205 replies to this topic

[Nparker]

And it barely took 4 years. That's light speed for CoV council.

[Victoria Watcher]

A proposed condo development in Cook Street Village that was rejected by Victoria council last year is moving forward after a public hearing.

 

 

Aragon Properties plans to demolish the former Pic-A-Flic Video store, two houses and a duplex at Cook and Pendergast streets to build a four-storey condo with businesses on the first floor and 48 units in a range of one-, two- and three-bedroom suites.

 

On Thursday night, councillors voted 5-3 to move forward with the project.

 

https://www.timescol...ward-1.24343220

Edited by Victoria Watcher, 17 July 2021 - 06:06 AM.

[A Girl is No one]

So who voted against? The usual suspects? Isitt, Potts, Dubow?

[punk cannonballer]

So who voted against? The usual suspects? Isitt, Potts, Dubow?

 

One need not even check the minutes.

[Glen]

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV

[Mixed365]

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV

 

This is quite typical of all of Aragon's projects. 

[Kapten Kapsell]

Aragon likely has the funds available to self-finance construction (similar to Mosaic Group).

Edited by Kapten Kapsell, 27 September 2021 - 12:43 PM.

[Casual Kev]

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV

 

If you have the cash to fund the project yourself, why sell now when it's going to fetch a lot more at completion?

[Victoria Watcher]

If you have the cash to fund the project yourself, why sell now when it's going to fetch a lot more at completion?

 

risk management. 

 

if you borrow most of the money and all goes sideways you can always go bankrupt with that new company (you incorporate a new company for each project).  

Edited by Victoria Watcher, 27 September 2021 - 01:25 PM.

[Mike K.]

In this market the risk can be somewhat mitigated in that the units can be converted to rentals on completion, and the building sold to an REIT.

[Nparker]

In this market the risk can be somewhat mitigated in that the units can be converted to rentals on completion, and the building sold to an REIT.

Or sold to BC Housing at twice market value.

[G-Man]

In CSV? I don't think that is allowed.

[sharpish]

I bet they regret not doing presales now.  With interest rates and inflation rising, and the market slowing, these condos are going to be worth 25-30% less in the summer of 2024 than they were worth 6 months ago.

[Mike K.]

What if they're worth 25 or 30% more in the summer of 2024?

[aastra]

If the turnaround actually happens I'm not sure who should win the prize for being first to call it. My great great uncle called it back in 1912, so he may end up being the winner.

[29er Radio]

I bet they regret not doing presales now.  With interest rates and inflation rising, and the market slowing, these condos are going to be worth 25-30% less in the summer of 2024 than they were worth 6 months ago.

We had a representative from the developer join the Lisa, Gene & Eric show a while back and their model is not to do pre sales, but to build and then put up for sale

[Mike K.]

First up is Oakwoods in Esquimalt, and their Sooke project (both underway now). I wouldn’t be surprised if Pendergast doesn’t move forward for a little bit.

[Toronto]

So activity has begun on the site with the demolishing of the first of three homes on the site.  Any idea when the commercial businesses will close their doors?

[Mike K.]

Oh wow, so it's on!? 

[IPH]

The business are closed. The circle K store windows are papered over and they were moving remaining stock out of the building yesterday.