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Excerpt: A controversial piece of property owned by the City of Vancouver has been sold to a local developer for $20-million and a promise to develop tens of millions of dollars’ worth of affordable-housing units. The city announced on Monday that Pinnacle International Inc. beat three other bidders for the property at 601 Beach Crescent downtown,...
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Excerpt: This is public land. Careful public scrutiny is crucial to ensure what happens here is a good deal for the people of Vancouver. In the past several days, the City of Vancouver posted a notice of City-owned land for sale, at 601 Beach Crescent — beside (east of) the Granville Bridge. The deadline for offers...
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Excerpt: There is precedent for the city to sell off land in the course of a rezoning; however, it’s uncertain at this time what their plans are in the absence of a staff report. The ratio of city-owned land to privately held land could slightly change down to 78% – 22% (with further subdivision of city-owned...
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Excerpt: “The city works on precedent,” he said. “The current council is only in place until November this year, and decisions of future councils will be based on what’s in the policy. Of course developers see what has happened, and I expect we’ll be seeing more applications for tall buildings downtown.” Helten said higher buildings in...
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