DOWNTOWN I Developer branches out with a multi-building undertaking that will appeal to buyers looking for something unique

Michael Sasges
Sun

METROLIVING

Presentation centre address:

1 – 1060 Homer, Vancouver

Telephone: 604-682-1050

Web: www.metroliving.ca

Project size: 197 homes, six downtown buildings, four new, two heritage, 6 – 8 storeys

Residence size:

531 Beatty, 33 apartments, five penthouses;

540 Beatty, eight studios, 28 one-bedroom apartments, 12 two-bedroom, nine penthouses;

999 Seymour, 14 studios, 18 lofts, 22 one-bedroom, six two-bedroom; three penthouses; 1168 Richards, one one-bedroom; 11 two-bedroom, two penthouses;

1180 Homer, 15 apartments, of which six have been bought;

1241 Homer, 12 one and two-bedroom apartments.

Prices:

531 and 540 Beatty, starting at $299,000 (tentatively) or about $560/sq.ft.;

1180 and 1241 Homer, starting at more than $700,000 (tentatively) or about $600/sq.ft.

Warranty: St. Paul Guarantee

The Metroliving story is singular for its simultaneous simplicity and complexity. At almost 200 new homes in six downtown buildings, it definitely has many parts. But it has one only protagonist, Rick Ilich of the Townline group of companies.

If they could, the “Nine Maidens” on the old Sun Tower down the block from the Beatty Street properties would be cheering Ilich on, although probably with a blush at the red hoardings that announce his success in negotiating with city hall and his suppliers, material, professional and trades, six times over.

Townline’s downtown foray, after 25 years mostly in the suburbs, has at least two push-me, pull-me points of departure:

* A new-home product that would lessen the influence of interest rates on the company’s fortunes.

* A new-home product, accordingly, that would appeal to buyers who are less influenced by interest rates than most buyers.

These buyers are more likely than not to be passionate about unique, even unconventional, residences in smaller buildings that whisper singularity and exclusivity. They will be ”mature” buyers and, further, ”mature” buyers from around the world, Ilich expects.

He does not mean mature in years necessarily. He means mature in the strength of their conviction that their next home will be downtown and, further, that it will not be in a downtown tower, but in an “infill” building, either new construction or rehabilitation and conversion.

”This is, really, all about the maturity of the city and its growth. This city is a model internationally for urban redevelopment. We think that what we will produce is the next level, urban infill,” he said in an interview.

”These little 50, 75, 100-foot lots take just as much work, if not more, than the 150, 175, 200-foot lots where you might be putting in 200 units in a tower. We decided to take on the extra level of brain damage for, perhaps, a smaller return, but we felt we were helping to identify a marketplace that hasn’t been tapped yet.

”That was our business plan, not trying to follow suit, but, perhaps to lead . . . .”

The pull motivation was the business cycle, the inevitability of a waning in demand for new-home product.

“We felt that we could have rolled into town and done the same thing everybody else was doing,” Ilich said.

CREDIT: Glenn Baglo, Vancouver Sun 531 Beatty

“But . . . if and when there is that shift in the marketplace that happens in every cycle – [and] I certainly don’t foresee it any time soon – I did not want to be halfway through a 30-storey building and have the market shift on me.

“I felt we could do these smaller, more sophisticated buildings, that were not that affected by a quarter-point or half-point rate-rise. I wanted to focus more on people who were more independent financially, who are not relying on the banks entirely. So if and when there is a shift in the market I felt we would have a better chance of escaping through that. And I felt strongly about that.”

Developing the properties simultaneously is what makes Metroliving so exciting for him, Ilich says.

”We’re re-creating everything. This is not your typical product, not your typical process, not your typical buyer. We’re developing systems not just in our business, but in city hall that are all about innovation and uniqueness. [Other developers and municipalities] are all stepping back and taking note.”

Of the six properties, two of the structures are entries in city hall’s List of Protected Heritage Properties.

540 BEATTY, THE CRANE BUILDING

Built in 1911 and used by the plumbing supplier as a warehouse until 1956, according to city hall records, this building of eight storeys, five of them on Beatty, will be converted by Townline into 57 new homes, with shops on Beatty and parking under.

The nine penthouses will be an addition “set back behind the Beatty Street facade so that it will not be seen from street level,” Ilich comments.

In a report to council recommending it approve Townline’s Crane Building development application, city hall staff commented:

“The east side of the 500 block of Beatty Street is a fully intact, historically significant streetscape with all buildings exhibiting distinctive heritage character.

