White Rock council approves controversial waterfront development.

With cries of “shame” echoing throughout the council chamber, White Rock city council voted Monday to give final approval to a controversial development at the former site of the White Rock Mufflers shop.

Located at the corner of Marine Drive and Oxford Street, the development will see a total of 60 residential units built, as well as 116 parking spaces, and some commercial-use units spread among three buildings.

The decision was made after much back and forth between council members, during which some argued there were too many unknowns to move forward.

A Wall Street Journal article today continues to reinforce what we’ve been seeing in the Lower Mainland with real estate purchases by Government agencies lately including BCIMC’s acquisition of the Canada Post site downtown as well as Surrey City Development Corporation’s acquisition of two Surrey retail centres last year.  Recent real estate purchases by quasi-government entities are explored in the article which can be read HERE:

“At the start of 2010, the world’s largest sovereign wealth fund had no property investments to speak of.

The fund manager has stated that it will invest up to 5% of its $690 billion fund in real estate by 2020, coinciding with a corresponding decrease in its bond holdings. It declined to comment for this article.”

A controversial Onni development that will see two towers built in the heart of North Vancouver’s Lonsdale neighbourhood has been given the go-ahead by city council Tuesday.

The razor thin result comes after a two-and-half year process that sparked much opposition in the community.

The “1308 Lonsdale” project by Onni will see condo towers go up on the Safeway site at 13th Street and Lonsdale Avenue.

Council narrowly passed the development with a 4-3 vote after significant revisions.

Read more: http://www.news1130.com/2013/03/12/condo-proposal-in-north-vancouver-gets-green-light/