Archive for January, 2009

The mantra: Cheap & delicious

Saturday, January 17th, 2009

Mia Stainsby
Sun

Aaron McArthur became passionate about ethnic restaurants thanks to his wife, Elaine Yong. Here they enjoy a meal at Joyce Jiaozi Restaurant. Our list of restaurants includes their recommendations as well as that of another couple, Randy Schisler and Lana Wong. Photograph by: Mark van Manen, Vancouver Sun, Vancouver Sun

Nash Mawani, owner of Jambo Grill with some of his favourites. Photograph by: Steve Bosch, Vancouver Sun,

Not long ago, we wrote about great ethnic restaurants in Metro Vancouver. In turn, we asked readers to tell us about their faves. Here’s what you suggest.

INTERNATIONAL CHINESE RESTAURANT

2163 East Hastings St., 604-255-0698

“Cheap but delicious dim sum delivered by cart. Dim sum is varied and hot, plus you can special order if you can’t find it on a cart. Much cheaper than other places. Very basic ambience.”

— Randy Schisler

PHO HOANG

3388 Main St., 604-874-0832

“Great Vietnamese food; lots of variety, good prices, clean with reasonably prompt service. Food is always good quality and tasty. Spring rolls for us are always a good determiner of a Vietnamese restaurant and these are excellent.”

— R.S.

DONA CATA MEXICAN FOODS

5076 Victoria Drive, 604-436-2232

“Diverse choices and tastes like the real thing.”

— R.S.

JOSEPHINE’S RESTAURANT

2650 Main St., 604-876-8785

“Filipino food. Awesome, helpful staff. Food is delicious. Very interesting tastes, but need to be adventurous. We usually avoid buffets unless it is Indian food, but we now include Filipino food.”

— R.S.

CHUTNEY VILLA

147 East Broadway, 604-872-2228

“Excellent Indian restaurant with dosas and fantastic homemade chutneys. Great service, good ambience, friendly, helpful staff.”

— R.S.

EL PULGARCITO

2522 East Hastings, 604-258-7922

“Fantastic [El Salvadorean] food. Very cheap, super-friendly staff, low key.”

— R.S.

KINTARO RAMEN

788 Denman, 604-682-7568

Incredibly delicious ramen. Fresh and tasty. We have eaten ramen in Tokyo and this place is almost as good. Always busy and always lineups.”

— R.S.

GREEN LETTUCE

1949 Kingsway, 604-876-9883

“What a combo of Chinese and Indian flavours! The dishes are Chinese for the most part, but with the Indian spices. The place is always full.”

— R.S.

JOYCE JIAOZI

5103 Joyce St., 604-436-5678

“Cheap northern Chinese food, close to Joyce SkyTrain station. Decent big bowl of beef noodle soup. Also great jiaozi (dumplings, like potstickers, but boiled) with interesting fillings such as tomato and pickled cabbage.”

— Elaine Yong

VAN-YA JAPANESE

5615 Harold St., 604-433-1303

“Family-run, serves homestyle cooking. Everything is consistently good. Nothing too fancy and sushi is standard but fresh. This place has been here for a long time, which is a good thing.

— Elaine Yong

CAFE D’LITE

3144 West Broadway, 604-733-8882

“I go there on a nearly weekly basis because it’s so good. I lived in Malaysia and Singapore for four years and this place is serving the real deal, of the best quality.”

— Lea Ault, co-owner of Hapa Izakaya

JAMBO GRILL

3219 Kingsway, 604-433-5060

“The food is top-notch at a very reasonable price. I’ve sampled just about every dish. My absolute fave is the masala steak with mogo (cassava) fries. The curries are rich and satisfying as are the beef satay skewers and kebabs. The owner, whom we’ve gotten to know as “Nash,” is a terrific host. He sees us at the front door and greets us at the table with our usual drinks.”

Vesna Coleman

“For the members of the Ismaili community, this is our style of food. Indian, Mideast and African influences. Absolutely worth a try.”

— Fred Nathwani

“Everything I’ve tried on the menu has been wonderful. My faves are the pili pili wings, pili pili mogo, vegetable curry, kachori and chicken tikka. Staff are friendly which always adds positively to great food.”

— Kate McGrath

SERI MALAYSIA

2327 East Hastings, 604-677-7555

“The cooking brings back good memories of the Malay dishes that I have sampled growing up on the island of Borneo. We enjoyed the popular lamb biryani, the chicken curry, roti canai and refreshing cendol drink for dessert, all for around $30. The food is authentic and good value, but the space lacks a little in charm and the location is easy to miss, but I hope he can stick it out.”

— Gina Verster

SPICE ISLANDS

3592 West 41st Ave., 604-266-7355

“It is small and intimate and serves authentic Indonesian cuisine. The sauces, many with coconut milk, are delicious and the presentation is eye pleasing.”

— Gerry van der Ven

ZHEN HUA RESTAURANT

5822 Victoria Drive, 604-325-0783

“My husband and I had a wonderful dim sum lunch there this afternoon. We had six dim sum items and a crisp dish of gai lan with oyster sauce for $24, including a good tip. Service was fast and we left very satisfied.”

