847 replies to this topic

[spanky123]

Has anyone heard any recent news or rumors about this project?

Our good friends at League Assets have purchased the building and plan to start construction early in the new year according to an email to potential investors.

[Holden West]

Hmm, wonder if they will keep the valuable liquor licenses on site or relocate them elsewhere? I'm happy with that news. I was by there last night and that corner is really bleak. The hotel has no life whatsoever apart from a few skeezy-looking people hanging around the entrance.

[zinkerled]

Are you sure the sale has actually been completed? The plan was to complete the sale in March 2012 and take possession of an empty building. Thanks for the info by the way.

[VicHockeyFan]

The hotel has no life whatsoever apart from a few skeezy-looking people hanging around the entrance.

I tried to run when I saw Holden, but he obviously recorded my presence.

[spanky123]

Are you sure the sale has actually been completed? The plan was to complete the sale in March 2012 and take possession of an empty building. Thanks for the info by the way.

This is what League is sending to members. They make it sound like they own the property but you could be right.

The Fund's first two properties
Two properties have already been selected to launch the fund -- The Plaza Hotel in Victoria and 50/52 Arrow Road in Toronto.

The Plaza Hotel sits in the heart of downtown Victoria at the intersection of Government and Pandora streets, across from the Mountain Equipment Co-op, Chinatown and Centennial Plaza.

The hotel will be carefully restored to its historical past, and a new structure built and attached to it.

The end result will be almost 9,000 square-feet of new retail space and underground parking. Plus, there will be four work/live units for professionals, 30 apartments of affordable housing, and some 70 condominiums. In addition, the present driveway will be converted into an outdoor café with special features that will include a water-pond and attractive landscaping. In short, it will become a landmark property in central Victoria.

Design work is currently being reviewed with the city's planning department, and a rezoning application will be submitted before the end of November. Construction work is slated to begin early in the New Year, with completion expected by January of 2014.

[Bob Fugger]

104 mixed units, retail and underground parking? I say these guys should be bankrolling non-incumbent council and mayoral candidates - I don't think there's any chance Pam Madoff et co. would let them build something like that in that location.

[spanky123]

104 mixed units, retail and underground parking? I say these guys should be bankrolling non-incumbent council and mayoral candidates - I don't think there's any chance Pam Madoff et co. would let them build something like that in that location.

Someone told me years ago that there was a series of passages below the plaza hotel which tied into the underground network in Chinatown.

If that is the case, I can't see anyone allowing it to be demolished for a parkade.

[VicHockeyFan]

There is certainly a huge basement full of crap, not sure about tunnels.

Those timelines seem way out of whack for a project like this. I can't see any construction happening until at least late 2012.

[aaroninvictoria]

My uncle is the purchasing agent for League Assets and he says they bought it... I don't know what they intend to do with it though... My understanding is that they own quite a fair amount of real estate downtown.

[aaroninvictoria]

104 mixed units, retail and underground parking? I say these guys should be bankrolling non-incumbent council and mayoral candidates - I don't think there's any chance Pam Madoff et co. would let them build something like that in that location.

Open Victoria has not recieved anything from them yet... and they know I am running (my uncle is the COO of the purchasing side) I was hoping to get something out of them nada...

[Mike K.]

Wait, so GMC Projects is no longer the developer, but League is? Did I miss something or was League the developer from the get-go?

[VicHockeyFan]

Wait, so GMC Projects is no longer the developer, but League is? Did I miss something or was League the developer from the get-go?

http://league.ca/edu...n-the-news.html

The Victoria Plaza Hotel has been purchased by GMc Projects and League Capital Partners (a division of League Assets), and there are hope to see mixed use affordable housing, market condominiums and commercial opportunities at street level.

[Mike K.]

Thanks for the link. So GMC Projects and League have purchased the site. It's just odd to see League involved because initial media reports concentrated more on GMC Projects than League, at least that was my perception.

