103 replies to this topic

[martini]

You are missing the point.

No question there are people in need of affordable housing. My criticism was that taking an apartment that the Wing claims has a market price of $1050 a month and then reducing it to $900 a month is not going to make any difference to people on welfare who still cannot afford $900.

In my opinion is it not a fair trade for the $810K the taxpayer is going to cough up.

Maybe I have missed something here. Where does the figure of $900 a month come from? I thought this was going to be subsidized.
I'll have to go back and reread the article.

[spanky123]

Maybe I have missed something here. Where does the figure of $900 a month come from? I thought this was going to be subsidized.
I'll have to go back and reread the article.

My read of the article was that the subsidized rents would be $650, $900 and $1200 a month.

[martini]

My read of the article was that the subsidized rents would be $650, $900 and $1200 a month.

From the TC article:

Those units will range in size from studio apartments to three-bedroom suites for larger families. Half will have rents set at about 85 per cent of market value. The subsidized rent is expected to range from about $600 to $1,200 for the bigger apartments.

This is confusing. So I read 1/2 the units will be 85% of market...and the other 'subsidized' will range between $600 to $1200.
The only way I can explain the high rate for subsidized is possibly that's minimum and cap rate. (Based on income)

[Phil McAvity]

^Yes, but those people moving into the Wing won't appear out of thin air. They will be vacating less desirable apartments elsewhere.

Yeah, and those less desirable apartments will get filled up as soon as the people vacate them to move into the wing.

spanky, 810k? I'm pretty sure the city is kicking in $510,000, not 810.

martini, I didn't forget about the little boy dying, I never knew about it. That's sad. That's a tough situation that woman with three kids is in too but unfortunately, the market dictates the cost of those units. I don't have any easy answers for that situation but hopefully she has friends/family that can help.

[CharlieFoxtrot]

Perhaps some action on this one:

Some windows and sliding glass doors are open on the south side of the building today that weren't open this morning.

Maybe they're trying to dry the darn thing out after being left to the weather all these years

[Yakpi]

If this is the Wing project at 109 Wilson Street then it has been taken over by BC Housing. I believe the previous developer abandoned the project due to financial issues.

[CharlieFoxtrot]

You don't say...

....currently watching guys in white paper suits inside removing old insulation (and lord know what else) from the inside of the 4th floor. I've also seen a few guys going in and out on various balconies in hard hats and high-vis vests.

Also watching lots of nesting birds of various species flying in and out of the open, south/southwest facing soffits.

I'd say the various funding seems to have come through.
And it's almost egg laying time.

[CharlieFoxtrot]

All kinds of action on this one now.
Crews working 7 to 4:30-ish, and have been for at least the past two weeks.

[Nparker]

All kinds of action on this one now. Crews working 7 to 4:30-ish, and have been for at least the past two weeks.

That would have been easy since none of them are working at The Hudson anymore.

[Mike K.]

I noticed the lights were now on in the building during the evenings. This explains why.

[Koru]

This project is u/c again

[Rob Randall]

Occupancy should be by Spring 2010.

[VicHockeyFan]

Occupancy should be by Spring 2010.

Every time a project fails based on its shear ugliness, we shold turn it into social housing.

[albe]

A solution perhaps on the provincial level is needed , deposits for condos ,etc. should not be available directly to the developer.
Bridge financing by investors should be accompanied by a disinterested third party to audit cheques cut, not to exceed endowment by investors. A certain percent of the eventual habitable space ought to be existing before a draw down on the user/occupier deposits. Just a delimna is repeating it self with developers/ scammers setting up marketing booths then running with the cash, after soil is broken. Avoid this if we can is a goal our gov't should aspire to.

[VicHockeyFan]

A solution perhaps on the provincial level is needed , deposits for condos ,etc. should not be available directly to the developer.
Bridge financing by investors should be accompanied by a disinterested third party to audit cheques cut, not to exceed endowment by investors. A certain percent of the eventual habitable space ought to be existing before a draw down on the user/occupier deposits. Just a delimna is repeating it self with developers/ scammers setting up marketing booths then running with the cash, after soil is broken. Avoid this if we can is a goal our gov't should aspire to.

How about we just remember "buyer beware", then we don't need legislation. Also, deposits through Realtors do not go to the developer. Willing buyer, willing seller, outside of that we need few laws. No one MUST buy at the pre-sale stage, most do because they see profit/gain by buying at a pre-sale discount (same reason they buy direct from a developer, absent a Realtor, to save more money). With that reward ought to go some risk. That's how the market works.

[Layne French]

I was in here a awhile ago, the top floors were progressing and the excavation for what is to be the second phase has begun

[Layne French]

Uh I'm slightly confused on this one? The excavation for the second phase was completed years ago when the project went belly up, the foundation walls have sat crumbling, they've started knocking them down and preparing for excavation already?

sounds like it, when I was there it was loud and I could barely hear who I was talking to. However there were in there digging down at the base of the first phase below the parking level

[concorde]

And the public tender for this is where?

[martini]

And the public tender for this is where?

As far as I know there wasn't one. Same modus operandi and players as The Hudson.