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Bullboard - Stock Discussion Forum Madison Pacific Properties Inc T.MPC.C


Primary Symbol: T.MPC Alternate Symbol(s):  MDPCF

Madison Pacific Properties Inc. is a Canada-based real estate company, which owns, develops, and operates office, industrial, commercial, and multi-family rental properties located in British Columbia, Alberta, and Ontario. The Company also has investments in joint ventures that develop residential properties. The Company’s investment portfolio comprises around 54 properties with approximately... see more

TSX:MPC - Post Discussion

Madison Pacific Properties Inc > Mount Pleasant land prices
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Post by undervalue on Oct 28, 2021 5:19pm

Mount Pleasant land prices

This story indicates that a block of land in Mount Pleasant is worth 60 million.
MPC has several similar sized parcels in their inventory.
That one block is a buck a share pre tax.

Located on a full block between East 5th and 6th at 2111 Main St., the modest two-storey, 76 room building is one of Vancouver’s oddest landmarks, because it’s so out-of-place in the modern city — a cheap motel on a very expensive piece of property.

The City Centre Hotel in Vancouver, BC., on October 27, 2021.
The City Centre Hotel in Vancouver, BC., on October 27, 2021. PHOTO BY NICK PROCAYLO /PNG

But the City Centre appears to be finally changing hands. The front desk confirmed that the motel will be closing in November.

A call to the motel manager was unreturned, but real estate sources say the site has been sold to Nicola Wealth , a Vancouver real estate and asset management company that owns 180 properties throughout North America, including 40 in the Lower Mainland. The purchase price is unknown but believed to be around $60 million.

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In an email, a spokesperson for Nicola Wealth said the company is “not able to confirm the purchase of 2111 Main at this time.”

Developers have been sniffing around the City Centre site for decades, but the owner, Capital (Canada) Trading Company, held onto the 1954 motel, which it purchased for $2.8 million in September 1989.

The motel’s rates are still relatively low — $100 per night on several online booking sites. The City Centre supplements its motel income by renting the site as a film location — TV series like Batwoman, Once Upon a Time, Charmed and iZombie have filmed there.

Still, the property is worth far more as a development site — its 2021 property assessment is $36,958,000.

Oddly, the assessment is down 25 per cent from 2019, when it was assessed at $49,257,700. The 2021 property taxes were $382,183.09, down from $389,906.29 in 2019. (B.C. Assessment didn’t respond to a question about why the City Centre’s assessment went down so much.)

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The site is located in what the city calls the “Mount Pleasant industrial area,” which has an IC-2 zoning. A city spokesperson said that under existing zoning a new development could include “ manufacturing, storage, office, artist studio, retail (or) service.” If a new owner wanted to rezone the property, “ a mix of residential, office and retail uses are permitted, generally up to six storeys would be considered.”

According to its website, Nicola Wealth manages $11.2 billion in assets, including $6.4 billion worth of real estate. Its real estate portfolio is diverse, including condos, industrial buildings, offices and retail. The company has acquired $1 billion in real estate in the last 12 months, and expects to do over $1.5 billion in 2021.

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