Ozzie Jurock
Province

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Province

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Province

CAPITOL RESIDENCES

Wall Financial’s 43-storey tower rise at Granville and Robson, where once a renowned Wurlitzer organ entertained Vancouver’s theatregoers.

This fall, Peter Wall of Wall Financial Corp. is giving the legendary Capitol 6 theatre site on Granville and Robson streets a new lease on life, respecting this historic property with a majestic 43-storey skyscraper. To become the area’s tallest residential address, The Capitol Residences will add a vibrant new dimension to this already energetic neighbourhood.

Wall and longtime marketing friend Bob Rennie, of Rennie Marketing Systems, will soon unveil plans for Capitol Residences, an elliptical tower designed by Howard Buigham Hail and being developed by majority partner Wall Financial along with Rob Macdonald of Macdonald Development Corp.

“Peter Wall has great respect for the history of the site and its significance to the city,” says Rennie. The intention with Capitol Residences is to put this property back on the map as a Vancouver landmark. Plus, in a time when there are so few residential development sites in the downtown core, we wanted to take advan­tage of the amazing location.”

Most Vancouveritcs associate the site as the home of the aging Capitol 6 theatre, but the property has a far longer history than its life as a six-screen Famous Players multiplex. It was originally the home of the Capitol Theatre, a live theatre and music house with its own orchestra and a renowned Wurlitzer organ, reputed to be the largest of its kind in Canada at the time. The theatre was demolished in the early 1970s and replaced with the Capitol 6 multiplex, which closed its doors only recently after more than 30 years in operation.

Now, with Capitol Residences, Wall Financial is intent on rejuvenating the site to its original grandeur. According to Rennie, the 372 apartments in Capitol Residences will appeal to a wide range of buyers. Those seeking larger homes will likely be attracted to the spacious, well-appointed condominiums on the upper floors of the tower, with features including airconditioning, high-ceilings and expansive views. Rennie stresses that there will also be plenty of apartments in Capitol at affordable prices from the 30th floor down, ranging from 550 to 1,100 square feet and which still offer the penthouse quality and finishings for which all Wall projects have become known.

As a nod to its musical origins, Capitol will feature a music school on the ground level: Peter Wall, a long‑ time supporter of the Vancouver Symphony Orchestra, has committed to building a total of S20-million in cultural amenities, including a 6,497-square-foot extension of the Orpheum Theatre stage, a 14,514-square-foot rehearsal room and tie 24,005-square­foot music school. The commitment is the result of the largest culwral-amenity density bonus in the city’s history.

The Capitol Residences sales preservation centre at 757 Seymour Street is scheduled to open by the end of November. For more information, phone 604-688-0819

Cameron McNeill and Jason Craik of MAC

Province

We have all heard the term “housing bubble.” Do you believe homebuyers in the Lower Mainland need to worry about a potential sudden downturn in the value of residential real estate?

Western Canada is enjoying unprecedent­ed economic growth. We need to always remind ourselves of this region’s long-term fundamentals, such as continued population and economic growth, high employment levels, low interest rates, and the upcoming 2010 Olympics. We live in a beautiful, safe, world-class livable city and the real estate market and part of our recent real estate boom are simply playing catch up after several years of a depressed economy.

Is the softening housing market in some parts of the United States expected to have an impact on home sales in the Lower Mainland?

Yes, but only minimally. Recent negative press about North American markets has somewhat lessened the local market enthu siasm, but due to the strong long-term economic drivers mentioned above, the real estate market remains relatively strong and will outperform most other regions.

What communities in the Lower Mainland are current hot spots and what regions are poised to become very popular?

Imagine Vancouver in the year 2020. Our population will have surpassed three mil–lion. Our transportation infrastructure

cannot keep up with this tremendous growth and as a result, the Vancouver core will always remain highly desirable. In addition, there will be growth in nodes where people can live, work and play, such as Port Moody, South Surrey, Pitt Meadows, Squamish, South False Creek and Burnaby. Access to transit and community ameni­ties will become increasingly important.

What can local governments do to promote housing affordability and choice?