— Helen Amaranto

DHARMA KITCHEN

3667 West Broadway, 604-738-3899

“The food has Thai leanings and has no animal-derived ingredients. When we threw a fortieth anniversary party for my parents, the almost exclusively omnivorous crowd raved about the food. Items range from red Thai curry tofu to huge brown rice bowls (they are sooo much better than it sounds). Prices are all under $11 for entrees. There is no alcohol.”

— Pamela Howlett

WORLD CUISINES

DOK JA GOL

4992 Newton, Burnaby, 604-436-5005

“A good Korean restaurant in Burnaby to check out. Their barbecue is totally different from what one comes to expect in a typical Korean restaurant.”

Joana Tam

LHY THAI

7357 Edmonds St. ,Burnaby, 604-526-8085

“I find the food always hot, tasty and reasonably priced. Any dishes we have tried over the years have been good.”

— Jane Allen

HI GENKI

6680 Southoaks Crescent, Burnaby, 604-777-0533

“Authentic homestyle Japanese food in an unusual setting, too! Don’t be alarmed when you pull up in front of the Nikkei Seniors Home. It’s the right place. It’s run by the folks behind Fujiya. Portions are large and filling. Hours are limited.”

— Elaine Yong

LAO SHAN DONG HOMEMADE NOODLE HOUSE

105-4887 Kingsway, Burnaby,

604-439-9588

“Beef noodle soup is fragrant with star anise and cinnamon, Taiwanese-style. I think it is amongst the top beef noodle soup joints, if not the best.”

— Elaine Yong

“We frequent the place almost once a week. The service is quick, consistently delicious and reasonably priced. You should try it!”

— Anna Tam

NO. 1 BEEF NOODLE HOUSE

4741 Willingdon Ave., Burnaby, 604-438-6648

“Another Taiwanese joint, though I think Lao Shan Dong has better beef noodles. However, this place has amazing peppery fried chicken bits — amazing! Lots of great little side dishes, good stir-fried noodles, tons of fun drinks, too. But definitely order the peppery fried chicken.”

— Elaine Yong

HAN JU TOFU HOTPOT

8328 Capstan Way, Richmond,

604-247-1079, and 4500 Kingsway, 604-434-8098

“Best for steaming, individual hotpots with seafood (shrimp, mussels, squid) and pork, tofu, egg, along with either bean-thread noodles or thick Shanghai-style noodles. Always consistent, always good. Go early for lunch as they are lined up out the door. Nothing more than $7 and you’ll have leftovers.”

— Lana Wong

CONTINENTAL SEAFOOD

11170 Cambie Rd., Richmond, 604-278-6331

“Our company often entertains out-of-town guests there for dim sum. The food is well prepared and the service nothing short of spectacular. We have been going there for years.”

— A. L.

TASTE OF PUNJAB

10009-136 A St., Surrey, 604-588-7700

“A little hole-in-the-wall at the back of a strip mall. The food is consistently very good and prices are phenomenally cheap. The owner always circulates to every table to ensure everyone is satisfied and content. The naan is among the best I’ve ever eaten; the servers understand and respect the word ‘mild’ (very important to this pale-skinned wimp!) and the restaurant is kept impeccably clean (equally important for someone very afraid of food poisoning).”

— Sandy Rea

THE BOMBAY RESTAURANT

2748 Lougheed Highway, Port Coquitlam,

604-944-3872

“It is a well established, very popular spot to eat authentic Indian cuisine. The owner/chef brings in all his spices and rice from India and the menu is very comprehensive, including some excellent vegetarian dishes. Their mango lassi is the best and a real treat and the naan is always fresh and hot.”

Thelka Wright

© Copyright (c) The Vancouver Sun

Found: Vancouver’s best Chinese dishes

Saturday, January 17th, 2009

Panel picks the top signature dishes of local restaurants

Mia Stainsby
Sun

Help! That’s what’s needed in sorting out the good from the bad in the density of Chinese restaurants in Metro Vancouver. This week, we got exactly that from a panel of local Chinese food experts in awarding 23 restaurants Signature Dish Awards in 25 categories, the first of what is planned to be an annual venture. The dining public also got a chance to have their say with the Diners’ Choice Awards and cast their votes for best Chinese restaurants online. (See both sets of winning restaurants, below.)

“It was decided that the awards would be given in the same way the Chinese community chooses a restaurant, by what to eat, rather than where to eat,” judges said of the Signature Dish Awards.

Once the dishes were nominated, the seven judges ate their way through five dishes a week over 16 weeks. Here’s what the judges said about the awards:

Stephen Wong, food writer and cookbook author: “As the earliest adopters of local ingredients, Chinese chefs in Vancouver have a long history of creating signature dishes that have not only inspired the current local cuisine movement, but have gained a loyal following among visitors from across the Pacific.”

Conrad Leung, head of Asian Culinary Program at Vancouver Community College: “The rationale behind awarding signature dishes is how appropriately it defines the Chinese love for quality food and divine flavour, a passion that triumphs above other elements, such as atmosphere and service.”

B.C. Lee, Chinese community leader: “Compared to New York ,where I had coffee and sandwiches for lunch most of the time, I am totally spoiled in Vancouver where I can enjoy dim sum, congee or dumplings, northern or Cantonese Chinese noodles any day, within walking distance.”

