Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Development

Casino Still Eyed for West of B.C. Place

Casino still eyed for west of B.C. Place.

Bets are still on that Edgewater Casino will relocate to a site west of B.C. Place Stadium.

Las Vegas-based parent Paragon Gaming has extended its lease with Canadian Metropolitan Properties for the Plaza of Nations casino until 2015 while Paragon and B.C. Pavilion Corporation hold their cards close to the vest.

In April 2011, Vancouver city council rejected a bid to expand the licence from 600 to 1,500 slot machines, but the city gave Paragon the green light to move the licence to a proposed $450 million casino/hotel complex on PavCo land. Company president Scott Menke told the Courier in May that he was expecting to announce the move by the start of August. That was before PavCo CEO Warren Buckley resigned and Jobs, Tourism and Innovation Deputy Minister Dana Hayden took over on Aug. 1.

Read more: http://www.vancourier.com/life/Community+Calendar/7475023/story.html#ixzz2D41OpoMf

November 23, 2012by david.taylor@colliers.com
Development

Four Futures for Ridgeway Annex

North Shore Outlook – Four futures for Ridgeway Annex.

Nearly 100 North Vancouver residents and seven school board trustees gathered in the gymnasium of the once vibrant, now vacant, Ridgeway Annex school Tuesday to hear four possible futures for the former school property now up for grabs.

The lease and purchase proposals were made by representatives from three interested property development companies (Anthem, Darwin Construction and Atti Group)  and one local childcare business.

But when all the cards were down, Ridgeway’s four possible futures could be grouped into just two options. One, the building is saved and renovated for use as daytime daycare and nighttime community centre. Or two, it’s bulldozed and new housing is built atop the Ridgeway property at 450 East Fifth St.

Read more: http://www.northshoreoutlook.com/news/180377141.html

 

November 22, 2012by david.taylor@colliers.com
Development

Musqueam Band Proposes Development on University Endowment Lands

Musqueam Band proposes development on University Endowment Lands.

The Musqueam Indian Band is looking to set a new standard in community consultation as it moves forward with plans to redevelop 22 acres of what was once a regional park in the University Endowment Lands into a mixed-used neighbourhood that will include new housing, retail space and a 120-room hotel.

“I think a lot of people, when they think about first nations doing development, they automatically assume that first nations are going to do it without any consultation or without thinking of those who could be impacted by the development. That is not the case in this case,” said Wade Grant, a Musqueam councillor and economic development coordinator.

Photos courtesy: Placespeak

The Musqueam Indian Band is looking to set a new standard in community consultation as it moves forward with plans to redevelop 22 acres of what was once a regional park in the University Endowment Lands into a mixed-used neighbourhood that will include new housing, retail space and a 120-room hotel.

“I think a lot of people, when they think about first nations doing development, they automatically assume that first nations are going to do it without any consultation or without thinking of those who could be impacted by the development. That is not the case in this case,” said Wade Grant, a Musqueam councillor and economic development coordinator.

 

Read more: http://www.vancouversun.com/business/Musqueam+Band+proposes+development+University+Endowment+Lands/7586140/story.html#ixzz2Cs5NWCHX

November 21, 2012by david.taylor@colliers.com
Development, Office, Retail

Restaurant Eyed For New Building

New Westminster News Leader – Restaurant eyed for new building.

An open house will be held next Thursday for a proposed restaurant patio at the Queen’s Park West office complex under construction in New Westminster’s Uptown district.

It will be held Nov. 29 from 5 to 8 p.m., at 300-601 Sixth St.

Uptown Property Group are the owners of the building, which is on Sixth Avenue at Fifth Street.

Read more: http://www.newwestnewsleader.com/news/180187751.html

November 21, 2012by david.taylor@colliers.com
Development

As the Market Turns – “Trump Tower developer suing 7 disgruntled investors to close deals they now regret”

Courtesy of the Toronto Star

“Developers of Toronto’s Trump International Hotel & Tower have launched lawsuits against seven investors in an effort to force them to close on deals for condo-hotel suites some claim haven’t turned out to be the Hollywood gold buyers were expecting.

The legal move by Talon International Inc. comes at the same time that a London, Ont. doctor is seeking $750,000 in damages for “misrepresentation,” unless he can get back deposits on the hotel suite he bought in the ill-fated project back in 2009.

The court wrangling is just the latest round of problems to curse the celebrity hotel and condo project at Bay and Adelaide Sts.

Dozens of purchasers of suites in the 65-storey luxury hotel are now trying to get deposits back and renege on final payments averaging over $500,000.

Other buyers, some too frightened of the legal ramifications to walk away from deals penned up to seven years ago, say they are finding themselves in a crippling Catch-22 — unable to sell the units or secure mortgages on balances due to Talon Nov. 29.

“One mortgage company asked me, ‘How could I give you a mortgage on a property that is losing money every single day?” said one devastated buyer, a blue-collar worker who borrowed the $175,000 down payment from his immigrant parents and owes $750,000 at month’s end.”

View the Entire Article HERE.

November 20, 2012by david.taylor@colliers.com
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