Archive for March, 2010

Mortgage rates still below 5%

Thursday, March 18th, 2010

Alan Zibel, AP Real Estate Writer
USA Today

WASHINGTON — Mortgage rates held below the 5% threshold for the third straight week as the Federal Reserve prepares to end a program that has kept rates near record lows.

The average rate on a 30-year fixed rate mortgage edged up to 4.96% this week from 4.95% a week earlier, the mortgage finance company Freddie Mac said Thursday.

Rates dropped to a record low of 4.71% in December and have hovered around 5% since, kept down by the Fed’s $1.25 trillion program to buy up mortgage securities issued by Freddie Mac and sibling company Fannie Mae.

The Fed said this week that this program would end on March 31, as expected. But some analysts fear that once the program ends, mortgage rates could rise. That could weaken the fragile recovery in housing and the overall economy. Still, the Fed has left the door open to extending the program if the economy weakens.

The central bank has been the dominant buyer of mortgage securities over the past year. Without the Fed’s participation, “it may take a few weeks for the market to sort out whether there’s enough demand to soak up the supply,” said Greg McBride, senior financial analyst with Bankrate.com.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

This week, the average rate on a 15-year fixed-rate mortgage was 4.33%, up from 4.32% last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.09%, up from 4.05% a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.12% from 4.22%.

The rates do not include add-on fees known as points. One point is equal to 1% of the total loan amount.

The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 of a point for 30-year loans and 0.6 of a point for the other loans in Freddie Mac’s survey.

Copyright 2010 The Associated Press. All rights reserved.

Aquilini Group’s GM Place Tower at 800 Griffiths back on the books

Thursday, March 18th, 2010

Construction could be first major downtown office project in almost a decade

Derrick Penner
Sun

A photo illustration shows GM Place Tower, a proposed 22-storey office building that the Aquilini Group wants to start building in September, adjacent to GM Place Stadium.

Vancouver‘s Aquilini Group has put its 22-storey GM Place Tower project back on the drawing board, with plans to start construction this year on what could be downtown Vancouver’s first major office building in almost a decade.

David Negrin, president of Aquilini’s development and construction firm, said Wednesday the company had tenants lined up for the building and that he was in final discussions with the city to obtain a development permit for the 230,000-square-foot tower, which would rise over the General Motors Place hockey arena on Georgia Street.

Negrin said the building will have three over-height levels of retail space from Expo Boulevard to the height of the Georgia Viaduct, where the office building’s main lobby would be, then at least another 19 storeys of offices.

The company hopes to add a few storeys to the tower as it is developed. Negrin said adding some height to the building would still fit within the city’s height restrictions for view corridors.

Negrin said he expects the development to include new restaurants and other entertainment options as well as incorporate a few private stadium boxes that open into GM Place.

“Right now we have two large, well-known companies that are interested in taking space,” he said in an interview.

Negrin declined to name the firms, but said that with major tenants willing to lease a significant amount of space, “we’re ready to move.”

Moving on the tower’s construction would represent a shift from Vancouver’s pre-recession office development market, which saw developers consider and then shelve projects on expensive downtown sites while building large amounts of new office space on cheaper suburban land along the Broadway corridor and in Burnaby.

The Bentall 5 building at Burrard and Dunsmuir, which was completed in two phases between 2002 and 2007, was the last major purpose-built office tower downtown.

The Aquilini Group proposed the GM Place Tower in 2007, but shelved it in 2008, at the same time that Bentall Capital was proposing to build 25-storey tower for the British Columbia Investment Management Corp. at Alberni and Thurlow.

Bentall is also seeking a development permit for its project, which is scheduled to go before the City of Vancouver’s development permit board May 17.

The recovery of downtown’s office-leasing market is likely giving developers the incentive to put their projects back on the books, according to Nicholas Westlake, a senior research analyst for commercial realtor CB Richard Ellis.

“Certainly the market indicates we are going that direction in terms of needing more space,” Westlake said.

Downtown’s notoriously tight office vacancy rate eased somewhat during the recession, rising to 5.8 per cent at the end of 2009. But Westlake said more tenants are back in the market looking for downtown space.

“I think there is going to be demand out there [for new space], and we’ll start to see pre-recession levels regarding vacancy come 2011.”

The Aquilini Group shelved the project in 2008 because it couldn’t find tenants willing to pay rents that would justify building it.

Negrin said potential tenants started looking at the tower differently after the city completed its official community plan for Northeast False Creek in 2009.

“Two years ago, we couldn’t get anybody interested in it,” Negrin said.

