196 replies to this topic

[tiger11]

I can confirm purchase price was $8,885,000

[Mike K.]

The land had been purchased prior to that for approximately $3 million, if I'm not mistaken.

[tiger11]

correct, 3.7M in late 2016. 

[Mike K.]

Thank you.

[Mixed365]

Woah! Nice info Mike. 

This is fascinating how it worked out in the end. 

[Mike K.]

Yeah, they spent four years trying to get their project approved. I wonder when the City decided it wanted the land?

I also wonder if Townline will want to sell their assets across the street.

[Nparker]

Incredibly bad news for everyone except perhaps the seller of the property.

[Nparker]

Watching the CoV deliberately turn the 900 Pandora block into Victoria's version of the DTES is incredibly disheartening.

[spanky123]

I can confirm purchase price was $8,885,000

 

Must have been a tough negotiation for the City ... not. With the degradation of that whole neighbourhood, you could argue that the value of the land is less than what the developer paid for it. Nice little bailout.

 

I wonder where the City is getting the money from. They pulled $22M out of reserves two weeks ago to continue funding the City and now another $9M. In addition, the Mayor keeps saying that housing is a Provincial responsibility and not up to the City yet it looks like the City now wants to get into housing.

 

Seems like money is growing on trees.

Edited by spanky123, 09 May 2020 - 10:21 AM.

[spanky123]

Yeah, they spent four years trying to get their project approved. I wonder when the City decided it wanted the land?

I also wonder if Townline will want to sell their assets across the street.

 

At the prices the City apparently is willing to pay I would think that anyone in town would be happy to sell their land right now.

[Victoria Watcher]

it will be framed as some type of tremendous opportunity to expand the amazing work our place is doing etc.

I already see the interim our place chief says it could be a higher-barrier dining room and a commercial laundry run by the inmates.

Edited by Victoria Watcher, 09 May 2020 - 10:33 AM.

[Kapten Kapsell]

Must have been a tough negotiation for the City ... not. With the degradation of that whole neighbourhood, you could argue that the value of the land is less than what the developer paid for it. Nice little bailout.

 

I wonder where the City is getting the money from. They pulled $22M out of reserves two weeks ago to continue funding the City and now another $9M. In addition, the Mayor keeps saying that housing is a Provincial responsibility and not up to the City yet it looks like the City now wants to get into housing.

 

Seems like money is growing on trees.

My guess is that the money is coming the sale of the Apex site down by Crystal Garden, as the funds from land sales would be capital revenues used to fund other capital/infrastructure investments.  The city's biggest budget challenges are on the operating side.

 

So I am suspecting we will know the winner of the Apex competition shortly...

[spanky123]

My guess is that the money is coming the sale of the Apex site down by Crystal Garden, as the funds from land sales would be capital revenues used to fund other capital/infrastructure investments.  The city's biggest budget challenges are on the operating side.

 

So I am suspecting we will know the winner of the Apex competition shortly...

 

Was thinking the same. There don't appear to be sufficient reserve funds to make the purchase.

 

The Jawls are going to own Apex in my opinion, the only question was how good a deal they were going to get. 

[Victoria Watcher]

it will be framed as some type of tremendous opportunity to expand the amazing work our place is doing etc.

I already see the interim our place chief says it could be a higher-barrier dining room and a commercial laundry run by the inmates.

 

[Kapten Kapsell]

Watching the CoV deliberately turn the 900 Pandora block into Victoria's version of the DTES is incredibly disheartening.

To be fair, the number of 'affordable' units in new and planned housing stock within 2-3 blocks of the site would still be dwarfed by market rentals/condos and the two Chard affordable-ownership projects (which aren't really targeted as low-income people per se).

