Quote:
Originally Posted by Changing City
It appears to be a first time investment development by a company called Maiway Investments. They would only have been given a demolition permit once they had a building permit for the replacement, which would have been a 6-storey 36 unit rental, replacing 13 in the 1950s building.
They may have been advised it was easier to sell a vacant site than a building with tenants (and without tenants it would be a liability). That doesn't make the situation any better, obviously. There isn't an empty land tax, and you're correct that they haven't broken any rules, but as they haven't tried to create a tax-avoidance park they are paying taxes as if it was still developed, without any rental income to offset it.
They had a project management company on board to carry out the development, so they either had a problem with financing, or some other unexpected problem. Commercial mortgage rates went up just like homeowner mortgages, so a lot of smaller rental projects will have similar issues, and not all developers have access to other forms of financing (or they're so expensive that they can't makes project work).
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It wasn't that 8636/8656 Oak? Seen Matchstick Development and APCanada Investment Corporation attached to it.
https://www.urbanyvr.com/8636-8656-oak-street/
Original proposal in 2018
https://web.archive.org/web/202010210702...r.ca/applications/8636-8656oak/index.htm
2021 development application
Quote:
Application received
December 19 2019
Accepting public comments
February 13 → March 04 2020
Director of Planning decision
April 02 2020
Development permit issued
September 28 2021
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https://www.shapeyourcity.ca/8636-8656-oak-st
$22 million
https://www.remax.ca/commercial/bc/vanco...6-oak-street-wp_idm00000671-r2732094-lst
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