The City of Vancouver is holding an online consultation session and Q&A for a 21-storey tower with a 6-storey podium at 1770 West 12th Avenue between June 26 and July 9, 2024.
The proponents behind this rezoning are Greystar (owner, https://www.greystar.com/about-greystar/our-leadership, Founder/Chairman/CEO Bob Faith) and the Pooni Group (planning consultant), while the architects are Dialog. Greystar’s website states that “Greystar manages and operates more than $320 billion of real estate in 249 markets globally,” that the company is headquartered in Charleston, South Carolina, and is the largest operator of apartments in the United States, managing more than 966,700 units/beds globally, with over $36 billion of assets under development. In 2020, the 47th largest real estate investment manager in the world.
The rezoning application proposes a 21-storey tower at the southeast corner of West 12th Avenue and Burrard Street. A total of 243 units would be included, with 20% of them at “below market” rates. The design has a Floor Space Ratio of 6.5, a tower building height of 66.72m (219 ft) and a podium height of 18.28m (60 ft). Greystar wants a 6-storey podium (in violation of 4-storeys per Broadway Plan section 11.4.2). The requested floorplate area for the tower also exceeds maximum recommended by Broadway Plan (6,500 sq. ft. per section 11.4.11, vs. proposed 7,037.9 sq. ft.) A total of 171 parking spaces would be provided on three levels of underground parking. So here we have an example of a city’s written plan being just the starting point for developer expectations, and contradictions with City policy. The planning and rezoning staff are the the City’s interface in terms of protecting the social contract. Whose interests will they be advocating for?
The development would entail the removal of all mature trees from the site. In absolute contradiction of the city’s policy of protecting the urban forest, adopted by Council as recently as June 12, 2024 (see our brief description in this post).
The site currently contains a mature 3-storey strata building. This is a bit of an outlier when compared to many other Broadway Plan sites, as large sites typically contain mature rental buildings (or sometimes consist of duplex and house lot assemblies). Perhaps the existing strata has deferred maintenance (from outside appearances), so it could be easier for strata owners to sell than repair (if it was maintenance issue, but they could have simply all been bought out).
Greystar is a relatively new arrival in Vancouver, and this is the first time we’ve noticed the company mentioned in our fourteen years of coverage. This is also the first time the company has appeared associated with a Broadway Plan project, so the company merits some attention in terms of its business model and corporate behaviour. This case is also a reflection on the nature and functioning of the Broadway Plan. As a landlord, the company appears to have been involved in lawsuits and complaints for violating consumer protection laws, for gathering extensive personal identifying information about its tenants without their knowledge or consent, for failing to perform necessary building maintenance, for collusion with other property management companies to fix rent prices, alleged junk fees added to the monthly rent, and for nasty penalties for an aggrieved family. The company’s business model was also alleged to be adding to Ireland’s housing crisis. The individual strata units appeared be held in the name of a trust, “Burrard and Twelfth Property (Nominee) Ltd., with interest holders being Burrard and Twelfth Property Owner Limited Partnership, and Robert Alan Faith. The Vancouver Market blog reported that the site was acquired by Greystar in 2023 for $41 million, mentioning that the site is designated in the Broadway Plan for up to 20-storeys and 6.50 FSR, putting the purchase price at $208 per buildable square foot based on the 6.50 FSR density. CityHallWatch would welcome knowledgeable volunteers to help us analyze and do an article on the business model at play here and reflect on how the Broadway Plan is functioning, and the implications for Vancouver.
