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  #11341  
Old Posted Apr 3, 2023, 9:59 PM
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Rize Alliance & Minto Acquire Oakridge Rental Site in $47M Deal


https://vancouvermarket.ca/2023/04/02/rize-alliance-minto-acquire-oakridge-rental-site-in-47m-deal/
     
     
  #11342  
Old Posted Apr 5, 2023, 10:16 PM
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Quote:
City Duo’s Secured Rental Policy Tracker – Find Your Next Home
Whether you’re looking to downsize in your golden years, saving up for a six-figure down payment, or just enjoying that “wacky time of life” it’s no secret that it’s hard to find a home to rent in our city. That’s why Hannah and I have built this page to track proposals under the Secured Rental Policy in hopes of helping people, young, or old, find a place to live.

Updates approved by city council in 2021 hope to achieve that by allowing six floor rental buildings on several arterial roads, and structures up to 4 floors on directly adjacent blocks. The former requires 20% of its homes to be rented at below market rates, whereas purely market rate structures are limited to five floors. There’s also the option to build a rental triplex on single lots, but so far very few homeowners have taken up that offer.

On the map below you’ll see all the aforementioned types of these proposals listed, the blocks they can be considered on, as well as the areas zoned to protect character homes, or omitted due to recent community plans. Further down, spreadsheets broken down by category detail when these projects were submitted, if they were approved, rejected, or withdrawn by the applicant, and include a link to their Shape Your City page.
https://cityduo.wordpress.com/2023/04/05/secured-rental-policy-tracker/

Last edited by Feathered Friend; Apr 6, 2023 at 3:38 AM.
     
     
  #11343  
Old Posted Apr 6, 2023, 1:01 AM
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Originally Posted by officedweller View Post
It's 3 blocks from Cambie... how are they justifying $10M land value per 60' lot? I don't think the size of the towers in the cambie plan will be enough density for this land price. Either way, the existing Cambie developments look severely under-built now
     
     
  #11344  
Old Posted Apr 6, 2023, 3:55 AM
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Come to think of it, this is literally the only new build along Cambie that I like:


The others are all hideous, over-designed, and poorly proportioned with the weird 2-storey setback at the top. The point of a setback is to conceal the extra height from the sidewalk - it doesn't work when it's 2-stories


I rather they have a slightly taller streetwall and do a one-storey setback like below:



Or just about any older mid-rise in Vancouver from this era would be better:


It's not hard. Just give me boring and tasteful! End rant

Last edited by dleung; Apr 11, 2023 at 8:14 PM.
     
     
  #11345  
Old Posted Apr 6, 2023, 4:08 AM
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Neat. These projects don't get much attention here without a render to post and the small scale.
     
     
  #11346  
Old Posted Apr 6, 2023, 4:18 AM
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Interesting that there's more on the west side than the east. Anyways, lots of potential rental units coming from the current handful of projects. Impactful policy change.
     
     
  #11347  
Old Posted Apr 6, 2023, 4:56 AM
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Originally Posted by madog222 View Post
Neat. These projects don't get much attention here without a render to post and the small scale.
We should start to see what they look like - although probably no different from typical 4 to 6 storey rental buildings. The first four rezonings are approved, and there are three more at Public Hearing in the next couple of weeks, so Development Applications can be submitted soon.

There are 26 projects submitted so far, with around 2,000 rental units likely to result from their development. The majority of the buildings are proposed as 5-storey (17 schemes) with just 4 as 4-storey, and 5 as 6-storey (with 20% below market units).
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  #11348  
Old Posted Apr 6, 2023, 5:55 AM
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Originally Posted by dleung View Post
It's 3 blocks from Cambie... how are they justifying $10M land value per 60' lot? I don't think the size of the towers in the cambie plan will be enough density for this land price. Either way, the existing Cambie developments look severely under-built now
The Cambie Corridor Plan designates the Property for an 18-storey rental tower - that's more than the 6 storeys on Cambie itself but I don't know how feasible it would be.
     
     
  #11349  
Old Posted Apr 6, 2023, 6:43 AM
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Originally Posted by madog222 View Post
Neat. These projects don't get much attention here without a render to post and the small scale.


Quote:
On this 1.09 acre assembly site at 2596-2660 E 41st Avenue, in the Southwest Vancouver Killarney community, PC Urban is proud to propose the development of 141 much needed secured market rental houses.

