By Elliot Funt Real Estate Advisor Engel & Völkers Vancouver

By Elliot Funt
Real Estate Advisor
Engel & Völkers Vancouver

Updated March 17th, 2017 and December 3rd, 2017

More details coming in the future, project currently on hold! No sales information yet announced. I personally feel that this is one of the coolest projects in Vancouver.

Details

  • 60 storeys/167.6 meters, which is the max height for zoning in this area.
  • 493 residential units, of which 135 will be city operated affordable housing.

Developer & Architect 

This lot, located at 1075 Nelson Street, was formerly owned by Wall Financial. Wall Financial paid architecture firm Chris Doray Studio for the initial plans. IBI Group & Nick Milkovich Architects also seem to be involved in this project. 

Project On Hold

The project has been on hold for quite some time now.

But Ian Young’s piece in the South China Morning Post may have topped them all. In it, he detailed the deal-making behind an astonishing chain of transactions that saw a piece of property (1059 and 1075 Nelson Street) assessed at $15.6 million sold for $60 million—and then effectively flipped for $68 million barely a month later. Most astonishing of all, perhaps, is the fact that the initial seller was Wall Financial Corporation—a company that had clearly signalled its intent to build yet another signature skyscraper on the property it tied up for $16.8 million in 2013. As Young wrote in his piece, “They had big plans for the downtown site: a glittering 60-storey residential skyscraper, taking advantage of the location within the city’s West End Community Plan, where a building could rise 168 metres tall under new zoning. The project was dubbed ‘Nelson on the Park’ and the Walls turned to favourite designer Chris Doray to come up with what they hoped would be a new Vancouver landmark.”
That’s right: Peter and Bruno Wall were effectively priced out of their own development plans by an offer they couldn’t resist passing. And while nobody should feel too bad for the Walls—they effectively quadrupled their money in less than three years—the deal still marks a new high-water (or, perhaps, low-water) mark in Vancouver’s increasingly frenzied real estate market. “We’re basically in a mania,” Young says. “When you’ve got investors so desperate to pay $60 million for a site that’s valued at $16 million that it sells out in two hours, what does that tell you is going on? What’s the mentality behind this investment? Is this a well-thought-through and measured investment on their part, or are we in a gold rush?”

This excerpt was taken from an article on sales transactions of 1075 Nelson Street in Vancouver Magazine:  http://vanmag.com/city/flippinginsane/ 

Other Developments In This Area

The Butterfly by Westbank

A 57-storey building by Westbank. Sales center open as of November 27th and sales expected to commence mid-December 2017. http://www.elliotfunt.com/vancouver-presales/butterfly-westbank

Twin Towers (Barclay and Thurlow) by Bosa

As of December 3rd, 2017, this project is still in it's early stages. I'm guessing sales will start near the end of 2018 or early 2019 if all development applications get approved. http://www.elliotfunt.com/vancouver-presales/2017/11/17/bro-ole-scheeren

 

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