Our region leads North America in pro­gressive urban concepts and yet further zoning changes, such as encouraging more density in some areas, will help to provide new housing opportunities.

What are the three most pressing challenges facing the homebuilding industry today?

We continue to experience a serious short age of skilled labour and professional building talent. Secondly, the declining availability of developable land is prevent ing homebuilders from keeping up with demand and will ultimately result in high­er prices for homebuyers. Lastly, the municipal approval process is somewhat lengthy and difficult and could be improved upon.

FAIRVIEW SLOPES: Units built with high quality materials, and location near south Granville can’t be beat

Jeani Read
Province

They keep saying the city is moving east, but they also keep finding neat little spots to develop that are as central as ever.

The Zone is one of these central new finds, a group of 88 cool condos right near some of the best west-side shopping and hang-out spots.

High above Granville Market and just off the edge of South Granville, The Zone is aptly named: you can move in any time you like and you never really have to leave the area for any wants and needs.

Things are going to get even better when Cambie and Broadway host the new residential and retail developments already underway, but buyers are liking the spot anyway.

“This is probably the most successful concrete highrise-condo launch in the Vancouver core,” says Zone sales manager Wilson Tsang of the project, which was almost half sold out a week before the public opening today. “People are upgrading from woodframe homes, and many are moving back here from Yaletown. They’ve had enough of the congestion. People are attracted by Granville Market, the False Creek sea wall, and all the Granville shops, restaurants and galleries.”

Among the big draws here are the views and the central location at Broadway and Oak, says Tsang. “I call it the ‘centre ice’ of the city,” he says. “We’re looking at the centre of downtown, to the left it’s English Bay and to the right Science World and B.C. Place,” he says. “The view is spectacular. Burrard Inlet is very serene. It’s unbelievable.”

The proximity totally rocks, with three bridges to choose from when it comes to entering the city, and if you need to go to UBC or even the airport, the B-Line bus leaves every two minutes during working hours, says Tsang.

But the biggest attraction is the affordability, he says. Platinum Project Marketers’ tag line is: ‘True west-side urban living at a price you can afford.’ This translates into prices that range from $267,900 to a sky-high $1.3 million for a 1,300- square-foot penthouse — but 75 per cent of the suites, says Tsang, are one-bedroom-and-studies under $369,900.

Buyers appreciate the floor plans, which make the most of the square footage, and the finishings, in which the developer has made all upgrades standard. This includes wood laminate flooring throughout the homes, including the bedrooms and studies, five stainless appliances in the kitchen plus a washer-dryer, and granite or marble countertops. “There are no features you pay extra for,” says Tsang.

Amenities include a 1,000-square- foot media lounge and a 500-square-foot gym “full of equipment”.

All this was not lost on realtor Jerome Deis, who bought a 500-square-foot, one-bedroom suite with a “romantic” view. The unit will likely be investment property and a sweet and central spot for his daughters, now six and eight years old, when they eventually leave home.

“I like the location,” says Deis. “Fairview is an excellent area to be in, with the overall development of Broadway. It’ll be walking distance to rapid transit, and it’s right at Broadway and south Granville. Everything is possible.”

Deis also likes the concrete construction, the fact that, at 13 storeys plus penthouses, it’s a comparatively “intimate” development.

“It’s very good value in today’s market, and will continue to be real value,” he says.

And who’s likely to be valued as dad of the year when his kids do take off? You got it.

QUICK FACTS

THE ZONE

What: The Zone is 88 condominiums in a 15-storey concrete tower on Fairview Slopes in Vancouver

Where:1080 West Broadway

Developer: Redekop Homes

Sizes: 469 sq. ft. to 1,300 sq. ft.

Prices: $267,900 to $1.3 million

Open: Open daily noon to 5 p.m. except Fridays, 604 875-1000 (thezoneliving.com.)

© The Vancouver Province 2006

 

Chantal Eustace
Sun

PURE

Location: Hornby Street, between Davie and Drake, Vancouver

Project size: 73 apartments, 15-storey building

Residence size: 535 sq. ft. – 900 sq. ft.

