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Gibsons Development - Blue Heron Village
12-16-2013, 03:18 PM, (This post was last modified: 06-21-2014, 10:58 AM by Skook.)
#2
RE: Gibsons Development - Blue Heron Village
December 16, 2013 Update

At heart, I like the concept behind live/work residences; however, the picture that forms in my mind is more along the lines of a co-op situation where you have group of like-minded individuals coming together and sharing a vision. Well, I don’t think the developer of Blue Heron Village and me are on the same wave-length.

I raised a red flag in my first post because of the write-up on the development’s website that said the units could be residence use only, commercial use only or mixed residence/commercial use. Well, in addition to that red flag, horns are now blaring, too. Although, I had a sense of uneasiness, I didn’t grasp the full implications of that write-up until the end of November when I discovered that the five second floor residences with workspaces were given a commercial listing, too.

In the top left listing in the image below is the residential listing for Unit 202. In that listing, it is described as “Residential Attached”. On the top right, is the unit’s new commercial listing and here the unit is described solely as “Office.” Again, the new listing repeats the fact the unit can be used as residence use only, commercial use only or mixed residence/commercial use. What kind of mash-up is this?

[Image: attachment.php?aid=651]

Now, this month’s Sunshine Coast Real Estate Guide offers a little blurb on these live/work units which I have included below. In your mind, does this write-up jive with how these units come across now that they have both a residential and commercial listing?

[Image: attachment.php?aid=652]

Would you want to live with your family in one of these units, if the unit next door was completely taken over by a busy office - like maybe a real estate or doctor’s office, a dental practise or telemarketer? That is why I suggested in the post above I would want to find out exactly what the zoning allows business-wise for these units.

And, what happens if an investor buys a few of these units and then rents out the residence portions separately from the workspace portions. For only two units, that could end up being four offices or two residences and two office or any other combination. In any case, it would be four different groups of tenants/office workers coming and going at what time of the day or night?

I really wonder if the Gibsons Town Council thought this one through. One day, I might try and track down the zoning application for this development to see exactly how it was presented to the Council. If anyone reading this post knows what took place or has access to that information, please post it here in this thread.

The day after the commercial listing of the second floor units (I no longer feel comfortable describing them as residences), the ground floor units were listed commercially. All five units are “For Lease” and those new listings are below.

[Image: attachment.php?aid=653]

This is the first time I have seen a new SC development list its commercial units before the structure has actually been built. Neither the Watermark nor The Wharf Place in Sechelt took such a step. I am wondering if next to no interest has been shown locally for these commercial units hence the need to get them up in ICX or CSLLink, pronto.

These commercial units, likewise, received a write-up in this month’s Sunshine Coast Real Estate Guide and it is below.

[Image: attachment.php?aid=654]

Here is the updated Blue Heron Village spreadsheet. The second floor units’ commercial listing numbers are on the right in the ‘Notes’ section. The ground level units’ area is now complete and includes the Lease Op Costs/sf.

For fun, I calculated the total lease cost for Unit 104 @ 660sf. It is $18,150 + $5,520 = $23.670/yr or $1,972.50/mth. On top of this, add on all your other business expenses and it gets rather pricey to operate out of this new building. Yes, the times they are a changing on the SC. Gone is the day of opening a little gift shop in a funky old building near lower town for a few hundred dollars a month. Sad.

[Image: attachment.php?aid=655]

The commercial listings also mention that the whole ground level can be leased as one 4175sf commercial/retail space.

By the way, the developer is already mentioning Phase 3 of this development slated for 2016. Okie-dokie.


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RE: Gibsons Development - Blue Heron Village - by Skook - 12-16-2013, 03:18 PM

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