Lee F. Man, food writer: “What I discovered, and did not surprise me, was that outside of greater China, Vancouver‘s Chinese cuisine was probably the best in the world. Demanding and informed diners, skilled and passionate restaurateurs, and engaged local media all combine to keep Vancouver standards exceedingly high.”

Bensan Li, columnist and CBC international Asian program host: “Here in Vancouver there is no shortage of skilled Chinese chefs and their scrumptious culinary creations. Their larger than life stories of how they came to this strange land, started building new dreams and new careers in their known trades with bare hands and years of experience. Little did they know, they also laid a strong foundation that flourishes in Greater Vancouver’s promising Chinese food horizon. These are true pioneers who introduced authentic Chinese cuisine to Western Canada.”

Iris Yim, senior editor, Ming Pao: “The emergence of the Signature Dish Awards is not only timely, but also the best way to pay tribute to the hard working men and women behind these divine dishes which we so much enjoy.”

Stephanie Yuen, food writer, broadcaster, restaurant consultant: “[With these awards] the Chinese culinary enjoyment will definitely expand and non-Chinese will no longer be confused by the overwhelming selection of Chinese restaurants.”

BEST SIGNATURE DISHES

MOST INNOVATIVE DISH

Guoba (crispy rice) with Salty Egg Yolk: Long’s Noodle House, 4853 Main St., 604-879-7879

Crab

Golden Dungeness Crab with Spice Salt: Ken’s Chinese Restaurant, 1097 Kingsway, 604-873-6338

King Crab

Live King Crab in 4 Courses: Excelsior Restaurant, 6340 No. 3 Rd., Richmond, 604-278-2616

Shrimp

Sauteed Spot Prawns with Soya Sauce: Koon Bo Restaurant, 5682 Fraser St., 604-323-1218

Lobster

Lobster in Two Courses: Shiang Garden, 4540 No. 3 Rd., Richmond, 604-273-8858

NORTHERN/SHANGHAI-STYLE

Dim Sum

Shanghai-Style Juicy Dumpling: Lin Chinese Cuisine and Tea House, 1537 West Broadway, 604-733-9696

CANTONESE/HONG KONG-STYLE

Dim Sum

Steamed Rice Rolls with Pork Liver: Shun Feng Seafood, 4380 No. 3 Rd., Richmond, 604-304-6088

Congee

Liver and Meatball Congee: Mak’s Noodle House, 8291 Alexandra Rd., Richmond, 604-231-8141

Noodles & Rice

Beef Tendon and Won Ton Noodle Soup: Tsim Cha Noodles, 8251 Westminster Hwy., Richmond, 604-273-6288

Barbecue

Roasted Pork: Parker Place BBQ, 4380 No. 3 Rd., Richmond, 604-233-1138

Vegetarian

Taro Hot Pot: Bo Kong, 8100 Ackroyd Rd., Richmond, 604-278-1992

Cold Appetizer

Jellied Pork: Shanghai River, 7831 Westminster Hwy., Richmond, 604-233-8885

Chinese Dessert

Golden Pumpkin with Honeyed Walnut: Yan’s Garden Restaurant, 9948 Lougheed Hwy., Burnaby, 604-421-8823

Chinese Pastry

Apple Tart: New Town Bakery, 158 East Pender St., 604-681-1828

Soup

Wine Chicken Soup: Wonton King, 620 S.E. Marine Dr., 604-321-4433

Fish

Steamed Sable Fish in Bamboo Steamers: Sea Harbour, 3711 No. 3 Rd., Richmond, 604-232-0816

Geoduck

Sautéed Geoduck with Mixed Vegetables: Jade Dynasty Restaurant, 137 East Pender St., 604-683-3822

Scallop

Scallop-stuffed Zigua: Jade Dynasty Restaurant, 137 East Pender St., 604-683-3822

Clam

Grilled Clams: VIP’s Restaurant, 1487 Marine Dr., West Vancouver, 604-925-1811

Pork

Roast Suckling Pig: Kirin Restaurant, 555 West 12th Ave., 604-879-8038

Beef

Sautéed Beef with Chinese Long Bread: Flamingo Chinese Restaurant, 7510 Cambie St., 604-325-4511

LAMB/GOAT/MUTTON

Lamb Hot Pot: Sun Sui Wah, 3888 Main St., 604-872-8822

Chicken

Chicken Hot Pot: Jade Seafood Restaurant, 8511 Alexandra Rd., Richmond, 604-249-0082

Duck

Stuffed Duck: Shanghai Wonderful, 8380 Lansdowne Rd., Richmond, 604-278-8829

Squab

Roasted Squab: Sea Harbour Seafood, 3711 No. 3 Rd., Richmond, 604-232-0816

DINERS’ CHOICE AWARDS

Best Dim Sum Restaurant: Sun Sui Wah Seafood Restaurant, 3888 Main St., 604-872-8822

Best Cantonese Restaurant: Mui Garden, 5797 Victoria Dr., 604-324-3665

Best Northern Chinese Restaurant: Shanghai River Restaurant, 7831 Westminster Hwy., Richmond, 604-233-8885

Best Hot Pot Restaurant: Chubby Lamb Hotpot Restaurant, 8391 Alexandra Rd., Richmond, 604-303-8843

Best Taiwanese Restaurant: Bubble Tea Café Well Tea, 4811 Hazelbridge Way, Richmond, 604-278-7268

Best HK Style Cafe: Gloucester Cafe, 3338 Cambie St., 604- 873-3338.

