Jump to content

      














Photo

[Downtown] Downtown Victoria Y - YMCA | Development site


  • Please log in to reply
62 replies to this topic

#21 aastra

aastra
  • Member
  • 15,503 posts

Posted 26 July 2018 - 08:48 AM

 

...then what about all of the crapshacks and empty lots?

 

By this I mean to say, what about all of the sites that seem like much easier pickings?



#22 Mike K.

Mike K.
  • Administrator
  • 55,574 posts

Posted 26 July 2018 - 08:52 AM

By this I mean to say, what about all of the sites that seem like much easier pickings?

 

Gotcha.

 

Consider that Concert may have spent $22 million to acquire the property, but they also have a AAA-rated tenant for seven years that will (presumably) pay millions in lease commitments while the land itself appreciates over those seven years.

 

The entire transaction may actually end up costing Concert significantly less than the $22 million up front sticker price for a strategic, one-acre+ parcel in the heart of the BC Capital.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#23 Jackerbie

Jackerbie
  • Member
  • 3,096 posts
  • LocationRichmond, BC

Posted 26 July 2018 - 08:57 AM

Thanks Mike; will they be able to build to the height of the Escher across the street ?

 

 

As per Jackerbie's post, the heights are limited to eight-storeys. I doubt they'll have the ability to push them beyond that, but then we're also looking at a future development that is unlikely to proceed for nearly a decade.

 

Both the YMCA and the Escher have the same designation in the LAP and Cathedral District plans. LAP allows 30 m height (up to 10 storey residential, 8 storey commercial). Whether or not a proposed redevelopment of the YMCA property can achieve a height greater than 8 storeys under the Cathedral District plan would be up to Council. 



#24 grantpalin

grantpalin
  • Member
  • 630 posts

Posted 26 July 2018 - 09:34 AM

What with the timing, might it make sense for the YMCA and Crystal pool projects to combine? The article mentions the need to find a suitable place downtown for the YMCA to relocate, yet the only one I can think of so far is the Crystal Pool site. Are there any other locations downtown that are feasible for the YMCA, or ones that are targeted for redevelopment?



#25 Torrontes

Torrontes
  • Member
  • 270 posts

Posted 26 July 2018 - 09:35 AM

Didn't any body read Rambaldi's post #5?

 

If I was the Y, I would certainly want to crystallize my land value before entering into development negotiations with Concert and the City, which is what they have done. This way the Y knows what its' bargaining position is.

 

It will take at least 7 years to get Council approvals, fund-raise and get a new Y designed and built, whether by Concert or someone else.

 

How many new residents are to be added in the downtown core over the next 7-10 years? It's a big number given all the projects in-build or approved. Both the Y and the City need to factor that into their funding model.



#26 Torrontes

Torrontes
  • Member
  • 270 posts

Posted 26 July 2018 - 09:48 AM

Here is an example of a YMCA development currently in-build in Toronto. Perhaps a bit smaller than what would be contemplated in Victoria, but it demonstrates what is possible.

 

"The YMCA of Greater Toronto is pleased to work with Mitchell Lofts to create this new Centre of Community on the site of the former East City YMCA. This state-of-the-art centre will be located on the ground floor and minus-one level of a mixed-use development, with six stories of residential units above and residential and public parking below."

 

https://ymcagta.org/about-us/our-new-ys/kingston-road-ymca


  • rambaldi likes this

#27 Nparker

Nparker
  • Member
  • 25,580 posts

Posted 26 July 2018 - 09:49 AM

Something integrating housing and a new "Y" seems like the right way to go.



#28 Torrontes

Torrontes
  • Member
  • 270 posts

Posted 26 July 2018 - 10:05 AM

Might even be possible to use the existing site. Start construction on the west side of the site, which is largely a parking lot, so as to allow for continued use of the existing Y, and then build a second building on the east side following the Y moving and demolition of the existing Y.

 

If space doesn't allow (but I believe it should), then Concert simply finds another downtown site and has a very attractive condo development. Lots of people would love to have a YMCA-YWCA in the bottom of their building. My wife would be first in line!

 

The project I noted above, sold out in record time.


  • Mike K., Nparker, grantpalin and 1 other like this

#29 Jackerbie

Jackerbie
  • Member
  • 3,096 posts
  • LocationRichmond, BC

Posted 26 July 2018 - 10:06 AM

What with the timing, might it make sense for the YMCA and Crystal pool projects to combine? The article mentions the need to find a suitable place downtown for the YMCA to relocate, yet the only one I can think of so far is the Crystal Pool site. Are there any other locations downtown that are feasible for the YMCA, or ones that are targeted for redevelopment?

 

I'm spitballing here, but has Jawl tenanted all of the Capitol 6 building? I can't imagine the property being redeveloped soon since the theatre was just reno'd, but i wonder if the office/retail could be converted to a recreation centre. YMCA only wants between 35,000-45,000 square feet.



#30 Torrontes

Torrontes
  • Member
  • 270 posts

Posted 26 July 2018 - 10:13 AM

I'm spitballing here, but has Jawl tenanted all of the Capitol 6 building? I can't imagine the property being redeveloped soon since the theatre was just reno'd, but i wonder if the office/retail could be converted to a recreation centre. YMCA only wants between 35,000-45,000 square feet.

 

The Y will definitely want a pool. That makes it a new build.



