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James K.M. Cheng Architects Inc. has submitted a proposal to build 1,700 to 2,000 residential units at the existing Plaza of Nations site. The proposal will also include retail, office, hotel, restaurants, and cafes. Moreover, there will be a community centre, a daycare for 69 children, an ice rink, and sports science centre. The tallest building proposed is 30 storeys at a height of 87.5 metres.
The most daring feature of the proposal is the tall Skybridge building. This project will also require the removal of the vastly underused Plaza of Nations building, Edgewater Casino and the nearby two night clubs.
From City of Vancouver Proposal Page, the following major public benefits include, among others, the following:
Community Centre: the heart of the neighbourhood amenity facilities is the Community Centre which includes, among other things; day care centre for 69 children; community rooms; publically accessible ice hockey/skating rink that will be used by the community and as a training facility for the Canucks; and a sports science centre. In addition, all operating costs will be absorbed and indemnified by the applicant
False Creek Seaside Walkway and Bike Route: completion of the north side False Creek seaside walkway and bike route between Coopers Park Neigh- bourhood and the foot of the Georgia Street axis will be achieved. This adds 363m (1,190 ft) of finished seaside walkway and bike route to False Creek.
Civic Plaza: a major public outdoor event space is proposed on the water- front at the southerly apex of the site. This flexible space of approximately 4,500m (48,500 sf) will accommodate a wide range of audiences ranging from small gatherings up to 4,000 people. The event calendar will primarily be focused between spring and fall. It has the potential of accommodating a variety of neighbourly activities such as music, art shows, theatre presen- tations, and neighbourhood gatherings. The Civic Plaza replaces the original event space in the Plaza of Nations. This location gives uninterrupted south- erly views to the water and maximizes sun access.
A strong spring start in the GTA: Can the market survive without rate-cut optimism?
According to the latest press release from the Toronto Regional Real Estate Board (TRREB), there’s been a quaint uptick in home sales and listings on both an annual and monthly basis, with selling prices making a shy nod upwards compared to the year prior.
This is ostensibly buoyed by population growth and what’s described as a “resilient” regional economy — phrases that seem to gloss over the ongoing saga of individuals grappling with the reality of higher borrowing costs, a souvenir from the Bank of Canada’s rate hikes.
Big data drives operating efficiencies as properties automate controls
Arthur Erickson Place is echoing the trees through a low carbon footprint that recently saw it designated a Zero Carbon Building by the Canada Green Building Council, which also administers the long-standing LEED (Leadership in Energy and Environmental Design) program.
A three-year decarbonization process that began in 2022 and completes in 2025 will reduce energy use by 40 per cent and cut carbon emissions by 97 per cent, or 600 tonnes annually.
Civil suits filed by B.C. Housing allege 13 of the units at Vivid at the Yates on Johnson Street went to people who already owned property, or who rented out their units instead of living in them.
One of the purchasers of a unit in a downtown building subsidized for first-time homebuyers already owned six single-family homes in the Victoria area worth more than $7 million, says a civil suit filed by B.C. Housing.
It’s one of several lawsuits filed by B.C. Housing against 13 people who bought condos in Vivid at the Yates at 845 Johnson St.
Canadians pause homebuying plans amid rising borrowing costs: Royal LePage
Over the past two years, the rising cost of borrowing has led many Canadians to reconsider their plans to buy a home.
A recent survey by Royal LePage, conducted by Leger, reveals that since the Bank of Canada started increasing its key lending rate in March 2022, 27 per cent of adults in the country have been active in the housing market. However, more than half of them (56 per cent) have had to delay their property search due to the surge in interest rates.
Real Estate Investment Rates: Cap Rate vs. IRR Explained
In the dynamic world of real estate investment, understanding the ebb and flow of interest rates is crucial. These rates, set by central banks and swayed by the broader economic environment, serve as the heartbeat of the market. They dictate not just the cost of borrowing, but also the very attractiveness of real estate as an investment option.
Exploring the real estate world without a keen eye on interest rates is like setting sail without a compass. Whether you’re a seasoned investor or just dipping your toes in the property market, grasping how these rates influence everything from property values to investment returns is key to making informed decisions. Let’s jump into the intricate dance between real estate and interest rates, and uncover how you can leverage this knowledge to your advantage.