Richmond city council is set to consider another case of a developer having a change of heart on affordable housing.

Intracorp’s Hollybridge Limited Partnership had planned to construct a standalone building with 29 low-end market rental housing units as part of a multi-tower development of 586 homes in the Oval Village.

Now it’s seeking the city’s permission to pay $4.6 million into the city’s affordable housing fund instead of building affordable living units. The figure is based on the five per cent affordable housing required in exchange for a density bonus.

Intracorp’s development site, at 6888 River Rd. and 6900 Pearson Way, is near the Richmond Olympic Oval. Floor area originally intended for affordable housing would be used for market residential units and additional street-level commercial space, according to a staff report.

City staff are recommending council approve the change, and funnel the cash into an affordable housing project planned for city-owned land at 8111 Granville Ave., and scheduled for completion in spring 2016.

Read more: http://www.richmondreview.com/news/263560851.html

By ChangingCity

Here’s a new rental proposal for the Strathcona / Chinatown edge. 450 Gore Avenue is a long-abandoned gas station, and this rezoning designed by Gair Williamson would see 81 small market rental units. The design has retail on the main floor – something new for the east side of Gore.

…read more

Source: Changing City

By John Clark

The asking price isn’t being disclosed. The Vancouver Sun reported the property’s assessed value is $89.9 million.

But assessed value is a measure of the value of the real estate on which the building rests, as well as the building itself. This does not take into account the value of the business operating on the premises.

These are unrelated – at least in theory. In practice, they often become quite tangled, and not just in the tourism and hospitality sector. This entanglement is often accidental. Sometimes it’s deliberate – a subtle exercise in turning a blind eye some owners may believe will serve their tax planning objectives. Trying to shave dollars from one tax bill, however, may just end up costing you more down the road and leave you painted into a corner.

But even with the best of intentions, distinguishing real estate from business value can be a challenging valuation scenario.

When a hotel isn’t just a hotel

Take a hotel. A sale will typically include all the chattels – furniture, fixtures and equipment – plus the expectation on the part of the buyer that they have …read more

Source: RENX