Prices: $361,900 – $626,900

Sales centre address: Floor 22, Marriott Residence Inn, 1234 Hornby

Hours: Noon – 6 p.m. Saturday – Thursday

Telephone: 604-806-0755

Web: livingpure.ca

Developer: Bogner Development Group Ltd.

Architect: Gomberoff Bell Lyon Architects

Tentative completion: December 2008

Pure and simple residency is the offer in the latest new-home project from long-time developer and builder Leon Bogner, with the Pure tower’s shape — tall and skinny — the first component of the pledge.

Most floors will only have four apartments as a consequence, an opportunity for those households to create a neighbourly atmosphere among themselves and upstairs and downstairs, Pure sales manager Reid Dewson says. “You’re not lost in a large tower.”

The marketing brochure describes the Pure possibilities this way: “Living Pure is about filtering life down to its essential elements. Simple. Clean.”

The display centre demonstrates the Pure possibilities this way: A crisp esthetic that reflects the project’s name.

“We wanted to have a presentation centre close to the site,” Dewson says of the sales centre’s 22nd-floor location in a hotel near the Pure property. “We wanted to be able to showcase the views.”

Views from the upper-storey homes prospects will include False Creek, North Shore mountains and the Strait of Georgia.

Double-glazed windows framed in aluminum, aimed at maximizing the entry of natural light into the apartments and the view opportunities and minimizing the introduction of weather and sound, will dominate the building’s exteriors and interiors.

“There’s a lot of windows and a lot of light,” Dewson says of the design. “It’s modern. It has a very European, simple, clean feel to it. It will appeal to people who want to live downtown.”

Windows will be shielded with sheer, roller blinds.

Inside each home, white porcelain tile will brighten up main spaces, from kitchen to dining and living room. The overall look is modern, distinctly minimalist, but with flair.

“It’s very fresh, clean — that’s what the designers and developer feel appeal to people who want to live downtown,” says Dewson.

Composite stone will top kitchen counters. Cabinet doors will open horizontally and are finished with long, brushed steel pulls. Best of all, they’re quiet, says Dewson.

“They won’t just slam, they’ve got a latch on it,” he says, demonstrating silently.

Purists will also enjoy the cooking opportunities afforded to them through a stainless steel appliance package — including an AEG wall oven and gas cooktop.

An Acri-Tec undermount square stainless steel sink and American Standard chrome faucet completes the space.

The display centre’s model bathroom showcases clever storage in a pull-out medicine cabinet. A small, stainless undermounted sink, complete with American Standard faucet, finishes off the look.

“There are a number of unique things in it,” he says of the bathroom. “It’s a very nice sink.”

Dewson says visitors to the sale centre really seem impressed by the Toto elongated toilet.

“They call this the relationship-saver toilet, since it can’t be slammed,” he says, demonstrating the smart toilet’s approach to an age-old battle of the sexes issue: the seat.

Cabinets and toilets aren’t the only thing that will allow residence to enjoy silence, he says.

“We have a quieter location than many of the downtown projects,” says Dewson. “We’re not in the centre of Yaletown, but we have easy access to all the amenities of Yaletown a few blocks away but we’re not in the middle of all the kerfuffle.”

So far, he says, people seem ready and willing to buy into the Pure living idea. More than 30 per cent of the apartments have sold and the property has just gone on the market.

“The comments have been very, very positive,” Dewson says.

Residents will have underground parking, an exercise room and access to a common landscaped garden terrace.

© The Vancouver Sun 2006

 

Bob Ransford
Sun

A number of forces are converging right now to create a crossroads for housing in the B.C. Lower Mainland. On the horizon is a critical shift that could result in a realignment between the type of housing buyers want and what the market is offering.

The baby boom generation is making way for Generation X in the housing market and generation Y isn’t far behind. The values, desires and needs of people in each of these distinct generational groups are very different, yet the range of housing available in the marketplace is pretty narrow.

The only major shift we’ve experienced in the type of housing in the B.C. Lower Mainland is one that occurred over the last two decades as new multi-family housing became the product of choice for buyers from every segment, replacing the single-family home as the home of choice.