#31 North Shore

North Shore
  • Member
  • 1,743 posts

Posted 26 July 2018 - 12:22 PM

Do they, though? Perhaps they want to wind down their business/services downtown, and concentrate on things like Camp Thunderbird?
Say, what's that mountain goat doing up here in the mist?

#32 Kapten Kapsell

Kapten Kapsell
  • Member
  • 2,667 posts

Posted 26 July 2018 - 12:44 PM

[quote name="Jackerbie" post="447886" timestamp="1532628412"]

I'm spitballing here, but has Jawl tenanted all of the Capitol 6 building? I can't imagine the property being redeveloped soon since the theatre was just reno'd, but i wonder if the office/retail could be converted to a recreation centre. YMCA only wants between 35,000-45,000 square feet.[/quote

Have seems to have fully leased the Capitol 6 building, at least at street level.

#33 Torrontes

Torrontes
  • Member
  • 270 posts

Posted 27 July 2018 - 06:42 AM

Do they, though? Perhaps they want to wind down their business/services downtown, and concentrate on things like Camp Thunderbird?

 

Definitely not. They want to potentially expand their services downtown.

 

The news release suggests that relocation is the chosen option, not redevelopment at the current location.

 

https://vancouverisl...owntown-y-2025/



#34 tiger11

tiger11
  • Member
  • 107 posts

Posted 27 July 2018 - 07:05 AM

Gotcha.

 

Consider that Concert may have spent $22 million to acquire the property, but they also have a AAA-rated tenant for seven years that will (presumably) pay millions in lease commitments while the land itself appreciates over those seven years.

 

The entire transaction may actually end up costing Concert significantly less than the $22 million up front sticker price for a strategic, one-acre+ parcel in the heart of the BC Capital.

 

there is bonus density provisions based on buildable sf. This sale price could end up being well over 30m easy once all is said and done.

 

They paid on the higher end but large multi frontage parcels like this are extremely rare in this development climate. 

 

Over the past year well located parcels in Downtown have appreciated in the 30% range. In this market you definitely have to pay to win


Edited by tiger11, 27 July 2018 - 07:08 AM.

  • Mike K. likes this

#35 tjv

tjv
  • Member
  • 2,403 posts

Posted 27 July 2018 - 09:18 AM

In light of that information, $22m seems like a lot

that is a lot regardless of what you could build

 

Love the TC getting the scoop on this story, the day after it was posted here...I wonder where they are getting their info from?  Hmmmmmmmmmmmmmm



#36 Torrontes

Torrontes
  • Member
  • 270 posts

Posted 27 May 2019 - 11:35 AM

Bump.

 

What's happening on this project, if anything?



#37 Jacques Cadé

Jacques Cadé
  • Member
  • 702 posts

Posted 10 March 2020 - 01:13 PM

from https://vancouverisl...owntown-y-2025/:

 

Update #7 - March 2020

We are pleased to share with you that we have recently entered into a non-binding Letter of Intent with Jawl Properties to formally explore the feasibility of co-locating a new Y for downtown Victoria in their proposed commercial development at a site on the corner of Blanshard and View streets – currently the Capitol 6 Theatres. Some of the Y’s long-time members may recall that this proposed location is actually the former home of a Victoria YMCA, prior to the merging of the YMCA and YWCA in the 60’s at our current site. This announcement represents the culmination of a great deal of hard work by current and previous Board members, and our former CEO, Jennie Edgecombe. This is a very exciting opportunity for all involved.


Edited by Jacques Cadé, 10 March 2020 - 01:15 PM.

  • Rob Randall, Kapten Kapsell, Nparker and 1 other like this

#38 Nparker

Nparker
  • Member
  • 25,580 posts

Posted 10 March 2020 - 01:17 PM

Plus ça change, plus c'est la même chose!


  • aastra likes this

#39 Jackerbie

Jackerbie
  • Member
  • 3,096 posts
  • LocationRichmond, BC

Posted 10 March 2020 - 02:12 PM

I'm spitballing here, but has Jawl tenanted all of the Capitol 6 building? I can't imagine the property being redeveloped soon since the theatre was just reno'd, but i wonder if the office/retail could be converted to a recreation centre. YMCA only wants between 35,000-45,000 square feet.

 

 

The Y will definitely want a pool. That makes it a new build.

 

 



I'm spitballing here, but has Jawl tenanted all of the Capitol 6 building? I can't imagine the property being redeveloped soon since the theatre was just reno'd, but i wonder if the office/retail could be converted to a recreation centre. YMCA only wants between 35,000-45,000 square feet.


Have seems to have fully leased the Capitol 6 building, at least at street level.

 

:cool:



#40 Rob Randall

Rob Randall
  • Member
  • 12,390 posts

Posted 10 March 2020 - 02:41 PM

Capture.JPG

 

The footprint is smaller. No room for surface parking. 

 

 

  • We undertook a ‘needs assessment’ in 2015 and from this we have devised a space plan requirement of 35,000 to 45,000 square feet. Our existing footprint is 62,000 square feet however approximately 30,000 square feet of this is office space and stairwells and basement which we are not using.
  • We will be revisiting these findings over the coming years in consultation with our staff and participants.
  • Our programs have evolved over our 145-year history to reflect the needs of the community.

 

 

 


"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


You're not quite at the end of this discussion topic!

Use the page links at the lower-left to go to the next page to read additional posts.
 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users