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Go Back   SkyscraperPage Forum > Regional Sections > Canada > Alberta & British Columbia > SSP: Local Vancouver > Metro Vancouver & the Fraser Valley

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  #21  
Old Posted Jan 5, 2009, 10:51 PM
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cause developers know there will always be business in toronto and can ride it out

vancouver and BC is more boom and bust
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  #22  
Old Posted Jan 5, 2009, 10:54 PM
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^to a certain degree yes, toronto is a much larger market and less of a risk perhaps, but i expect more than a few projects in toronto not going ahead as well, similar to most cities in NA right now.
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  #23  
Old Posted Jan 5, 2009, 11:01 PM
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Exactly, Chicago is a major business center, but it appears to be having a bad time as well with this recession (many large scale projects have been cancelled, look at the spire for example!) Same with New York, so it doesn't explain Toronto's luck so far.
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  #24  
Old Posted Jan 5, 2009, 11:20 PM
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Toronto had/has a lot of foreign money (mid-east etc.) that maybe be responsible for projects continuing.
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  #25  
Old Posted Jan 5, 2009, 11:59 PM
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Originally Posted by mr.x2 View Post
Depressing....first Aberdeen, then River Rock, and now this. And all because American banks couldn't control their lending?
River Rock? Is the hotel expansion on hold now?
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  #26  
Old Posted Jan 6, 2009, 12:23 AM
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River Rock? Is the hotel expansion on hold now?
Only the park and ride was built, while the actual hotel expansion will be on hold.
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  #27  
Old Posted Jan 6, 2009, 5:48 AM
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Originally Posted by Metro-One View Post
so it doesn't explain Toronto's luck so far.

TO got really burned in the late 1980s when the condo market crashed - maybe the developers over there really make sure they have their financing in place before they proceed?

Note that Pinnacle's 4th tower at Pinnacle Centre in TO is on hold. The podium will be built to maybe 2 storeys and then the tower will be a future phase. Pinnacle also has its North Vancouver projects on hold too.

http://www.urbantoronto.ca/showthread.php?t=7929
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  #28  
Old Posted Jan 7, 2009, 9:05 PM
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From the Richmond News:

Quote:
Sun Tech Gets Reprieve
Developers renege on several vital conditions for neighbourhood


Alan Campbell, Richmond News
Published: Wednesday, January 07, 2009

Call it a stay of execution; call it a reprieve.

Whatever you call it, the developers behind one of Richmond's biggest ever housing developments have been given one last chance to get their act together. City council made the surprising decision Tuesday night to go against a staff recommendation to ditch plans for the 16-tower Sun Tech City in north Richmond.

The staff report stated that the joint developers, Pinnacle International and Concord Pacific, had not fulfilled rezoning bylaw conditions previously made 20 months ago, such as putting $15 million up front to build a Canada Line station at Capstan Way.

But after hearing from the developers' representatives, council gave them one last chance to get their heads together and meet the city's strict conditions before a fourth reading can be given to the ambitious plans.

Both parties now have until March 2 to come back to city hall with compliance of the previously agreed conditions - such as the Capstan station funding, affordable housing and a child care facility. Mayor Malcolm Brodie, however, gave the developers short shrift and sent them away Tuesday night in no doubt this was their last kick at the can.

"There's no question that people have been acting in good faith and the consequences for this not going ahead runs deep," Brodie said.

"For me to support (an extension), I want to make it clear that this matter has to be finalized so it can go to the fourth reading.

"I have to be convinced that substantial progress has been made."

Coun. Harold Steves went further, saying he wanted to see all of the city's rezoning conditions met.

"If the Capstan station funding, affordable housing and child care are not met, then I will not be supporting this any longer," he said.

"If we wait (for a future developer) then we can get a better deal.

"I'm not impressed by what has happened, but I will give this one last chance."

Coun. Evelina Halsey-Brandt, chair of the city's planning committee, had said before the meeting that she has seen this project failing from a "long way off." City staff had advised to shelve the Sun Tech City plans because the developers were now only willing to put $500,000 up front towards construction of a Capstan station, as opposed to $15 million originally promised.

If the project goes ahead as planned, the currently vacant area, bound by No. 3 Road, Sea Island Way, Sexsmith Road and Capstan Way, would be transformed into a mixed-use neighbourhood with 16 high-rises, a series of mid-rises and a total of 2,136 homes.

"Something had to give somewhere and basically I don't think the city is willing to budge on this one," Halsey-Brandt said before Tuesday's meeting.

"We gave them rezoning for this on the basis of certain conditions. We simply can't have this size of development there without the Capstan station."

The developers had earlier asked for an extension past the Nov. 28, 2008 deadline for rezoning conditions to be met, citing economic conditions as a reason for not being able to fulfill their end of the deal.

"What's the point of extending it? The economy is not going to turn around that quickly," Halsey-Brandt said.

"It's better to just scrap the whole thing and then, when the time comes again, the same conditions can then be met."

Neither of the developers returned Richmond News' calls by press time. Without the developers chipping in the $15 million for the Capstan station, it's unclear if Richmond will get its fifth city centre Canada Line station.

But that's neither here nor there, Halsey-Brandt said, as the station and the housing development were interdependent.

"Without the development, there's not going to be all these thousands of people living there, so there's no need for a Capstan station," she said.

"Yes, we'll not have the amenities that were planned for there, but we won't have the people there either.

"At least this way we can start afresh when someone can get their act together."

In addition to the station, Richmond stood to benefit from Sun Tech City with 100 affordable housing units, a child-care facility for 25 kids, roads and parks. According to the staff report that went before council Tuesday, the developers said they would pay only $500,000 initially toward the station and the remainder when the larger development was half completed.