GMC Projects developed Upper Harbour Place in Vic West, btw.

[jklymak]

Open Victoria has not recieved anything from them yet... and they know I am running (my uncle is the COO of the purchasing side) I was hoping to get something out of them nada...

Perhaps because you would have to recuse yourself anyway?

As described, this seems completely like a fantasy. At 9000 sqft plate, they are going to want 9 or 10 storeys in old town, right next to Centennial Square to replace a 4 storey building? I don't' mind height, but I'm not sure I'd be in favour of this.

[zinkerled]

The current plan is to refurbish the original hotel, remove the rock structure at the north end (currently the lobby, cabin 12 and part of the night club), and replace it with a five story glass structure, the top floor of which would go over the hotel. A sixth floor above the glass structure would be set so far back as to be unseen. The entire glass structure would be set back about 10 ft from the hotel so the hotel would protrude on government st. A restaurant (which Cabin 12 is hoping will be them) is expected to feature an outdoor seating area in the northwest corner.
The plan was to take possession of a vacant building in March 2012, begin construction fall 2012, and complete in spring 2014.

[Bob Fugger]

The current plan is to refurbish the original hotel, remove the rock structure at the north end (currently the lobby, cabin 12 and part of the night club), and replace it with a five story glass structure, the top floor of which would go over the hotel. A sixth floor above the glass structure would be set so far back as to be unseen. The entire glass structure would be set back about 10 ft from the hotel so the hotel would protrude on government st. A restaurant (which Cabin 12 is hoping will be them) is expected to feature an outdoor seating area in the northwest corner.
The plan was to take possession of a vacant building in March 2012, begin construction fall 2012, and complete in spring 2014.

Absolutely no disrespect intended to Cabin 12, but they're likely not the right fit for a swanky proposal like this. The space is likely to command more $ per sq ft than would make sense for their business model.

[jklymak]

The current plan is to refurbish the original hotel, remove the rock structure at the north end (currently the lobby, cabin 12 and part of the night club), and replace it with a five story glass structure, the top floor of which would go over the hotel. A sixth floor above the glass structure would be set so far back as to be unseen. The entire glass structure would be set back about 10 ft from the hotel so the hotel would protrude on government st. A restaurant (which Cabin 12 is hoping will be them) is expected to feature an outdoor seating area in the northwest corner.

Thanks for the details. Thats not completely outlandish. I guess the units are going to be pretty small to fit 100 of them in 4.5 non-commercial floors. But if they do a nice job of it, this sounds like a decent proposal.

[spanky123]

Thanks for the link. So GMC Projects and League have purchased the site. It's just odd to see League involved because initial media reports concentrated more on GMC Projects than League, at least that was my perception.

GMC Projects developed Upper Harbour Place in Vic West, btw.

Re-reading League's release I am wondering if they just have an option to puchase at this point. League is trying to raise $25M for this project. I wouldn't think that they would close until they had a significant % of that amount raised.

[zinkerled]

It really isn't outlandish at all. And given that this is the ugliest building with some of the worst tenants (who would be evicted) in all of downtown Victoria, I say this is almost guaranteed to be approved.

[aaroninvictoria]

Perhaps because you would have to recuse yourself anyway?

As described, this seems completely like a fantasy. At 9000 sqft plate, they are going to want 9 or 10 storeys in old town, right next to Centennial Square to replace a 4 storey building? I don't' mind height, but I'm not sure I'd be in favour of this.

I hear you... truthfully I know very little of what goes on inside Leauge. My uncle doesn't say much other that what you hear in the media.

I do know those guys always push the limits on everything so expect an application for a variance. (I am not in support of an un-usually large building at that location) To rest hearts at ease, everyone who knows me knows that I am not in favour of changing the landscape of Old-Town or the Character neighbourhoods. If zoning is going to change, I will always suggest that Fort and Yates between Blanshard and Cook get rezoned first to allow taller buildings. To me that seems like the most logical place to allow taller buildings.