deal marks the beginning of Anbang’s exit from Canada, less than three years after the insurance conglomerate started outbidding rivals for Canadian commercial real estate.

Anbang was forced to put Bentall Centre up for sale after Beijing seized control of the insurer because of debt problems and allegations of corruption. It spent more than $1.06-billion to acquire the office complex in 2016, the most expensive commercial real estate deal in Vancouver’s history.

Blackstone and Hudson did not disclose the purchase price...


https://www.theglobeandmail.com/busi...mplex-bentall/
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  #528  
Old Posted Mar 28, 2019, 4:09 AM
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From Daily Hive:

Quote:
...

BPP will own a majority 80% stake, while HPP will have a minority stake of 20%.

...

The joint venture indicates their acquisition represents their long-term commitment to the property. It will also include significant capital investments, including a major renovation of the complex’s 140,000-sq-ft of ground-level and underground retail space.

Additionally, indoor and outdoor common areas in all four towers will be substantially improved, such as new signage and wayfinding, furniture, finishes and fixtures, and landscaping.

...

The property’s owners will also pursue the construction of an additional office tower on the footprint, but the specific site of this possible tower is unclear at this time.

...
https://dailyhive.com/vancouver/bent...perty-partners
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  #529  
Old Posted Mar 28, 2019, 4:44 AM
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Quote:
Originally Posted by fredinno View Post
It'd probably be better for Metro to try to get people to focus on a few clusters, or even just Downtown. As is, all these suburban office districts might just end up creating empty void spaces for the most part.

This might be better in the Surrey Central thread, but couldn't find it, so...
Ah, but without those offices, their new downtowns are one BIG empty void space!

IMO they're all just trying to ape downtown (and therefore steal workers/residents from it) without understand how or why downtown works so well.
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  #530  
Old Posted Mar 28, 2019, 8:42 PM
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Originally Posted by Migrant_Coconut View Post
Ah, but without those offices, their new downtowns are one BIG empty void space!

IMO they're all just trying to ape downtown (and therefore steal workers/residents from it) without understand how or why downtown works so well.
You'd think Metro Van would have put on the brakes and demanded Coquitlam, Richmond, and Burnaby stop trying to outbid Surrey and Vancouver and complicating the entire planned 'dual-hub' relationship the RGS wanted to set.

Vancouver doesn't even have NIMBYism as a problem. Usually commercial seems to be approved without a massive NIMBY fight, as long as it meets the city's guidelines (which are workable, though restrictive).

Too bad Metro appears to be mostly toothless.
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  #531  
Old Posted Mar 28, 2019, 9:05 PM
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Quote:
Originally Posted by urbancanadian View Post
Sounds promising!

Quote:
Originally Posted by fredinno View Post
You'd think Metro Van would have put on the brakes and demanded Coquitlam, Richmond, and Burnaby stop trying to outbid Surrey and Vancouver and complicating the entire planned 'dual-hub' relationship the RGS wanted to set.
ALL of the town centres are supposed to have office space - they've failed in that they are primarily residential.
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  #532  
Old Posted Mar 28, 2019, 9:26 PM
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Quote:
Originally Posted by fredinno View Post
You'd think Metro Van would have put on the brakes and demanded Coquitlam, Richmond, and Burnaby stop trying to outbid Surrey and Vancouver and complicating the entire planned 'dual-hub' relationship the RGS wanted to set.

Vancouver doesn't even have NIMBYism as a problem. Usually commercial seems to be approved without a massive NIMBY fight, as long as it meets the city's guidelines (which are workable, though restrictive).

Too bad Metro appears to be mostly toothless.
Its almost as if the other cities don't want to be agricultural/housing based and relegated to the sidelines lol.
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  #533  
Old Posted Mar 28, 2019, 10:03 PM
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Am I correct that the only place a new Bentall Tower could go is on the footprint of the BMO bank building?
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  #534  
Old Posted Mar 28, 2019, 10:23 PM
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No, there's another site that an office development is in the works for.
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  #535  
Old Posted Mar 28, 2019, 11:04 PM
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Originally Posted by LeftCoaster View Post
No, there's another site that an office development is in the works for.
Aren't there two remaining parkade structures that could be redeveloped?
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  #536  
Old Posted Mar 29, 2019, 12:26 AM
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A couple of years ago, an article (and someone here, I think) identified the parkade on Pender just west of Burrard as the site for which a thin tower was being planned. City-imposed viewcones limit the site to about 400 feet or so (and maybe the city's latest height restrictions in the form of shadow bans on Harbour Green Park will limit it further).
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  #537  
Old Posted Mar 29, 2019, 1:16 AM
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Originally Posted by misher View Post
Its almost as if the other cities don't want to be agricultural/housing based and relegated to the sidelines lol.
And yet that's apparently what's happening anyway. Anakin Skywalker would be proud.
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  #538  
Old Posted Apr 1, 2019, 9:13 PM
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Here's the aerial view of Bentall Centre.
1090 West Pender is being built on the site north of Eveleigh, so a tower south of Eveleigh would have little/no views.

The parkade on Pender is pretty skinny but would overlook the Oceanic Plaza plaza.
I wonder who owns the building to the west of the parkade?


https://www.google.ca/maps/@49.28665...-CA&authuser=0
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  #539  
Old Posted Apr 1, 2019, 10:27 PM
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Quote:
Originally Posted by officedweller View Post
Here's the aerial view of Bentall Centre.
1090 West Pender is being built on the site north of Eveleigh, so a tower south of Eveleigh would have little/no views.

The parkade on Pender is pretty skinny but would overlook the Oceanic Plaza plaza.
I wonder who owns the building to the west of the parkade?


https://www.google.ca/maps/@49.28665...-CA&authuser=0
I think you're mentioning 1050 W. Pender? It's BK-managed, but it's a different owner than the 1090 site. Ownership eludes me at the moment.
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  #540  
Old Posted Apr 1, 2019, 10:46 PM
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Yeah, that would be the one.

As a side note, the Dunsmuir Tunnel (SkyTrain) runs under the Eveleigh Bentall Parkade
(so no underground parking if that site sere to be redeveloped?)
and cuts the corner of 1090 West Pender, whose parkade is sliced to avoid the tunnel from Levles P2-P7.

1090 Pender Parking Levels:


https://rezoning.vancouver.ca/applic...arkingplan.pdf


https://rezoning.vancouver.ca/applic...ontextplan.pdf

Last edited by officedweller; Apr 1, 2019 at 11:02 PM.
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