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Old November 13th, 2008, 09:36 PM   #21
dleung
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While you're down that way, please please take pics of georgia, rc, patina, west pender place, etc. Haven't seen new pics in SO LONG!!!
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Old November 14th, 2008, 05:51 AM   #22
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update

Sorry, dleung I didn't get many other pics and I left home before you posted, next time though I shall get as many as I can, though not totally sure where a few of those you mentioned are. I also got a few RC pics that I'll post in that thread later on.

Anyhoo.. let's begin shall we?

The project directory.


The older facade from the side.


And now for several pictures of rebar...









And that's about it for now
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Old November 14th, 2008, 08:41 AM   #23
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Nice pics! West Pender Place is down towards the Bayshore area where Pender merges with West Georgia, and Patina is up Burrard near Wall Centre. The Residences on Georgia should be easy to spot along Georgia near Pacific Centre as they have a 12-storey render hung over the heritage building. I keep hearing about some insanely-deep pit there and am dying to see pictures!
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Old November 14th, 2008, 06:22 PM   #24
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http://http://www.theglobeandmail.com/servlet/story/LAC.20081114.BCHALTED14/TPStory/TPNational/BritishColumbia/

Construction has been halted
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Old November 14th, 2008, 08:57 PM   #25
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Unfricking believable! With 73% of the units sold! Total bull!
Full article from G&M:


Economic turmoil halts glitzy condo project
FRANCES BULA
Special to The Globe and Mail
November 14, 2008

Tony Pappajohn's Greek immigrant parents spent half a century building up a modest empire of apartment and commercial buildings in Vancouver.

After taking that business into big-time development, Mr. Pappajohn this week had to sit down with contractors and tell them that his latest project - a cutting-edge new condo tower - has become another casualty of global economic turbulence.

Working with his two brothers, he had taken his parents' empire to an ambitious new level in the past decade. They built a couple of small, attractive apartment buildings in Kitsilano and South Granville that sold or rented immediately.

Then, five years ago, they decided to climb even further up the ladder in Vancouver's booming development world. They bought property downtown and, as plans progressed, found themselves the developers of a 37-storey, London-architect-designed glass tower with condos priced between $500,000 and $5.3-million.

Mr. Pappajohn loved the project, the Jameson House, which combined cutting-edge environmental architecture by a team from the prestigious Norman Foster firm with the chance to restore two heritage buildings next door. Although it was in the city's business district - an unusual location for a condo tower - and not on the waterfront, it had the cachet of being on the same block as two of the city's most exclusive private clubs, and brochures promised stylish Italian fittings.

But on Wednesday, he told his contractors he was stopping construction because one of his key lenders from a syndicate of three had backed out of the $180-million project.

The lender, a major Canadian bank that Mr. Pappajohn declined to identify, pulled out Oct. 28, telling the Pappajohns only that "market conditions" weren't good. There was no reference to any doubts about his ability to sell remaining condos and Mr. Pappajohn said their presentation centre had still been getting steady business.

He has spent the past two weeks looking for another lender and been unable to find one.

While he's still frantically working with his lead lender to fill in the missing major piece, he decided he couldn't keep people working when he might run out of cash with which to pay them.

"We made the hardest decision to stop," Mr. Pappajohn said yesterday in an interview at the downtown office of his family's company, Jameson Holdings. "But I had to ask myself, 'Is that fair to keep them working when you don't know if you can pay the bills? What if it doesn't work out and I can't get the financing and I can't pay these people? They have families.' "

About 40 people were working on the site, and had just finished digging a 21-metre hole.

Mr. Pappajohn now has to decide what to do for the people who bought 105 of the 144 condos.

His marketer, Bob Rennie, said he's waiting to hear the results of Mr. Pappajohn's efforts at financing before figuring out what to do for the original purchasers, who had to provide deposits of 15 to 25 per cent of the price.

The Jameson House is one of a growing number of condo projects in the Vancouver region that have been hit by a storm of bad economics: high construction costs, an abrupt condo sales slowdown that started in June, and a global financial crisis that has resulted in some lenders collapsing entirely while remaining banks are reluctant to lend.

Two projects in Surrey have been halted, while the Olympic athletes village has been making headlines because of its difficulties in getting additional financing for cost overruns. And major developers like Concord Pacific, Westbank, ParkLane and others say that they are simply putting projects on hold until the market steadies.

