Downtown Vancouver Updates

[LotusLand]

Walked by Pacific boulevard near Rogers Arena and something big is going on. Lots of wooden boxes being arranged. Anyone know what this is about?

[SpongeG]

i've seen that going on for the last few days too

is there a marathon coming up again? they usually set up there for a staging area
sometimes they use it as a show/concert venue for big events like the marathon

[Porfiry]

Originally Posted by LotusLand

Walked by Pacific boulevard near Rogers Arena and something big is going on. Lots of wooden boxes being arranged. Anyone know what this is about?

Urban farm, apparently.
http://metronews.ca/news/vancouver/2...-urban-garden/

[Delirium]

here's a good shot showing the progress at The Mark and the Rolston, Salt etc.. taken may 14

www.globalairphotos.com

zoomed-out

www.globalairphotos.com

[jlousa]

Bentall Kennedy, on behalf of the Bentall Kennedy Prime Canadian Property Fund and some other of its pension fund clients, has purchased Bentall 5 for approximately $400 Million, representing almost $700 per sq ft, and a cap rate below 5%. The Vendor in the transaction, the German bank Deka Immobilien GmbH, had purchased the tower just three years ago for $297 Million.

Paul Zemla, Chief Investment Officer for Bentall Kennedy’s Canadian operations told PR newswire: “Following direct discussions with Deka, we were very pleased to pursue this “AAA” office asset. Our knowledge and comfort with Bentall V, which we developed and have managed since its inception, combined with the very attractive long term prospects for the Vancouver office market made this a unique opportunity for our clients”.

That's a pretty low market cap and probably represents a slight overpayment on the property. Certainly an interesting twist of events.

[officedweller]

Great perspective shots - thanks for posting.

[TwoFace]

Originally Posted by jlousa

That's a pretty low market cap and probably represents a slight overpayment on the property. Certainly an interesting twist of events.

I'm thinking it's money getting out of the Euro Zone prior to a substantial correction ..... maybe.

[SFUVancouver]

Originally Posted by jlousa

That's a pretty low market cap and probably represents a slight overpayment on the property. Certainly an interesting twist of events.

I remarked on that too. The only other high-profile sub-5% cap rate property I've heard about in Canada is Scotia Plaza in Toronto. When that deal closes Scotiabank will likely have been able to command a cap rate somewhere in the high 4s, which is pretty amazing.

[phesto]

Originally Posted by SFUVancouver

I remarked on that too. The only other high-profile sub-5% cap rate property I've heard about in Canada is Scotia Plaza in Toronto. When that deal closes Scotiabank will likely have been able to command a cap rate somewhere in the high 4s, which is pretty amazing.

For office properties. For retail and apartments, there have been numerous high-profile transactions at below 5% cap rates over the last couple of years. In Vancouver in particular, it is not uncommon.

[whatnext]

Originally Posted by LotusLand

Walked by Pacific boulevard near Rogers Arena and something big is going on. Lots of wooden boxes being arranged. Anyone know what this is about?

A Gregor Garden.

[Vestry]

Originally Posted by whatnext

A Gregor Garden.

Thanks for the update.

[flight_from_kamakura]

i'd just like to call attention to whatnext's systematic hostility to virtually everything that makes vancouver an interesting and uniquely livable north american city.

[Sir Conga]

Originally Posted by flight_from_kamakura

i'd just like to call attention to whatnext's systematic hostility to virtually everything that makes vancouver an interesting and uniquely livable north american city.

SFW? Every community has their pessimists. Get over it.

[flight_from_kamakura]

not usually found on pro-development fora, usually more in pool halls and at family reunions.

[cornholio]

Originally Posted by flight_from_kamakura

not usually found on pro-development fora, usually more in pool halls and at family reunions.

I dont see Vancouver as anymore livable then most cities, in many ways it is less livable. The downtown might punch above its weight but it also comes at a cost to the region, reduced incomes and increased living costs are what most people get. Vancouver has a great location and thats what sets it apart, as far as im concerned. The saving grace imo is immigration, you get the ones with money for who the downsides are irrelevant and then you get the rest who are just happy to be somewhere other then where they came from. This keeps the region chugging along.
Regardless pessimism and skepticism is healthy to keep things balanced.

[logan5]

Originally Posted by jlousa

That's a pretty low market cap and probably represents a slight overpayment on the property. Certainly an interesting twist of events.

Not 100% sure about what "market cap" is with regards to real estate. Is this another way of saying what the return on your investment will be?

[whatnext]

Originally Posted by flight_from_kamakura

i'd just like to call attention to whatnext's systematic hostility to virtually everything that makes vancouver an interesting and uniquely livable north american city.

Seriously, little allotment gardens are your idea of what makes a city interesting and livable? You should get out more often.

These things got shoved in a parking lot because they got run out of town from Sunset Beach by the neighbours when Vision tried to drop them there.

[TwoFace]

RE: community gardens

Just so everyone is up to speed, the temporary "vacant lot" gardens are seen as either a tax break for the rich (saving thousand on property taxes through change in land use) or a community green project which looks great for the City and is a welcome urban farm by some residents.

You make the call

http://archive.citycaucus.com/2009/1...for-urban-farm

[Porfiry]

Originally Posted by whatnext

Seriously, little allotment gardens are your idea of what makes a city interesting and livable? You should get out more often.

It does no harm to anyone, it'll produce food for local restaurants - restaurants that you'll probably dine at, and it'll provide employment and training for some of the least-privileged in society, hopefully replacing their typical hardship with a momentary sense of purpose.

Yah, it's ruining our city, and anyone who cares about this stuff is uncool.

[SpongeG]

it's a good idea, it's not really a community garden in the same sense as the one at davie and burrard though, this is a garden run by a charity organization, the typical community gardens allows anyone in the community to have a plot and take care of it if they want one