"The developers' proposal is NOT acceptable to TransLink," the report said.

Sun Tech City was to be built on 17 acres of land, but the report stated that the developers have not met the city's child-care and affordable-housing stipulations either. Two-thirds of the site is owned by Pinnacle International, while the rest is owned by Concord Pacific.

The City of Richmond's chief administrative officer, George Duncan, highlighted in a letter last May several areas of disagreement between the two developers and also offered to appoint an arbitrator.

© Richmond News 2009
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  #29  
Old Posted Jan 7, 2009, 10:08 PM
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^^^ Thanks for the update!

*fingers crossed that this project goes ahead*
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  #30  
Old Posted Mar 4, 2009, 7:57 PM
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From the Richmond News:

Quote:
Sun to set on Sun Tech City

Alan Campbell
Richmond News

Wednesday, March 04, 2009


Barring a minor miracle -- the doomed 16-tower Sun Tech City development appears to have finally been put out of its misery.

The developers behind the north Richmond project had been warned at the start of the year to comply with a series of strict rezoning conditions, such as paying for the Capstan Canada Line station and affordable housing, or face having the plug pulled.

But, despite yet another desperate plea from the developers for more flexibility, city council's general purposes committee voted unanimously Monday night to follow a staff recommendation to ditch the massive 2,136-home plan.

An updated staff report, placed before the committee Monday, stated that the proponents remained under the impression that the rezoning conditions agreed upon before a public hearing in May 2007 were still subject to negotiation rather than compliance.

It was further pointed out by staff that the developers, made of Pinnacle International, Concord Pacific and Richmond-based Western Construction, claim the commitments made prior to the public hearing are "no longer financially feasible."

Stating his intention to follow the staff recommendation, Mayor Malcolm Brodie told the developers they have until next Monday's full council meeting to save the deal.

"This is a terrible shame, but we made it absolutely clear two months ago what our requirements were," he said.

"I'm not convinced there's been any real effort made in the last two months. The loss of the Capstan Station is terrible for the city. But this will be called upon for the final time next week and that gives people seven times 24 hours. The road is clear now, unless something serious happens in that time."

Before casting his vote, Coun. Harold Steves tore a strip off the developers, questioning their desire to meet rezoning obligations.

"I would suggest we send a message to developers out there that they meet our requirements or go elsewhere," Steves stated. "You're obviously not in favour of meeting your obligations on the station, affordable housing and a child care facility.

"When we brought in our (affordable housing) strategy, some liked it and some didn't. The ones that did, were allowed to develop," Steves said.

The developers, fronted by Peter Webb of Pinnacle, said the recession has forced them to reconsider their ability to adhere to the rezoning conditions.

Webb added, due to the economic climate, it might be several years before another developer steps up with a similar proposal, should council knock theirs back.

Steves told Webb that he has seen recessions come and go and that the last round of developers that received concessions during tough times fooled city council.

"They got the concession then sat on the property and then made fortunes when things turned around," he said.

"But staff are telling us that we'll be better off with our new bylaws when we come out of this recession. What really bugs me is this attack on our affordable housing strategy. Development in Richmond should be on our terms."

Sun Tech City was set for a vacant 17-acre lot, bound by No. 3 Road, Sea Island Way, Sexsmith Road and Capstan Way. As part of the conditions, the developers were originally asked to put up front $15 million for construction of a Canada Line station. The city later agreed to allow the developers to pay $2.5 million up front and the rest when 50 per cent of the development is built. But the developers stated last week they could only offer $1 million in advance.

In addition to the station, Richmond stood to benefit from 100 affordable housing units, a child-care facility for 25 kids, roads and parks.

Should the project fail as expected, the city will have to hand back to the developers approximately $13 million in development cost charges.

Two-thirds of the site is owned by Pinnacle, while the rest is owned by Concord in conjunction with Western.

acampbell@richmond-news.com

© Richmond News 2009
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  #31  
Old Posted Mar 5, 2009, 12:16 AM
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the fact that one station isnt be built is probably a good part of the reason why the canada line might open up earlier
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  #32  
Old Posted Mar 5, 2009, 12:23 AM
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How so? stations are being built simultaneously.

Also wasn't this a future station anyway?
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  #33  
Old Posted Mar 5, 2009, 12:27 AM
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more work would have had to be put towards thus spreading out the work making it take longer
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  #34  
Old Posted Mar 5, 2009, 12:33 AM
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but each station has its own construction crew and in some cases general contractor. It would not make a difference.
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  #35  
Old Posted Mar 5, 2009, 12:55 AM
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Capstan was a future station - like Lake City - they would have opened up without it.
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  #36  
Old Posted Mar 5, 2009, 1:04 AM
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ah okay then i always thought i was suppose to open up with it
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  #37  
Old Posted Feb 18, 2010, 5:16 AM
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Are they gonna start the construction of
this project?
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  #38  
Old Posted Feb 18, 2010, 5:53 AM
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The project won't start for a bit, but they have a model of the area in the Concord sales centre if you are interested in seeing the vision of the area.
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  #39  
Old Posted Feb 18, 2010, 9:34 AM
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Originally Posted by jlousa View Post
The project won't start for a bit, but they have a model of the area in the Concord sales centre if you are interested in seeing the vision of the area.
Do you know when the project is due to start?

This is near the Capstan and No. 3 road area?
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  #40  
Old Posted Feb 18, 2010, 12:42 PM
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Originally Posted by Vancity View Post
Do you know when the project is due to start?

This is near the Capstan and No. 3 road area?
did you bother to you know............GO TO THE FIRST PAGE AND FIRST POST IN THE THREAD................?????????????????????????????????????

info is there.
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