Best Noodle Soup Restaurant: Sha Lin Noodle House, 548 West Broadway, 604-873-1816

Best Congee Restaurant: Hon’s Wun Tun House, 268 Keefer St., 604-688-0871

Best Chinese Bakery Shop: Anna’s Cake House, 5510 Cambie St., 604-325-8214

Best BBQ Shop/Restaurant: BBQ Master, 4651 No. 3 Rd., Richmond, 604-272-6568

© Copyright (c) The Vancouver Sun

 

Olympic village on shaky ground from start

Saturday, January 17th, 2009

City politicians and staff failed to ensure the project had sound financing from the outset

David Baines
Sun

Vancouver has asked the provincial government to amend the city charter to enable it to borrow the $458 million required to complete the athletes’ village project. Photograph by: Ward Perrin, Vancouver Sun, Vancouver Sun

Former deputy city manager Jody Andrews, who resigned Thursday night, wrote a 12-page staff report recommending that city council select Millennium Properties Ltd.’s bid to develop the Olympic Athletes’ Village. Photograph by: Ian Lindsay, Vancouver Sun, Files, Vancouver Sun

The essential error that led to the Olympic Athletes’ Village debacle was made in April 2006, when city staff recommended that council select Millennium Properties Ltd. as the developer.

A 12-page staff report, authored by deputy city manager Jody Andrews, said Millennium’s proposal met or exceeded all the requirements of the official development plan.

The report also said Millennium had offered a “guaranteed, unconditional price” of $193 million for the 17-acre tract of city-owned land on False Creek, the highest of all bids, and did not require the city “to assume any of the marketing or financing risk in the development.”

But the report provided no details on how Millennium was going to finance the $750 million in projected construction costs. These details were crucial, because the city had given Vanoc — the Vancouver Organizing Committee for the 2010 Olympics — an undertaking that the project would be completed by November this year.

If the developer did not have a sound financing plan in place, there was a real risk that the project would stumble and the city would have to ride to the rescue.

This risk was heightened by the fact that ownership of the land would stay with the city. Millennium would make a $29-million deposit on the land, but title would remain with the city until the project was completed and the units sold. Then the developer would pay the balance of the purchase price and title would revert to the developer.

City staff said this made it a risk-free deal for the city. But without the land, the developer could not use it, or the improvements thereon, as security. The bottom line was that, without outside support, it was not a financeable deal.

These, however, were the halcyon days when debt capital was in abundant supply and condos were in huge demand. If any concerns were voiced, they were muted by the prevailing winds. Also, the clock was ticking. There wasn’t time to ask questions and wait for answers. City councillors unanimously approved Millennium as the developer.

It’s now clear that no firm financing arrangements were in place. It wasn’t until June 2007 that financing details emerged. City staff told council that Millennium was proposing to borrow the entire $750 million to finance construction. The only equity it had in the deal was the $29-million land deposit. This amounted to just three per cent of the nearly $1-billion total cost.

The problem with such a highly levered deal is that it leaves no room to breathe if there are cost overruns or the project gets hung up. Given that the city had given Vanoc an undertaking to complete the project on time, this was a risky deal not just for the developer, but also for the city.

So who’s going to finance such a risky venture? Certainly not a conventional bank. So Millennium turned to the rough-and-tumble world of hedge funds, which typically raise money from private investors for reinvestment in deals that are too gamy for mainstream banks.

In February 2006, CFO magazine reported that hedge funds “had become a key player in capital markets, specializing in high-risk loans to the financially distressed.”

“Hedge funds may charge borrowers interest rates of 14 per cent or more, double the rate banks charge their better corporate customers. Most borrowers don’t balk. That’s because the lightly regulated hedge funds are more willing to take chances on risky ventures and structure deals creatively.”

But the magazine warned that borrowers have reason to be wary, too: “Unlike banks, which presumably have a vested interest in their clients’ financial health, hedge funds may have other motives, such as profiting from a forced restructuring if the borrower falls behind on its loan.”

The hedge fund that Millennium was dealing with was New York-based Fortress Investment Group. It shared the breed’s reputation for ruthlessness.

“As real estate prices have skyrocketed in recent years, developers have gone to hedge funds like Fortress for the riskiest pieces of debt,” Fortune magazine reported in February 2008.

“These new, more opportunistic lenders charge interest rates that can rise above 20 per cent. If a developer defaults, some hedge funds are more than happy to grab their collateral and flip it for a potentially higher profit. This is referred to as the ‘loan to own’ business.”

In February 2007, Fortress became the first hedge fund to go public. Its initial public offering was priced at $18.50 per share. On the first day of trading its share price soared to $31. The firm was flush with cash and willing to take risks, but it balked at the Millennium deal. Not only was it being asked to provide 100 per cent of construction costs, the underlying property could not be pledged as security.

So in June 2007, city staff went back to city council, explained the dilemma and told councillors that, given the time constraints, the only choice they had was to provide Fortress with the security it required: a $190-million guarantee (in lieu of security over the land) and a guarantee that the project would be completed (so Fortress would have salable collateral at the end of the day.)