“It’s not triple-A [quality], it’s not going to get you $45 per square foot [in rent],” Negrin said. “But there’s definitely interest.”

However, the company has seen “unbelievable interest in the tower over the past six months.”

“I’m hoping to start construction in September and we’re working with all our sub-trades right now,” Negrin said.

The British Columbia Pavilion Corporation (PavCo), meanwhile, is poised to announce another major commercial development nearby by the southwest corner of BC Place Stadium.

PavCo chairman David Podmore said in February the Crown corporation was in the final stages of negotiating an agreement that would see a tenant lease rights to develop 700,000 square feet of development space to help finance BC Place’s $563-million roof replacement project.

© Copyright (c) The Vancouver Sun

PC is losing its place at top of computing hierarchy

Thursday, March 18th, 2010

Troy Wolverton
Sun

The PC has been at the centre of the computing universe for three decades. But that’s about to change.

Within two or three years, smart phones will outsell PCs, if analysts’ projections hold true. Already, netbooks — essentially low-cost laptops with more limited capabilities than standard PCs — are the fastest-growing part of the PC market.

In coming years, the very idea of having a centre for computing in the home is likely to go away, replaced with a distributed array of linked devices that will include not just smart phones and notebooks, but TVs, set-top boxes, tablet devices, appliances and even alarm clocks. These devices will largely eliminate the need for a powerful PC and allow us to communicate with friends, access information such as stock quotes and control things such as lighting and alarm systems, wherever we happen to be inside or outside our house.

The folks at Google have been talking a lot lately about this transformation. John Herlihy, who heads Google’s European operations, stirred up a fuss earlier this month when he declared that the PC will be “irrelevant” in three years, replaced by smart phones. And last month, Google CEO Eric Schmidt said the company plans to focus on services and applications for high-end smart phones, not PCs.

Herlihy is overstating the case. Hundreds of millions of PCs will be sold in the next few years, expanding an existing base of about one billion PCs in use. For many people, the PC will continue to be their primary computing device for years to come.

The first computer for many others, though, particularly in the developing world, will be a smart phone. Even in the developed world, many people already use smart phones for tasks they previously undertook on a PC.

The power of the processors inside smart phones is increasing rapidly, allowing them to run increasingly complex applications.

At the same time, the speeds of the data networks they connect to are increasing as well, allowing the devices to more easily access powerful applications stored in the cloud.

As capable as smart phones are becoming, though, they’re not likely to take over all of the PC’s uses. Instead, they’ll be supplemented by other devices.

For example, many analysts expect Apple’s iPad to follow in the iPhone’s path as a hit device and spearhead a new market for tablet computers. There’s a good chance that many people will replace notebooks and desktops with those devices for watching Internet-based videos and playing games. That’s because they have large, bright screens like notebooks, but they are easier to hold and much more portable.

But the transformation of computing won’t end with tablets.

There’s a good chance that your TV, refrigerator, toaster oven and other appliances have processors inside them.

So do many toys, not to mention your iPod and digital camera. Your car probably has several. Game consoles have processors that rival PCs in power.

Now networking technologies are starting to link these computer-enabled devices together. Some of the devices are even starting to get full-scale operating systems that will allow them to run multiple applications, much like a PC. And new interface technologies offer the possibility of interacting with these devices in more natural ways than a keyboard and mouse.

Together, these developments are paving the way for a new kind of computer, one that’s made up of many distributed parts.

You can glimpse the future in things like Sonosmultiroom speaker system. It lets you stream music from Pandora to a speaker in your bedroom while playing a song from your music library in your study. Although a PC can be used in such an arrangement, it’s unnecessary: You can control what’s playing with an iPhone and store your music on a networked hard drive.

Similar systems can control lighting, thermostats and alarms.

In the near future, you most likely won’t need a smart phone. You’ll be able to get stock quotes by talking to your alarm clock. And you’ll be able to start a video conference from your TV by talking and waving to it.

The PC has been a great tool for many years. But its replacements promise to make computing an even more central — and personal — part of our lives.

San Jose Mercury News

© Copyright (c) The Vancouver Sun

Oru bends around culinary borders

Thursday, March 18th, 2010

Executive chef David Wong likes to create foods from scratch and makes his own tofu

Mia Stainsby
Sun

Oru’s executive chef David Wong is passionate about the Pan-Asian style of food. Photograph by: Glenn Baglo, PNG, Vancouver Sun

Sake Kasu Sablefish is one of the highlights of Oru’s menu. Photograph by: Glenn Baglo, PNG, Vancouver Sun

AT A GLANCE

ORU

Fairmont Pacific Rim Hotel, 1038 Canada Place

604-695-5500.

www.orucuisine.com

Open for breakfast, lunch, dinner daily.

