103 replies to this topic

[concorde]

This project is funded by BC Housing so there needs to be a public tender. All taxpayers need the opportunity to bid on government work.

[martini]

This project is funded by BC Housing so there needs to be a public tender. All taxpayers need the opportunity to bid on government work.

I went back and reread this thread from the beginning. Page two holds the info I think you're looking for.
Post #28:

But a representative from the Townline Group tells Monday they’ve put a preliminary offer on the table. “We have an agreement with the vendor, which in this case is the lender that’s holding it, to purchase it subject to going through some due diligence and making sure that we can make the contract work,” says Townline’s director of residential development, Bob Pearce. “And we will close the contract in due course.”

Pearce says his company is working in concert with BC Housing to find a mutually beneficial way to revive the project as rental housing.

Post #40:

As far as the Wing is concerned it is a pretty sweet deal for Townline. They get $800K in grants from Government plus a 10 year tax holiday and a mortgage from the Province that you can bet is foreclosure proof and in a couple of years will be discounted or forgiven.

The city doesn't have a shortage of rental accomodation, it has a shortage of "affordable" rental accomodation. I am not sure that $1,200 a month for a 3 bedroom unit is any more affordable than anything else you will find on craiglist in the same price range.

Sound familiar?

[martini]

This was posted in the Hudson Mews thread:
Hudson deal should have had full disclosure
By Paul Willcocks, Times Colonist December 11, 2009
http://www.timescolo...8864/story.html

TL Housing does have several projects on the go. It's the developer for a 51-unit rental project on Wilson Street in Vic West being funded by B.C. Housing and the City of Victoria.

The company was formed to focus on those kinds of opportunities. It offers, according to its website, to "be the interface at the municipal, provincial and federal political levels. We can uncover access to density bonuses, civic contributions, B.C. Housing funding programs and subsidies, as well as CMHC-sponsored project funding and favorable loan rates."

It's a clever model. But in the interests of openness, the news release might have noted that TL Housing is also a Ilich company, with Rick IIich's wife Lauren as the president.

Not that there is anything wrong with that. In this kind of deal, though, transparency is essential. The benefits, costs and risks being assumed by all parties need to be clear.

The fact that the developer selling the land is benefiting from a $32-million untendered construction contract should have been acknowledged.

[Layne French]

I hate to nit pick by the risk is on the Non profit, as BC housing is only becoming lender and arranging financing. The non profit still has to pay back the loan to BC housing. I already sourced that in the hudson mews project thread, perhaps some should read that press release.

"The Province will provide interim construction financing and arrange take-out mortgage financing that will be debt serviced by the rental revenues."

[concorde]

I hate to nit pick by the risk is on the Non profit, as BC housing is only becoming lender and arranging financing. The non profit still has to pay back the loan to BC housing. I already sourced that in the hudson mews project thread, perhaps some should read that press release.

"The Province will provide interim construction financing and arrange take-out mortgage financing that will be debt serviced by the rental revenues."

If you believe that, I have a bridge to sell you...

[Layne French]

If you believe that, I have a bridge to sell you...

you shouldn't be so sarcastic with people whom you do not know. , I will leave it there.

[martini]

^ oh?
Is there a rule about not using sarcasm?
I have to agree with concorde. I really didn't get your argument either.

[Kapten Kapsell]

When is The Wing scheduled to be completed?

[Layne French]

They got occupancy a couple days ago from what I have heard so far

[CharlieFoxtrot]

Currently has a large banner hanging on the Westside Village side of the building which reads "NOW RENTING".

Patio furniture can also be seen on some of the decks.

Methinks Phase 1 in complete....

....anyone know what's happening to the fenced in hole that is/was Phase 2?

[Kapten Kapsell]

Can someone post a picture of the completed building...?

[Baro]

Someone I knew almost rented there but said the building was kinda... crappy. Ended up moving into one of our classic 70's wood frames due to cheaper rent and higher quality finishes.

[Holden West]

Quality finishes? It's brand new low-end building. They were expecting marble countertops and teak floors?

[Bob Fugger]

Quality finishes? It's brand new low-end building. They were expecting marble countertops and teak floors?

You'd be surprised, Holden. My semi-literate, drug addicted second cousin's baby daddy on welfare simply refuses to rent anywhere without a doorman nowadays.

[piltdownman]

Well when if you were paying $1550/month for 2BR of "subsidized housing" you would expect better finishings as well.

One might question why townline keeps getting money from the city for these "subsidized housing" projects, when you can find cheaper, nicer units on Craigslist.

[Layne French]

There are some nice views from the top apartments, I can't comment on the finishes as the last time I was there it was in December and none of the units were finished.

[Bob Fugger]

Well when if you were paying $1550/month for 2BR of "subsidized housing" you would expect better finishings as well.

One might question why townline keeps getting money from the city for these "subsidized housing" projects, when you can find cheaper, nicer units on Craigslist.

$1,550 is subsidzed? My spacious, 2bdr upstairs 1/2 duplex unit in CSV is clearly under market.

EDIT: Also nice to see that subsidized housing also included subsidized 3-tier cable.

[VicHockeyFan]

You pay extra for all that interior wall space to hang pictures. With only one 2' x 2' window in each unit, you get LOTS of wall-space. And you need to keep a TV on all the time for extra light, that explains complimentary cable.

[Mike K.]

The priciest unit in The Wing rents for $1750 per month. Wow.

[aastra]

How much does the priciest unit in Astoria rent for?

(I realize Astoria is a condo building but I'm just interested in what people might be renting their units for.)