1266 replies to this topic

[Mike K.]

Correct me if I'm wrong, but the Radius excavation was a $4 million job, no?

[Mike K.]

A source, requesting anonymity, has passed along info for Radius' parking structure costs:

The excavation cost came in at $3.8 million and a combined total of $7.9 million would have been spent building the 407 stall substructure (to grade, with waterproofing) at $19,400/stall. 270 stalls were earmarked for events at the SOFMA.

[Nparker]

...at $19,400/stall...270 stalls were earmarked for events at the SOFMA.

This equals $5,238,000 that a private developer was having to pony up for the city's error in not insisting that the SOFMC have sufficient on-site parking. I am not sure the developer was getting value for its "density bonus". No wonder the Radius project failed.

[Bernard]

About 18 months ago PARP for Victoria had an assessment for a parking space in a covered lot in downtown come up for review. I believe that the market rates at that time were about $6000 to purchase one.

[Zimquats]

Just to clarify my earlier post; the cost I mentioned was to build underground. I have absolutely no idea what they sell for, or how much developers charge for them etc.

Likely a lot though...

[Bernard]

I was just trying to give a bit of perspective on their relative value as real estate - though very few of them ever get sold on the open market in Victoria

[VicHockeyFan]

About 18 months ago PARP for Victoria had an assessment for a parking space in a covered lot in downtown come up for review. I believe that the market rates at that time were about $6000 to purchase one.

5 parking spots in my parkade sold for between 10k and 12k in 1996.

[spanky123]

A source, requesting anonymity, has passed along info for Radius' parking structure costs:

The excavation cost came in at $3.8 million and a combined total of $7.9 million would have been spent building the 407 stall substructure (to grade, with waterproofing) at $19,400/stall. 270 stalls were earmarked for events at the SOFMA.

It is interesting that 270 is exactly the number of parking stalls that RG was to provide when they built the arena. Does this mean that council is fixated on the number 270 or that there are not 270 stalls at SOFMC?

[VicHockeyFan]

It is interesting that 270 is exactly the number of parking stalls that RG was to provide when they built the arena. Does this mean that council is fixated on the number 270 or that there are not 270 stalls at SOFMC?

There is certainly over 200 at SOFMC. Some get sucked up when a big concert comes in with multiple big-rigs, as opposed to, say, a hockey game.

[aastra]

I just counted more than 250.

[concorde]

A source, requesting anonymity, has passed along info for Radius' parking structure costs:

The excavation cost came in at $3.8 million and a combined total of $7.9 million would have been spent building the 407 stall substructure (to grade, with waterproofing) at $19,400/stall. 270 stalls were earmarked for events at the SOFMA.

by my calculations $3.8 million + $7.9 million = $11.7 million/407 stalls = $28,750/stall.

Even then, that still seems light considering I was building underground parking for around $24K/stall in 2001. The last job I did with underground was last year and that went for $42K/stall.

[VicHockeyFan]

A source, requesting anonymity, has passed along info for Radius' parking structure costs:

The excavation cost came in at $3.8 million and a combined total of $7.9 million would have been spent building the 407 stall substructure (to grade, with waterproofing) at $19,400/stall. 270 stalls were earmarked for events at the SOFMA.

^ Read this again, concorde.

[concorde]

Sorry, I don't believe those numbers for a second. I'll talk to Kinetic and Ellis Don about it next time I chat with them.

[Rob Randall]

I simply don't think the arena project would have been financially feasible with a substantial above or below ground parking component. You can wish all you like but if the lending institution thinks it makes the project unviable than it's a no go. People are always underestimating the power banks have in development.

When I talk to developers about parking, the number $40,000 per stall comes up a lot.

And look, I think it's a great plan to spread out our parking among under office towers. A few dozen extra spaces in each development means an entire parkade that doesn't have to be built! As long as the developer is willing to provide this service. Jawl (Atrium) didn't like the idea but several other developers were willing to provide a few extra spaces. We have to put cars somewhere--why not where we know cars will need to be. No one is forcing developers to do anything.

[Zimquats]

No one is forcing Developers to do anything?

C'mon Rob.

And there is a big difference between a few dozen and a few hundred spots.

[Rob Randall]

No one is forcing Developers to do anything?

C'mon Rob.

And there is a big difference between a few dozen and a few hundred spots.

OK, maybe there was a little arm-twisting, . Hey, the developers have to give the City something. It might as well be something we need that we'd rather have underground.

[Zimquats]

Lol...can't argue with that kinda logic

[Rob Randall]

Radius Project Rationale
December 20, 2006

The proposal meets Downtown Victoria Plan objectives and policies B3.2 regarding density and bonusing for projects that confer significant community benefits. DVP-listed benefits resulting from the proposed development include:

- new housing (118 units)
- provision of needed parking
- creation of active, usable public open space
- extension of mid-block walkway system
- demonstrable benefit to the area north of View Street
- a landmark building at a city gateway
- the provision of facilities with significant benefit to the community

[gumgum]

Radius will sprout under new owners
Developers of nearby Hudson's Bay site hope to restart construction by spring
Andrew A. Duffy, Times Colonist
Published: Saturday, September 20, 2008

[spanky123]

They sound pretty cavalier about just redoing the plan and forging ahead.

Perhaps they feel a new council will be more favourable and get rid of things like that stupid parking requirement!