The Rize Vancouver, it is your density.

A 19 storey high rise tower at Broadway and Kingsway: smart planning for dense living or harbinger of gentrifying doom?

Perhaps there is a point when you say “no thanks, that’s just the right amount of tall buildings, we want no more.”

But is this really the time for that?

I had a friend in town from the States and driving through the neighbourhood his first impression was “Huh, you’d think the corner of Broadway and Main street would be more impressive”.

Ours is certainly not the broadway of New York, it’s not even the Broadway of Portland.

Our Broadway is a bus route scattered with greasy spoons and mini-malls.  Are we really going to stop development at this point?

The argument against this proposed project is that it will ruin the flavour of the neighbourhood, but can’t a real city generate a creative class that evolves with the times?  Are we so fragile that a new condo tower can destroy a neighbourhoods character?

Vancouver has a problem and it goes beyond housing costs.  It seems very much to me like a city in it’s awkward teenage phase.  It’s a pretty teenager, but so freaked out about what everyone thinks it’s afraid to take chances or be itself.  It’s afraid of change and apparently can’t handle it’s alcohol.

If we really want to be a world class city it’s time for us to grow up.

 

Post Submitted by JPR

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Watcher
Guest
Watcher
4 years 2 months ago

http://www.vancouversun.com/news/Rise+homeless+Metro+Vancouver+families+alarming/6218513/story.html

We have Hope for the homeless, forget water front social housing in False Creek, build 4 times as many in Hope and put a roof over these folks!

jesse
Member
4 years 2 months ago

This is just a stone’s throw from good ol’ Kingsgate Mall. Really there’s nowhere to go but up.

BLISTINGAGENT
Guest
BLISTINGAGENT
4 years 2 months ago

I have a hard time understanding all the fuss the current proposal is generating. It seems pretty reasonable that a 19-storey tower could appear in an area near downtown where three of Vancouver’s busiest roads meet.

If this project actually gets built, I’d consider renting in it and give one lucky investor their 2% return!

Patiently Waiting
Member
Patiently Waiting
4 years 2 months ago

I have no problem with the density, but I understand the developer weaseled out of rental units and art studios.

Watcher
Guest
Watcher
4 years 2 months ago

Can anyone tell us what percentage of solds in E/W Vancouver are condos vs detached sfh? On another note i inquired about a E-Van condo listing which stated it was cash flow positive… 319k asking $1200/month income 190.00 strata fees, the realturd told me only positive if you have a large enough downpayment… no duh no dice!

Bullocks
Guest
Bullocks
4 years 2 months ago

Who cares about living in a world class city? I liked Vancouver a lot more before it became “world class”.

logic
Guest
logic
4 years 2 months ago

build it.

if the city needs the room, then the broadway corridor is prime density land, as is the cambie corridor (despite the whiners – what did they think was going to follow the Canada line…?)

Rakim
Guest
Rakim
4 years 2 months ago

“Who cares about living in a world class city? I liked Vancouver a lot more before it became “world class”.”

Vancouver was a much more interesting city 10+ years ago. Yaletown used to actually be a cool place with tons of little studios and niche businesses.

Vancouver is a yuppie’s wet dream now. The land of bland.

Anonymous
Guest
Anonymous
4 years 2 months ago
“I wonder if this will kill many of the deals in Vancouver? Do HAM come in and basically lever up their purchases with the $$$$ they have and not have to show any income? Does the bank then take this 65% mortgage and then securitize it with CMHC anyway? I have been told this is fairly significant. ” I am convinced it will, after looking for a rental and meeting several Chinese amateur landlords who had several houses (but it seemed more like their network had several houses). With an appreciation of 10%, this was a great deal. One can… Read more »
arlo bundsen
Guest
arlo bundsen
4 years 2 months ago

I happened to walk by the RAMP protest against the RIZE on the weekend. I talked to several of their representatives and it was clear they don’t oppose development at that corner. In fact, the community plan mentions a need for increased density, but the report makes it clear the 7 story Lee building is the standard. This 19 story building is completely out of character with the neighbourhood, and doesn’t represent the type of density that the community envisions.

Scott
Guest
Scott
4 years 2 months ago

@Bullocks: I liked Vancouver a lot more before it became “world class”.

