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Condo Buyers Needed for Project

By 250 News

Wednesday, May 17, 2006 04:00 AM

        

The future of the Metropolis One development slated for the block at 5th and Quebec lies in the hands of potential buyers.

(architectural concept drawing provided by Ghiai Development Corporation)

Project developer, Yves Ghiai says he would like to start construction at the end of the summer, but it all depends on pre-sales of the condos which are part of the development.  “Obviously, if no one buys, the project will not be able to go ahead” says Ghiai who says financiers want to see how the pre-sales go before finalizing their commitment.

The City has already looked at drawings for the project, and there was an issue with the lay of the land.  Part of the lot slips below the flood plain.  “That has been resolved” says Ghiai who added the matter involved a two foot difference between the sidewalk and the approved level of the retail floor.

The project calls for 16 high-end condos, five retail/commercial spaces and an enclosed ground level parking structure.

This is not the only project planned by the Ghiai Development Corporation.  The other is at 2nd and Quebec and involves 65 rental condos, designed with students in mind, above 30,000 square feet of retail space.  The status of the second development is very much dependant on the success of  Metropolis One.  “We are working on that project” says Ghiai who adds “We do want to see it go ahead, and it will, the minute this project (5th and Quebec) gets off the ground.”


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Comments

Is the city so desperate to get people downtown that they have to go to this?
I don't want to be downtown during the day let alone at night.
I hope there are lots of locks on the windows and doors. And armed guards wouldn't hurt either I suppose.
Maybe they should have a study to make sure that this is the way to go. Might have to change their minds again like everything else they have looked at.
My opinion.
Controlled, licenced and legalized prostition would solve the financial questionability of the project downtown.
Until then, you take your chances.
Just as the weather is warming up the developer is getting cold feet.

By the way: Harry Backlin managed to get a lot on Victoria street re-zoned for mixed commercial/residential use a couple of years ago. The sign on the fenced lot featuring a picture of the envisioned building is really pretty, but where are the construction crews?

When the City and Council go to all the effort, paperwork and public hearings to give the go-ahead for certain projects they should set a time limit for actual completion to occur. If nothing is done the permits should automatically be cancelled and the original applicant sent a bill for all the time spent on the matter.





No one is building it and coming. everyone is "posting a sign & crossing fingers".

The proposal by "goldwing" (Creuzot) on 7th between Vancouver and Winnipeg has been there for 10 years or so with the trailer still there and the sign of what would certainly be a nice condo development.

The same goes for the one on Victoria and 7th. been there for 2 years now, I think.

Now this one. In other cities they would at least put up an ATCO unit or something similar and make a sales office out of it with plans, prices, models, etc. Of course, those are typically larger developments, however one could certainly have a more spartan version of the same thing. Do they at least have a web site? I do not think any of them do.
Pre-Sales is the way condo projects work. My concern is the city will give unfair tax incentives or relief in order for the development to sell. I am all for development as long as it is on the same level playing field as other developers already in this city with the same costs, fees and taxes. If this development gets special treatment then all other competing developments should get the same.
I agree with lunarguy, where are these plans so we can make informed decisions as to what we are buying. As to living downtown, this is not a new concept for Prince George, It's only new to those who are afraid of what is down there. I think these changes need to happen to make our downtown a better place to live and shop. I lived in Calgary right downtown and i loved it. within walking distance to work and all amenities. Sure cut down on my contributing to the pollution by not driving nearly as much.
FE - They have been given 10 years "tax relief". The bylaw was enacted partly because of this development, but others can take advantage of it as well.

In my opinion, such incentives need to be given at this time when no one wants to live in the CBD. That is what other cities do. The question is, will it be enough?

I think there is a difference between living downtown and living in the CBD - Central Business District. While I do not live there at the moment, I would consider livng in the Vancouver Winnipeg corridor and still have a "residential" look to my immediate surroundings, rather than in the heart of the CBD, while being within walking distance of the potential ammenities in downtown.

PG is not large enough or vibrant enough in the CBD to cause me to move there. It needs another 500,000 or so population before it would be attactive to move into the CBD, which would, by that time, have crawled into the Vancouver Winnipeg corridor anyway.

Lets face it, the sidewalks downtown are basically rolled up after 5pm. Many restuarants exist to serve the lunch crowd, especially the ones which an average wage earner could afford to eat in every day. The action between 5pm and 9pm is in the suburban box stores, pubs, coffee and donut places, burger joints, etc - automobile based "recreation" and convenience services. Downtown will need more than 16 apartment condos with potential absentee landlords sitting on what they may be told is a hot real estate market ready for a flip as soon as it is built.
No parking downtown for these developments. An atco trailer to sell condo's would be one less parking spot. I have no idea where they plan to park all those displaced vehicles.
All three spots I am speaking of are completely vacant. The parking is on the lot. :-)