LOCATION: 2596-2660 E 41st Avenue, Vancouver, BC
CATEGORY: Urban Rental Communities
LAND AREA: 44,177 sf ft
COMPLETION: Early 2026
https://www.pcurban.ca/project/2596-2660-e-41st/

This SRP project at 2596-2660 E 41st Avenue is the only one that has included any renders or more detailed information. It hasn't even been referred to a public hearing yet, so I'm not sure why the applicant has gone to these lengths.
     
     
  #11350  
Old Posted Apr 6, 2023, 5:37 PM
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Originally Posted by dleung View Post
The point of a setback is to conceal the extra height from the sidewalk - it doesn't work when it's 2-stories


I rather they have a slightly taller streetwall and do a one-storey setback like below:


100000% percent.

I cannot for the life of me understand the fear of a 5 storey streetwall. It looks miles better than the wedding cake messes we've been approving on Cambie and throughout the City.
     
     
  #11351  
Old Posted Apr 6, 2023, 5:49 PM
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Originally Posted by Feathered Friend View Post




https://www.pcurban.ca/project/2596-2660-e-41st/

This SRP project at 2596-2660 E 41st Avenue is the only one that has included any renders or more detailed information. It hasn't even been referred to a public hearing yet, so I'm not sure why the applicant has gone to these lengths.
I always forget that Killarney exists. Cover it in these 5-storey buildings, please.
     
     
  #11352  
Old Posted Apr 6, 2023, 9:52 PM
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Originally Posted by dleung View Post
It's 3 blocks from Cambie... how are they justifying $10M land value per 60' lot? I don't think the size of the towers in the cambie plan will be enough density for this land price. Either way, the existing Cambie developments look severely under-built now
Hence literally no middle-class locals can afford living in any of the 6-storey condo buildings along the Cambie corridor. This plan is a total failure. For the few who can afford to, they are just buying into low-quality units built mostly by small-time developers interested in turning a big profit with the large initial investments they put into securing the consolidated lots.
     
     
  #11353  
Old Posted Apr 7, 2023, 11:30 PM
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All modules in place at the new Main & Terminal temporary modular housing:

https://www.instagram.com/p/CqwInG1vjBP/?utm_source=ig_web_button_share_sheet
     
     
  #11354  
Old Posted Apr 8, 2023, 4:46 PM
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Originally Posted by dleung View Post

The others are all hideous, over-designed, and poorly proportioned with the weird 2-storey setback at the top. The point of a setback is to conceal the extra height from the sidewalk - it doesn't work when it's 2-stories
Over-designed is a really good word to describe these buildings actually. I will play devil's advocate for a second and say that the Cambie Corridor is really the first example of large scale medium-density redevelopment in the City, and is not being done by a single developer (ie. Concord, or Aspac for Coal Harbour). Not to say those are shining examples of what to do either, but at least there is some cohesion. Cambie is a different story because it is all individual land assemblies, and sometimes only a couple of single family lots are involved, so you don't get the huge lots to play with. But I agree, that doesn't excuse the bizarre upper floor setback trend, that is entirely avoidable. As for over-designed, I could see the developers trying to give smaller buildings some "flair" to compensate for the size, but it ends up looking busy and cheap. It's also super inefficient to build a condo with like 25 units, which some of the Cambie buildings are. Not surprised they are super expensive! I live on Cambie by 16th, but go walking up to explore between King Ed and 49th quite a bit. Some of the new proposals are rezoning of a single lot! Not even any assembly with other lots, just a SFH turning into 26 condos. And many of these redevelopments are the same. Again, no excuse for the design shortcomings, but the hodge podge and randomness of lots being developed does create some of the lack of cohesion.

Oak St. between 41st and 70th is really starting to ramp up. Mostly townhouses so far, but it's much more pleasant than Cambie at the moment. Closer to 70th, the first couple apartments are underway, but still in the early stages so can't tell how they will look. But certainly a lot of activity now with SFH being replaced with townhomes (again, these are not really affordable but at least it is added density and choice, since many could be rented out).

