Victoria Plaza Hotel up for sale, redevelopment on hold The Victoria Plaza Hotel was to have been re-imagined as a 106-unit mixed-use development, but nearly a year after receiving city approval, the only change to the site is a for sale sign tacked to an upper floor. The 105-year-old hotel at the corner of Government Street and Pandora Avenue, has 65 rooms, and is the former home of Monty’s Showroom and Cabin 12 restaurant. It is on the market for just under $5.8 million. Though the real estate firm Brown Bros. calls the site a “rare opportunity to purchase an already re-zoned development site,” the sale calls into question what happens to the development plans that included residential units, retail spots and public space within the building’s 16,000 square foot footprint. The sale of the hotel, which had been managed by Jairo Rincon and his wife Jenny Thio, and owned by the Vancouver-based Thio family since the late 1990s, seems to be tied to the troubles faced by the League group of companies. League, which is under creditor protection as it tries to restructure, had planned to purchase the hotel and finance the redevelopment in partnership with GMC Projects. - See more at: timescolonist/business/victoria-plaza-hotel-up-for-sale-redevelopment-on-hold-1.1072198#sthash.XPLtYt7Y.dpuf
Posted on: Fri, 23 May 2014 23:00:00 +0000
Trending Topics
Recently Viewed Topics
© 2015