Yellow Fever
January 10th, 2009, 10:27 AM
Stalled waterfront hotel development restarts in North Vancouver — Fed funding for NMC may be announced within weeks: CNV Mayor Darrell Mussatto
http://i471.photobucket.com/albums/rr71/yellowfever_2008/9293northshoreThePier7263-cm.jpg
By Sam Cooper - North Shore Outlook
Published: January 09, 2009 3:00 PM
Updated: January 09, 2009 5:08 PM
Political and business leaders in the City of North Vancouver are breathing a huge sigh of relief as construction on the Pinnacle International $100-million mixed use waterfront development — halted for about three months amid fears of a collapsing real estate industry and global credit crunch — is back running "full steam."
"It's extremely good news," CNV Mayor Darrell Mussatto said Friday. "There were workers back on the site Wednesday. I was just down there (Friday) afternoon and they have 50 workers going full steam."
Mussatto said Pinnacle's hotel, a conference centre and a number of residential units on Parcel 5 will be completed for the 2010 Olympics, and "a substantial" amount of work on two nearby heritage shipping buildings should also be completed by the developer in time for the Games, which means the city will be able to present a near-complete waterfront to a global audience.
Mussatto said he can't comment for Pinnacle on why they halted work originally as they were permitted to continue while seeking a subdivision for the site.
In a previous story with the Outlook Pinnacle management stated the halt had nothing to do with financial or credit problems.
Mussatto said this week the city signed off on the final subdivision proposal from Pinnacle for the current phase of development, and has received a performance bond to ensure the developer completes its responsibilities.
Securing the bond, for $13.5 million, was the most important hurdle to clear in order to restart development on the waterfront, CNV official Doug Pope told the Outlook in a previous story.
Mussatto added the city's original deal with Pinnacle including delivery of site amenities such as roads and plazas did not have to be re-negotiated in order to get the project moving again, except for a "bit of timing" on some construction.
With a crucial piece of the city's waterfront plans now apparently back on track, Mussatto said the city may be in for another boost, as he's been "hearing very positive stuff," from the federal government in terms of possible funding for the proposed National Maritime Centre.
"This month we're hoping for a positive announcement (from the feds)," Mussatto said. "I can't say much more than that."
Mussatto said it's possible there will be funds for the NMC in the multi-billion infrastructure-centred funding stimulus package that federal Finance Minister Joe Flaherty has promised.
Councillor Pam Bookham said there is a great sense of relief and optimism within city hall following the news of Pinnacle's getting back to work.
"Everyone has been watching to see if we have a half-finished building (at the foot of Lonsdale.)"
http://i471.photobucket.com/albums/rr71/yellowfever_2008/9293northshoreThePier7263-cm.jpg
By Sam Cooper - North Shore Outlook
Published: January 09, 2009 3:00 PM
Updated: January 09, 2009 5:08 PM
Political and business leaders in the City of North Vancouver are breathing a huge sigh of relief as construction on the Pinnacle International $100-million mixed use waterfront development — halted for about three months amid fears of a collapsing real estate industry and global credit crunch — is back running "full steam."
"It's extremely good news," CNV Mayor Darrell Mussatto said Friday. "There were workers back on the site Wednesday. I was just down there (Friday) afternoon and they have 50 workers going full steam."
Mussatto said Pinnacle's hotel, a conference centre and a number of residential units on Parcel 5 will be completed for the 2010 Olympics, and "a substantial" amount of work on two nearby heritage shipping buildings should also be completed by the developer in time for the Games, which means the city will be able to present a near-complete waterfront to a global audience.
Mussatto said he can't comment for Pinnacle on why they halted work originally as they were permitted to continue while seeking a subdivision for the site.
In a previous story with the Outlook Pinnacle management stated the halt had nothing to do with financial or credit problems.
Mussatto said this week the city signed off on the final subdivision proposal from Pinnacle for the current phase of development, and has received a performance bond to ensure the developer completes its responsibilities.
Securing the bond, for $13.5 million, was the most important hurdle to clear in order to restart development on the waterfront, CNV official Doug Pope told the Outlook in a previous story.
Mussatto added the city's original deal with Pinnacle including delivery of site amenities such as roads and plazas did not have to be re-negotiated in order to get the project moving again, except for a "bit of timing" on some construction.
With a crucial piece of the city's waterfront plans now apparently back on track, Mussatto said the city may be in for another boost, as he's been "hearing very positive stuff," from the federal government in terms of possible funding for the proposed National Maritime Centre.
"This month we're hoping for a positive announcement (from the feds)," Mussatto said. "I can't say much more than that."
Mussatto said it's possible there will be funds for the NMC in the multi-billion infrastructure-centred funding stimulus package that federal Finance Minister Joe Flaherty has promised.
Councillor Pam Bookham said there is a great sense of relief and optimism within city hall following the news of Pinnacle's getting back to work.
"Everyone has been watching to see if we have a half-finished building (at the foot of Lonsdale.)"