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Sunday, May 19, 2024

White Spot on West Georgia snapped up by Hong Kong-based developer for $245M

The Vancouver Sun is reporting that Shato Holdings, owners of White Spot, have sold their location at West Georgia Street to a Hong Kong-based developer for $245 million.

The sale price is extraordinary, and one of the highest prices ever paid for residential real estate in Vancouver. The buyer was Carnival International Holdings Ltd.

SFU business professor and real estate finance expert Andrey Pavlov told the Vancouver Sun that given the price paid for the land, units would need to start at a minimum of $1.5 million.

Just this past summer, Shato Holdings was showing off preliminary designs for two residential condo towers on the site — 33 storeys and 39 storeys — with a total of 250 units.

The architects, IBI Group and PWL Partnership, envisioned the towers as clad in a combination of curtain and window wall in a charcoal grey colour, with light-coloured stone accents.

It’s likely that the new owners, Carnival International Holdings Ltd., will present a new plan for the site, with new architects.

Shato Holdings Ltd. was founded by B.C. businessman Peter Toigo of White Spot fame, and is now run by his sons, Peter and Ron Toigo.

View from Pender Street
View from Pender Street. Credit: Shato Holdings Ltd.

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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.

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