"It's not a project failure," Mr. Pappajohn said about his situation. "It's a market failure."

Analysts say it could be months before the condo market becomes stable.

That's a long time for a developer to hold expensive land and outstanding construction loans from a project halfway done.

Mr. Pappajohn said he'd like to find a solution sooner than that.

"Would I sell the project? In a heartbeat. I need to do what's prudent for everybody. If I could pay everybody's bills and be back to where I was five years ago, I'd have the world's most expensive MBA and be happy."

In the meantime, "I'm out there. I'm looking for an angel. I'm looking for help to finish a beautiful project."
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Old November 14th, 2008, 10:27 PM   #26
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Quote:
Originally Posted by DrT View Post
Unfricking believable! With 73% of the units sold! Total bull!
West Pender Place is sold out and that project's going nowhere anytime soon.
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Old November 15th, 2008, 02:12 AM   #27
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If the banks do not come to their senses soon, we will go from a recession to an economic calamity that will undo our civilized world.

This project is nearly sold out at over $1,000/ft. The price of steel, fuel, cement, etc has come down. It is a no brainer to get this built and have both the builder and the bank make a healthy profit. The prices in Vancouver reflect the fact that there is definitely no excess supply.

I cannot imagine, how the bank can sign a loan document to lend and then capriciously renege midstream during construction. This is truly bullcrap, after the banks have been lending to people without even jobs for mortgages. SOBs. I hope that their entire loan portfolios crap out on them, as they are fueling a depression, and they all go broke. The banks are doing themselves in now. Of course, then they will come to me, Joe Taxpayer, to bail their sorry rears out.
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Old November 15th, 2008, 04:26 AM   #28
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Well that would explain why there was nobody on site on Thursday... Damn
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Old November 15th, 2008, 05:35 AM   #29
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Sad, sad, sad...
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Old January 16th, 2009, 03:45 PM   #30
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Update from the Sun:




Ceperely Rounsfell building, a model of heritage development, is up in the air. Literally

By john mackie, VANCOUVER SUN
January 15, 2009

When the Jameson House development was recently put on hold at 838 West Hastings, a 1921 building that was part of the project was left suspended in mid-air. It currently hangs several storeys above a deep pit that was dug for a parking garage. For many Vancouverites, the symbol of the Great Depression was the Hotel Vancouver. Construction on the hotel began in 1928, but was stopped in 1930, and the building wasn't finished until 1939. Which means the shell of the building loomed over downtown for a decade before it finally opened, a highly visible reminder of the world economic collapse.

Some might think the symbol for the current economic downtown would be the Olympic Athletes' Village, which is mired in financing problems. But a more apt symbol might be the Ceperely Rounsfell building, a handsome two-storey structure at 848 West Hastings, which is suspended in mid-air.

Literally.

The 1921 building was supposed to be restored as part of the Jameson House development, a cutting-edge condo/office tower that seemed to have everything going for it: a great downtown location, striking architecture by the world-famous Norman Foster and a much-praised "green" design.

In November the financing fell through for the $180-million project, which is now in limbo. But construction had already started for the 37-storey tower with a 21-metre deep pit for the building's foundation and parking garage.

To keep the Ceperely Rounsfell building from falling into the pit, it was enveloped in a $2-million steel truss. This was supposed to be temporary, but could stay indefinitely while the developer (Jameson Holdings) tries to line up new financing for the project.

Hence you have one of the most bizarre construction sights in an era of bizarre construction sites: an old building hanging six storeys in the air.

"It can stay like that for many, many years, it's not going to deteriorate," said Bruce Simmonds, an engineer with LNS Services, which built the truss.

"It's a pretty massive structure that's there. It has no corrosion protection on it, so the only thing that would eventually take it is if the beams were to severely corrode. But that would take 10, 20 years before something like that would even be significant. So it could stay there, there's nothing unsafe about it."

The 40-metre long, eight-metre high, nine-metre wide, 70,000-kilo truss was put up on Nov. 17, 2007.

It was a complicated affair.

"We drove 70-foot [21 metre] deep pipe caissons [a retaining, watertight structure] into the sidewalk and into the back lane, and they were concrete filled," Simmonds relates.

