Northwest | 87m, 37m | 31 Fl, 12 Fl | Completed - Page 2

jlousa · #21 Posted **Jun 16, 2014, 8:12 PM**

Wesgroup has a history of selling off parcels, they've dealt with Onni before down in EFL. Nothing really unusual about the practice.

officedweller · #22 Posted **Jun 16, 2014, 8:13 PM**

If it does, it may be because the vendor is bankrupt, needs cash flow for another project or is stretched too thin.

In Vancouver,
Artemisia changed hands from James Schouw to Boffo
Thalia changed hands from James Schouw to Boffo
Alexandra changed from Millenium to Concord Pacific
OnQue (previously "Dwell" lofts at Quebec & Broadway) changed from Holborn to Rize Alliance

Wall Financial has also taken over a few projects as well - Electric Ave. and The Hudson come to mind.

vanciti · #23 Posted **Jun 16, 2014, 8:15 PM**

Quote:

Originally Posted by jlousa

Wesgroup has a history of selling off parcels, they've dealt with Onni before down in EFL. Nothing really unusual about the practice.

In a master planned community. They haven't sold anything off to Onni at East Fraserlands, unless a recent transaction occurred that is still under-wraps. They sold off parcels to Polygon, it makes sense to do in a community that includes several million square feet of land.

phesto · #24 Posted **Jun 16, 2014, 8:15 PM**

It wasn't a cash flow issue, apparently the company is very sound financially. I heard there has been some reorganization of management and the timing wasn't right to carry out the project. Better to sell it off while the market is still good...

vanciti · #25 Posted **Jun 16, 2014, 8:16 PM**

Quote:

Originally Posted by officedweller

If it does, it may be acuse the vendor is bankrupt, needs cash flow for another project or is stretched too thin.

In Vancouver,
Artemisia changed hands from James Schouw to Boffo
Thalia changed hands from James Schouw to Boffo
Alexandra changed from Millennium to Concord Pacific
OnQue (lofts at Quebec & Broadway) changed from [Holborn?] to Rize Alliance

Agreed, that would the typical reason. In this case I would say that wouldn't be the case what so ever. I would surmise with the re-organization that has occurred in the past couple years at the vendor, its a simple matter of priorities.

VanK · #26 Posted **Jun 16, 2014, 8:29 PM**

Wesgroup probably bought the land a few years ago for peanuts compared to what its worth now and is likely making a good profit on the land sale. Onni's senior development guy left for Wesgroup not that long ago so I would guess that there was a connection there.
I wonder what happens to Rennie. Wasn't he going to market to the site?

Klazu · #27 Posted **Jun 16, 2014, 8:30 PM**

Quote:

Originally Posted by vanciti

Construction hadn't commenced? they had announced that sales would launch this fall. All they had done was demolish the old buildings for site prep a few months ago.

Oh, right. I was thinking about a completely different project.

jlousa · #28 Posted **Jun 16, 2014, 9:47 PM**

Quote:

Originally Posted by vanciti

In a master planned community. They haven't sold anything off to Onni at East Fraserlands, unless a recent transaction occurred that is still under-wraps. They sold off parcels to Polygon, it makes sense to do in a community that includes several million square feet of land.

You are correct I mixed up Polygon with Onni. Point stands though about not being unusual for one developer to flip a property to another. Wesgroup seems more entrenched into industrial/commercial properties and their Parklane residential division seems almost secondary in nature.

vanciti · #29 Posted **Jun 17, 2014, 2:46 PM**

Quote:

Originally Posted by VanK

Wesgroup probably bought the land a few years ago for peanuts compared to what its worth now and is likely making a good profit on the land sale. Onni's senior development guy left for Wesgroup not that long ago so I would guess that there was a connection there.
I wonder what happens to Rennie. Wasn't he going to market to the site?

Wesgroup only bought it a couple years ago, it was contaminated so there was certainly a very good deal in the purchase without a doubt.

You are correct in the Snr VP from Onni moving to Wesgroup and some changes have been filtering out as a result.

Wesgroup is also in the process of shuttering the Parklane and Bluetree names and putting everything under the Wesgroup banner for both residential and commercial/industrial. They have several million feet to build out between EFL and Brewery District.

Rennie is out, he has taken it down from his website. Onni will likely sell this with their typical internal sales team. I've heard that the architect may be changing as well.

VanK · #30 Posted **Jun 17, 2014, 3:10 PM**

Quote:

Originally Posted by vanciti

Wesgroup only bought it a couple years ago, it was contaminated so there was certainly a very good deal in the purchase without a doubt.

Wesgroup may have only purchased the Petro Canada site a couple of years ago but its a 4 lot assembly & Wesgroup purchased the other 3 lots (more than half the site in 2006, 2008, & 2009 at a very low price.

officedweller · #31 Posted **Jun 17, 2014, 6:14 PM**

Quote:

Originally Posted by vanciti

... I've heard that the architect may be changing as well.

That's depressing...the existing design is very nice.

officedweller · #32 Posted **Sep 4, 2014, 11:52 PM**

ONNI is advertising Northwest (NW corner of Cambie & SW Marine) in 24Hrs newspaper:

Looks a bit dumbed down in the twilight rendering
- but the staggered balconies are still there.

http://eedition.vancouver.24hrs.ca/epaper/viewer.aspx

Compare - structurally, it looks almost the same
- some projecting balconies have been added to the top of each building.
The colours are not nearly as clean or sleek and the podium is clunky.

Quote:

Originally Posted by officedweller

Uploaded with ImageShack.us

The website has the original rendering at the side.

http://www.onni.com/new-homes/metro-...on/north-west/

vanciti · #33 Posted **Sep 8, 2014, 10:10 PM**

Francl Architecture was removed shortly after Onni completed the sale from Wesgroup. IBI was brought on board to facilitate a portion of re-design to move forward. Its really disappointing as a lot of the small items that created a flair on the development have been removed

BodomReaper · #34 Posted **Sep 9, 2014, 1:03 AM**

Quote:

Originally Posted by vanciti

Francl Architecture was removed shortly after Onni completed the sale from Wesgroup. IBI was brought on board to facilitate a portion of re-design to move forward. Its really disappointing as a lot of the small items that created a flair on the development have been removed

Really sad to hear that the Onni cheapening has begun. Is this a Mark-level disaster?

I still have some hope - Onni and IBI have produced some handsome towers in the recent past.

Residences at Suter Brook:

Source

The Shaugnessy:

(my photo)

Source

vanciti · #35 Posted **Sep 9, 2014, 3:27 PM**

[QUOTE=BodomReaper;6721942]Really sad to hear that the Onni cheapening has begun. Is this a Mark-level disaster?

I still have some hope - Onni and IBI have produced some handsome towers in the recent past.

/QUOTE]

Could it be? - Yes for sure it could - both the Mark and Central turned out not nearly as great as they were designed.

Will it? - That's up in the air - it is a high profile location. Onni however paid a lot of money for the site, therefore they are likely going to need to trim wherever possible.