One thing that really pisses me off is the lot on the east side of Oak one building south of 70th. This was an older Marpole-style rental building that had a rezoning/development app up for quite some time. Mid-late last year the building was demolished, and they excavated right down to the old foundation and looked like the new building was going up. But then a "For Sale" sign goes up on the property, advertising it's development potential. I was furious when I saw this. The land owner/developer should be made to pay for all of those tenants who were evicted. I have no problem with redevelopment, even though I do have issues with renovations and general loss of affordable older rentals with way pricier ones. BUT... if the developer was in a precarious financial position or whatever, and wasn't able to proceed with the development, they should not have evicted the tenants and tore the building down, that is the disgusting part. I know real estate development and financing, and I have a very hard time believing the owner only realized they couldn't continue the project AFTER they tore the building down. Because the "For Sale" sign appeared within 2 weeks or less of the demolition. So they knew they were not going to proceed with the new building, but they tore the old one down anyways. Now it's sitting vacant collecting rain water with the old foundations still visible in the pit. At least if an old building comes down but is redeveloped right away, there's some consolation. But this I find heinous, I hope the City levies a massive empty land tax on the owner (or a massive fine even better, but don't think they could since what they did is probably not breaking any rules, it's just an a$$hole move.
     
     
  #11355  
Old Posted Apr 8, 2023, 5:39 PM
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Originally Posted by zahav View Post

One thing that really pisses me off is the lot on the east side of Oak one building south of 70th. This was an older Marpole-style rental building that had a rezoning/development app up for quite some time. Mid-late last year the building was demolished, and they excavated right down to the old foundation and looked like the new building was going up. But then a "For Sale" sign goes up on the property, advertising it's development potential. I was furious when I saw this. The land owner/developer should be made to pay for all of those tenants who were evicted. I have no problem with redevelopment, even though I do have issues with renovations and general loss of affordable older rentals with way pricier ones. BUT... if the developer was in a precarious financial position or whatever, and wasn't able to proceed with the development, they should not have evicted the tenants and tore the building down, that is the disgusting part. I know real estate development and financing, and I have a very hard time believing the owner only realized they couldn't continue the project AFTER they tore the building down. Because the "For Sale" sign appeared within 2 weeks or less of the demolition. So they knew they were not going to proceed with the new building, but they tore the old one down anyways. Now it's sitting vacant collecting rain water with the old foundations still visible in the pit. At least if an old building comes down but is redeveloped right away, there's some consolation. But this I find heinous, I hope the City levies a massive empty land tax on the owner (or a massive fine even better, but don't think they could since what they did is probably not breaking any rules, it's just an a$$hole move.
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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  #11356  
Old Posted Apr 8, 2023, 6:32 PM
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Originally Posted by Changing City View Post
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).
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
https://www.shapeyourcity.ca/8636-8656-oak-st

$22 million

https://www.remax.ca/commercial/bc/vanco...6-oak-street-wp_idm00000671-r2732094-lst
     
     
  #11357  
Old Posted Apr 8, 2023, 6:37 PM
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Originally Posted by madog222 View Post
All modules in place at the new Main & Terminal temporary modular housing:

https://www.instagram.com/p/CqwInG1vjBP/?utm_source=ig_web_button_share_sheet
I wonder when these will be move-in ready? Super fast deployment. Looks like enough for all the Hastings campers?
     
     
  #11358  
Old Posted Apr 8, 2023, 6:44 PM
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Originally Posted by WarrenC12 View Post
I wonder when these will be move-in ready? Super fast deployment. Looks like enough for all the Hastings campers?
They said by March 2023 originally

Quote:
BC Housing is actively working with the City of Vancouver and provincial partners to respond to homelessness across Vancouver. This includes supporting the ongoing response in the Downtown Eastside (DTES) and addressing the encampments on East Hastings Street and CRAB Park.

The process includes bringing people currently sleeping outdoors on the DTES and in CRAB Park into the shelter system so we can get to know their needs and work to rebuild trust. We will then transition them into homes with the support services they may need as units become available.
https://letstalkhousingbc.ca/vancouver-1...20project,to%20open%20in%20Spring%202023.
     
     
  #11359  
Old Posted Apr 8, 2023, 7:21 PM
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Originally Posted by jollyburger View Post
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



https://www.shapeyourcity.ca/8636-8656-oak-st

$22 million

https://www.remax.ca/commercial/bc/vanco...6-oak-street-wp_idm00000671-r2732094-lst
As it was 70th and Oak, I assumed it was 8599 Oak, which had tree protection around the site when the last street view image was taken.
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  #11360  
Old Posted Apr 9, 2023, 5:24 PM
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There should definitely be a vacant land penalty, IMO. Land is supposed to be used, not held up by a future plan. If an owner/developer isn't ready to build, then sell it to someone who is. If we are taxing empty homes, vacant land should be as well (don't get me started on the dog parks or community gardens, these developers should be getting on with building and not just sitting on the land). I understand things come up and developers might hit a roadblock, but demolishing existing buildings just to have land sit empty is insane in a city like this, and there should be rules against it.
     
     
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