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November 25, 2009
The New York Times covers Woodward’s.
With so many public and private interests involved, the Woodward’s challenge was “how to give everyone a part in the movie, yet not be so burdened by their interests you could actually create something,” Mr. Gillespie (the developer) said.
“Come back in a year,” he said, “and see how this social experiment turns out.”
In the Canadian Architect, Frances Bula reports on the new convention centre, with the 
best critique so far of some of the concerns expressed during the design stage – and how in the end it all turned out. Excellent photographs too.
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Yes, it’s a nice social experiment but my call is that those who bought in that building will be equity challenged (negative equity) and it’s untended consequences for many, many years when the real estate market of Vancouver recover its senses.
I’m currently renting there and I can see that it’s a building that will deteriorate faster than average and not age well. The cause: Transient/ high turnover occupants made or high ratio of renters and first time homebuyers that will quickly realized that 550-700 sq ft is not really a long term living arrangement. As well the limitation with parking, also not a long term living arrangement that many can live with, will accentuate the turnover of occupants.
In short, many bought the hype and will get screwed accordingly. Very curious to read what others have to say about this project.
As a owner and resident I couldn’t be happier. Sure there have been a few hiccups so far but pretty minimal on a project of this scale. Most of the residents know exactly what they bought into, those that didn’t can sell at a profit as the units are in high demand. There are numerous people that want to live here, people with positive energy which is exactly what the area needs.
Joe Just Joe, I appreciate your comment. Yes there was a few hiccups and I agree with you that it is to be expected on a new project of that scale but I saw a lot of bitching about it which makes me doubt that actually residents knew what they bought into.
Also, don’t get me wrong, I love the place, the hood and the downtown life in general. What I’m saying is that prices are completely out of whack with reality. The 5/35 crowd (5% down payment, 35 years amortization) are in for a big reality shock when property values take a 20-40% dive. The energy level might take a hit. But in that sense Woodward’s experiment is not different than the rest of the city. At the end nothing will take care of high prices like high prices but a lot of people will be in a lot of hurt.
Wow, really interesting topic. I will write about it too!
i love reading your posts. Important blog. Very intriguing. Sydney