Overall: 4

Food: F4

Ambience: F4

Service: Ff4

Price: $$/$$$

No wonder I fell in love: It’s a James Cheng building — the Fairmont Pacific Rim.

And inside, the Oru dining room, designed by MGB Architecture+ Design, stretches out long and lean like a bowling alley. If your table is at the far end, you might feel tempted to try a Kate Moss strut.

A 180-foot origami ( “oru” means to bend or fold, like origami) light fixture marches along the ceiling and one side of the room is glass; the other side is a gleaming kitchen, wide open for viewing.

The light sculpture is crafted by Vancouver origami master Joseph Wu, who was fascinated with paper since he was three. As an adult, he gave up his job as a scientist to work with paper.

The executive chef for the hotel is David Wong and his Pan-Asian menu is a difficult choice for a couple of reasons. It can be a mish-mashy mosaic with no cohesive “there” there and secondly, it takes time to master skills and techniques from so many culinary cultures.

But in the end, what matters is how diners feel about their experience, and I liked mine. Wong is passionate about this style of food and some of it is plucked from his food-loving family. He makes his own tofu, sambal, hoisin and XO sauce (a spicy dried seafood sauce); he also makes his own Chinese steamed buns as well as his own chow fun, won ton and ramen noodles. He tried making Vietnamese baguette for the lunchtime bahn mi subs, but hasn’t yet mastered the unique texture, though he’s working at it. He wants to have a run at the finicky soba noodle, too.

There’s absolute dedication, passion and excitement for the cooks when we make it ourselves,” says Wong. “There’s no pride in bringing in products. We don’t need to make tofu but it’s exciting watching the soy milk congeal. Any time we can make things more authentic, we will do it.” Next, he wants to bring in whole pigs to butcher and make his own charcuterie. He says his grandmother gave him a solid foundation in traditional Cantonese cooking, but his mother was more adventurous.

“I really have such fond memories of my youth and time in the kitchen with them. We’d dig clams every weekend, forage watercress in god-forsaken places. We had the biggest garden in Nanaimo. Oh my God, so many fruit trees,” he says. You can see where he got the fire in his belly to cook.

The standout dish for me was the house-smoked B.C. sablefish claypot with lap chong (Chinese sausage) fried rice, snap peas, cloud ear and shiitake mushrooms ($24). The fish was gorgeous, visually, and in the mouth. Tom kha talay ($24) is a Thai soup with beautiful local spot prawns, squid, mussels, and a coconut broth with lemon grass and galangal. Dungeness crab and corn soup ($11) was smooth with a definite crab presence. Tuna tataki with avocado, toasted sesame puree, and soy-ginger vinaigrette ($12) was fresh and vibrant.

Grilled Korean beef short rib ($14) could have been more succulent and Korean bibimbap (a rice bowl with sauteed julienned vegetables) tended to be a dry style. Wong couldn’t decide whether to go dry or wet (dolsot) with the bibimbap and says he’ll change it up for a wetter texture with a runnier egg, which would mix with the rice like a sauce.

The menu says it’s served in a sizzling bowl, which would normally be stone, good for cooking a raw egg, but it came in a porcelain bowl.

Desserts are Pan-Asian tweaks (gentle) on western desserts. A neatly formed bread pudding comes with jackfruit ice cream (delicately flavoured) and a ganache chocolate tart gets a lift with cardamom ice cream. Nice!

There’s also a cafe (Giovane). It looks like a winner and I’ll be writing a separate review down the road. I can’t wait to try the sugar buns I’ve heard about.

© Copyright (c) The Vancouver Sun

New rules governing mortgages leave some customers confused

Wednesday, March 17th, 2010

Insured buyers must show ‘ability to pay’

James Pasternak
Sun

Finance Minister Jim Flaherty’s changes to mortgage-lending regulations have been widely misunderstood. Photograph by: Geoff Robins, Reuters, Financial Post

When Frank and Susan Williams bought a house near Hamilton, Ont., this month, they followed a time-honoured tradition of using leveraged financing.

With mortgage insurance, they only had to put down 5% of the $270,000 purchase price. They went with a closed variable rate at 2.25% and amortized the loan over 35 years. The deal was initiated with a mortgage broker, with Bank of Nova Scotia providing the financing.

