DOWNTOWN NEWS - Before the economic downturn hit Downtown in 2008, local developers were rushing to entitle dozens of new projects to get in on the building craze. Most of those plans were shelved when the market tanked.
Now, after collecting dust for years, those old proposals are driving the next wave of Downtown development.
It’s unclear whether recently announced plans for several new residential building projects mark the start of a trend. If they do, the amount of new construction in the coming years will likely be limited by the availability of land that was approved by the city for development before the downturn.
What’s left of those properties appears to be going fast. Last year, Vancouver-based Onni Group snatched up a property at Eighth and Olive streets for $16.5 million. It plans to break ground this year on a 32-story tower that was entitled by the former owner. (The rest of Ryan Vaillancourt … including what’s moving and when … here)
Vol 10 Issue 63
Pub: Aug 7, 2012