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[Downtown] Downtown Victoria Y - YMCA | Development site


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#21 aastra

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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.

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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.


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#23 Jackerbie

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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

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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

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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

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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


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#27 Nparker

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Posted 26 July 2018 - 09:49 AM

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



#28 Torrontes

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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.


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#29 Jackerbie

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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

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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

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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?
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#32 Kapten Kapsell

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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

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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

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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.

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#35 tjv

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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

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Posted 27 May 2019 - 11:35 AM

Bump.

 

What's happening on this project, if anything?



 



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