In a recent interview, London Drugs President & CEO Wynne Powell noted that the half-block straddling, ponderously vanilla condo/megastore Alba project in Hastings Sunrise (also known as HASTINGS SUNRISE) is on hold.
“There’s no financial trouble with us,” Powell says.
Whew! That’s a relief! For a second there I thought a developer was going to lose some money.
Instead, the suspension is due to a “slowdown” in presales and the failure of the project to achieve its 60% threshold. This is an understatement in sharp contrast to the oversized placards that hang over the 2500 block of East Hastings. Something the article fails to note is that only 10% of the 110-odd units had “firm commitments.”
The community “will benefit at this point from a little bit of a rest to give the market a chance to mature a little bit.” There’s still some water in Mr. Powell’s glass -a little bit, anyways.
Personally, I think the community, the Hastings Sunrise community, would have benefited from the continued presence of the 10 storefronts that were demolished a year ago, when the speculative threshold had been breached.
Meanwhile, a massive cheque cashing franchise has moved into the andesite structure on the southwest corner of Hastings & Nanaimo –a former bank. It’s bright yellow awning shouts “CASH MONEY.” Hardly the stuff of re-branded neighbourhoods.
Or, maybe it is.