“The northerly end of this block is completed by the Sun Tower building. Staff believe selective increases in density accomplished through appropriately scaled rooftop additions can extend the building life while building upon the prevailing scale and character of the block.”

1180 HOMER, THE MCMASTER BUILDING

Another warehouse, but constructed one year before the Crane Building, the McMaster Building is clad on Homer with a rarely seen white glazed brick. Located on the east side of Homer and stepping down to Hamilton, the property’s 15 homes will be located behind the heritage facade. Ilich expects the first owners to move in in the first quarter of next year.

Commented city hall staff in its recommendation to council that it approve the McMaster redevelopment: “The McMaster building . . . was part of the first wave of development of Yaletown.

“The building has an ‘Edwardian-Commercial’ style and is an excellent example of the architectural approach taken with buildings in the area.”

Convenient and secure parking at each building was an important goal for Ilich.

CREDIT: Glenn Baglo, Vancouver Sun 1241 Homer

“I can’t comprehend being downtown without a car, especially being downtown in a high-end residence, maybe something that costs a million dollars, and waiting at a bus stop. That’s the one part of the model that’s pretty conventional.”

At the Crane Building the three floors below Beatty will be used for parking, with entry and exit from the lane that parallels the street. City hall staff’s discussion of the parking floors illustrates its expectations that the 500 block of Beatty is prime residential redevelopment country.

” . . . lanes are generally the required location for site access to preserve pedestrian ambiance and safety along the sidewalk, and any parking entry from Beatty Street would compromise the heritage character of the building and streetscape.

“By converting to residential use, this project will generate less traffic from larger trucks, and this should help limit traffic in the lane. In future when development occurs at the north end of the lane, special attention will be paid to the design at the lane and especially how it interfaces with the street.”

HERE’S LOOKING AT YOU, VANCOUVER

With so many gin joints available around the world, why would an overseas buyer buy a Vancouver home and not, say, a Casablanca home?

Ashley Lang, an 1180 Homer buyer with his wife, and currently the owner of homes, not in Casablanca, but close (in southern Spain and Gibraltar) reported his motivation this way (in an email to the developer):

”Vancouver has one of the most sophisticated, livable city centres I have had the opportunity to experience. The safe and easy access to urban parks and the seawall are fabulous attractions for pet owners like us.

”The quality of restaurants and social spots within walking distance are amazing, and of course the opportunity to plunk such a cool home right in the centre of it all is amazing. We are both still blown away by our good fortune.

”We travel a lot, so the security associated with the underground parking and the boutique nature of this building was a big factor in our decision. And to get that wrapped in to a heritage style with brick, reclaimed wood floors and beams in this location, that’s just good luck.”

About himself, Lang reports he is a 33-year-old marketing executive with an Internet entertainment company and a resident of Spain. He and his wife have no children.

HOW HISTORY RESONATES THROUGH TWO RESIDENCES

In 1910, the year construction started on the McMaster Building:

The main post office, incorporated in today’s Sinclair Centre, opened;

The first Pacific National Exhibition predecessor opened, Prime Minister Wilfrid Laurier presiding over the official proceedings;

Glen Brae, today’s Canuck Place, was built in Shaughnessy;

The first B.C. Federation of Labour was formed, the 26 delegates committing themselves to the pursuit of the eight-hour day and socialism;

Woodward’s held its first $1.49 Day, only it was Quarter Day;

The Dominion Building was erected at the northwest corner of Hastings and Cambie.

In 1911, the year the Crane Building was constructed:

CREDIT: Glenn Baglo, Vancouver Sun 1180 Homer

CREDIT: Glenn Baglo, Vancouver Sun 999 Seymour

CREDIT: Glenn Baglo, Vancouver Sun 1168 Richards

Vancouver‘s population of 120,847 had doubled in five years;

Commercial Drive was created from Park Drive, the former apparently signaling the hopes of real estate promoters for a grand commercial thoroughfare, the latter its journey’s end at Clark Park;

The provincial courthouse, today’s Vancouver Art Gallery, opened on Georgia Street in a Francis Rattenbury building;

Construction also started on the World Building, today’s old Sun Tower; Vancouver Rowing Club in Stanley Park; Point Atkinson Lighthouse; the Sylvia Hotel; Brock House on Point Grey Road; and the Rogers Building, Granville and Pender.

History of Metropolitan Vancouver, www.vancouverhistory.ca

© The Vancouver Sun 2005

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