Constraints on the supply of developable land and their impact on new home prices caused this shift. As the old saying goes, “beggars can’t be choosers”.

As we shifted from one type of detached housing to a more compact form of attached housing, little changed in terms of the design of the home itself and how it meets the needs of different demographic groups. In fact, choice has become even more limited. Different forms of ground-oriented housing, where you can walk out of your own home to a street or yard, have become more difficult to find.

With the majority of new homes today, you are basically limited to living in a four-storey wood-frame apartment building where you enter your home from a corridor, a concrete highrise building with the same access or a townhouse with your entry at-grade and the living floors primarily above.

I wrote about laneway infill cottages last column. This form of housing is very limited in supply. From the response from readers, the demand is there for small cottages at the rear of existing larger lots, especially on Vancouver’s west side where mature homeowners have a lot of equity tied up in larger homes that no longer meet their needs.

In some parts of the Lower Mainland market, we know of entire neighbourhoods and sometimes entire distinct communities where the current housing stock is mismatched for the needs of the population.

Take for example, Tsawwassen, which compared with other Greater Vancouver communities, has the highest proportion of single-family detached homes as a component of their overall housing stock at 71 per cent.

Most of those single-family homes are large homes on large lots. Yet, the area also has one of the oldest mean ages in the Greater Vancouver area. Older empty nesters looking to downsize to a type of housing in Tsawwassen that is more compatible with their needs have little housing choice.

The housing affordability crisis facing middle-income earner who are struggling to service ever-growing debt to provide shelter has many people looking for different forms of housing tenure as well.

Today, you have basically three or four ways of owning a home and one way of renting.

Ownership today means owning a detached fee-simple home, an attached or semi-detached strata-titled home, an interest in a co-op home development or a pre-paid lease for a home on leased land. Renting means paying a landlord rent for a monthly tenure.

Affordable housing advocates point to other forms of tenure, such as what I call limited-gain ownership where a covenant on title requires that the gain in real estate value be limited.

We are awaiting the approval of Vancouver’s first fee-simple townhouse project, to provide yet another form of housing tenure popular in other places.

Vancouver has tried the live-work concept in the past. Where it seems to have failed is in areas of the city typically occupied by industrial users.

The idea of live-work has morphed more into live without the work component, causing conflicts between people who expect peace and quiet in their dwelling in an area of the city known for its industrial activity.

What about live-in-work where the primary use is commercial or industrial and a secondary use is residential?

Why is housing diversity important? People have different needs at different stages of their lives. These needs are often shaped by social forces, like trends and social customs.

More often they are shaped by real needs, such as mobility constraints, income constraints, family make-up, the need for education, etc.

As the largest cohort of the population — the baby boom generation –moves from occupying the largest portion of the stock of housing today and looks for new forms of housing more suited to their needs and constraints, the next generations will follow with different needs and different attitudes. The housing market will need to shift to meet those needs.

That shift appears to be on the horizon.

Bob Ransford is a public affairs consultant with COUNTERPOINT Communications Inc. He is a former real estate developer who specializes in urban land use issues.

Email: [email protected]

© The Vancouver Sun 2006

 

Figures reflect buoyancy in the sector, builders say

Gillian Shaw
Sun

B.C.’s major construction projects reached a record level in the third quarter of this year, with close to $110 billion worth of construction planned or underway between July and September.

The figures in the province’s major projects inventory released Friday show the number of major capital projects up 20 per cent in the last 12 months.

The torrid pace of building in the province has driven up costs, but there is an expectation that the rate of those increases will moderate in the coming years.

“I don’t think they are going to fall but the rate of increase is going to be much less pronounced,” said Philip Hochstein, president of the Independent Contractors and Businesses Association of B.C. “The one-per-cent increase per month we have experienced over the last couple of years is behind us.”

Hochstein said even accounting for the increase in construction costs, Friday’s figures reflect unprecedented buoyancy in the sector.

“It’s true that a project that five years ago would be $10 million is probably close to $18 to $20 million today, but even half of $110 billion is a lot of work,” he said. “The future for the construction industry in British Columbia has never been better. It is a great time to be in the industry or to start your career.”