The “risk-free” deal had suddenly evaporated. Some councillors balked at providing the guarantees, but the NPA majority voted in favour.

I am quite sure that, if Millennium and Fortress had insisted on these terms in April 2006, city staff and council would have shown them the door and turned to Concord Pacific or Wall Financial, which had offered less for the land, but had more experience with large projects and better capacity to finance the project. But it was too late now.

By October 2008, Fortress had advanced $317 million, but its fortunes had sharply reversed. The credit crunch had constricted the supply of capital. Asset values were plunging. Redemptions were soaring and its stock price was plunging.

Millennium, meanwhile, had encountered a $125-million cost overrun, putting it offside with its lender. Fortress, already drowning in a liquidity crises, took the opportunity to cut off funding.

That was when council, clearly at the point of no return, agreed in a closed meeting to advance up to $100 million in interim funding. With Fortress still on the sidelines, the city has now asked the provincial government to amend the city charter to enable it to borrow the remaining $458 million required to complete the project. The legislature was expected to sit today to deal with the request.

So what’s the city’s exposure? Obviously that depends on the difference between the final cost (including all carrying charges and opportunity costs) and the selling price. Both are in a serious state of flux, so it’s anybody’s guess.

As security for the city’s advances, Millennium’s principals, Shahram and Peter Malek, have provided the city with a $250-million personal guarantee. Although councillors were assured that the Maleks‘ net worth is at least that much, asset values are plunging rapidly and, in any event, personal guarantees are notoriously problematic to enforce.

So Vancouver taxpayers are stuck in a kind of financial purgatory, the victims of politicians and bureaucrats who, despite the city’s stake in the outcome, failed to ensure sound financing was in place at the outset.

On Thursday, city manager Penny Ballem announced that Andrews had resigned. No reason was given.

© Copyright (c) The Vancouver Sun

 

Onni – local builder liquidating 375 units in lower mainland at up to 40% off – Is holding a one day sale on March 7, 2009

Friday, January 16th, 2009

STUART HUNTER
Province

Pssst — wanna buy a condo, cheap?

The Onni Group is teaming up with MAC Marketing Solutions to offer 375 finished condominium units for sale at discounts of up to 40 per cent — but for one day only.

The $150 million in Onni’s inventory, located in 10 developments in Greater Vancouver, is one of Canada’s biggest realestate liquidation sales, says MAC owner Cameron McNeill.

“If this seems like some scam or ploy, it is not,” McNeill said yesterday. “The reality is we are looking at what is going on with the economy and identifying a unique strategy to address the situation. We are passing on significant savings to buyers.”

Onni can offer the condos at discounts of 25 to 40 per cent due to the company’s strong financial health and an abundance of finished inventory with significant carrying costs, he said.

The condos are in Richmond, Port Moody, New Westminster, Surrey and Port Coquitlam.

The one-day sale is scheduled for March 7.
A few examples of discounted condos:

Richmond: A 900-squarefoot, two-bedroom unit originally priced at $472,900 is now offered at about $360,000.

Port Moody: A 1,106square-foot two-bedroom and den unit originally priced at $453,900 is now $340,000; a 655square-foot studio originally priced at $319,900 is now $240,000; and a 990-squarefoot, wood-frame, two-bedroom unit originally priced at $419,900 is now $315,000.

Surrey: A 1,100-squarefoot,two-bedroom and den originally priced at $360,900 is now about $260,000.

New Westminster: A onebedroom originally priced at $270,000 is now $215,000.

Port Coquitlam: A 1,000square-foot two-bedroom unit originally priced at $389,900 is now $280,000.

Peter Simpson of the Greater Vancouver Home Builders’ Association called the deals “innovative.”

Olympic village still on track to break even

Friday, January 16th, 2009

Peter Ladner
Sun

The Olympic Athletes’ Village under construction on False Creek: A development jewel with a rigid deadline and an unknown bottom line. — STEVE BOSCH/ VANCOUVER SUN

Mayor Gregor Robertson and his council have to focus on protecting taxpayers and completing the Olympic village project on time, rather than using inflammatory rhetoric and misleading information to blame selected members of the previous council for problems beyond their control.

No one was able to predict the unprecedented real estate market meltdown, credit freeze and skyrocketing construction costs that undermined the financial feasibility of the project.

These were compounded by the city’s commitment to meet a rigid November 2009 completion deadline, dating back to the Olympic bid agreement signed in November 2002. That agreement, followed by the 2003 signoff on the bid with no indemnity from the province for costs over $ 30 million, was the first of two key decisions that got us to today.

To paraphrase the mayor, the athlete’s village is a billion-dollar project and the city taxpayers own it. To suggest that the cost to city taxpayers will be anywhere near $ 1 billion is inaccurate, inflammatory and highly irresponsible.

Yes, the current level of financing risk is major problem, but the ultimate financial outcome is still unknown, and the project is still a development jewel. The bottom line on the project won’t be known until the $ 875-million cost to complete is offset by sales of all the units.

The $ 875-million outside-cost estimate doesn’t take into account the $ 70 million in equity Millennium has in the project, the $ 50 million contingency still to be released by Fortress, and the $ 200-million-or-so guarantees the city has in the form of Millennium’s other holdings worldwide. Add all that up, subtract anticipated price discounts, and the project is still on track to break even.

