An application to change the zoning has been filed for three buildings in Surrey, close to Gateway Station. The plan consists of 967 residential units spread out among three buildings, along with 984 parking spots for vehicles. The project is required to contribute to community amenities and has received initial approval from the Surrey City Council, with a public meeting on February 12th.

The Specifics Regarding the Planned Development of Three Towers with 37 Floors

The British Columbia city of Surrey has been presented with a proposal to construct three high-rise buildings in a transit-oriented development (TOD) area. The structures would be situated near Gateway Station, at the following addresses: 11151 Bolivar Road, 13340 112th Ave., and 13307 King George Boulevard.

Located within 700 meters of Gateway Station, the site qualifies as a Tier 3 transit-oriented development (TOD) zone according to the recently enacted provincial law. This legislation mandates a minimum floor space ratio of 3 and a minimum building height of eight storeys.

Oviedo Living Surrey, a local company known as Oviedo Properties, is presenting a proposal for the site. At present, the southern section of the site houses an automobile dealership and it is classified as Highway Commercial Industrial (CHI) zoning. Oviedo aims to request a rezoning to Comprehensive Development (CD-1).

The plan consists of three buildings that have a combined sum of 967 living spaces. Building One, located at the bottommost part of the area, will reach a height of 21 floors and comprise 214 units, which include apartments with one, two, and three bedrooms. Additionally, it will feature a commercial retail space measuring 2,557 square feet.

Tower Two, which is linked to Tower One, will of 37 stories and will accommodate a total of 437 units with different dimensions. The construction of these two towers will take place simultaneously, forming a crucial part of the initial phase.

The northern area of the site would feature Tower Three, a freestanding structure that would soar 34 levels and house 316 dwellings.

The project would feature a total of 984 parking spaces for vehicles. In addition, residents would have access to various amenities such as fitness facilities, play areas for children, meeting rooms, and outdoor spaces that include living rooms, sun decks, and a community garden.

Chris Dikeakos Architects, the architectural company responsible for the project, has integrated a distinctive design influenced by the nearby Bolivar Creek. Moreover, they will also enhance and rehabilitate the riparian zone located along the western boundary of the site.

The growth is bound by community amenity contributions (CACs), which encompass fees per dwelling and extra residential space. Surrey City Council has granted preliminary endorsement to the plan and will conduct a public meeting on February 12th.

For more than two and a half decades, Oviedo Properties has been dedicated to constructing exceptional homes that meet the highest standards of quality and durability.

Oviedo Properties is a privately owned company that focuses on project development and construction. The company, based in Surrey, British Columbia, has a team of principals with extensive experience in property development. Oviedo is known for using top-notch materials, demonstrating exceptional craftsmanship, and providing great value, resulting in the creation of exceptional homes.

The principals in the Fraser Valley of British Columbia have constructed neighborhoods consisting of townhouses, condos, and detached houses. The company takes great pride in its projects and attributes their success to the dedicated efforts of a core team comprising architects, designers, reliable suppliers, and skilled workers. Their strong commitment is to ensure that each development becomes a source of pride for the community. Oviedo derives immense satisfaction from putting in the utmost effort to create top-quality homes, providing a happy environment for families to raise their children.

Oviedo Properties: Building Quality Homes for Over 25 Years

Oviedo Properties is a privately owned company that focuses on project development and construction. The company, based in Surrey, British Columbia, has a team of principals with extensive experience in property development. Oviedo is known for using top-notch materials, demonstrating exceptional craftsmanship, and providing great value, resulting in the creation of exceptional homes.

The principals in the Fraser Valley of British Columbia have constructed neighborhoods consisting of townhouses, condos, and detached houses. The company takes great pride in its projects and attributes its success to the dedicated efforts of a core team comprising architects, designers, reliable suppliers, and skilled workers. Their strong commitment is to ensure that each development becomes a source of pride for the community. Oviedo derives immense satisfaction from putting in the utmost effort to create top-quality homes, providing a happy environment for families to raise their children.