“It’s a three-bedroom bungalow. That was attractive to us. We have a dog and we like to do things in the backyard. We did not have the type of money we thought we’d have to put into a house. We said let’s just bite the bullet and get this over with,” Ms. Williams says.

And getting it over with was probably a good idea. First, they were in a rent-to-own arrangement and had to exercise their option to buy before August 2010. And second, based on pending federal government rules for government-backed insured mortgages that come into effect on April 19, the Williams (not their real name) would probably not have qualified for the variable-rate mortgage. As recent arrivals from the United States and its housing crisis, their credit history might not have passed any stress test.

“We really came from the United States with nothing. Everything we had disappeared with the housing crisis. In areas that had bad loans all the houses just hit bottom. We were expecting US$250,000 out of our house but we got nothing,” Ms. Williams says. They walked away from the whole mess.

But while the Williams might have had good reasons for leveraging to get their dream home — they are first-time buyers in Canada — the new federal rules governing mortgages have been widely misunderstood. In fact, the biggest fear among the young and house-less is fear itself.

“There are a lot of rules that changed. But they weren’t communicated very well,” says Robert McLister, the editor of Vancouverbased Canadian Mortgage Trends (www. CanadianMortgageTrends.com).

Margo Wynhofen, of Grimsby, Ont.-based Verico One Mortgage Corp. ( www.mymortgageadvisor.ca)and vice-president of the Independent Mortgage Brokers Association of Ontario, says she has spent considerable time explaining federal Finance Minister Jim Flaherty’s statement.

Under current mortgage-lending rules, buyers with a down payment of less than 20% of the purchase price must purchase mortgage insurance, with the most common source being Canadian Housing and Mortgage Corp. The new rules affect only customers that are required to purchase the insurance.

Under the new rules, all buyers requiring mortgage insurance will have to meet the “ability to pay” for a higher, more expensive five-year fixed-rate mortgage even if they choose a mortgage with a lower interest rate and a shorter term.

“It’s not just first-time homebuyers who are affected. It’s anyone who wants a variable mortgage rate now who doesn’t have one already; they now have to qualify at a higher interest rate. Some of them won’t qualify. And that’s fine, so they’ll just take a fixed rate. It’s not the end of the world,” Ms. Wynhofen says.

Bernice Dunsby, director of home equity financing at Royal Bank of Canada, says the new rules might even help save fi rst-time buyers from themselves.

“We believe the new measures will have a small impact on mortgage growth, if any. First-time buyers should not be any more concerned about these changes. In fact, I believe the changes will actually help first-time homebuyers to ensure that not only can they afford their home today but in the future, especially if interest rates rise,” Ms. Dunsby says.

In some cases, the rules might be outdated before they are fully implemented. A growing number of homebuyers are forgoing the conventional mortgage and using alternative financial products.

Take the case of London, Ont., accountant and recent homebuyer Phil Parkinson. Three years ago, he bought his first home with a fully secured line of credit offered through Manulife Financial Corp.

The Manulife One product provides up to 80% of the appraised value of your home. It can be used to pay off the balance of your existing mortgage, personal lines of credit and any other outstanding debts you might have.

“These operate on a variable rate. It’s just like one big bank account. You can have your money deposited into the account, you can pay your bills. [As you deposit] you can knock your account down and lower your interest calculation. Theoretically, you don’t have to pay anything except the interest,” Mr. Parkinson says.

Other highlights of the rules don’t directly affect first-time buyers. For example, the maximum amount Canadians can withdraw in refinancing their mortgages has dropped to 90% from 95% of the value of their homes.

“There is a bit of urgency now to get [a refinancing] done before April 19. People are chronically refinancing. I have clients that refinance every two to three years to take the equity out of their home to pay off credit-card debt. The home has become an ATM machine,” Ms. Dunsby says.

A January 2007 Statistics Canada study of personal debt concluded that “increasing mortgage debt for refinancing purposes or taking out home-equity loans implies that homeowners in both [Canada and the United States] are using their homes as a source of cash to finance their spending rather than as an investment.”

And in an effort to contain the risks of real-estate speculation, as of April 19 the minimum down payment for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation rises from 5% to 20%.

As for ex-patriot Americans Frank and Susan Williams, they’re pretty relieved about their fresh start.

“It’s very different to get a mortgage here. It’s a lot less hassle than in the United States,” Ms. Williams says.

And because the Williams are not worried about the new rules, they are thinking about their next purchase.

“We might be able to buy a little place that’s larger when we can leverage this up a bit — maybe get something cheaper than this with more room,” Ms. Williams says.

