Wall project joins condo turbulence
STUART HUNTER
Province
The Wall Centre False Creek condo complex next to the 2010 athletes’ village may be delayed by market conditions.
The future of another False Creek condominium project is in limbo.
Work on Wall Financial Corp.’s four-tower Wall Centre False Creek will likely be delayed.
The 414-unit complex is across the street from Vancouver’s embattled Olympic Village, a project of Millennium Developments.
President Bruno Wall said a decision on the future of Wall Centre False Creek is expected within 60 days.
Under the provincial Real Estate Development Marketing Act, developers can presell units for nine months without a building permit or financing, as long as disclosure statements are filed.
After nine months, developers must have a building permit and financing in order — or give buyers the option of taking back their money.
Disclosure statements were filed last April by Wall Financial for two phases of the development, meaning its nine-month sales period concludes at the end of this month.
If they fail to meet the deadline, developers must stop marketing the project and come up with a new plan within three months.
Media reports from last year show about 60 per cent of the first twotower phase were sold for between $400,000 and $1.3 million.
There were to be four towers in all. Two of the towers were designed to soar 15-storeys, one is 14 storeys high, and the fourth is 12 storeys tall.
The development would include a new performance, rehearsal, office and support space for the Playhouse Theatre Company.
Wall Centre False Creek is on the south side of 1st Avenue, between Columbia and Manitoba streets, directly south of the Olympic Village, for which the city is seeking nearly a half-billion-dollar emergency loan.
Yesterday, the provincial government granted Vancouver the right to borrow whatever it takes to complete the Olympic Village.