Village at False Creek and Elections

It’s been about a year since I did a quick “stress test” on the Millennium Water Village at False Creek development in terms of recouping a loan by liquidation of Millennium’s assets. Well now NPA mayoral candidate Suzanne Anton would like an update on how things are going:

NPA Candidate for Mayor Suzanne Anton is calling on City Hall to release information on sales, social housing and the overall financial position of the Olympic Village project.“The Olympic Village at Southeast False Creek has been an ongoing financial concern for Vancouver residents,” says Anton. “And Mayor Robertson promised during the last election to be open and transparent on this. They need to report on the village by November 1.”A receiver was appointed to oversee the development in November 2010. Anton says the last financial reporting by the city was in April 2011. She believes a report would be of great interest to voters at this point.

And a response from Ballem:

Market (For Sale) Condominiums

Total sales: 427 sold out of 737 market units (60% sold)

Sales since February 2011 launch: 164 (164 units over 156 days – just over one per day) to mid September 2011

Total rented: 26 market units have been rented

Total market units occupied: 453 out of 737 units (62% occupied)

Market Rental Units

Total rented: 119 out of 119 rental units (100% rented)

Commercial Spaces

TD Bank and Legacy Liquor Store open

Terra Breads: successfully opened Saturday, Sept. 24, 2011

Laundry/Drycleaning Store: tenant improvements under way with anticipated opening by end of year

Urban Fare: scheduled to open in June 2012 but they are attempting to open in May 2012

London Drugs: anticipated to open by end of May 2012

City Owned Commercial Spaces

Creekside Community Centre – Village Kitchen Restaurant scheduled to open in the spring of 2012

Salt Building: City is in negotiations to finalize long term tenancy – in the meantime, the Salt Building is being used for short term tenancies

Affordable Housing

The two City buildings (on Parcels 5 and 9) – both 100% occupied (total of 168 units)

Co-op (Parcel 2) – ~80% occupied (66 of 84 units)

Overall occupancy of the Village is 73%

I think it would be good to get an update on the finances, not just occupancy, as well. As of a year ago, the City had a $530 Million loan, never mind the land value. As this project has progressed things have become rather confusing. I’m hoping the illustrious City managers can clarify the situation, in the interests of “great interest”. I’ll do my best to wade through the accounting but it’s not looking good. There are still 284 units to be sold, it seems and a few plots have been reserved for a cooperative and rental units. For the sake of City taxpayers, let’s hope the greater fool bin hasn’t been bled dry.

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Ziggy Strawdust
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Ziggy Strawdust

But hey, on the bright side there's a TD bank and liquor store. Also Terra breads successfully opened!

(As opposed to unsuccessfully opening?)

I just can't believe the buyers aren't pouring in and snatching up these cramped units now that their including $5k worth of Kayaks and Coffee.

Repeat after me: "<a href="http://www.vancourier.com/Rennie+serves+quote+year/5481201/story.html&quot; rel="nofollow">It's not desperation, it's lifestyle."

Anonymouse
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Anonymouse

Following on from earlier discussions about renting, here's a story from a post-crash country :

http://www.bbc.co.uk/news/uk-15284892

"About 85% of private landlord rents in the South West are unaffordable, a housing charity has said."

"Shelter chief executive Campbell Robb said: 'We have become depressingly familiar with first-time buyers being priced out of the housing market, but the impact of unaffordable rents in South West is more dramatic. With no cheaper alternative, ordinary people are forced to cut their spending on essentials like food and heating; or uproot and move away from jobs, schools and families.'"

bjorn
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bjorn

I have a friend in florida that says that rents went up. lot's of empty stock that are banks keeping off the market and people that moved out have to live somewhere.

Patiently Waiting
Member
Patiently Waiting

Following up to the last thread:

Slum rentals: After a couple years of consistent vacancies, some rental buildings in Coquitlam are getting renovations, inside and out. These are owned by investment companies like REITs, not individual speculators.

Amalgamation: It can be done. I lived in Halifax when the HRM was created, and opposition fizzled out. I have no idea why Tri-cities is still three cities.

At least in Halifax, some suburbs had hundreds of years of local history (post-FN). The municipal crisis that follows the bubble pop will be the time to do it here, I guess.

Manna from heaven
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Manna from heaven

SYDNEY has beaten Paris and New York to be voted the world's number one city by readers of a luxury travel magazine.

The Conde Nast Traveler Readers Choice Awards, held in New York, voted the Australian harbour city their favourite destination.

Vancouver just cracked the top ten, ranking 9th, and was bested by Quebec city, coming in 6th place.

http://www.independent.ie/travel/travel-news/sydn

Anonymouse
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Anonymouse

@Manna from heaven: "Vancouver just cracked the top ten, ranking 9th, and was bested by Quebec city, coming in 6th place. "

But Vancouver was ahead of Paris, Rome, Venice, Hong Kong, and Vienna.

