Tuesday, April 21, 2015

Georgia Park Lease - Off Table



Developer does not require lease of park land

City Council was presented with a staff recommendation to rescind approval in principle to lease a portion of Georgia Park to support the Hilton Hotel project.

The recommendation was a result of the property developer, Insight Holdings having redesigned their plans for the site which would no longer require the lease of parkland primarily to support a loading dock off of Front Street.

The new design would still have a grand staircase leading from the rear of the project down to the waterfront promenade. The upkeep of the staircase would the be the responsibility of the project owner, while ownership would remain with the city.

The project the developer is proposing is a 32-storey hotel at 10 Front St. having 303 rooms, a health club, 8 retail units, 2 restaurants and a bar/cafe.

This site was going to be the home of a 20-storey condominium in 2008 but got as far as excavating a hole for the foundation when market forces ended the project. The owner/developer has seen considerable up-lift value to this property by the recent variance allowing the 32-storey project on the site.


allvoices

1 comment:

  1. I would love to see this development in the downtown core. Downtown needs this

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