And the sad thing is that Vancouver isn’t even considered “world class” by anyone who doesn’t live here.

http://en.wikipedia.org/wiki/World_class_cities

SunBlaster
Guest
SunBlaster
4 years 2 months ago

Nothing wrong with a highrise if it’s aesthetically appealing. Look at Kingsway and Knight, the complex look much better than the Flea Market they had there 10 years ago.

Joe Mainlander
Guest
Joe Mainlander
4 years 2 months ago
Single family homes within a 5 min drive of a CBD are the dwelling types that should be ‘out of character’. These boomers bought in and now they don’t want anyone else to follow. Single family homes are subsidized; they pay less per sf or per $ value in property tax than do multi-family or commercial developments. And they eat up more infrastructure per dwelling. And these fat cat subsidized homeowners treat themselves like they are the victims. Why should only the people who already live in a neighbourhood have the only say? What about the broader community who want… Read more »
Guy Smiley
Member
Guy Smiley
4 years 2 months ago

@ Scott

Vancouver made it onto the map from your link regarding ‘World Class Cities’ so apparently the GaGW thinks so. Of course Edmonton is on there too so it’s kind of difficult to take it too seriously…

mac
Guest
mac
4 years 2 months ago

How can you ruin this city any more than it’s already been ruined?

VMD@work
Guest
VMD@work
4 years 2 months ago
900kCrackHouse
Guest
900kCrackHouse
4 years 2 months ago
What the….. “The housing boom has helped prop up Canada’s construction industry, which now represents 7.4 per cent of the labour force, higher than it was in the U.S. at the height of its boom. Add in other housing-related industries, such as real estate agents, mortgage brokers and insurance companies, and the sector represents a staggering 27 per cent of the Canadian workforce. In the U.S., those same numbers peaked at 23.5 per cent. “We are far more dependent directly and indirectly on this current housing boom than they were in the U.S.,” says Rabidoux. “How in the world are… Read more »
Anonymous
Guest
Anonymous
4 years 2 months ago

That area is a shithole, and this develpment is exactly what it needs…similar to what the Woodward’s building did to that prized community.
Those self-proclaimed hipsters that hang out there are one paycheck away from being homeless, if they’re not already. They like to romanticize their plight by getting involved with such protests and pretend their shitty lives are by choice.

900kCrackHouse
Guest
900kCrackHouse
4 years 2 months ago
I also had a question. I just received an advert from Italo, my friendly neighborhood realtor. On the back he has a graph showing the rise of single family home prices. Just wondering, did single family home prices really rise by roughly 100k between December 2011 and January 2012 as he shows in his graph? What a joke this guy is. He needs to learn how to draw a graph. His graph shows single family home prices shooting through the 1.2 million mark in January to roughly 1.25 million, yet states a price of 1.15 million. Prices are already insane… Read more »
southseacompany
Guest
southseacompany
4 years 2 months ago
Good research from the UK on what kind of people oppose new housing (from The Guardian, Spe 15/11:http://www.guardian.co.uk/commentisfree/2011/sep/15/nimbys-housing-ladder-crisis-homeowners) “Shelter has carried out extensive research into who is most likely to object to new homes, and overwhelmingly it is those who have done well from the boom in house prices. Those who are in a worse housing position – younger people, those who don’t own, people on lower incomes – are more likely to see the need for new homes to be built in their communities, but are also less likely to have the voice to speak up for them. Nimbyism… Read more »
SoundandFury
Guest
SoundandFury
4 years 2 months ago

@arlo bundsen: the report makes it clear the 7 story Lee building is the standard

The Lee building was built 100 years ago. At the time it was the tallest building outside the downtown core and towered over it’s neighbours. For 100 years that busy corner has been recognized as ideal for high density development. Now RAMP is saying we should not have a new building taller than the Lee building. What happened to progress?

Anonymous
Guest
Anonymous
4 years 2 months ago

@VMD@work: There’s a lot of gold in that article.

jojomalone
Guest
jojomalone
4 years 2 months ago

This Rize development is far more appropriate in both location & height at 19 stories than the proposed 22-story tower in the middle of the West End. Even the revised proposal for the old church site is still 4x taller than the current zoning allows.
http://westendneighbours.wordpress.com/other-rezonings/1401-comox-street/about-1401-comox-slide-show/

VanRant
Guest
VanRant
4 years 2 months ago

Bring it on, the more they built, the harder the crash.

