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  #121  
Old Posted Jun 5, 2023, 10:48 PM
whatnext whatnext is offline
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An article in Globe & Mail from Kerry Gold on South East False Creek. I have to agree with those who say a more assertive, government-led, plan than justs elling it off to developers is needed.

Vancouver eyes development of last waterfront site
Kerry Gold
SPECIAL TO THE GLOBE AND MAIL
PUBLISHED JUNE 2, 2023

The City of Vancouver is working on a proposal to rezone publicly owned industrial land that is also the last of the developable inner city waterfront, making it highly valuable real estate.

Former City of Burnaby senior planner Robert Renger made a freedom of information request last year about the Southeast False Creek site and recently received a largely redacted document from Vancouver’s real state services department. The city proposes making height and density changes to the Southeast False Creek official development plan of 2007 (amended in 2018), and then rezoning the area to allow residential and commercial uses. It’s the first step in the rezoning process for the area, which is about 10.8 hectares, or 24 acres.

Mr. Renger believes that such an important rezoning of public land should have more transparency, and it should have been made public by now.

“I don’t think it is, or should be, the natural order of things for establishing public policy for public lands,” he says. “Real estate services are not a private developer. Public consultation and discussion is warranted for such an important public development area.”

Anyone who walks regularly along the sea wall on the south side of False Creek between Olympic Village and Cambie Bridge will be familiar with the largely under-utilized mostly industrial site. The parcel falls within one of three defined pockets of the Southeast False Creek ODP, which planned early on for residential use.

The plan is to rezone the work yards for retail and residential housing, with some units below market, some moderate rate market housing and mostly market strata or leasehold strata, depending on economic viability and council decisions. It’s unclear whether the idea is that it remains public land or is sold off. The part about the sizes of the projects allowed has been redacted, as well as transportation networks, view cones, massing, heights, floor area, and shadowing.

The acreage would be developed in phases, starting in the east and framing around Hinge Park and working westward.

The requested changes would impact height and density, allowing owner-occupied housing for first-time buyers. The document says that 19 storeys are possible within current view cones...


....Many housing advocates would like to see publicly owned land used for social housing, more in line with the Vienna model, where the city owns considerable affordable housing. The Vancouver way is to sell off public lands to maximize values.

“It’s the last waterfront site in the inner city, and as much as we argue for complete community with mixed equal tenure, there’s another view that can’t be discounted that says it’s a taxpayer owned asset, so exploit the hell out of it – meaning, 100-per-cent market housing … with magical views,” Mr. Hein says.....


https://www.theglobeandmail.com/real...terfront-site/
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  #122  
Old Posted Jun 5, 2023, 11:41 PM
GenWhy? GenWhy? is offline
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If they have a new funding model for the park and build it 1st and start in 2 years then they should build more public housing here, sure.
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  #123  
Old Posted Jun 5, 2023, 11:43 PM
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fredinno fredinno is offline
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Quote:
Originally Posted by whatnext View Post
An article in Globe & Mail from Kerry Gold on South East False Creek. I have to agree with those who say a more assertive, government-led, plan than justs elling it off to developers is needed.

Vancouver eyes development of last waterfront site
Kerry Gold
SPECIAL TO THE GLOBE AND MAIL
PUBLISHED JUNE 2, 2023

The City of Vancouver is working on a proposal to rezone publicly owned industrial land that is also the last of the developable inner city waterfront, making it highly valuable real estate.

Former City of Burnaby senior planner Robert Renger made a freedom of information request last year about the Southeast False Creek site and recently received a largely redacted document from Vancouver’s real state services department. The city proposes making height and density changes to the Southeast False Creek official development plan of 2007 (amended in 2018), and then rezoning the area to allow residential and commercial uses. It’s the first step in the rezoning process for the area, which is about 10.8 hectares, or 24 acres.

Mr. Renger believes that such an important rezoning of public land should have more transparency, and it should have been made public by now.

“I don’t think it is, or should be, the natural order of things for establishing public policy for public lands,” he says. “Real estate services are not a private developer. Public consultation and discussion is warranted for such an important public development area.”

