Downtown Deal Details Sketchy

Thursday, September 22, 2005 11:55 AM

By now, you have heard about the deal to build a residential and retail complex at the corner of 5th and Quebec. The development is a project being undertaken by Ghiai Development of San Francisco.

The plan is to construct a mixed use development to include 16 high-end residential condos, five retail/commercial spaces and an enclosed ground level parking structure.

Opinion 250 news talked to Ian Wells, the Manager of Real Estate Services for the City of Prince George, about the deal.

1. When does the deal close?
Ian Wells, “Early 2006.”

2.Is there rezoning involved?
Ian Wells: “No, Commercial (C-1) allows for residential in the downtown”

3. How much did we sell the land for?
Ian Wells: “I can’t say, because the deal isn’t “closed” yet. It won’t close until after Ghiai goes through the sub-division process.

4. Then how can you say it’s a done deal, when Ghiai hasn’t completed the process?
Ian Wells: “We have a letter of intent”

5. Did Ghiai Development Corporation attach a cheque with its “letter of intent”?
Ian Wells : “No comment”

6. The City is going to “contribute” to the building of the secure ground level parking, how much are we “contributing”?
Ian Wells: “Can’t say”

7. If the deal isn’t closed, and we don’t know if there was a cheque attached to the letter of intent, why are we announcing this now?
Ian Wells: “Well, you know how rumours fly all over the city, we did a similar announcement on recreation place, we just want people to know what’s going on. This is a good news story for downtown.”

8. So, if the deal isn’t closed, and all we have is a letter of intent, could someone else now step forward and say, hey, wait a minute, I would like to buy that piece of property?
Ian Wells; “No that can’t happen because we’re under contract now.”

9. Isn’t it a little premature to announce this kind of project when there are so many other steps yet to be taken?
Ian Wells: “No, we did this kind of announcement with Recreation Place a full year before that deal was closed

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Posted on Thursday, September 22, 2005 11:55 AM in Money by 250 News

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Comments

Posted by: DON on September 22 2005 2:19 PM

How many years before it is LOW COST HOUSING, with its own needle exchange not many years I bet.

Posted by: owl on September 22 2005 3:29 PM

This development will be another one of many which have not gone ahead. The only way this will go haead is if the developer himself will put up the money. I doubt he would be that "naive".

Go stand in front of the nice elevation drawing of the proposed development on Victoria and 6th. When will that go ahead?

How about the condo developement on 8th (I believe) west of Vancouver? Been 10 years now????

There was a nice proposal for a high rise project between 3rd and 4th around Quebec in the early 80's which was stopped by the bust.

The Keg was going to build an outdoor patio and extend its restaurant into the lane ....

Ric's was going to build an extension on its adjacent vacant property.

The BoM was going to build a high rise office building to replace its downtown single story building.

The "Miracle Centre" (I think) was going to be an underground shopping Centre along Third Avenue in the mid 70's.

The BDC building was going to be two storeys higher and BC Rail was going to be headquartered in PG.

Cadillac Fairview was going to build a downtown mall.

A developer was going to build an major indoor mall to rival Pine Centre at Parkwood.

A 10 or so stroey hotel was going to be built on the property to the west of the library.

....... come on .. I am sure I am missing a lot of things which were going to happen but did not .....

this is another one ....

it comes at a time before an election ....

can someone say 2+2=4?

Posted by: Runner46 on September 22 2005 5:04 PM

After twenty five years in this community I am getting a bit sick and tire of the doom and gloomers. Everything is moving up right now, and yet all we need is someone with money and foresight to bring out the boo birds. How about we look at the future than the past. If we continue to do things the sameway as we have in the past, we will get the same results. I for one applaud the City for moving on this. Although Rome was not built in a day, it was built, and it was built by doers, not birds of a feather who complain together.

Posted by: gypsy on September 22 2005 5:55 PM

I like "pie in the sky" projects,
I like it when the Mayor puts a positive spin on a whiff of smoke.
I like rumors-gets people telling lots of lies and making up stories.
I like "done deals" with no definite time frame.
I admire people who don't worry about money down ona so called contract!!!
I like letters of "intent." They are really just "maybes" but who cares???
I like it when a maybe deal stops so much as a back up offer.
I like it when something sells, and the public cannot be told the amount.
I like it when the Mayor and City employees start the rumors and keep the public guessing!!!
Are we having fun yet????
i HOPE SO!!!

Posted by: owl on September 22 2005 8:41 PM

There is a considerable difference between a pessimist, a realist, and an optimist. In fact those people who plan are planners project for all three possibilities and its many variations and they adjust their plans as time passes.

Sort of similar to tracking a hurricane. When it is far off in the east Atlantic, no one really knows where it will go, whether it will die off before hitting land or whatever.

As time passes, the degree of certainty increases until eventually you know almost exactly what will happen.

I look at projects such as this one in the same fashion as a hurricane. For those who have had their "ear to the ground" and even those who have watched the newspaper will notice that this project has been referred to over a year ago, if not longer.

So, in my books the "hurricane" is moving along out of the east Atlantic and gathering up speed. But, whether it is going to head up the east coast and back out to the Atlantic, or into the Gulf and piddle away there rather than build up, no one really knows. You can cross your fingers, you can pray, you can stick pins into a voodoo doll. The fact is, whether this project will come about partially, completely, or not at all depends on many factors which are almost out of our control.

I know one thing for sure, it is not coincidence that this project was announced at this time.

Posted by: owl on September 22 2005 9:03 PM

BTW ... one of the "indicators" of the likelyhood of a project going ahead is the number of paper projects an architectural firm has on its web site versus projects which were actually built.

Here is the Ghiai compendiumn of projects:

http://www.ghiai.com/projects.htm

Here is a site of a Vancouver architectural firm ... check out some real projects by clicking on "portfolio"
If this proposal was headed up by a developer using that firm, my comfort level of the project going ahead would be much higher ....

http://www.dysarch.com

Posted by: localman on September 23 2005 11:40 AM

nice work owl.