© Copyright (c) The Vancouver Sun

Vancouver leads decline in February housing sales

Tuesday, March 16th, 2010

Financial Post
Sun

Home resales in Canada fell in February for a second straight month, with the biggest drop recorded in Vancouver, although purchases were still up significantly from a year ago, the Canadian Real Estate Association said Monday.

The February decline in Vancouver and other parts of B.C. was offset by “an equally large gain” in Toronto, CREA said.

The industry group said 42,799 units sold on a seasonally adjusted basis in February, down 1.5 per cent from the previous month, reflecting how “national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market.”

Sales in B.C. were down 13.3 per cent in February from a month earlier, while Ontario posted a 3.3-per-cent gain. There were 600 fewer houses sold in Vancouver in February than in January, a figure that was likely a reflection of a slowdown in activity due to the Winter Olympics.

Year-over-year, residential sales were up 44 per cent from 2009, with Ontario and Quebec setting new records, but national gains in sales activity were smaller than in the previous three months.

“Since a year will soon have elapsed following the recessionary decline and subsequent rebound for the Canadian resale market, year-over-year comparisons are expected to continue shrinking,” the report said.

Meanwhile, the average resale price of homes rose 18.2 per cent in February from a year earlier to $335,655, it said.

“The Olympic Winter Games may have impacted February sales activity in British Columbia, so activity for the province in March will be closely watched,” said CREA president Dale Ripplinger.

“Activity is expected to remain elevated in Ontario and British Columbia over the first half of the year, with buyers looking to beat the introduction of the HST [harmonized sales tax in July] and expected interest rate hikes.”

Millan Mulraine, economics strategist at TD Securities, said the moderating trend seen in the first two months of 2010 will be “briefly reversed over the next two months as homebuyers affected by the recent changes in Canadian mortgage rules attempt to get ahead of the April deadline.”

“After this, we should see the Canadian housing market move slowly back into a balanced-market position as higher mortgage rates and prices begin to temper demand.”

In a separate report Monday, Ipsos Reid said a poll showed the number of first-time buyers in B.C. is beginning to decline as housing prices rise.

The poll found that 29 per cent of home purchasers during the first quarter of this year were first-time buyers, gradually trending down from 38 per cent at the same time in 2009, but still higher than in late 2008 when only 17 per cent were first-time buyers.

“Greater Vancouver in particular has seen a very rapid recovery in prices since the bottom of the market in the first quarter of 2009,” said Hanson Lok, senior research manager for Ipsos Reid in Vancouver. “While low mortgage rates have kept monthly payments within reach for first-time buyers and kept them in the market, escalating prices will push many potential first-time buyers back out.”

The poll suggests 53 per cent of British Columbians feel it’s a seller’s market, up from 14 per cent a year ago, while 68 per cent say it’s a good time to buy, a number that has fallen from a high of 76 per cent in September of 2009.

© Copyright (c) The Vancouver Sun

Price of home ownership rose slightly in late 2009, RBC says

Tuesday, March 16th, 2010

Financial Post
Sun

The cost of owning a home increased slightly in the final quarter of 2009, with Vancouver remaining the least affordably city in the country, according to an RBC report released Monday.

“While home affordability deteriorated at the national level in the fourth quarter of 2009, the change was relatively modest overall,” Robert Hogue, senior economist at RBC said in the release. “The effect of higher prices was largely mitigated by a small decline in mortgage rates and continued gains in household income.”

The RBC Housing Affordability study measure represents the proportion of pre-tax household income needed to service the costs of owning a home; the higher the measure, the more difficult it is to afford a home. An affordability reading of 50 per cent means that home ownership costs, including mortgage payments, utilities and property taxes, take up 50 per cent of a typical household’s monthly pre-tax income.

Nationally, the detached bungalow benchmark inched 0.3 per cent higher to 40.6 per cent. Vancouver was the least affordable at 69 per cent (up 1.4 percentage points), Toronto was at 49.1 per cent (up 0.1 percentage point). Calgary rated 37.1 per cent (up 0.1 percentage point) and Edmonton at 32.9 per cent (down 0.4 percentage points).

© Copyright (c) The Vancouver Sun

Home resales down but prices keep on climbing

Tuesday, March 16th, 2010

B.C. sees biggest drop but Ontario posts gain

Province

The Winter Olympics may be responsible for B.C.’s low house resales in February. Photograph by: Jason Payne, PNG, Canwest News Service

Home resales in Canada fell in February for a second straight month, with the biggest drop recorded in Vancouver, although purchasers were still higher on the year, the Canadian Real Estate Association said Monday.

