Realtor lists 1045 Haro strata & offices at 875 Thurlow, potential for 2 new 60-storey towers: Case study for West End Community Plan

The URBAN YVR blog has a post dated November 5 entitled “West End strata goes up for sale, two new 550′ feet tall towers could be allowed: Redevelopment of strata and office buildings could transform block next to Sutton Place Hotel.” It describes a current listing  with realtor Cushman & Wakefield for two sites in one sales package (1045 Haro and 875 Thurlow). One of the buildings currently on the site is a 161-unit strata building just 36 years old. The other is a commercial building just renovated this year in 2016.

This is another site to follow in order for the community to understand the impacts of the West End Community Plan, adopted by City Council in November 2013.

City Council and city planners spoke little of any potential development rush during the consultations with residents in the community, and instead emphasized “affordability”: “Strategically locate opportunities for new growth through increased heights and densities along the Georgia and Burrard Corridors and in Lower Robson to help deepen housing affordability and to contribute public benefits” (excerpt from “Overall directions” (page 43)). The term “deepen” was not defined in the Plan. Will future uses of this property “deepen” affordability in the West End? Changes to the provincial strata corporation act have also facilitated the liquidation of strata condo housing. Are city and provincial policies inviting speculation and the opposite of the promised affordability effect?

It will be interesting to follow this site and learn more about the impacts of the Plan on current residents of this building, how the deal was orchestrated, and who actually controls ownership of the property. And who benefits from the West End Plan.

Below are some points and excerpts, but please visit the original post and the realtor’s pamphlet (PDF) for more text.

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  • The property covers almost an entire downtown city block, and is currently mixed-use building with 161 strata lots. 1045-haro-cushman-wakefield-listing-package-nov-2016-sm
  • Cushman & Wakefield is representing owners of two sites: the “City View” strata condominium complex at 1045 Haro Street (a seven-storey building built in 1980 — making it just 36 years old), and the commercial building at 842 Thurlow Street, which was renovated this year (2016).

    1045-haro-strata-bldg-google-streeview-nov-2016

    36-year old strata at 1045 Haro

  • Cushman & Wakefield describes the property as “one of the largest and most prominent redevelopment opportunities ever experienced in downtown Vancouver.”
  • URBAN YVR says, “These previously under-appreciated properties are suddenly some of downtown Vancouver’s hottest redevelopment opportunities due to changes introduced in the West End Community Plan, adopted by the city in 2013 but now just starting to have an impact on the area.”842-thurlow-office-bldg-google-streetview-nov-2016
  • The Plan allows buildings up to 60 storeys in some locations. This property falls under the “Burrard Corridor E” part of the West End Community Plan, where building heights up to 550 feet can be considered (see page 50 of West End Community Plan).
  • Cushman & Wakefield: “It is estimated that 1045 Haro redevelopment presents the potential to redevelop the site to, likely, a two tower redevelopment scheme.”
  • URBAN YVR: “The increase in allowable building heights has already caused a land rush in the area, with one run-down, three storey walk-up on Nelson Street being flipped for $68 million in a deal earlier this yearIndividual condo owners in strata buildings are cashing out, banding together to sell their buildings in the West End to developers, in some cases receiving double the market value for their units due to the higher building heights now allowed in the West End plan.”
  • The property sale at 1045 Haro Street is subject to a bid process with no formal asking price. More details are in Cushman & Wakefield’s offering brochure here.

ADDITIONAL INFORMATION:

1045 Haro Street, Vancouver, BC V6E 3Z8 (Residential Strata Lots)
842 Thurlow Street, Vancouver, BC V6E 3Z8 (Commercial Strata Lot)

LEGAL DESCRIPTION Strata Plan VAS 857 of Lot A, Block 5, District Lot 185, Group 1, Plan 17454, New Westminster District City of Vancouver

AMENDMENTS TO THE STRATA PROPERTY ACT
The Vendor is a strata corporation. Any offer to purchase all 161 strata lots and common property comprising Strata Plan VR 857 is subject to the provisions of the Strata Property Act pursuant to, likely, an intended voluntary winding up of the strata corporation with
a liquidator.

SUBMISSION GUIDELINES
All prospective purchasers will be advised of an offer submission date after an initial marketing period; however, the anticipated offer submission date will not occur before December 12th, 2016.

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