Summary

Surrey’s City Hall has been presented with a rezoning application for a triple-tower development in a transit-focused area, close to Gateway Station. Oviedo Properties, a locally based company, is seeking to rezone the land to make way for 967 homes spread across three high-rise buildings, as part of a larger plan to create a vibrant and convenient community. This proposal falls under the third tier of the province’s new legislation aimed at promoting transit-oriented development.

The development project will feature three towers, each with a unique height and number of units. Tower One, situated at the southern edge of the site, will stand 21 storeys tall and offer 214 units. Tower Two, connected to Tower One, will rise 37 storeys and provide 437 units. Tower Three, a freestanding building, will have 316 units and reach a height of 34 storeys. The project will also include extensive indoor and outdoor amenity spaces, totaling 2,946 sq. m and 3,900 sq. m, respectively. The proposal is subject to certain community and affordable housing contributions, and Surrey City Council has already granted first and second readings. A public hearing is scheduled for February 12.

Developers of a high-profile high-rise project in Vancouver’s West End have been placed under receivership, as they owe $82.2 million to the Bank of Montreal. The project, called 1045 Haro Street, consists of a 55-storey condo tower and a 15-storey tower with retail space, a childcare facility, and a public plaza. The owners of the property purchased it in 2018 but have been unable to meet the city’s requirements to move forward with the project. They attempted to sell the property but received offers significantly lower than the purchase price. The Bank of Montreal subsequently filed for receivership to arrange a sale of the property. The appointed receiver will not be able to seek approval for sale offers until April 26.

The Information About The 55-storey Tower In Vancouver’s West End Has Been Placed Under Receivership

A big building project in Vancouver called 1045 Haro Street has hit a roadblock. The developers, Haro-Thurlow Street Project Limited Partnership, are in financial trouble and owe $82.2 million. A bank called the Bank of Montreal has taken legal action and asked the court to appoint someone to take over the project and sell the property.

The project was supposed to include a 55-storey condo tower and a 15-storey tower with 450 condos and 66 rental units. The plan also included retail space, a childcare facility, and a public plaza.

The property is owned by Harlow Holdings Ltd., but the partnership that was responsible for the development is the one in financial trouble. The partnership is made up of several companies, including 11044227 BC Ltd., Forseed Haro Holdings Ltd., and Terrapoint Developments Ltd.

Intracorp Homes, a Vancouver developer, was managing the project, but they are not in financial trouble themselves. The architect for the project is Patkau Architects.

The owners of the property bought it in 2018 for $172.75 million, with financing from the Bank of Montreal and the companies in the partnership. They have been unable to meet the requirements set by the City of Vancouver to move forward with the project, and they have not formally applied for a development permit. One of the reasons for this is that the project would block some views, which is currently being reviewed by the city.

The owners have been in talks with the bank to try to extend the deadline to repay their debt, but the bank has refused. The owners then tried to sell the property, but the offers they received were much lower than what they paid for it. This caused tension between the partners in the project.

The owners missed a payment in July 2023, and the bank demanded repayment. When the owners did not comply, the bank filed for receivership. A receiver is someone who takes control of a property and sells it to pay off the debt.

The appointment of the receiver was approved by the court, but they are not allowed to sell the property until after February 23. They also have to get court approval for any offers they receive.

The property has been appraised at $192 million, but it is unclear if any lenders would recognize that value. The value may have also decreased since then due to various factors such as higher interest rates and construction costs.

If the receiver does start a sales process, they will likely hire a real estate brokerage to help. The offers they receive will be narrowed down before being presented to the court for approval.

Wrapping Up

Major high-rise development project in Vancouver, the developers have been placed under receivership due to an outstanding debt of $82.2M owed to the Bank of Montreal. The project planned for 830-850 Thurlow Street and 1045 Haro Street, was set to include a 55-storey strata condo tower, a 15-storey tower with 450 strata condominiums and 66 rental units, as well as retail space, a childcare facility, and a public plaza. The development site is owned by Harlow Holdings Ltd. and beneficially owned by Haro-Thurlow Street Project Limited Partnership (HTLP), which is owned by several parties. Intracorp Homes is serving as the development manager of the project but is not subject to the receivership application. The owners defaulted on their interest payment in July 2023 and BMO subsequently made a demand for payment on August 29, leading to the receivership application.