The February decline in Vancouver and other parts on British Columbia was offset by “an equally large gain” in Toronto, CREA said.

The industry group said 42,799 units sold on a seasonally adjusted basis in February, down 1.5 per cent from the previous month, reflecting how “national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market.”

Sales in British Columbia were down 13.3 per cent in February from a month earlier, while Ontario posted a 3.3 per cent gain. There were 600 fewer houses sold in Vancouver in February than in January, and sales in Toronto rose by 648 units.

Year-over-year, residential sales were up 44 per cent from 2009, with Ontario and Quebec setting records, but national gains in sales activity were smaller than in the previous three months.

“Since a year will soon have elapsed following the recessionary decline and subsequent rebound for the Canadian resale market, year-over-year comparisons are expected to continue shrinking,” the report said.

Meanwhile, the average resale price of homes rose 18.2 per cent in February from a year earlier to $335,655, it said.

“The Olympic Winter Games may have impacted February sales activity in British Columbia, so activity for the province in March will be closely watched,” said CREA president Dale Ripplinger.

“Activity is expected to remain elevated in Ontario and British Columbia over the first half of the year, with buyers looking to beat the introduction of the HST (harmonized sales tax, in July) and expected interest rate hikes.”

Millan Mulraine, economics strategist at TD Securities, said the moderating trend seen in the first two months of 2010 will be “briefly reversed over the next two months as homebuyers affected by the recent changes in Canadian mortgage rules attempt to get ahead of the April deadline.”

“After this, we should see the Canadian housing market move slowly back into a balanced-market position as higher mortgage rates and prices begin to temper demand.”

In a separate report Monday, Ipsos Reid said a poll showed the number of first-time buyers in British Columbia is starting to decline as housing prices rise.

The poll found that 29 per cent of home purchasers during the first quarter of this year were first-time buyers, gradually trending down from 38 per cent at the same time in 2009, but still higher than in late 2008, when only 17 per cent were first-time buyers.

“Greater Vancouver, in particular, has seen a very rapid recovery in prices since the bottom of the market in the first quarter of 2009,” said Hanson Lok, senior research manager for Ipsos Reid in Vancouver. “While low mortgage rates have kept monthly payments within reach for first-time buyers, escalating prices will push many potential first-time buyers back out.”

The poll suggests 53 per cent of British Columbians feel it’s a seller’s market, up from 14 per cent a year ago, while 68 per cent say it’s a good time to buy, a number that has fallen from a high of 76 per cent in September 2009.

© Copyright (c) The Province

Stripped Down: Vancouver landmark “Cecil Hohtel” makes way for a new Rolston Tower

Tuesday, March 16th, 2010

Vancouver landmark makes way for a new ‘hood

Sanjin Cvetkovic
Other

Say goodbye to the Cecil strip bar and hello to the Rolston, a condo project developers hope will anchor a new neighbourhood called Midtown

One night in late January, developer Will Lin held a catered party for the closing of Vancouver’s Cecil strip bar, complete with strippers and lobster bisque appetizers.Topless strippers, who had been told to keep their pants on, worked the pole for the suit-and-tie crowd that had assembled to hear about a new condo project called the Rolston.

It was an awkward merger, but one that symbolized the end of the era of strip bars and sex shops and the introduction of a new neighbourhood the developer calls Midtown.
Midtown is the future neighbourhood at the north end of the Granville Street Bridge, currently anchored by the Cecil Hotel and the Yale Hotel and Pub at 1300 Granville. By the summer of 2012, the 23-storey, gold LEED-certified Rolston condo development and restaurant is scheduled to stand where the gritty old Cecil is now.

The Cecil closes permanently this summer. Mr. Lin, president of Rize Alliance Properties, tried auctioning off the club’s strip pole, but ended up buying it for charity himself, for $3,000. Pre-sales for the Rolston begin this month, ranging from $350,000 for a one-bedroom condo to $650,000 for a two-bedroom.

The Rolston and a Cressey condo development at Drake and Howe streets are the first phase of a new neighbourhood that is to get under way in the next five years. Gone are most of the pornography and drug-paraphernalia shops that dominated that part of Granville for so many years. The marketing for the Rolston is aimed at an urban demographic attracted to nearby cultural hot spots that have popped up, such as the Dance Centre, Pacific Cinematheque and the Roundhouse Community Arts Centre.