 

So, even if you assume that the City would build the same number of affordable units  that Kang/Kill proposed as condos (which may or may not happen,  here's  a look at the numbers in the immediate area :

Affordable Housing Proposed/Under Construction/Recently Built:

926-932 Pandora :   143 units

1025 Johnson (Firehall):  130 units

Subsidized Units in 1002 Pandora:  11

Total :  284 units

 

Market Rentals:

975-983 Pandora:  123 units

Market Rentals at 1002 Pandora:  184 units

Parkway/Wellburns Redevelopment:  103 units

1400 Quadra:  113 units

1400 Vancouver:  93 units

The 1488 (Cook/Pandora):  134 unis

Harris Green Village Redevelopment (note: purpose-built rentals are not required to include affordable housing:  1500

Total Market Rentals: 2866

 

Market Condos:

1100 Yates  (Cook Street Plaza)- excluding  'attainable' units': 113 units

The Wade:  102 units

989 Johnson:   206 units

1088 Johnson:  34 units

Yates on Yates:  126 units

Pacific Mazda Lot- 3 Towers:  400 units

Total Market Condos:  981

 

So in this analysis there are 3847 total market units and an estimated 284 affordable units, representing less than 7 percent of the total.  If I added attainable units at Vivid at the Yates & Cook Street Plaza, the percentage of 'affordable' units overall would be closer to 5% of the total, even assuming that the City retains units count at the Kang/Gill property.

 

I understand the concerns for the immediate area, and I realize my analysis isn't perfect, but it still seems like we won't see the same poverty concentrations here as exists in the DTES ...

Edited by Kapten Kapsell, 09 May 2020 - 07:07 PM.

[Mike K.]

My guess is that the money is coming the sale of the Apex site down by Crystal Garden, as the funds from land sales would be capital revenues used to fund other capital/infrastructure investments. The city's biggest budget challenges are on the operating side.

So I am suspecting we will know the winner of the Apex competition shortly...

We do! It’s Telus: https://victoria.cit...s-street-tower/

It’s been quietly known for some time it was Telus, but we do not know who the local partner is just yet. Jawl is not involved any longer.

[MarkoJ]

correct, 3.7M in late 2016. 

 

You have to be kidding....they paid more than double the purchase price (market hasn't even gone up 15% since then) and Pandora has certainly gone downhill!!!!!!!!!!!!!!!!

 

Have to give a bonus to "Head - Strategic Real Estate" at COV making more than 150k/year and the rest of the real estate strategic division. Actually I think they are doing just a good job Lisa should put in a request to hire more staff in this division.

Edited by MarkoJ, 10 May 2020 - 07:17 AM.

[Nparker]

..I understand the concerns for the immediate area, and I realize my analysis isn't perfect, but it still seems like we won't see the same poverty concentrations here as exists in the DTES ...

While I don't think anyone believes the 900 block of Pandora is literally becoming Victoria's version of the DTES - after all it has a rival along Gorge Road , it's definitely not moving in the right direction.

[spanky123]

You have to be kidding....they paid more than double the purchase price (market hasn't even gone up 15% since then) and Pandora has certainly gone downhill!!!!!!!!!!!!!!!!

 

Have to give a bonus to "Head - Strategic Real Estate" at COV making more than 150k/year and the rest of the real estate strategic division. Actually I think they are doing just a good job Lisa should put in a request to hire more staff in this division.

 

Folks think I am being sarcastic when I point out that the CoV pays 2x-3x market value for its purchases. It is not their money so who cares?!

[spanky123]

To be fair, the number of 'affordable' units in new and planned housing stock within 2-3 blocks of the site would still be dwarfed by market rentals/condos and the two Chard affordable-ownership projects (which aren't really targeted as low-income people per se).

 

I understand the concerns for the immediate area, and I realize my analysis isn't perfect, but it still seems like we won't see the same poverty concentrations here as exists in the DTES ...

 

What you are leaving out is the low barrier housing. I don't think that most people have an issue with affordable housing being a component of their neighbourhood but having 300+ addicts and mentally ill people roaming the streets stealing anything that isn't nailed down is a problem.

 

Usually Lisa manages the message very closely and I am surprised that she hasn't been all over this "leak". I am thinking that this is a bit of a false flag.

Edited by spanky123, 10 May 2020 - 08:42 AM.