N
Guest
N
4 years 2 months ago

@900kCrackHouse:

If those are national statistics, just imagine the percentage of employment that RE must represent in Vancouver. Then imagine the indirect employment (baristas, Pilates instructors, Jaguar salesmen etc. serving house-rich yuppies). This is not going to be pretty.

Meh
Guest
Meh
4 years 2 months ago

I hope this is appropriate, but could anyone here recommend a good COMMERCIAL agent for a small business negotiating for a strata office? Or a more trustworthy real estate firm? Or a way to determine who is best?

900kCrackHouse
Guest
900kCrackHouse
4 years 2 months ago

Just curious if anyone is diversifying out of the country due to anticipation of a housing bust and its impact on the economy?

WS
Guest
WS
4 years 2 months ago

@900K
I moved my entire equity portfolio out of Canadian stocks into the U.S. about 2 months ago.

My asset mgr thinks there is about 6 months more life in canadian equities but I just couldn’t sleep at night.

patriotz
Member
4 years 2 months ago

@900kCrackHouse:
“Just curious if anyone is diversifying out of the country due to anticipation of a housing bust and its impact on the economy?”

The TSX is almost all resources and financials. A Canadian RE bust will have no effect on resources (but China would be another story), and the financials are protected against downside in RE.

I’m not selling. If there is a bear market in the TSX I’ll just buy low, I have a good cash position.

Also, remember that the CAD/USD is driven mostly by the price of oil

VMD@work
Guest
VMD@work
4 years 2 months ago

South of the border: city -by-city breakdown of latest Case-shiller data
Las Vegas: Prices down 8.8%, and 61% below peak.
Los Angeles: Prices down 5.2%, and 41% below peak.
Miami: Prices down 3.8%, and 51% below peak.
New York: Prices down 2.9%, and 24% below peak.
Phoenix: Prices down 1.2%, and 55% below peak.
Portland: Prices down 4%, and 29% below peak.
San Francisco: Prices down 5.4%, and 41% below peak.
Seattle: Prices down 5.6%, and 32% below peak.

http://www.marketwatch.com/story/city-by-city-breakdown-of-latest-housing-data-2012-02-28

Sheesh
Guest
Sheesh
4 years 2 months ago

I live in Mount Pleasant and have no problem with new condo developments being built in the neighbourhood. However, personally I think 12 stories should be the max outside of the downtown core, for purely aesthetic reasons.

southseacompany
Guest
southseacompany
4 years 2 months ago
@ Sheesh #31 12 stories is a nice height, but unfortunately, most of the time 12 stories is not a very financially viable height. For concrete, 7-8 story is a max, then you have to jump to 22-25 stories. It has to do with cost of construction, elevator technology, and absorption rates. It may be worth it to build a 6-7 story building with 50 or so units. Higher than that, a developer usually needs to get up to a 100+ unit building. City staff have certainly been pushing for these mid-rise heights (6-12 stories) as in the OV, and… Read more »
mac
Guest
mac
4 years 2 months ago

@Anonymous:

That was a beautiful rant, by the way.

Scott
Guest
Scott
4 years 2 months ago

@Sheesh: What is it that makes 12 stories ok, but higher buildings offensive. I don’t understand- a building can be ugly or beautiful, what does height have to do with it?

900kCrackHouse
Guest
900kCrackHouse
4 years 2 months ago

@WS: Interesting. I have started to move some of my portfolio out of Canada into the US as well. Roughly 40% in US investments / cash / Gold, and some in a stable South American country. I think it is good to diversify at this point as not sure how much better Canada can get from here relative other countries (with the exception of Europe). If oil prices sky-rocket, this will trigger a recession, so any short term rise in CDN$ will be short lived.

N
Guest
N
4 years 2 months ago

@900kCrackHouse:

“Just curious if anyone is diversifying out of the country due to anticipation of a housing bust and its impact on the economy?”

For me, it’s the opposite. I’ve been investing and hiring in the US because good labor is cheep there. When the Canadian bubble pops, I’ll consider hiring here.