“We are selling a lifestyle, meaning they are going to use their homes for a place of rest and do a lot of entertaining in the neighbourhood,” Mr. Lin says.
The Cecil Hotel pub is credited for being the locale where Greenpeace was spawned in the 1970s, back when it was a pool hall. But while the Cecil Hotel has long been a familiar landmark at the foot of the Granville Street Bridge, it’s past its expiry date, Mr. Lin says.

“The demise of the Cecil as a strip bar is attributable to the Internet. I was talking to the owner and the revenue was definitely not at an all-time high. And I don’t think we are taking on a big public amenity there that everybody else wants by demolishing the Cecil.
“When people start moving into a neighbourhood, they turn it into a neighbourhood that they want to live in,”
he adds.

The Yale pub, famous for its blues acts, will also get a facelift and continue as a major destination for blues-music fans. As for the hotel part of the century-old Yale, originally built to house CPR workers, the 44 residents won’t be forced out. Part of the deal with the city is that the rooms will be renovated for 44 single-room occupants.

The long-term city plan, approved a year ago, involves light industrial property, a public-market-type area, condominiums, retail and better transit routes. The plan includes a radical transformation of the north end of the bridge: the two off-ramps – also known as the “Granville loops” – will be removed entirely and replaced by the traditional street grid. The area, bounded by Drake, Howe, Pacific and Seymour streets, includes the redevelopment of several city-owned sites composed of market and non-market housing. The dark area under the bridge will be better utilized as a market-style shopping district that will resemble the look and scale of Granville Island.

In other words, the loops at the north end of the bridge are a waste of space. With 31,000 cars on the Granville Street Bridge every day, only 5,000 use the west loop and 3,600 use the east loop, according to a city study.

“The transportation plan looked at some site-specific initiatives that would take areas of the downtown that had really been designed to favour automobiles and change it to favour pedestrians or transit or cyclists,” senior central area planner Michael Gordon says. “And definitely one of the areas that was problematic was where we have the two loop structures.
“The city should really primarily be designed for pedestrians and cyclists and transit, rather than being auto-oriented. Car drivers are a minority in the downtown peninsula.”

As an example, city analysis found that 75 per cent of people who shop at trendy Urban Fare in nearby Yaletown arrive on foot, not by car.
Off-ramps do not move traffic effectively and they also waste valuable space that could be used to densify the area. They are an outmoded idea from the 1950s, when cars ruled. “They were built when freeways and on-ramps and off-ramps were the mode of moving traffic,” senior development planner Anita Molaro says.

For pedestrians, added crosswalks will link downtown with the shoreline of False Creek. As it is now, zooming cars make the walk to the water from downtown an awkward proposition.
As to whether the area will be called “Midtown” remains to be seen. Mr. Gordon says some names given to new neighbourhoods stick, while others don’t. Nearby Yaletown was named after the CPR workers who went to work there and had their houses from the town of Yale shipped down on barges. Those houses are long gone, but the name lives on. Maybe the new neighbourhood will be called the Granville Loops, even when the loops are gone?

Mr. Lin has lived in Vancouver since the eighties and has been behind several projects in Yaletown. He sees the Rolston as one of the pioneer city developments that mix social and market housing. When the Cecil is demolished and the Yale Hotel undergoes its renovation in about a year, the 44 single-room occupants at the Yale will be relocated to other social housing. When the Yale renovation is finished by the summer of 2012, those occupants will be given the opportunity to return to the remodelled rooms.

However, many of the seniors who resided at the Yale Hotel have already moved out, says former owner Waide Luciak, who owned the Yale from 1987 until Mr. Lin purchased it two years ago. As part of that deal, Mr. Luciak has plans to buy the Yale building back from Mr. Lin and return to business as usual.

Mr. Luciak says his single-room occupants had been at the Yale Hotel for many years. One senior, who recently died just before reaching 100 years old, had lived in the hotel for most of his life.

All the occupants who left did so because they had been offered better accommodation, Mr. Luciak says. “People were coming around from different housing societies and telling them that if they wanted, they could move into units in concrete high-rises that are 50 per cent larger with cooking facilities.

“It is better accommodation subsidized by government, whereas I am a private enterprise – I can’t afford to do as much as government can. But my rents are a little lower. I am a friendly landlord who hasn’t given increases. I love the old boys.

“Typically what happens is, the old boys who live upstairs call the downstairs bar their living room. They are in the living room every day in a certain seat they call their own. I know all of them. They are very much like family. Upstairs, a lot of them had pictures of my kids on the wall.”

