Concord Towers-1,014 units located in 10547 City Parkway and 13468 105A Avenue, Surrey


Concord to build 1,014 condos in two Surrey towers

Graeme Wood
The Vancouver Sun

Surrey’s downtown core is expanding with approval of two residential skyscrapers built by developer Concord Pacific and comprising 1,014 units.

Surrey City Council rezoned a parcel of land south of City Hall on November 24, with the effect of more than doubling the previously approved density for the area.

The development, like many others that have received bonus amendments to the Official Community Plan this year, drew criticism from some residents at the virtual council meeting.

“Somehow there’s got to be cumulative data on what these developments are bringing to current taxpayers,” said Ramona Kaptyn.

The towers will overshadow a local park, including the BC Lions facility, between the Surrey Central and Gateway SkyTrain stations.

Concord will provide amenity space for the new residents, such as pools and a fitness centre, plus a green roof. And it will also pay the city $1,000 per unit toward the community amenity fund, as well as $1,000 per unit for the city’s affordable housing reserve.

As a result of the added density, Concord will also be charged $20 per square foot of bonus living space. The development report to council indicates Concord is receiving a 255,807-square-foot bonus, which would result in a $5.12 million payment.

However, largely at issue is how the city is planning to accommodate school-age children.

The Concord towers will house 374 two-bedroom units; 30 two-bedroom-plus den units; and 30 three-bedroom units. City officials in conjunction with the Surrey School Board anticipate 25 elementary school children and 10 secondary school children living in the complex.

Nevertheless, residents suggest officials are underestimating how many kids will be living in these new towers. In the past year the same question has been raised on a number of occasions.

“I have to admit it does sound quite odd when there are 173 units and just six students identified,” said Coun. Brenda Locke, speaking to another development that was approved Monday and with similar child-to-unit ratios.

Prompted by Locke’s comment, general manager of planning and development Jean Lamontage said the number is “calculated with a number of factors.

“So the school district will look at similar building within the area that are in existence with people living in it,” Lamontage said. “And they know exactly how many kids are in school from those buildings from their statistics and enrolment.

The provincial government pays for new schools. Cities collect fees from new developments, but these fees are relatively meagre, as they are outdated, having not been adjusted in 20 years.

Minister of Education Rob Fleming told Glacier Media last March he is looking at raising the fees to pay for new schools, particularly in growing municipalities such as Surrey.

Known as a School Site Acquisition Charge, these legislated fees are intended for new developments to pay, in part, for new schools. A new house is presently charged $1,000; a townhouse is charged $800 and a new condo unit is charged $600. Buyers of these new homes pay these fees.

The Concord development will result in $614,400 for new school spaces.

 

Copyright © Western Investor



Federal government accepting applications for Commercial Relief Program

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Surrey City New development update for the month of November


November City Centre?Update

UrbanSurrey
other

Picture

The November issue of the City Centre Monthly Update is now out at SurreyCityCentre.ca. This month’s newsletter includes a round-up of new Development Applications, Council Approvals, and Construction activity during the previous month.

 

New Development Applications

20-0233 (Center Block)

View from Civic Plaza of the initial phase of Centre Block – 14 + 35-Storey Office & Retail

A preliminary Rezoning and General Development Permit application has been submitted for the first phase of the much anticipated redevelopment of the North Surrey Recreation Centre site, known as ‘Center Block.’ The applicant, Surrey City Development Corporation (SCDC), is proposing 1,446,088 sq.ft. of office and commercial space, next to Civic Plaza and Surrey Central Station as part of this initial phase, which will include 2 office buildings at 14 & 35-Storeys, with retail at grade. The current application is for rezoning and master plan approval only. Separate applications will be submitted in the future for each building / phase.

The Center Block project plans to transform the city’s core with a number of new office towers, an expanded SFU campus, retail, and a new transit plaza integrated with a revamped Surrey Central Station, expected to be built over the coming decade.

 

20-0244 (9525 King George Blvd)

 

This application replaces a previously approved Seniors Living & Care Facility project known as ‘Innovation Boulevard’ originally planned for a site across from Surrey Memorial Hospital. Since failing to attract investment in that project since its approval in 2016, WestStone Group has now submitted a new application for the site. The new application is proposing a mixed-use residential, office, and retail development, which is to include 920 residential units, and 10,841 sq.ft. of commercial space.