This project will not land on the taxpayers. It is being financed under the property endowment fund, worth $ 2.7 billion at the peak of the market, and well able to buffer the taxpayers from any possible losses — just as it grew to $ 2.7 billion without any call on the taxpayers.
The second key decision that exposed us financially was the internal Southeast False Creek steering committee’s agreement to heed our legal staff’s advice to give Millennium a ground lease instead of taking the company’s $ 193 million and giving it title to the property. Having the city retain title to the land was felt to be the only way we could guarantee delivery on time.

The city’s involvement in the Olympic village project now spans four councils. Virtually all the decisions have been unanimous, reflecting the commitment of all the councils to complete this project and make it a model of sustainability.

People also have to understand that all the recent decisions, including the divided and gut-wrenching June 2007 decision to formally guarantee completion and a $ 197-million construction guarantee, as well as the unanimous October 2008 $ 100million loan authorization, were made under tremendous time pressures to meet the immovable November 2009 deadline.

The time crunch was hugely exacerbated by the COPE council’s sevenmonth revamping of the official development plan in 2004-05 to add tens of millions of dollars in social amenities that we now know the city couldn’t afford.

The biggest disagreements on this project were in late 2005, when the new NPA council made an unpopular political decision to scale back the COPE-mandated subsidized housing in the project to reduce the city’s financial risk by an estimated $ 65 million.

Vision and COPE have consistently argued for increased public spending on social housing, subsidized housing and daycare at this site, moves that would further weaken the city’s financial position.

What is needed now is for everyone to pull together, acknowledge past mistakes, and negotiate the best deal to complete this project on time and with the least possible exposure to city taxpayers.

That is more easily done without accusations, finger-pointing and exaggerated scare tactics.

Mortgage rates drop to a 38-year low

Thursday, January 15th, 2009

Julie Haviv
USA Today

NEW YORK — Interest rates on U.S. 30-year fixed-rate mortgages dropped for the 11th week to a record low, according to a survey released Thursday by home funding company Freddie Mac.

Interest rates on 30-year fixed-rate mortgages averaged 4.96%, with an average 0.7 point, for the week ended Jan. 15, down from the previous week’s 5.01%, according to Freddie Mac.

Low mortgage rates have spurred a surge in home refinancing, and the resulting lower monthly payments should provide some relief to strapped consumers grappling with rising unemployment and recession.

But the drop in mortgage rates has made only a marginal impact on demand for loans to buy a home, offering little sign of recovery from the worst housing downturn since the Great Depression.

Mortgage rates have dropped dramatically since the Federal Reserve unveiled a plan last month to buy up to $500 billion of mortgage securities backed by government-sponsored enterprises, Fannie Mae, Freddie Mac, and Ginnie Mae. The program also entails buying up to $100 billion of debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

The average rate for 30-year fixed-rate mortgages has not been lower since Freddie Mac started its Primary Mortgage Market Survey in 1971.

15-year fixed-rate mortgages averaged 4.65% the week ended Jan. 15, up from 4.62% the previous week.

One-year adjustable rate mortgages, or ARMs, fell slightly to an average 4.89% from 4.95% last week.

Freddie Mac said the “5/1” ARM, set at a fixed rate for five years and adjustable each following year, averaged 5.25%, down from 5.49% a week earlier.

Copyright 2009 Reuters Limited.

So.Cial thrives on trendy locale, eclectic clientele

Thursday, January 15th, 2009

Gastown restaurant prides itself on an ambience that is welcoming to every taste

JOANNE SASVARI
Sun

So.Cial chef Romy Prasad with lemon-braised lamb shank with Gorganzola and bacon tomato.

For a chef, it’s a pretty sweet deal when your restaurant has its own butcher shop, is located in trendy Gastown and has owners connected to major sports franchises. Add in a charming historic building, and you’ve got what seems like a surefire recipe for success. You’ve also got a lot to live up to. That’s what Romy Prasad faces as the new chef at So. Cial at Le Magasin. And so far, he’s embraced the challenge.

So. cial, famously owned by former Vancouver Canuck goalie Kirk McLean, former coach Bob McCammon and his wife, Maureen Fleming, opened in 2007 to much fanfare, thanks in large part to a loving renovation of its 1911 location in Gastown’s vintage Le Magasin shopping arcade. It features a casual-fine-dining restaurant upstairs, an oyster bar downstairs and a butcher shop in back where guests can pick up a slab of housemade terrine or a gourmet sandwich to go

Right from the get-go, though, So. Cial was a bit of a puzzle. Was it a tourist joint? A place for the city’s social set to see and be seen? A hipster hangout? A serious foodie destination? All of the above? Or none?

“ Our customer base is eclectic — just like the area,” says Prasad, who joined So. Cial in November, replacing original chef Sean Cousins, who is now at C. “ We have business people, artists, fashionistas, hipsters, techies, gamers, students, locals living and working in the area, and tourists. Our ambience is welcoming to everyone.”

Prasad, who was formerly chef at the now-closed Savory Coast and before that executive chef at CinCin for eight years, admits that the restaurant’s multiple components keep him busy, especially as he considers improvements for the new year.

“ We are expanding our deli line to include products from Oyama, as well as expanding our deli offerings to include things like housemade chili and meatloaf,” he says.