The shadow studies submitted with the application, curiously, added three extra towers on the block, on sites that do not have any submitted rezoning applications. Do the applicants and rezoning planners know something not yet made public? Is it a deceptive practice to show shadows for three additional, non-existent towers on the block? It’s worth noting that the Broadway Plan policy still has a maximum of two towers for this block between West 12th and 13th Avenues and Burrard and Pine St. Does adding extra towers to the shadow study mask the impact of the proposed tower? Are the shadow studies deceptive renderings? Compare for yourself:
There are three other large footprint 3-storey buildings on this block, all of these appear to be stratas (1720 W12th, 1777 W13th, 1717 W13th). The probability of the remaining three large stratas being developed is slim. However, it is worth noting the high number of other ongoing rezoning applications within just a few blocks, as illustrated below (five of these sites contain rental buildings, which means likely demoviction for hundreds of renters; see our online map for more details):
In December of 2023, the sudden announcement by Mayor Sim of ABC’s intent to dissolve the elected Vancouver Park Board brought forward much controversy and this scandal also dragged Pooni into the spotlight. Former Park Board Commissioner Sarah Blyth-Gerszak tweeted out a picture that appears to contain a note of congratulations to ABC’s “Park Board Transition Team” group chat from Pooni (an ABC party donor). This is summarized by the press:
Under the heading “Transition Team,” Howard’s screen read: “Just talked to [development consultant and party donor] Gary Pooni and he is hearing only overwhelmingly great feedback! So congratulations to all of you!” (VIA, Vancouver park board ‘Transition Team’ messages deleted, by Bob Mackin, Feb 27, 2024)
As the City of Vancouver has a large number of undesignated parks, a move to put control of park board lands under the direct control of Council might provide fewer safeguards for these properties.
References
Vancouver park board ‘Transition Team’ messages deleted, Prince George Citizen, by Bob Mackin, Feb 27, 2024
ABC Park Board commissioner admitted “Transition Team” messages were deleted, The Breaker, Bob Mackin, June 3, 2024
https://www.shapeyourcity.ca/1770-w-12-ave
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Greystar notes
Greystar – Wikipedia – https://en.wikipedia.org/wiki/Greystar
Bob Faith – https://www.greystar.com/contact-us/our-people/bob-faith
Rent Going Up? One Company’s Algorithm Could Be Why. by Heather Vogell, ProPublica, with data analysis by Haru Coryne, ProPublica, and Ryan Little – https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent
Greystar Makes First Move Into Canada by Teaming Up with Ottawa’s Minto REIT. US Company Has Offices in Vancouver and Victoria; Canadian REIT Also Makes First Move Into BC Capital. (March 25, 2022) https://www.costar.com/article/1766889391/greystar-makes-first-move-into-canada-by-teaming-up-with-ottawas-minto-reit
Greystar Real Estate Group Illegal Fee Investigation – Wittelslaw – Wittels McInturff Palikovic is investigating numerous complaints regarding Greystar Real Estate Group’s practice of charging a wide range of potentially illegal fees to tenants. …. allegedly charges its tenants a host of potentially illegal fees such as application fees, various administrative fees, package fees, and utility fees, including fees for trash collection….https://wittelslaw.com/investigations/greystar
When Private Equity Becomes Your Landlord.
Amid a national housing crisis, giant private equity firms have been buying up apartment buildings en masse to squeeze them for profit, with the help of government-backed Freddie Mac. Meanwhile, tenants say they’re the ones paying the price. https://www.propublica.org/article/when-private-equity-becomes-your-landlord
Arizona attorney general sues RealPage, landlords; accuses them of conspiring to illegally raise rents. https://www.azfamily.com/2024/02/28/arizona-attorney-general-sues-realpage-landlords-accuses-them-conspiring-illegally-raise-rents/
Class Action Lawsuit Investigation: Is a Price-Fixing Scheme Causing High Rents? https://www.classaction.org/greystar-rent-hike-lawsuits
CityHallWatch: Tools to engage in Vancouver city decisions 
conform with the zoning. It’s that simple.
when you start making exceptions to the zoning criteria(height, etc). The precedence is set and every development there after can demand the same exemptions. To the point that the zoning is meaningless.
The city cannot be trusted. Their focus is on generating revenue to offset their incompetant handling of the city’s finances. They do not care about what’s best for the neighborhoods and citizen’s of Vancouver.
it’s all about money.