 | digitalmonkblog Nov 3 | Vancouver City Council approved a project with "49 strata-titled residential units with opportunity for hotel use" at 1940 Main Street on December 11, 2019. Four years ago. One of the amenities that was touted by Council during the approval was a 37-unit childcare facility that would be turned over the to City of Vancouver as an in-kind Community Amenity Contribution (CAC). The CAC for the childcare was valued at $4.7 million. The project also had commercial uses at grade, and the applicant was given the flexibility of using the strata units for hotel uses. The developer for this rezoning is PortLiving while the design firm is Formosis Architecture. What has happened in the four years since the rezoning approval? The site today looks very much like it did back then, still with a Tireland outlet and a propane filling station. The CD-1 bylaw has not been enacted and the zoning is still light industrial use. It appears that no development permit has even been submitted for this site. The Georgia Straight published the article: Mount Pleasant site rezoned by City of Vancouver for six-storey project on sale for $22.4 million (November 26, 2021, by Carlito Pablo). The Straight article revealed that this property was on the market for $22.4 million in a court-ordered sale. Archival Google Street View footage shows there was a 'court ordered sale' sign posted at the site. The 'for sale' signage has been removed from the site and it is no longer for sale. Is the current property owner willing to sit on an approved rezoning that could be potentially converted to hotel use? Is there a 'long game' to see if even more height and density would be allowed if view cones were removed (for this site, Main Street view cone 22 could be affected). Or is the economic climate and current interest rate environment not conducive to continue and seek a Development Permit and start construction? | | | |  | You can also reply to this email to leave a comment. | | | | |
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