“ In the main restaurant, we are changing our menus seasonally and I am looking at adding a tasting menu in the near future. We are also looking at expanding our offerings in the oyster bar to include seafood towers. In addition, we are also starting to offer off-site catering.”

So far, he seems to be doing everything right, in his own unique way.

His cuisine is equally influenced by both the West Coast and the Mediterranean. It’s vibrant and flavourful, and follows the culinary dictum du jour of local, seasonal and organic where possible.

“ My menu is akin to the word So. Cial — if you are out to socialize then you want to be comfortable, at ease and enjoy yourself,” Prasad says. “ It is old school and traditional while at the same time emphasizing regionality and freshness.”

At dinner ( So. cial is also open weekdays for lunch and weekends for brunch), things get started with $ 2 “ little bites” that are not, in fact, so little, like the crispy-but-tender arancini, saffron-and truffle-scented risotto balls filled with tangy pecorino cheese.
After that, it’s hard to resist the charcuterie board, which features whatever is being served at the butcher shop, usually a slice of terrine, some house-cured sausage and a ramekin of potted meat, which is satisfyingly salty and savoury, but unnecessarily heated.

Or, if you prefer to start things off with seafood, Prasad has a deft hand with the denizens of the ocean, and offers fresh oysters, crispy crab cakes and three different kinds of mussels, served, of course, with fries.

He also offers great seafood mains, such as seared salmon, herbcrusted halibut and a heart-warming cioppino, a very West Coast seafood stew of hearty chunks of salmon and plump mussels in fragrant broth, served with toasts topped with Provencal-style rouille.

But since Prasad has his own butcher shop to play with, it’s worth checking out the daily butcher-shop feature.

The night we’re there, it’s a flavourful ribeye steak that arrives perched atop a slab of potatoes au gratin. It’s the priciest dish on the otherwise reasonably priced menu, and while perfectly respectable, doesn’t showcase Prasad’s lighthanded creativity the way, say, the pork tenderloin scaloppini with spaetzle does.

The mostly B. C. wine list perfectly complements the cuisine, and includes interesting and hard-tofind labels, both by glass and bottle.

We’re not so enchanted by the cocktails, which are overly sweet and without the flair we’ve come to expect in Vancouver’s top eateries. The list itself is an odd mix of the quirkily retro and the once-trendy, and is a major missed opportunity, given the gorgeous wooden bar that should be one of the hottest spots in town.

Th at sa id, we may see som e improvements there, since the So. cial team plans to offer live jazz at the bar on weekends.

Another discordant note is that, despite the beautiful room and the careful renovation, a glaring streetlight outside the dining room window casts an unfortunately harsh light on the ambience.

We’d love to see some soft window coverings at night reduce the glare.

Still, So. cial is definitely a place to check out and maybe even to hang out. And if Prasad’s cooking continues the way it’s begun, So. cial could become that rare restaurant that satisfies all appetites.

No pizza or duck unturned

Thursday, January 15th, 2009

TASTE TEST: Culinary hybrid just OK but it stills looks bound for success

Province

From classic bistro to trattoria, take your pick at Mon Bella Bistoria, where chef Brian Fowke and owner Brad Roark team up to offer French and Italian dishes.

Mon Bella Bistoria
Where:
1809 West 1st Ave., Vancouver
Payment/reservations: Major credit cards, 604-569-2742
Drinks: Fully Licensed
Hours:
5 p.m. – late, Tues. – Sun., Closed Mon.

Like Donnie and Marie’s little bit country, little bit rock ’n’ roll, Mon Bella boasts both Italian and French cuisine and so they call themselves a bistoria, as in bistro and trattoria fused into one. They leave no pizza stone or duck liver unturned in their quest to please all those Eurocentric thinkers who won’t be satisfied until they’ve stuck a snail or a Portobello between their teeth.

Paid a visit with Peaches to this spiffy new place that has all the sleekness of a sea lion groomed for mating season under its highceilinged edifice. Banquette and booth seating, bottles of wine decorating the room as well as climbing the back wall like the vines the vino came from, black-and-whites photos of quaint European scenes and a bar with all the futuristic neo-classical curves that the 21st century can throw its way.

So, all-in-all, not a bad spot, and with the lineage in the kitchen via Chef Brian Fowke, formally of Rare and Metro, and the experience of owner Brad Roark, who was put through the paces at CinCin, Tapastree and Araxi, this culinary hybrid seems earmarked for success.

Alas, it was not to be for me that evening although neither was it a failure. It was just OK. Began with an appetizer of Ravioli di Zucca a Mano ($12), otherwise known as pumpkin and squash ravioli with roasted red pepper and goat cheese. Along with that we tried the house salad with mixed greens, brie croutons and golden beets with a tarragon vinaigrette ($9).

First, let me say about the ravioli that I fail to see the appeal of foam on food. It’s unappetizing, it’s not tasty and it puts me in mind of the unwholesome suds that wash up on the edge of the sea on a hot summer day. So the foam threw me but I’m not put off that easily. Still, the flavour of the pumpkin squash ravioli was severely lacking. None of the earthy sweetness or textural contrasts I usually enjoy, so we moved on to the salad.
Salad was very nice and the golden beets especially tasty and the only failing point was the absence of the brie croutons that Peaches and I were so looking forward to.

