HIGH-RISE I Developer wins 20-storey height increase for tower
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Presentation centre: 1166 Alberni Centre hours: noon to 6 p.m. except Fridays Telephone: 604-605-8833 Website: www.LivingShangri-La.com Developer: Westbank Projects and Peterson Group Architect: James K.M. Cheng Architects Interior design: James K.M. Cheng Architects Project size: 227 units Residence size: 2,200 square feet to 4,535 square feet Residence price: $400,000 to $5.3 million Construction: concrete Warranty: National Home Warranty Vancouver‘s largest residential tower, the upscale 60-storey Shangri-La development, is also behind one of the largest community amenity contributions to the city. The developer is providing $4.4 million towards the restoration of the Coastal Heritage Church, adjacent to the proposed Shangri-La tower on West Georgia and $1 million towards social housing in the city. The company has agreed to plant 57,000 trees to offset carbon dioxide emissions, build a $4.7-million public sculpture garden on their site and create a $2.4 million endowment fund for the garden. In return Shangri-La received permission from the city to increase their project from 40 stories to 60 stories. This took the tower from 450 feet to 600 feet high. “It’s a win-win situation,” said Vancouver city councillor Jim Green. “This is one of the larger ones [community amenity contributions] for the city.” Green explained the city has long had a community amenity charge that kicks in under special considerations, such as a developer wanting to increase building height. But in recent years, city council has made an effort to increase the amount of benefits the community receives from developers. “We’re leveraging it up, looking at more things as well as employment and sustainability. They’re [developers] not up in arms. They’re supportive of us.” Realtor Bob Rennie, who is marketing the almost sold-out Shangri-La project, agreed the civic package is positive for both the developer and the community. “Basically a responsible package will protect value and a non-responsible package hurts the neighbourhood,” said Rennie, who added that in his 30 years he has never seen a civic package so large. The total cost of the civic package, including the Development Cost Levy payment of $4 million to help pay for city infrastructure, comes to nearly $17 million. “I think all developers go into it [community amenity contribution negotiations] with an open heart and an open cheque book and as it moves along they’re shocked by how much it really costs to provide a sustainable community. In this case, it was a real win-win for the city, the developer and the community but it [the community amenity contribution] was more than they expected to pay,” said Rennie. Still, part of the massive marketing campaign that surrounds Shangri-La promotes the fact sustainable approaches are being taken to the building design and great effort is being made for garden and green spaces to connect the building’s architecture to the environment. One of the main features highlighted in the marketing campaign is the establishment of the outdoor exhibition space to be curated by the Vancouver Art Gallery. The exhibit will feature rotating contemporary installations as well as occasional shows in the public roof garden and galleria.
Owners of the adjacent church, which was at risk of being demolished, have agreed to accept heritage designation by accepting the $4.4 million revitalization funds negotiated by the city from Shangri-La. With such a designation the rare Colonial Revival style church will always be a landmark in the city. The money will go towards restoring the original appearance of the West Georgia Street facade and well as remove the wings that were built on the church in the 1960s. Green said besides the Shangri-La development another big development on the Expo site with Concert Pacific is a good example of the community benefiting. In the latter case daycare, schools and a community centre were built. “We’re getting more and more enlightened developers. They realize parks and schools help their projects,” said Green, who was instrumental in having the Development Cost Levy payments increased, for developers wanting to do business in Vancouver. Now, instead of paying the city $2.50 a square foot the cost is $6 a square foot. “It’s financing growth,” said Green. “We use that money to supply parks and upgrade infrastructure.” He added although it’s not a city policy that developers hire local labour he tries to make it a requirement when each new project comes before council. This was the case with the Shangri-La project, he noted. Shangri-La, which won’t be ready for occupancy before 2008, is marketed as the city’s largest luxury highrise that will also include the famous Shangri-La Hotel, which is renowned across Asia and the Middle East for its five-star excellence. The marketing budget alone for the project was $3 million, of which $600,000 was spent to build the presentation centre, said Rennie. “People have to see what they are buying,” he said. And buy they did. To date, only four suites are left below the 42nd floor while 28 suites remain above the 43 floor, all priced from $1.6 million to $5.3 million. He said 15 per cent of the buyers were from the United States, while 85 per cent were local buyers who plan to live in the downtown core. Rennie said he believes the reason units sold as quickly as they did as buyers like having access to one of the best hotels in the world and all of its services. “They’re very conscious of the view but aside from that they like living in the tallest tower in the city and having the service and security that comes with living on top of a Shangri-La five star hotel,” said Rennie. The suites range in price from $400,000 to $5.5 million. Space ranges from a one bedroom and den at 677 square feet to a 1,300 square foot penthouse suite, costing about $1,000 a square foot, that includes a private pool. Everyone in the suites will get a $75,000 gourmet kitchen, with stainless steel countertops and subzero fridge, as well as a spa-like bathroom. All units have 10-foot ceilings and the higher end ones have their own private elevators.
He said many of the buyers are moving from other high rise buildings in the downtown area. Buyer Lana Fahrni is such a person. Although she doesn’t want to say where she is living now she decided to buy a unit in Shangri-La because “this is the place to be downtown.” “I’m moving my whole family,” she said. “I like the amenities and the quality of the building.” Fahrni said she will have a suite on the 22nd floor, her sister will be on the 31st floor, a cousin on the 33rd floor, a nephew on the 20th floor, a niece on the 22nd floor, another cousin on the 21st and another sister on the 28th. “My nephew lives in a high rise in Coal Harbour but he made his mind up to move here in five minutes. It’s a different atmosphere. Very vibrant,” she said. “I think Vancouver itself, not necessarily because of the Olympics, is the place for people to come. Everyone loves it,” she said. © The Vancouver Sun 2004 |
