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Thursday, 29 February 2024

Approved-but-stalled projects in Broadway Plan area. Are some owners just waiting to rezone higher? Or to flip and sell?

digitalmonkblog posted: " Above: Onni's property at 375 East 1st Avenue is partly flooded (formerly 399 East 1st Avenue, project for two residential towers, hotel and office building). Approved at Development Permit Board on May 1, 2017. Seven years ago. A number of projects h"
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Approved-but-stalled projects in Broadway Plan area. Are some owners just waiting to rezone higher? Or to flip and sell?

digitalmonkblog

February 29

Above: Onni's property at 375 East 1st Avenue is partly flooded (formerly 399 East 1st Avenue, project for two residential towers, hotel and office building). Approved at Development Permit Board on May 1, 2017. Seven years ago.

A number of projects have stalled in the Broadway Plan area. Some of these developments were approved years ago. An open question is are the projects stalled due to market conditions, or are developers looking for revamping designs to higher and denser? Do they want to flip the properties? Each site probably has its own story, but we seem to be witnessing a trend? The photos are examples of just some of the sites projects stalled at various stages.

Something to watch for is the implementation recommended by former chief planner Theresa O'Donnell and approved by City Council under mayor Kennedy Stewart on 21-Sep-2021 to "Enable Issuance of a Building Permit for Excavation and Shoring Before a Development Permit" (see our story "Staff recommend letting developers dig big holes in ground before they have development permits. What could go wrong?").

Above: Onni's property at 375 East 1st Avenue is partly flooded.
Above: 304 East 1st Avenue and Scotia Street with a Development Permit sign dating from 2020. The site is currently for sale.
Above Development Permit sign for 304 East 1st Avenue dating from 2020. Site is currently for sale.

Below: Solterra's 11-storey "Italia" at 1616 West 7th Avenue and Fir Street "broke ground" around the beginning of November 2023. Project approved at Development Permit Board on January 20, 2020. Here's what the site currently looks like:

Above: 1616 West 7th Avenue "broke ground" the first week of November in 2023. There's no construction work at present on the site.
Above: Construction has been halted at 320 East 2nd Avenue as owners consider applying for a 20-storey tower rezoning (approved for 5-storeys)
Continue reading Approved-but-stalled projects in Broadway Plan area. Are some owners just waiting to rezone higher? Or to flip and sell?
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