 

Council Approvals

18-0443 (13245 104 Ave)

 

13-Storey Rental Apartment at 13245 104 Ave

This mixed rental and market residential project at 13245 104 Avenue received 3rd Reading (Conditional Approval) in October 2020. The current application included a detailed Development Permit for just Phase 1 of the project, which will include a 13-storey rental apartment building (115 Units) on the north portion of the site. Phase 2, subject to a future detailed Development Permit application, is to include a 16-storey market residential building, containing 157 units, on the south portion of the site fronting 104 Avenue.

The site is adjacent to, and will eventually become integrated, with a similar application to the east, which received Conditional Approval in September 2020 for a 21-storey rental and 26-storey market residential project.

 

Master Plan for adjacent rental & market residential projects at 13245 & 13264 104 Ave

 

19-0105 (The Holland 2)

The Holland 2 – 32-Storey Market Residential

The second phase of Townline Homes ‘The Holland’ project received Conditional Approval in October 2020. This phase will include a 32-storey market residential tower consisting of 308 units at 13333 Old Yale Rd. The first phase of the project, consisting of a 25-storey market residential tower, began construction in September 2020.

 

Construction

The month of October 2020 saw continued construction on 15 major projects within City Centre, including 15 high-rise towers (>6 Storeys) and 4 low-rises (6-storeys or less) representing:

  • 5,190 Residential Units
  • 312,179 Sq.ft. of Office Space
  • 164,220 sq.ft. of Retail

A 6-storey residential project at Fraser Hwy and 140 Street known as Fraser Landmark completed in October 2020.

 

Fraser Landmark at Fraser Hwy & 140 St completed construction in October 2020

Construction progress at King George Hub (Phase B)

King George Hub (Phase C) – 34-Storey Rental Apartments

Linea – 28-Storey Market Residential nearing completion at 133 St & 104 Ave

City Centre 3 – 10-Storey Office across from Surrey Memorial

Georgetown One – 30-Storey Residential & Retail at 102 Ave & Whalley Blvd

One Central – 44-Storey Residential under construction in West Village

 

 

Copyright © UrbanSurrey



10 Multi family building in Vancouver posted for sale


Large multi-family portfolios listed in Vancouver

Frank O?Brien
Western Investor

West 10th tower among 10-building portfolio for sale. | CBRE

For decades Vancouver had the highest rents and the lowest vacancy rates in Canada, creating a multi-family mega-market that turned small landlords into paper millionaires and attracted and entrenched some of the biggest players in the business.

But the pandemic has hardened anti-landlord legislation and honed the razor-thin margins in a city now characterized by soaring costs and restricted incomes.

B.C. rent increases have been frozen since March and are expected to remain locked until the end of 2021. The City of Vancouver has restricted multi-family renovations, outlawed demolitions of older apartment buildings and tethered development of market-rental housing.

With immigration to B.C. hitting negative levels – more people left the province for other countries than arrived in the first half of 2020 for the first time in history – Vancouver rents are declining while insurance premiums for apartment buildings have increased an average of 75 per cent, property taxes soar and capitalization rates have flatlined in the sub-3 per cent range.

This has resulted “in a dampening of enthusiasm to invest in the province’s biggest city,” according to Avison Young’s BC Multi-Family Report, released this October

It has also encouraged at least two of Vancouver’s largest, long-time landlords to shove substantial portfolios onto the market, part of what Mark Goodman of Goodman Commercial Inc. in Vancouver calls an “avalanche” of new listings. Goodman said that within a recent two-day period he heard from 12 apartment property owners who want to sell, and 11 of the buildings are in the city of Vancouver.

The largest package being marketed is a 10-building Vancouver concrete tower portfolio with 411 rentals in prime Vancouver neighbourhoods that Hollyburn Properties Ltd. put up for sale in October through a bid process. The portfolio represents about a third of Hollyburn’s multi-family buildings in the city, but less than 10 per cent of its total rental units in three provinces.

The Hollyburn buildings for sale are in the West End, South Granville and Kitsilano neighbourhoods. An example is the 14-unit University Manor on West 10th Avenue, which is assessed at $6 million, or the equivalent of approximately $428,000 per suite.