For mains, I chose the beef short rib with porcini risotto, Comte cheese and roasted cioppolini onions ($21). Meat was simultaneously as tender and lascivious as the look Sophia Loren gave Anthony Perkins in Desire Under the Elms, the risotto creamy with its fungus undercurrent but somehow the rich sauce pooling around the plate didn’t live up to its visual promise. I was hoping for more of a deep, bittersweet, hefty herbed offering as the deep cherry-red sauce hinted at but again something was missing.

Peaches opted for steak and frites ($25) with a sautéed strip loin, nicely crisped and salted fries, a Provençal-style cooked tomato and red wine shallot compote.

My only complaint was the accompanying geriatric-looking green beans had more wrinkles than Joan Rivers before her latest facelift and botox treatments. Otherwise it was good.

So if you’re looking for classic bistro or trattoria fare from escargots to veal you’ll fine it here. But let’s be frank. During the Second World War, there was no love lost between these two countries as Mussolini played patsy to the Third Reich. Resentment and revenge burns deep and it seems at times the battle is still being waged here on the plates.

Office vacancies on the rise

Wednesday, January 14th, 2009

‘There will be a crisis of confidence in the big markets’

Province

Vancouver’s skyline. Photograph by: Jon Murray file photo, The Province

OTTAWA — Commercial real-estate markets in Western Canada and Toronto will remain at the mercy of the economic downturn in 2009, brokerage Avison Young predicts.

Disruption in the global credit markets and lack of available financing has had a deep impact on commercial real-estate markets worldwide, Avison chief executive Mark Rose said yesterday.

“Canada held up better than most countries . . . but the repercussions of global asset repricing and waning investor confidence will continue to affect our financial centres [Toronto] as well as oil-producing centres [Alberta and Saskatchewan].”

In Vancouver, Avison predicts office-vacancy rates will climb to 6.5 per cent in 2009 from five per cent in 2008.

Vancouver‘s industrial-vacancy rates will rise to 3.3 per cent in 2009 from 2.4 per cent in November, Avison said.

In Toronto, Avison forecasts office-vacancy rates will surge from 4.3 per cent to seven per cent in 2009. In Calgary, rates will climb from 3.4 per cent to 4.6 per cent.

Major new projects in the Toronto and Calgary markets are expected to add millions of square feet to existing supply.

“There will be a crisis of confidence in the big markets,” as executives delay decisions as the financial downturn plays out, Rose said in an interview.

This could stretch out for 12 to 18 months but possibly longer if job losses mount, he said.

Nationally, that means office-vacancy rates will rise to 6.7 per cent in 2009 from 5.2 per cent in 2008 as new inventory and a spike in sublease space weigh on the market.

Nevertheless, Rose said, “generally strong” fundamentals and relatively constrained supply should start to brighten the picture in the second half of the year.

Transaction volumes will also increase as fear of the financial crisis ebbs, he added.

“Investors requiring high leverage may be sidelined for now, but there is still significant capital seeking opportunities, and there are still many interested tenants waiting in the wings,” he said.

© Copyright (c) The Province

 

Provincial real estate sales drop by a third in ’ 08

Tuesday, January 13th, 2009

DERRICK PENNER
Sun

British Columbia consumers started re-examining their priorities and pulling back on major purchases last March, just as home prices peaked at record highs and gasoline prices rose to more than $ 1.30 a litre.

“ I think [ high gasoline prices were] the tipping point for many consumers,” Cameron Muir, chief economist with the B. C. Real Estate Association, said Monday.

That meant a growing number of potential buyers pulled out of the housing market as the year unfolded with more bad economic news coming from the United States and around the world.

The result: B. C.’ s real estate markets ended 2008 with sales off one-third from the previous year, and dropping to their lowest level since 2000.

Across the province, the BCREA counted 68,923 Multiple Listing Service recorded sales. In 2000, the total was 54,179.

The average home price during 2008 rose to $ 454,599, though, up 3.5 per cent from 2007.

However, that average captures strong price gains still being made at the start of the year, but which evaporated as 2008 rolled on.

Muir said the peak average price in March was $ 483,291, which fell 11 per cent to $ 429,210 in December. That $ 429,210 average is six per cent lower than the average price in December 2007.

Muir said consumers pulled back from home purchases more drastically than he expected considering the size of B. C.’ s population and its relatively strong employment picture compared with other provinces.

Muir added that he expects B. C.’ s economy to weaken further and unemployment to rise in 2009, but he doesn’t believe real estate sales will continue to fall.

In December, British Columbia recorded 2,456 sales across the province, an almost 50-per-cent decrease from the same month a year ago.

That follows 2,707 sales in November, a 62-per-cent decline from the same month a year ago and the lowest since 1981.

Extrapolating fourth-quarter 2008 sales figures across 2009 would translate into a year with only 45,000 home sales.

Carol Frketich, regional economist for Canada Mortgage and Housing Corp., said the outlook for 2009 will hinge on just how well B. C.’ s labour market holds up, and how much of an impact cuts to the Bank of Canada’s key lending rate have on mortgage rates.

“ Certainly the slowdown in sales wasn’t unexpected,” Frketich said. “ CMHC had forecast a decline in activity before it started, but the decline was certainly larger than most of us anticipated.”