Hochstein said while the province is accustomed to a boom-and-bust cycle in construction, the sector’s current success seems to be more sustainable.

“I think it shows confidence in the future of the province,” he said. “You don’t build an addition to your house unless you think tomorrow is going to be better than today and that’s what this inventory says — it says there is a lot of faith in the future of British Columbia.

“Otherwise you wouldn’t have this kind of investment.”

Hochstein said investment intentions indicate there will be no dramatic fall-off in construction in the wake of the 2010 Olympics, a view shared by Colin Hansen, B.C.’s economic development minister.

“People talked about the post Olympic construction phase, but what we are seeing now is a lot of these projects will take us into the years beyond the Olympics,” he said, adding that Olympic construction amounts to only about half of one per cent of the current quarterly figure. “The other thing we are looking at very deliberately in terms of public construction is how we can sequence our projects so we don’t overheat the construction market more than it already is.”

Hansen said the latest quarterly figures are also encouraging because they demonstrate construction growth is occurring right across the province.

“I think the good news out of this is … we are seeing this activity is happening in every corner of the province,” he said. “A couple of years ago we were seeing good growth in the major projects inventory but a lot of that was centered in the Lower Mainland.”

In the third quarter of the year there were 783 projects planned or underway, totaling $109.9 billion in value, compared to 650 projects worth $82 billion in the same period last year.

The inventory includes projects in the Lower Mainland worth $20 million or more, as well as projects of $15 million or more in other parts of the province.

The quarter saw 43 new proposed projects, totaling $4.7 billion in capital investment if all the projects proceed. Construction began on 44 major projects, worth an estimated $2.2 billion.

The largest project to start during the quarter is the $350-million Fairmont Pacific Rim project on Vancouver’s downtown waterfront, followed by the $300 million Azure residential towers in New Westminster and the $178 million Olympic speed-skating oval in Richmond.

Construction was completed on 30 projects during the quarter, accounting for a capital cost of approximately $1.5 billion. The largest project completed was the $208-million Port of Vancouver Centerm and Vanterm expansion project.

The estimated capital cost of major projects currently under construction in the province was $40 billion for the quarter with the capital cost of proposed projects tallying almost $63 billion, up from $58 billion in the last quarter. A further $3.2 billion worth of projects are judged to be on hold for the time being.

© The Vancouver Sun 2006

Martin Crutsinger
USA Today

WASHINGTON — Housing construction plunged to the lowest level in more than six years in October as the nation’s once-booming housing market slowed further.

The Commerce Department said Friday that construction of new single-family homes and apartments dropped to an annual rate of 1.486 million units last month, down a sharp 14.6% from September.

The decline, bigger than expected, was the largest percentage drop in 19 months and pushed total activity down to the lowest level since July 2000.

The level of building activity in October was 27.4% below October 2005, biggest year-over-year decline since March 1991.

Applications for new building permits, seen as a sign of future plans, fell for an eighth month, declining 6.3% to an annual rate of 1.535 million units.

Construction of single-family homes fell 15.9% in October from the seasonally adjusted September level, dropping to an annual rate of 1.177 million units. Construction of multi-family units dropped 9.1% to an annual rate of 309,000 units.

The drop in construction was led by a 26.4% decline in the South. Construction fell 11.7% in the Midwest and 2.1% in the West.

The only region showing strength was the Northeast, where construction jumped 31%.

The sharp slowdown in housing this year stands in stark contrast to the past five years, when the lowest mortgage rates in four decades powered a housing boom that pushed sales of new and existing homes to five consecutive records.

The housing weakness trimmed a full percentage point off economic growth in the July-September quarter, when the economy expanded at a tepid 1.6% rate. Housing is expected to continue acting as a drag over the next year but analysts believe the adverse effects of falling sales and construction cutbacks will not be enough to push the country into a recession.

There were signs that the steep plunge in housing was beginning to level off. The monthly survey of builder sentiment edged up slightly in early November after a small increase in October. It marked the first back-to-back improvements in builder sentiment since June 2005.