12.3 C
Friday, April 12, 2024

BC Assessment values White Spot on West Georgia at $156 million

Just a little over one year ago, we reported that the assessed value of the White Spot restaurant property on West Georgia Street had doubled — from $52 million to $102 million.

One year later, the 2019 BC Assessment numbers show another huge jump in value, with the property at 1616 West Georgia Street now valued at $156,433,600.

The restaurant building itself is only worth $25,600, according to BC Assessment.

White Spot BC Assessment
The value of the White Spot restaurant on West Georgia Street in downtown Vancouver has skyrocketed.

The White Spot is still operating as a restaurant, but the site was acquired last year by Carnival International Holdings Ltd. of Hong Kong, for $245 million — one of the highest prices paid for land in downtown Vancouver ever.

It was purchased from Shato Holdings, proprietors of White Spot and developers of The Spot condo development at Cambie and W. 12th. Shato originally planned to develop the high-profile site itself with two condo towers.

Carnival Holdings is expected to present a new plan for the site sometime this year, although that could be delayed by slowing real estate sales, particularly for luxury product.

Subscribe to our newsletter

To be updated with all the latest news.

Peter Meiszner
Peter Meiszner
Peter Meiszner is an experienced journalist and media relations professional, based in Vancouver. As founder of urbanYVR.com, he has been reporting on urban development across the Lower Mainland since 2016, and has also served as vice-chair of the Gastown Historic Area Planning Committee. In October 2022, he was elected to Vancouver city council and is no longer actively reporting for urbanYVR.

Related Articles

Stay Connected

Snaile Smart Parcel Lockers

Latest Articles

Urban Planning

Subscribe to our newsletter

To be updated with all the latest news.