Hollyburn, founded in 1972 in West Vancouver, is a family business that manages and operates more than 90 rental apartment properties with approximately 5,700 suites in Vancouver, Calgary, Toronto and Ottawa. The company owns 33 apartment buildings in Vancouver and four in West Vancouver.

Hollyburn did not reply to a Western Investor request for comment. Listing agent Lance Coulson, head of the apartment properties group with CBRE, Vancouver, said there “has been substantial interest” in what he calls a “legacy portfolio.”

Nearly a year ago, rental giant Belmont Properties, based in Vancouver for 45 years, offered a four-building portfolio of Vancouver concrete rental towers with a total of 188 units. Belmont owns seven apartment buildings in Vancouver and a total of 28 across Metro Vancouver and Victoria.

The typical per-door selling price for concrete rental buildings in Vancouver is around $490,000, based on rare recent sales.

Some see the increase in listings as a comment on the restrictive rental restrictions in Vancouver, but Coulson believes it reflects a pent-up release after markets stalled this spring due to the pandemic.

Others say they could be an early warning of a potential change in capital gains taxation early next year in the delayed federal budget.

Currently, 50 per cent of the profit on a multi-family property sale is exempt from taxes, but a federal government eyeing a record trillion-dollar debt could see a sudden hike in the capital gains tax as politically palatable and financially prudent, according to Goodman, who said there would be no forewarning that the tax is coming.

“A sudden hike in the tax could wipe out years, even decades, of price appreciation [for landlords]”, he warned in a recent Goodman Report newsletter

 

Copyright © Western Investor



Housing Market remains optimistic amidst pandemic


October?s Housing Marketing Snapshot: The Numbers Aren?t Slowing Down

CREA
BCREA

October was another busy month for Canadian home buyers and sellers! Housing activity across the country continued to increase from September into October, begging the question: is this trend here to stay?

 

+32.1% Homesalesareup32.1%acros Canada,with 59,159 units sold in October 2020 compared to 4,782 inOctober2019.

 

+15.9% Newlistingsareup15.9%across Canada,with 76,015 new listings added in October 2020 compared to 65,580 in October 2019.

+15.2% The average price of homes sold across Canada in October 2020 was $607,250, up 15.2% from $526,901 in October 2019.

 

CREA cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available over the vast geographic area of the country.
The trademarksMLS®, MultipleListingService®, and the associated logos are owned by The CanadianRealEstateAsociation(CREA) and identify the qualityofservicesprovidedbyrealestateprofesionalswhoaremembersofCREA.ThetrademarksREALTOR®, REALTORS®andtheREALTOR®logoare controlled by CREA and identify real estate professionals who a remember of CREA.



Need to know about Land Owner Transparency Act


Land Owner Transparency Act

Tony Spagnuolo
other

 

Re: Land Owner Transparency Act

 

Good morning,

 

You are about to hear a lot more about the Land Owner Transparency Act (“LOTA”) and the Land Owner Transparency Register (“LOTR”) between now and Dec. 1, 2020. 

 

LOTR is a registry of interests in land (shareholders, beneficial interest owner of a trust, partners in a partnership), which registry will be a searchable and public database.  Whenever an interest in land is registered or created a transparency declaration must be filed so as to declare whether or not the transferee is a reporting body.  Reporting bodies include corporations, a trustee of a trust or a partner of a relevant partnership.  If the Buyer is a reporting body, it must disclose the following for each interest holder: 

 

• Full name, date of birth, SIN, tax number, location of principal residence and last known address;

 

• Date on which one became or ceased to be an interest holder and the nature of the individuals interest in the reporting body;

 

• Canadian citizen or PR of Canada, or neither. 

 

For most of our clients, who purchase properties in their personal names, this will not be an issue.  For any clients who wish to purchase in the name of a company, trust or partnership, this will add time and cost to their purchase.  If you have any such clients over the first week or two of December make sure they are aware of this. 

 

As of now this will begin on Nov. 30, 2020, so expect a flood of information to your inbox the next few weeks.  We will do our best to keep you informed as well.   Both Dick Chan and I are attending a course on Thursday, and once we receive further relevant information we may do a video or two.

 

That’s it for now, no doubt more to follow shortly. 

 

Tony Spagnuolo, Barrister & Solicitor

Spagnuolo & Company Lawyers

#300-906 Roderick Avenue

Coquitlam, BC V3K 1R1

Direct Phone: 604-777-7406

Fax: 604-527-8976