Anyone who walks regularly along the sea wall on the south side of False Creek between Olympic Village and Cambie Bridge will be familiar with the largely under-utilized mostly industrial site. The parcel falls within one of three defined pockets of the Southeast False Creek ODP, which planned early on for residential use.

The plan is to rezone the work yards for retail and residential housing, with some units below market, some moderate rate market housing and mostly market strata or leasehold strata, depending on economic viability and council decisions. It’s unclear whether the idea is that it remains public land or is sold off. The part about the sizes of the projects allowed has been redacted, as well as transportation networks, view cones, massing, heights, floor area, and shadowing.

The acreage would be developed in phases, starting in the east and framing around Hinge Park and working westward.

The requested changes would impact height and density, allowing owner-occupied housing for first-time buyers. The document says that 19 storeys are possible within current view cones...


....Many housing advocates would like to see publicly owned land used for social housing, more in line with the Vienna model, where the city owns considerable affordable housing. The Vancouver way is to sell off public lands to maximize values.

“It’s the last waterfront site in the inner city, and as much as we argue for complete community with mixed equal tenure, there’s another view that can’t be discounted that says it’s a taxpayer owned asset, so exploit the hell out of it – meaning, 100-per-cent market housing … with magical views,” Mr. Hein says.....


https://www.theglobeandmail.com/real...terfront-site/
This is SEFC, not South False Creek.
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  #124  
Old Posted Jun 6, 2023, 3:49 PM
WarrenC12 WarrenC12 is offline
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If I had a dollar for every time I heard "last waterfront site", I'd have many dollars.

I'll bet now this get developed before the school promised for 2010 gets built.
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  #125  
Old Posted Jul 26, 2023, 11:10 PM
whatnext whatnext is offline
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This the first time I've seen a dollar figure attached to SFC lease renewals. If it is correct it doesn't seem that bad, although it should be longer than 20 years (bold mine):

About this home
Wake up each day with all that Granville Island has to offer at your doorstep. This bright and airy 2 level contemporary townhouse has an open plan main floor with beautiful oak hardwood floors, wood burning fireplace with feature tile wall to skylight, vaulted ceiling with expansive light, and balcony with a beautiful vista through the cherry blossoms of Sutcliffe Park. Kitchen beautifully remodelled in 2016 with Bosch appliances and custom cabinetry. The large master bedroom has walk-in closet and ensuite with Nuheat heated floor. Both bedrooms have direct access to the garden patio that leads straight out to Granville Island, a short walk to the market! Fully rainscreened in 2014. Pets and rentals allowed subject to strata bylaws. Prepaid lease to 2040. The City of Vancouver is offering to extend to 2060 for $153,608 for this unit. Showings by appointment.


https://www.rew.ca/properties/484827...erty_click=map
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  #126  
Old Posted Jul 26, 2023, 11:21 PM
jollyburger jollyburger is online now
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Quote:
Originally Posted by whatnext View Post
This the first time I've seen a dollar figure attached to SFC lease renewals. If it is correct it doesn't seem that bad, although it should be longer than 20 years (bold mine):

About this home
Wake up each day with all that Granville Island has to offer at your doorstep. This bright and airy 2 level contemporary townhouse has an open plan main floor with beautiful oak hardwood floors, wood burning fireplace with feature tile wall to skylight, vaulted ceiling with expansive light, and balcony with a beautiful vista through the cherry blossoms of Sutcliffe Park. Kitchen beautifully remodelled in 2016 with Bosch appliances and custom cabinetry. The large master bedroom has walk-in closet and ensuite with Nuheat heated floor. Both bedrooms have direct access to the garden patio that leads straight out to Granville Island, a short walk to the market! Fully rainscreened in 2014. Pets and rentals allowed subject to strata bylaws. Prepaid lease to 2040. The City of Vancouver is offering to extend to 2060 for $153,608 for this unit. Showings by appointment.


https://www.rew.ca/properties/484827...erty_click=map

I think this is the formula

Quote:
Those who accept would be required to provide a rent prepayment based on a formula of an annual rental rate of 2.25% multiplied by land value, an annual rent escalation of 3,5% to the annual rental rate and the net present value of the rent for the extension using an annual discount rate of 5%.
https://dailyhive.com/vancouver/fals...-renewal-offer
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