Moneybags
Guest
Moneybags
4 years 2 months ago

Has anyone else noticed the ever increasing number of debt consolidation advertisements on the radio? i.e. Alpine credit, capital direct. One would think there is good demand for this type of service.

kansai92
Guest
kansai92
4 years 2 months ago

Condos are being slapped together wherever they can because developers want to make money.
This has nothing to do with “gentrification”.
Just a quasi-make-me-feel-good term that developers throw around.
It’s all about profits, not making the neighbourhood a better place to live.
If we were trying to make areas more liveable, we’d see more row houses.
We’d see more parks and recreational facilities.
Not highrises on every corner.
It’s about making the smallest most expensive units possible on the cheapest land as possible.

VMD@work
Guest
VMD@work
4 years 2 months ago
re: ZRH2YVR’s posts yesterday. I have yet to find any published news re: major lending rule changes. However, Canadian mortgage trends today did publish the following: [The State of Stated Income] A few weeks back, Bloomberg quoted Canada’s bank regulator, OSFI, as saying stated income mortgages “have some similarities to non-prime loans in the U.S.” Just weeks before that, CMHC announced limits on bulk mortgage insurance, which lenders use to reduce risk on conventional mortgages. Given these developments and heightened risk aversion in the industry, it’s not coincidental that mainstream lenders like TD, FirstLine, Scotiabank, Street Capital, etc. have tightened… Read more »
pricedoutfornow
Guest
pricedoutfornow
4 years 2 months ago

@Moneybags:

I’m getting more calls than ever from clients seeking referrals to this type of service. That is partially why I think the housing market is about to burst-this is the end, everyone’s tapped out. Face it, it’s over.

Anonymouse
Guest
Anonymouse
4 years 2 months ago

@Scott:

“What is it that makes 12 stories ok, but higher buildings offensive. I don’t understand- a building can be ugly or beautiful, what does height have to do with it?”

Height makes a huge difference if you live nearby. It could make the difference between getting sunlight into your home or not.

Curtis Gresko
Guest
Curtis Gresko
4 years 2 months ago

What’s the deal with ovaltine,
the jar is round,
the mug is round, why don’t they call it roundtine?

John A. Smith
Guest
John A. Smith
4 years 2 months ago

Curtis ridiculous comments, possible explanations:

1. Curtis’ Dad, Fab, likes Curtis’ Jabs

2. Curtis made his only friend at a frat party he wasnt invited to, perhaps the self proclaimed “Gresko” Is intriguing to someone out there

3. Curtis goes to the library, and likes his own comments

900kCrackHouse
Guest
900kCrackHouse
4 years 2 months ago

@pricedoutfornow: Do they own their houses?

Anonymous
Guest
Anonymous
4 years 2 months ago

@Moneybags: I’ve been hearing those for a few years, but it ain’t slowing down

Anonymous
Guest
Anonymous
4 years 2 months ago

I’m selling all my stocks in a month or so. I think there’s going to be another big crash this summer…this time Europe will take a back seat to negative China news. I’ll then likely load up on blue chip dividend stocks from various countries, when there’s blood in the streets, but we’ll see.

Mr Know -It -All
Guest
Mr Know -It -All
4 years 2 months ago

Very simple grasshopper/grassmokers

Spot gentrification.

Get ahead of the development crowd….kiss City Hall’s butt…shove some moola in their pants/panties….add water.. stir (not necessarily in that order)…Voila !

Option nearby land as well.

Paper trail would be interesting….The “developer mafia” will break ranks and not manipulate land prices. Recall Peter Wall broke ranks and paid $120/sq ft for old Pacific Linen site years ago..and pissed off the developer cartel that wanted to keep prices around $35 /sq ft.

Pierre Gresko
Guest
Pierre Gresko
4 years 2 months ago

@Curtis

Nice last name

Seymour Data
Guest
Seymour Data
4 years 2 months ago

My spidey senses tell me inventory just hit 15,000. Care to confirm Paul B?

Wreckonomics
Guest
Wreckonomics
4 years 2 months ago

@Seymour Data: Yeah! 15k!

If we didn’t just pass it, we’re bound to pass that mark any moment.

Therefore: 15k PARTY!!!!!

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