"Then we put a steel truss over the top of the building. Hangers, so to speak, come down on [the east] side of the building. The [west] side of the building is tight to the adjacent building, so we had to go through the [adjacent] building with those hangers.

"Then there are large needle beams underneath the foundation. When the building was just sitting there and there was no excavation, we had to dig slots underneath the building, put the needle beams in, erect the truss over the top and put the hangers down."

The building and steel truss are also hooked up to hydraulic jacks.

"To ensure nothing moved, the hydraulic jacks are on a self-levelling system, such that each jack would take its appropriate amount of weight to keep the building level," said Simmonds.

The 1,200-tonne building has no floor, which was taken out so that the steel needle beams could be attached. Which makes it look all the more unusual.

Why go to all the bother? Because the Ceperely Rounsfell building has Heritage A status, the city's highest ranking. It is one of the only examples of what a city report dubs "Regency Georgian Revival architecture" left in Vancouver.

It has a gorgeous interior with a double height ceiling, elaborate plasterwork and a skylight. It was built by Vancouver pioneer Henry Ceperely, a major player in real estate from the 1880s to the 1920s. (Ceperely Park is named after him.) It had been a mining museum in recent years.

The facade of another heritage building at 840 West Hastings was also to be retained and partly rebuilt in the Jameson House development. Another old building which housed the Jolly Taxpayer Pub was torn down.

The developer was given a heritage density transfer to help pay for the restoration costs, which were estimated at $7,934,000 in 2005. They also purchased another $5 million in heritage density transfers off the Yip Sang building, the oldest building in Chinatown. The Yip Sang building is being restored by realtor Bob Rennie, who was marketing the Jameson House development.

The density transfers meant Jameson Development was able to add several storeys to the Jameson House building. The plan was to have retail and offices on the bottom of the building, then 144 condos from floors 14 to 37. More than 100 condos had been sold when the financing fell through.

The tower was designed to LEED (Leadership in Energy and Environmental Design) gold standards, the benchmark for green buildings. It was supposed to generate some of its own power, and have a water recycling system. The aerodynamic shape of the building took advantage of the wind for ventilation, and was angled to get the maximum heat and cooling from the sun and shade.

But whether it will ever be built, and what will happen to the Ceperely Rounsfell building, is up in the air.
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Old January 17th, 2009, 08:10 AM   #31
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The 2nd of my two-part series on empty holes... sigh:


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Old January 19th, 2009, 08:12 PM   #32
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Breaks your heart to see no workers here.

True case of "suspended animation" in more ways than one.
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Old March 5th, 2009, 05:26 PM   #33
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Keep the faith, ye faithful!
Some hope of hooking up with Bosa.
From The Sun:


Quote:
Downtown condo project tries to dig itself out of a hole
By Derrick Penner, Vancouver SunMarch 4, 2009

The Jameson House development currently hangs several storeys above a deep pit that was dug for a parking garage.Photograph by: Jenelle Schneider, Vancouver SunVANCOUVER — Attempts to refinance and resurrect construction of the landmark Jameson House condominium project in downtown Vancouver are alive until at least April 30, although a group of pre-sale buyers is fighting the process in a bid to get out of their contracts and recover their deposits.

B.C. Supreme Court Chief Justice Donald Brenner on Wednesday signed an order allowing Jameson House developers to secure $6 million in interim financing to start work on the 37-storey tower’s parking garage.

Brenner also extended until April 30 the developers’ court protection from creditors under the Companies Creditors Arrangement Act allowing them to try to replace the construction financing they lost last November when a key lender pulled its support for the $180-million tower.

“I’m satisfied [the developers] are making reasonable progress,” Brenner said about the developers’ attempts to shore up their financing and put construction on track for a Dec. 31, 2010, completion date that would satisfy terms of the project’s pre-sale contracts with buyers.

And keeping those pre-sale contracts in place, John Sandrelli, the developers’ lawyer argued, is essential for refinancing the project.

But a substantial minority of those buyers, initially enamoured of Jameson House’s design by world-famous architect Norman Foster, petitioned the court on Wednesday not to allow a continuation of the developers’ court protection so they could try to rescind their contracts and get their deposit money back.