BMO is seeking the appointment of a receiver to arrange a timely sale of a property owned by CM Group, as they have lost confidence that the owners are working to repay the debt. The property’s value is disputed, with an appraisal valuing it at $192M based on development potential, but the president of Intracorp Homes expects it to be even lower than the $93M offer submitted by Chard Development. The owners have identified three lenders willing to provide loans to repay the debt, but BMO claims no evidence has been provided. Deloitte has been appointed as the receiver, but will not be able to undertake any sales efforts until after February 23 and cannot seek approval of any sale offers until after April 26.

A new development permit application has been submitted by local developer Peterson Group to redevelop 488 West 43rd Avenue in Vancouver, which will include a 29-storey condominium tower and a 15-storey hotel tower connected by a six-storey base podium with hotel, retail, and restaurant uses. The residential tower will contain 176 strata condominium units, while the hotel tower will have 233 hotel suites. The total building floor area will reach about 330,000 sq ft, and underground levels will provide 310 vehicle parking stalls. The project has gone through ownership changes since receiving rezoning approval in March 2021.

The Details of Next to Oakridge SkyTrain, 15-Storey hotel and 29-Storey Condo Development Is Proceeding

The development of a hotel and condo next to the Oakridge SkyTrain station in Vancouver is moving forward. After receiving approval from the Vancouver City Council two and a half years ago, the project is now being pursued by local developer Peterson Group. They have submitted a new application to redevelop a property at the corner of Cambie Street and West 43rd Avenue. That is 488 West 43rd Avenue (previously 5910-5998 Cambie Street).

The project will include a 29-storey condominium tower and a 15-storey hotel tower. These towers will be connected by a six-storey base podium that will house retail and restaurant spaces. The residential tower will have 176 condo units, while the hotel tower will have 233 suites. The project has undergone some changes since the rezoning approval, including a change in ownership and revisions to the architectural design.

With a mix of 59 one-bedroom, 99 two-bedroom, and 18 three-bedroom units in addition to 10 live-work units, the residential tower will have 176 strata condominium units.

There will be 233 hotel suites in the 174,000-square-foot hotel tower component, comprising 121 one-bedroom units, 12 two-bedroom units, and 4 executive units.

The total floor area of the development will be about 330,000 square feet, which is over ten times larger than the size of the land it sits on. Underground levels will provide parking for 310 vehicles.

The Oakridge area is currently undergoing significant construction due to the Cambie Corridor Plan, which includes various mixed-use tower projects. Peterson Group has also been involved in other major hotel properties in Vancouver and Toronto.

The Fairmont Pacific Rim Hotel, Shangri-La Vancouver, Carmana Hotel & Suites Vancouver, and Shangri-La Toronto Hotel are just a few of the notable hotel properties that the Peterson Group has had at hand.

Overall, the hotel and condo development next to the Oakridge SkyTrain station is progressing, with the new application submitted and changes made to the design and ownership.

Summary

Progress is being made on the development of a hotel and condo complex next to the Oakridge SkyTrain station in Vancouver. The local developer, Peterson Group, has submitted a new application to redevelop a block of land at the southeast corner of Cambie Street and West 43rd Avenue. The project will consist of a 29-storey condo tower, a 15-storey hotel tower, and a six-storey base podium with retail and restaurant spaces. The condo tower will have 176 units, ranging from one to three bedrooms, while the hotel tower will have 233 suites. The total building floor area will be about 330,000 square feet, providing ample space for parking. This project has faced some changes in ownership and design, but it is now moving forward with a revised architectural plan. The development is part of the larger transformation happening in the area due to the Cambie Corridor Plan. Peterson Group has previously been involved in other notable hotel properties.