RE:RE:Politics I am in Vancouver this week.
I did a walk around the Mount Pleasant area as well as Yaletown and Rupert Square.
Will probably have a drive into Mission tomorrow.
My impression is that Mount Pleasant will be another home run series. This is an amazing neighborhood and employment area.
They have a block on West 6th. Across the road is a 7 or 8 story modern building, new home of Best Buy Canada.
That block is worth well over a buck a share.
On West 4th they have a smaller block. Just down the street is a block long campus anchored by Abcella. Bizarrely nice buildings.
On 6th they have a mid block piece that needs to be merged with a contiguous building.
On West 2nd they have a decent assembly in an area that will be around 6 to 8 stories. Probably need a neighbor building to get development scale.
Rupert Square is subject to advanced redevelopment planning by the City. It is right next to a Skytrain station. There is an urban stream, Still Creek that is a complication. It is a really big piece. 5 acres.
My guess is they lose a couple acres to deal with the stream. An adjacent land holder is a wild card.
Adanac St., I don't get the idea. It is pretty raw .
Yaletown offices are mint.
I am not sure if you could ascribe a 1000 a foot. That's over 100 million.
But, it's close.
As for the jv issue, again, they could bonus themselves.
These people are very prominent, very wealthy, I doubt they would bother.
The deal is so large, I don't care.
The jv partner Polygon is a superb builder.
They got zoning done in 4 years that Genstar had stumbled with for decades.
That planning is in place. No political risk.
As for Twc, Highland Gate has been a screw up.
There is no jv there now. You can read about it fully in the next q report.
Really import Supreme Court of Canada case released on Friday. Annapolis Group v Halifax City.
Property rights case.
It's going to alter development land use in a huge way.
After the municipal election cycle, expect significant moves by the provincial government to encourage building.
It's conceivable, Twc could go after Oakville for the loss of effective use of the land given the president.
As for selling Mpc, no chance. I am approaching 190k shares.
I remain on the bid.
Near term if they lose the tax case, the stock goes down.
The mgt is made up of high end Ca's. I trust they know the game.