Diana Becker, one of the buyers who fell in love with the Jameson’s design and specifications, said she and others have lost confidence that the developers, Vancouver’s Pappajohn family under the name Jameson House Properties Ltd. and Jameson House Ventures Ltd., can deliver the project.

“I clearly believe the reason the building didn’t go forward [although] it had all the components of being a beautiful building, a landmark building for the city of Vancouver, was because the developers did not have the capital required,” as they stated in the project’s disclosure statements, she said.

Michael Bertoldi, the lawyer acting for a number of the buyers, argued that after four months of trying to come up with a plan to carry construction forward, his clients didn’t see enough evidence that a plan was even possible.

The developers halted construction when the project, on Hastings Street between Hornby and Burrard, was a hole in the ground. A unique truss structure holds a two-storey heritage building, being restored as part of the project, suspended in mid-air.

Becker is also skeptical that the luxury tower can be delivered as promised within its now approximately 18-month timeline for completion.“It’s never been done before,” she said.

But Brenner’s decision noted the buyers’ deposits made were held in trust and protected, and they had binding contracts that give the developer until the end of 2010 to deliver on them.

Brenner said the purpose of the CCAA is to allow a company time to work with its creditors on a plan to carry business forward, and at this point the Jameson’s creditors are co-operating with a plan.

Sandrelli, the developers’ lawyer, said they hope to have a plan complete by the beginning of April that would be approved by the end of April. So far, he said, four key creditors in the project’s consortium of lenders, have not opposed measures proposed for the plan.

Reports to the court from the Jameson project’s CCAA monitor, Ernst & Young, said the developer had reached an initial agreement to bring another developer, Bosa Properties, in as a partner in the project.

A definitive agreement, to be finalized within the extended protection period, would see Bosa acquire an equity interest in the project, take part in management of construction, offer guarantees to the senior construction financiers and fund part of a subordinate loan that would add to the financing needed to resume construction.
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Old March 6th, 2009, 06:24 AM   #34
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Lets hope... I don't see it coming back after r.c was canned.
BUT THERE'S STILL A CHANCE
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Old March 8th, 2009, 05:24 AM   #35
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Fingers most definitely crossed! I saw this article or one very like it being read by the dude in front of me on the bus last night and searched high and low to find somewhere with The Sun in stock so I could finish reading it... no luck until now, woohoo, there's still hope!
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Old March 16th, 2009, 07:13 AM   #36
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Is this project still going?


[IMG]http://i39.************/al65xz.jpg[/IMG]
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Old March 16th, 2009, 07:19 AM   #37
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davies and burrad I thought they going to built a residents and commercial building.And now it turn into a local park?


[IMG]http://i44.************/e875g0.jpg[/IMG]
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Old March 16th, 2009, 07:33 AM   #38
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Yes, the Patina project is live and well. You can check its own thread out in this forum.
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Old April 9th, 2009, 04:06 PM   #39
DrT
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End of April is crunch time for this project guys.
Let's keep our eyes out for any news on this.
From the March 4 article in The Sun:

Quote:
VANCOUVER — Attempts to refinance and resurrect construction of the landmark Jameson House condominium project in downtown Vancouver are alive until at least April 30, although a group of pre-sale buyers is fighting the process in a bid to get out of their contracts and recover their deposits.

B.C. Supreme Court Chief Justice Donald Brenner on Wednesday signed an order allowing Jameson House developers to secure $6 million in interim financing to start work on the 37-storey tower’s parking garage.

Brenner also extended until April 30 the developers’ court protection from creditors under the Companies Creditors Arrangement Act allowing them to try to replace the construction financing they lost last November when a key lender pulled its support for the $180-million tower.

“I’m satisfied [the developers] are making reasonable progress,” Brenner said about the developers’ attempts to shore up their financing and put construction on track for a Dec. 31, 2010, completion date that would satisfy terms of the project’s pre-sale contracts with buyers.
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Old May 15th, 2009, 05:19 AM   #40
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I was by the site today and there were dozens of workers on site, the columns for the bottom level looked to be a lot further along than last time I was there and there was work going on under that heritage building. The gates in the front were open and people and vehicles were coming and going. Almost got hit by a car crossing the street because I was so intent on the site itself...

Anyway does anyone know whether this means it's going ahead or is there something else up?

I'll remember my camera when I go back tomorrow and post a few pics later in the day.
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