Although condo growth in Vancouver is often associated with bland gentrification of streetscapes, Mr. Lin insists the character of the Yale will be retained. And he is not just referring to retaining single-room occupants. The Yale Pub is famous in Vancouver for playing host to artists such as Stevie Ray Vaughan. Before he died in 2005, English bluesman Long John Baldry was a regular performer at the pub. Mr. Lin says there was no question about maintaining its legendary status as a blues destination.

“We’re creating a real neighbourhood here. We are creating a building that is a representation of what the neighbourhood is all about. It’s not about an ivory tower – it’s full of different mixes.”

Pinnacle Living at 2080 W. Broadway, mid-rise building with 131 apartments, three townhouses

Sunday, March 14th, 2010

Province

Pinnacle Living on Broadway between Maple and Arbutus has floor plans intended to ensure that ‘every inch’ of space is usable, says Grace Kwok.

Grace Kwok, who is heading up the marketing campaign for the new-home project, says the developer spent considerable time looking at the home’s floor plans. Photograph by: Glenn Baglo, PNG, The Province

The kitchen in the Pinnacle two-bedroom show home displays the top-end finishes that will be on offer: beautifully finished floors, ample cabinetry and built-in appliances. Counters are natural stone, and easily an inch thick.

The kitchen in the one-bedroom show suite is a tad more compact, but the elegance is retained with the double sinks, stylish taps and built-in microwave. The above-the-stove tiled backsplash co-ordinates well with the clean cabinets.

The two-bedroom’s master suite has an open closet tucked into one corner ot the room and a bathroom in another corner, fully contained within the bedroom. The suite provides plenty of space in which to relax.

The ensuite in the two-bedroom Pinnacle show home opens into the master bedroom, providing for a light and airy feel. The bathroom is elegantly finished with tile flooring, double sinks and a large soaker tub.

The two-bedroom show suite at Pinnacle Living contains a large alcove that could be used as an office, with ample room for a couch and work station.

The main living area in the Pinnacle’s two-bedroom show home can accommodate a large dining table with room for six. Ample glazing provides an abundance of natural light.

THE FACTS

WHAT: Pinnacle Living, mid-rise building with 131 apartments, three townhouses

WHERE: Broadway between Maple and Arbutus

DEVELOPER: Pinnacle International

SIZE: one-bed– 568-731 sq. ft.; two-bed– 831-1,142 sq. ft.; townhouses– 1,250-1,300 sq. ft.

OPEN: Sales centre at 2080 West Broadway; hours, noon — 5 p.m., daily

If the Pinnacle Living project on West Broadway has a signature, it is this: modern sophistication with classic elegance.

That’s the assessment of Grace Kwok, who is heading up the sales and marketing campaign for the project, a mid-rise building with 131 apartments and three townhomes in Kitsilano.

“They spend a lot of time on the floor plans so that every inch of floor space is usable,” says Kwok.

“We don’t offer upgrades because we already offer everything you would need.”

That “everything” is now on display in the spacious Pinnacle show suites. The one-bedroom unit has room enough for a king-sized

bed, and the luxurious feel continues through the closet and into the bathroom.

The natural stone countertops are easily an inch thick, and the wall has a band of thin vertical tiles between large white horizontal tiles. A cosy den is in an alcove off the dining room, which can accommodate a dining table for six.

The two-bedroom show suite has dual connecting entryway closets, with a corridor-style bathroom that serves both the guest bedroom and the living area. Another sizable nook can be used as a den, while an enclosed balcony is perfect for curling up with a book or puttering with plants. The master bedroom has an open closet tucked into one corner of the room, and a bathroom is in the other corner, fully inside the bedroom suite.

When completed in 2012, the Pinnacle project will transform the block of Broadway between Maple and Arbutus, now dominated by an IGA and a liquor store.

The glass and metal building with brick facing at its base will stretch along most of the front of the block. The two ends of the building will be taller, giving the effect of small towers, while the building’s roofline will drop several storeys in the middle.

There will be tiers built into each level, and this will also allow for generous balconies or terraces. A one-bedroom apartment can have anywhere from 45 to 374 square feet of deck.

Energy-efficient air conditioning is standard in all units, as are noteworthy appliances: washers and dryers from Frigidaire, ovens from Bosch, and refrigerators from Fischer Paykel.

Kwok says that with interest rates at historic lows, the Pinnacle Living development represents a prime opportunity for consumers who might have thought that a home in Kits was slightly out of reach. The site has ready access to Kits Beach, amenities, restaurants and transportation.

She says they are seeing purchasers who realize the value of a location between downtown and UBC, including investors, longtime renters who want to own in the area and some young families.

Previews of the available units started at the beginning of February and sales are expected to formally start at the end of the month.

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