587 replies to this topic

[Mike K.]

THERE ARE ONLY 20 FORTUNATE PEOPLE WHO WILL BE ABLE TO, IN THE END, CALL THE OAK BAY BEACH HOTEL HOME.

Warning to all married/engaged/common-law couples...

[yodsaker]

Response is so fabulous that the site is still an eyesore with no sign of activity.

[gumgum]

“THERE ARE ONLY 20 FORTUNATE PEOPLE WHO WILL BE ABLE TO, IN THE END, CALL THE OAK BAY BEACH HOTEL HOME. WE HAVE LITERALLY DOZENS ALREADY WHO HAVE REGISTERED FOR THE EVENT AND I SUSPECT THAT WILL GROW TO HUNDREDS BY THE TIME WE ARE DONE.”

OMG! Literally dozens!?

Gimme a break. How many people that register for these things actually buy?

I smell PR BS.

[spanky123]

I guess you have to drink your own kool-aid if you want other people to as well.

I notice that his buyers are all from markets that have been whacked themselves and would likely be part time residents here. The point being that the amenities are nice but probably not items that someone who wasn't living here on a full time basis would pay a huge premium for.

[yodsaker]

"Registered"?
Does that mean you get a free popsicle if you give them your name?
I never liked the aroma of this thing from the outset.

[Holden West]

More

[gumgum]

Call me a cheap bastard, but what sucker would pay over a million dollars for a one bedroom condo?

[aastra]

Waterfront units in Oak Bay aren't particularly abundant.

[FunkyMunky]

I never liked the aroma of this thing from the outset.

Just out of curiosity, could you elaborate on your disdain for this project? I'm not a fan either but I think we have different reasons.

[yodsaker]

Just out of curiosity, could you elaborate on your disdain for this project? I'm not a fan either but I think we have different reasons.

I saw it as a way to get the hotel demolished to release the value in the site. Seemed to me they never really had their fiancial ducks in a row but needed the structure out of the way so say anything to get the demolition permit. Only my opinion.
What's yours?

[Holden West]

Friday's condo feature.

Walker Hospitality last week opened registration to buyers interested in the 20 full-ownership suites that will be part of the 100-room hotel, which will open in the fall of 2010.

[Roger]

CHEK news had an update tonight on the Oak Bay Beach Hotel redevelopment.

Seems like they only have 50% of the pre-sales they need in order to meet financing requirements. The developer figures at least six months until they start. Will they really be able to sell high-end units under current market conditions??

[spanky123]

CHEK news had an update tonight on the Oak Bay Beach Hotel redevelopment.

Seems like they only have 50% of the pre-sales they need in order to meet financing requirements. The developer figures at least six months until they start. Will they really be able to sell high-end units under current market conditions??

No.

They waited about 2 years too long to pull this off.

[Roger]

No.

They waited about 2 years too long to pull this off.

They didn't want to wait. Oak Bay city hall and the neighbours kept wanting changes and when they finally got an acceptable proposal together it was too late.

[yodsaker]

The original project was way too big for the site. Greed got in the way.

[Baro]

what's the appropriate proffit margin when the "greed" label gets tacked on? Seems in this town proposing a project that isn't a net money-loss is greedy.

[spanky123]

They didn't want to wait. Oak Bay city hall and the neighbours kept wanting changes and when they finally got an acceptable proposal together it was too late.

Agreed. Wasn't suggesting that the delay was entirely their doing.

[yodsaker]

It was a perfectly viable business, long-established in a building with charm and character. A building paid off long ago and inherited by the owner.
Oh, I forgot, the building also sat on a superb site potentially worth zillions if the pesky hotel could be whizzed and condo boxes run up.
He blew it and the result is an eyesore.

[Mike K.]

Condo boxes would have fit right into that neighbourhood.

[Baro]

Maybe condo spheres would have been better? The old hotel seemed to be made up of a lot of boxy right angles from what i remember. Or is a box not a box if you put on faux-tudor treatments and a pitched roof?