Patiently Waiting
Member
Patiently Waiting

I found this chart for the Florida rental vacancy rate:

http://research.stlouisfed.org/fred2/series/FLRVA

The percent seems higher than it should be, but the trend is obvious.

patriotz
Member

@Patiently Waiting:

Why "higher than it should be"? Heard of all those ghost towns?

patriotz
Member

@Anonymouse:

"Following on from earlier discussions about renting, here’s a story from a post-crash country"

I think you are confusing the UK with Ireland.

The UK is not in any way "post-crash", it's just coming off the top.

http://www.houseprices.uk.net/

Patiently Waiting
Member
Patiently Waiting

@patriotz: For stock available for rent rather than empty stock held by banks. Seems extreme.

BTW further to rent reductions: Landlords in the US do the same thing landlords do here. Rather than do formal rent decreases, they offer incentives like a "free month's rent" on a yearly lease. Its really a significant rent decrease without having to say it and might not be recorded in statistics.

patriotz
Member
@Patiently Waiting: Every major municipal governent amalgamation in Canada, and every metro government establishment, has been done unilaterally by the provincial government concerned. That's because in any large metro area it is impossible to come up with terms that every municipality will accept. There will always be holdouts. When the Liberals say they'll almalgamate if all local governments want it, that's just a cowardly way of saying that they don't want to do it. The Liberals have never shown any reluctance to walk over local governments when it has suited them. Rememver how they got rid of the Translink directors who had been chosen by local governments and replaced them with the premier's appointees. The reason why they don't want amalgamation or a real metro is simple – they want to keep playing divide and conquer and don't want to… Read more »
Patiently Waiting
Member
Patiently Waiting

@patriotz: Same charts show Washington State with a vacancy rate of 7%. I realize its the whole state, but its about double BC's vacancy rate.

Do you think they are measured somewhat differently?

http://research.stlouisfed.org/fred2/series/WARVA

Patiently Waiting
Member
Patiently Waiting

@patriotz: Funny thing is HRM hasn't been a problem for the Nova Scotia government. Even Toronto can cause only so much grief for the Ontario government.

Provincial politician must have an exagerrated fear of an amalgamated Vancouver. There are many ways to divide and conquer. I always thought the reasons were inertia or entrenched interests.

Phil
Guest
Phil

Who cares what rents are in Florida? You can lock in for 30 years and own a house for under $600 per month:

http://acruz.exitextremerealty.com/listing/mlsid/

Millenium Tenant
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Millenium Tenant
Hey ….things are just great here ! Mind you, one also has to make sacrifices to live here ,on this site, in the greatest place on earth/World Class city. We are still jack-hammering the "DNA" off the floors from Olympic athletes , only 6 inches left(..no pun intended). The "toilet waste" ie No 1 and No 2…. into potable water infrastructure is not quite up to speed…..so we make lots of coffee to cover the opaque look. The landscape architect choose the wrong plants for the "green roof", some Fukushima bamboo that grows roots at the rate of 10 ft a day and can penetrate 3 ft of re-inforced concrete. COV has said that we can get free permits to hang our ass over the railing and have a dump in False Creek….no one notices….it' s a big Mr. Floatie… Read more »
Phil
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Phil

@jesse: They're not flying off the shelves because Florida is in the "crash freefall" phase after a RE bubble. Half the state probably has ruined their credit and can't buy again (Florida is recourse) and the rest are renting while prices are dropping.

Houses there were selling just fine on the way up, just like BC.

kits college girlz
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kits college girlz

"Half the state probably has ruined their credit and can’t buy again (Florida is recourse) and the rest are renting while prices are dropping."

that is why rentals prices are going up. no DP, foreclosed, on welfare, unemployment cheques etc etc lots of supply for rental units

Girlbear
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Girlbear

@Phil: I looked up Land O Lakes and the median family income is $60k. God Vancouver is ridiculous.

YLTN @ Work
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YLTN @ Work

@Ziggy Strawdust: How long until those close? There is a liquor store bloks away at combine and 8th..wait a sec, owners will need liquor to forget their woes, it'll do fine. I do expect the TD to close a branch though as there is a brand new one at cambie and 8th that is never busy – heck, I never see a person in it!

Li Kai Shing
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Li Kai Shing

@kits college girlz:

kitz gals not go to college.

They all at gym with Lululemon gear getting primed for Trophy Husbands.

kits college girlz
Guest
kits college girlz

Li Kai: "kitz gals not go to college.

They all at gym with Lululemon gear getting primed for Trophy Husbands"

hi-hi..you so funny Li-Kai..

actually we are doing both, college & gym…we are smart bunnies

ciao

Anonymous
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Anonymous

@kits college girlz:

Piss off Li-Kai…and take your alter-egos with you!

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