Little Mountain: Vancouver City Council approves Holborn request for leniency - November 1, 2023
I have been following the redevelopment of the former Little Mountain public housing project since 2007 when the provincial government first announced the property would be for sale. I subsequently advised one of Vancouver's major developers who submitted a bid on the property. However, the Holborn Group, a Malaysian-based developer with limited Vancouver experience, blew the other bidders out of the water with their excessive bid.
While the bid amount wasn't made public at the time, we subsequently learned it was $334 million. However, only 10% was paid as a downpayment. Moreover, the provincial government gave Holborn $211 million in interest free loans for 18 years.
https://gellersworldtravel.blogspot.com/2011/03/so-whats-happening-at-little-mountain.html
It concluded with the following: "
A year later, I spoke with a Vancouver Sun reporter who wondered why there was so little progress with the development. After his story appeared, the developer complained to the Urban Development Institute about my criticism of them. https://vancouversun.com/news/metro/developers-inexperience-may-be-behind-little-mountain-delays
https://news.gov.bc.ca/releases/2021AG0134-001778
I subsequently spoke to others knowledgeable about the situation who assured me that while they too were extremely disturbed by Holborn's request, they had concluded that it was the best solution to ensure the social housing units are built and the province receives some or all the outstanding land payment.
(A rezoned property is excepted from the EHT, where either:
- a complete development permit application has been submitted for at least one parcel of residential property which is part of the phased development and is under review by the City in the vacancy reference period; or
- a development permit has been issued by the City for at least one parcel of residential property which is part of the phased development and work under the development permit is, in the opinion of the General Manager of Development, Buildings and Licensing or the General Manager’s delegates, being diligently pursued and without unnecessary delay