360 Vox to build urban resort in Vancouver RISING FAST NOW360 Vox to build urban resort in Vancouver 2013-09-24 13:15 ET - News Release
Mr. Robin Conners reports
360 VOX CORPORATION, PARAGON DEVELOPMENT LTD. AND DUNDEE CORPORATION, ANNOUNCE PARTNERSHIP TO CREATE NEW WORLD CLASS URBAN RESORT IN VANCOUVER'S ENTERTAINMENT DISTRICT
360 Vox Corp., Paragon Development Ltd. and Dundee Corp. have signed certain agreements, pending regulatory approval as required, to design, develop and operate an approximately $535-million world-class urban resort adjacent to B.C. Place stadium. The new development will feature two luxury resort hotels, conference centre, restaurants, retail space and a new home for the existing Edgewater Casino consistent with the City of Vancouver's rezoning approval in the fall of 2011. The resort is expected to open at the end of 2016.
Dundee, the largest shareholder of 360 Vox, will assist 360 Vox with financing and related experience, while publicly traded global real estate experts 360 Vox, will be responsible for management, construction and development of the urban resort complex. Paragon will lend their gaming expertise, and develop an optimal mix of amenities and services for the new complex.
This new, approximately 675,000-square-foot urban resort development will create an estimated 2,000 (1) new and continuing jobs associated with the operations of the hotels, conference centre, restaurants, fitness centre, spa, and other facilities and services. Construction and development work will also create approximately 4,500 local jobs. Once opened, the new facility will generate an estimated $180-million annually for the local economy. This will be supplemented by an estimated $87-million in annual visitor spending generated outside the resort.
The new multiuse urban resort will create an animated streetscape and vibrant outdoor gathering space for the community and visitors; and convenient connections between Yaletown, B.C. Place and Downtown Vancouver through improved pedestrian walkways. This will be Western Canada's first and only urban resort with hotel, restaurant, lounge and meeting space that is adjacent to a stadium -- B.C. Place.
It will help create an urban entertainment centre for local residents and visitors, maximize event potential for the new B.C. Place stadium, and generate long-term economic benefits for the city and province through construction, hospitality and entertainment, tourism, and conference opportunities.
(1) "Proposed Vancouver Urban Resort -- High Level Economic Impact Assessment," Deloitte, September, 2013
"This vibrant new urban resort will create a new entertainment centre for both Vancouver residents and tourists, by creating a resort centrepiece where people can see a game, concert or show; meet; work; or stay," said Ned Goodman, president and chief executive officer, Dundee. As a Canadian company with strong ties here in B.C., we're very pleased to be partnered with Paragon and 360 Vox in this exciting and dynamic project."
"We believe that this unique project will provide a strategic advantage to the City of Vancouver in the global competition for international visitors. The combination of B.C. Place with this new urban resort will offer both visitors and Vancouverites an exceptional new entertainment venue," said Robin Conners, president and chief executive officer, 360 Vox.
"There has been a lot of interest in this urban resort project from renowned and experienced developers. We are thrilled to partner and proceed with Dundee and 360 Vox who bring not only investment, but also their international resort and hospitality experience to this unique and important project," said Scott Menke, president of Paragon.
"We're excited to be building a project that will add vitality to Downtown Vancouver and create thousands of jobs in our city," said Ross McCredie, chief operating officer of 360 Vox. "We're looking forward to creating something that Vancouverites will be proud to experience and share with visitors from around the world."
In addition to two hotels, conference centre, and other services and amenities, the new facility will accommodate the relocation of the existing 600 slot machines and 75 gaming tables from the Edgewater Casino presently located at the former Expo site on False Creek.
The parties are presently in advanced negotiations with Marriott International Inc. to act as manager of the two hotels.
"We are looking forward to working with entertainment, arts and culture, and hospitality leaders in Vancouver to explore how we can collaborate to create special and memorable urban resort experiences that benefit our future local and international guests, and surrounding businesses and venues," said Tamara Hicks, director of corporate affairs and strategic communications, Paragon.
The resort will be built on land belonging to B.C. Pavilion Corp. (PavCo). In March, 2013, Paragon and PavCo signed a master development agreement and proposed ground lease outlining the terms of the development, including a 70-year term and a $3-million annual lease rate based on the current scale and configuration of the project.
About Paragon
Paragon Development is one of North America's leading destination resort developers. The company's principals are responsible for the successful development and operation of numerous landmark projects throughout North America, with special emphasis on gaming-based destinations.
Paragon currently operates casinos in Western Canada including the highly successful River Cree Resort outside of Edmonton and purchased Edgewater Casino on Vancouver's waterfront in 2006.