The Urban Development Institute is the public voice of Real Estate developers in BC and they have recently been given the right to participate as an intervenor in the case against the Olympic Village by 34 presales buyers.
The group of buyers is trying to get out of their contracts by claiming that the City of Vancouver should be considered a ‘developer’ in this case and their lack of disclosure statements means the contracts shouldn’t be binding.
The plaintiffs argue that the City of Vancouver and the company who was selling the units were “developers” within the meaning of the Real Estate Development Marketing Act , S.B.C. 2004, c. 42 (“REDMA”) such that they were required to sign disclosure statements. REDMA defines developer as “a person who, directly or indirectly, owns, leases or has a right to acquire or dispose of development property.”
REDMA is relatively new legislation, proclaimed in 2004. The definition of developer has not yet been addressed by the Court. The plaintiffs described this case as one which “has the potential to fundamentally alter developer’s responsibilities to purchasers in British Columbia”.
The UDI will now have a chance to help define the definition of developer as used in the REDMA.
The city just took one big step towards getting out of their Olympic Village obligations with smaller losses.
Dozens of market rental units have been sold in one bulk sale to an investors group at an average of $350k a piece.
“This is our first multifamily rental investment,” said Malcolm Leitch, chief operating officer for investment management at Bentall. Mr. Leitch is listed as the only director of the limited company that was formed in July by Bentall to take ownership of the property, BK Prime False Creek Residences Holdings Ltd. “This is in our view one of the top rental projects in the city. And we’re very happy with [the price].”
That sale of the 119 units will reduce the City of Vancouver’s leftover debt from the Olympic Village financial mess by $41.5-million in one swoop and get it out of at least one part of its landlord business in the development.
The city still owns the 252 social-housing units in the 1,100-unit project.
We’ve seen some pessimism about the losses faced by taxpayers on this project, so it’s nice to see that number reduced by $41.5 million.
So where does that leave us now for those keeping score? The city isn’t saying, but here’s an estimate:
It’s estimated by those close to the project that the city will lose between $240-million and $290-million in total – including the $170-million that was anticipated for the land, which it will never get.
There are still 90 unsold condos on the market and 26 more being rented.
It used to be that Vancouverites were concerned about leaky condos.
There was a time when local newscasters and politicians would wring their hands and referred to condo repairs blossoming across town as a ‘crisis’.
Then we discovered that tarps can be worn with flair!
Here’s just a few different styles that you can currently find on the Fairview slopes, look around town and see if you can spot these or other trend setting styles!
What special style has your strata chosen?
1. Drapery: just throw it up there! This bohemian style says you have more important things to do than tidy up the tarps.
2. Tidy blue: a ‘just so’ cap of shiny white tarp tops custom fit to your building is offset by a beautiful blue mesh, making even a grey sky look sunny!
3. Showercaps: just a little on the top please! Leaves the balconies, doors and windows unblocked, but keeps the rain off the roof!
4. Stormtrooper: for the serious mysterious type. Cover everything in a tight white shell. These are not the droids you’re looking for.
5. Cascading green: for extra excitement in a downpour, this style will only work with a multilayered building but creates a beautiful waterfall effect in a heavy rain. The green mesh says ‘i care’ about the environment.
Have we missed any quintessential Vancouver tarp styles?