13 replies to this topic

[Holden West]

Another hint of possible changes to come on Douglas St. in the wake of the Traveller's Inn bankruptcy.

An offer has come in for the former NOW Furniture building, 2269 Douglas St., and another is expected this week, both from casino operators, [Asfar] said.

The former NOW building is in bankruptcy, with the Volken Foundation as the secured creditor. There is no receiver for that property, Glover said.

A casino on this site has been long sought by Asfar (here's the site) but discounted by many because of Victoria City Council's reluctance to allow gambling on this scale within city limits:

Times Colonist, Aug. 1 2006:

City council voted in April [2006] not to hold a public hearing on a proposal from Asfar's company, Vancouver Island Entertainment Inc., to put a casino at 2269 Douglas St., a furniture store, and make it part of a hotel/entertainment complex.

Council's move represented a change from a January position whereby it agreed to hold the public hearing.

The city changed its mind when the B.C. Lotteries Corporation told council it had no plans to authorize a casino at the site anyway. The corporation has final say where casinos are located.

Mayor Alan Lowe said Monday the decision vindicated council's change of heart. "We knew we were doing the right thing."

Again, source: Asfar; salt: recommended.

[VicHockeyFan]

I don't think this topic deserves its own thread.

[VicDuck]

If true, i hope this gets approved and built.

[phx]

I don't see a casino as being a benefit to the community.

[concorde]

This has been rumored to be turned into a casino for around 5 years now, yet nothing has happened.

[gumgum]

Would be a great place for a furniture store.

[G-Man]

This has been rumored to be turned into a casino for around 5 years now, yet nothing has happened.

Rumour died about five years ago. It was never going to happen. I think it would be nice to tear it down and build condos.

[Holden West]

Why would Asfar claim buyers with casino dreams are sniffing around? The chances of this current Council getting gambling fever are even more remote than they were with previous business-friendly Councils. Do we have to spend another decade looking at that derelict building?

[concorde]

Rumour died about five years ago. It was never going to happen. I think it would be nice to tear it down and build condos.

Aren't there other empty lots in the downtown core that need buildings built before we tear down buildings less than 10 years old? (ie, behind Capital Six, Bambu lot, on either side of the Malahat building, the many car lots at Yates and Cook, etc, etc)

[G-Man]

It took about ten minutes to put that monstrosity up, Should come down just as easy.

Yes I would agree that there are other lots thatwould be preferable first but I would sure like to see something else here. Of course with the new needle exchange around the corner, it is not ever going to happen anyways...

[Sparky]

By checking the BC Assessment website it became obvious that the "Now" building, assessd at over $5 million is worth twice as much as any of Asfar's other buildings and he did not make 10 cents off of it over 4 years. Clearly if he had left this one alone and stuck to the motel business, he might still be financially alive today. Talk about gambling fever destroying a man.........this is a classic case.

[VicHockeyFan]

By checking the BC Assessment website it became obvious that the "Now" building, assessd at over $5 million is worth twice as much as any of Asfar's other buildings and he did not make 10 cents off of it over 4 years. Clearly if he had left this one alone and stuck to the motel business, he might still be financially alive today. Talk about gambling fever destroying a man.........this is a classic case.

Travellers City Center is valued at $5.5M and the Vacation Inn $5.6M.

[spanky123]

Why would Asfar claim buyers with casino dreams are sniffing around? The chances of this current Council getting gambling fever are even more remote than they were with previous business-friendly Councils. Do we have to spend another decade looking at that derelict building?

Why would he claim he has $70M in equity in his properties? Why would he claim that he is going to donate all of his money to charity and then move to Africa to help children? Why would he claim that the CRA is out to get him and that he should not have to pay the GST he collected?

[amor de cosmos]

whatever gets built here should be really interesting/dramatic/etc since it's kind of a high-profile location. douglas makes a perfectly straight line from saanich rd, and only at queens does it finally bend, closing off the view south. all southbound traffic on douglas literally drives directly towards that now building:
http://maps.google.c...009602&t=h&z=17