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[Vic West] Tyee Co-Op redevelopment


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#1 Kapten Kapsell

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Posted 17 February 2009 - 09:12 PM

I heard a rumour about the Tyee Co-Op's plans to redevelop their property in Vic West. The plan calls for the demolition of the existing wood-framed apartments/townhomes in stages (so that not all residents/owners are impacted at the same time). Mid-rise buildings or towers would be built on site to allow the co-op to expand, and street-level retail space would be developed along Tyee Road (across from Dockside Green, etc).

Does anyone have additional information about this?

#2 amor de cosmos

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Posted 17 February 2009 - 09:24 PM

maybe the one I'm thinking of is on Wilson. there's a building with an abandoned foundation near Parc Residences.

#3 aastra

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Posted 17 February 2009 - 09:27 PM

I think we first heard this rumour quite a while ago, didn't we? But I don't remember any mention of commercial space so maybe things are getting more specific?

#4 G-Man

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Posted 17 February 2009 - 09:52 PM

I have heard this before. Some of the units along Tyee have been heavily damaged by mold etc... and can be torn down and redeveloped. Then once families have been moved into that building the next bunch can be torn down.

The Tyee Coop has apparently paid off their mortgage in full so coop income can now be put to other endeavours. I do think that commercial along Tyee has always been planned.

#5 concorde

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Posted 17 February 2009 - 11:44 PM

maybe the one I'm thinking of is on Wilson. there's a building with an abandoned foundation near Parc Residences.


no, thats Fernado Costas failed development, now owned by the bank.

#6 Mike K.

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Posted 03 March 2009 - 07:34 AM

Last I heard there were plans for a 16-storey market tower to offset the cost of the project. Given the height of buildings (up to 24-storeys) already approved for southeast Vic West, that shouldn't be a big deal. Plans may have changed since then as multiple midrise buildings or towers suggests.

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#7 Mike K.

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Posted 25 November 2009 - 04:57 PM

I walked past the co-op yesterday on my way into work and I couldn't believe how dingy some of the exterior walls appeared.

I wonder how the plans for redeveloping the community are coming along.

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#8 CharlieFoxtrot

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Posted 22 December 2010 - 09:10 AM

I'd heard rumours of the redevelopment as well, but as of this morning the cranes are there loading up supplies to re-do the torch-on roof.:confused:

That is not cheap - generally not something to do to a building you're planning on tearing down anytime soon....

EDIT - unless the massive rains/winds of the last few weeks have done a number on them all and this is some sort of insurance thing; but then again, you'd think insurance would just tell 'em to start over. Hell, I would.

#9 Mike K.

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Posted 20 February 2014 - 10:12 AM

I heard a rumour about the Tyee Co-Op's plans to redevelop their property in Vic West. The plan calls for the demolition of the existing wood-framed apartments/townhomes in stages (so that not all residents/owners are impacted at the same time). Mid-rise buildings or towers would be built on site to allow the co-op to expand, and street-level retail space would be developed along Tyee Road (across from Dockside Green, etc).

Does anyone have additional information about this?

 

The quote above is from 2009.

 

If the Tyee Co-op is serious about making a move now would be the time to do it. The market is hungry for rentals, interest rates are low, and interest in Vic West is at an all-time high.


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#10 thundergun

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Posted 20 February 2014 - 10:31 AM

Just to clarify, we're talking about this large group of two story buildings here, correct - right between DG on Tyee and the new Wilson's walk building proposed? This land is definitely underutilized compared to surrounding areas and don't look like they'll last that much longer anyhow.

 

On a related note, any idea if there are any plans for the piece of land right behind the Shell Station on Equimalt and Tyee? Not sure what would make sense there. Not ideal for a park but would anyone want to build there?



#11 Mike K.

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Posted 20 February 2014 - 10:38 AM

Yup, that's the property.

 

The land behind the Shell station is Saghalie Park. It's actually a neat place to hang out on a nice summer day. Many don't know this, but the land in front of the Shell station (at the corner of Tyee and Esquimalt) is actually Tenus Park.


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#12 Mr.B

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Posted 20 February 2014 - 11:22 AM

l highly doubt they will be demolishing the Tyee Coop anytime soon.

 

Most of the units are pretty rough with regards to the condition of the exterior... there is definitely water damage/mould.  That being said, they have been working on upgrading the units for the last 6 months? (don't know exactly).

 

Balconies are being stripped/ resurfaced with new membrane/flashing c/w new railings and patching the stucco where the old rotting wood railings came off.  They have also been repairing any exterior balcony wall rot as well.  Mechanical contractors were on site fixing some exterior vents and hose bibs last fall.

 

They have also been completely renovating the interiors of some of the units... my understanding is that they plan to renovate all the units (eventually).  One unit even had full poly'd sealed removal/abatement team, my guess would be mould not asbestos as this hasn't happened for every unit demo'd.

Work seems to be progressing (slowly), exterior has obviously been stalled with the weather, but they just started gutting another units' interior this week.

 

As noted by others, this complex isn't the prettiest to look at ;)  But recent repairs and hopefully some exterior painting should spruce it up a little.



#13 Mike K.

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Posted 20 February 2014 - 11:27 AM

Do you know if they are renovating units on one side of the property or across the board?

 

With so much land conceivably they could redevelop only a portion of the property and still maintain four, even five rows of townhomes. Of course this is all much easier said than done with many residents expected to live there for many, many years.


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#14 Mr.B

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Posted 20 February 2014 - 11:43 AM

The renovations (interior & exterior) are all over the complex.  l've tried to figure it out, the only thing l can assume is the interiors would be done between tenants moving in/out.  Looks like the balcony work has been completed on the Northern portion of the complex... scattered balconies done on the Southern portion.

 

l have also heard they have a substantial wait list to get in the co-op.


Edited by Mr.B, 20 February 2014 - 01:12 PM.

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#15 Chinook

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Posted 18 April 2016 - 12:11 PM

Hi, I became a member a couple of months ago so I can't comment on the renovations that have happened in the past. But I can fill you in on the current situation:

 

There are 75 units. BC Assessment says the land is valued at $6.5 million based on current zoning.

 

The buildings have the standard leaky condo problems. The co-op looked at redevelopment in 2008 but the financial crash happened before they could secure financing. Now that the mortgage is almost up they're looking at the issue again.

 

In 2014 they tried remediating one of the units with the worse damage to get a better sense of that option. The cost was $135,000. There are 75 units so $9-10 million to remediate the whole thing.

 

The issue with redevelopment is that there's a feeling that the higher density you go, the harder it is to create a community atmosphere. So a lot of the current discussion is around trying to figure out what the lowest density economically viable option is, including possibly selling half the land to finance building at only double the current density on the remainder (maintaining the same number of units). And even then they end up with higher mortgage payments than remediation.

 

The membership is going to have a vote on the options in a couple of months. Without a good vision for what a high-density co-op looks like I think most people will choose the devil they know.


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#16 Mike K.

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Posted 18 April 2016 - 12:51 PM

Hi Chinook, thank you for taking the time to bring us up to speed.


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#17 lanforod

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Posted 18 April 2016 - 04:20 PM

Jeepers. 10 million! Seems a no brainer to build new.

#18 Nparker

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Posted 18 April 2016 - 05:18 PM

...The issue with redevelopment is that there's a feeling that the higher density you go, the harder it is to create a community atmosphere....

It would be a no-brainer for me. With the savings to be had from higher density, I could afford to buy more friends and make my own community.



#19 amor de cosmos

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Posted 18 April 2016 - 05:51 PM

The issue with redevelopment is that there's a feeling that the higher density you go, the harder it is to create a community atmosphere. So a lot of the current discussion is around trying to figure out what the lowest density economically viable option is, including possibly selling half the land to finance building at only double the current density on the remainder (maintaining the same number of units). And even then they end up with higher mortgage payments than remediation.
 
The membership is going to have a vote on the options in a couple of months. Without a good vision for what a high-density co-op looks like I think most people will choose the devil they know.


there's no shortage of ideas here
http://www.archdaily.../social-housing

#20 sdwright.vic

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Posted 18 April 2016 - 05:53 PM

Co-op does not equal social housing.
Predictive text and a tiny keyboard are not my friends!

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