Solterra President Gerry Nichele (centre) with VP Mike Bosa (right)
EDITOR’S NOTE | On Jan 20th 2013, the Waldorf Hotel will close its doors to the public. For the last two years, developers have been quietly buying up property along the Hastings Corridor while building support from city councillors. The result has been a dramatic escalation in property values, followed by evictions and rent increases. While evictions are typically poorly covered by mainstream media, the eviction of the Waldorf has been making big headlines. This cultural space, however, has a backstory that links it to other evictions and to the broader neighborhood of which it is a part.
Vision Vancouver and the revitalization of East Hastings
For the past two years the real-estate industry has been aggressively acquiring property in the area east of Clark Drive on the Hastings Corridor. This forward march of developers into the east end, actively encouraged and brokered by Vision Vancouver, has brought dramatic increases in the value of property in the area surrounding the Waldorf. The price of the Waldorf property has increased $1 million in the past year alone. The blocks surrounding the Waldorf site are being consolidated by the Solterra Group, a large property development corporation, with the Waldorf site being the last piece of the puzzle. Solterra, who purchased a table at Vision’s recent fundraiser, is run by Vice-President Mike Bosa of the Bosa family of developers, also reliable Vision funders.
Across the street from the Waldorf is 1500 East Hastings. This past year, the entire block was purchased for $5.5 million by Sharam and Peter Malek of Millenium Development, who were bailed out by the City during the Olympic Village social housing betrayal.
Currently there is a debate raging about the pros and cons of Save-on-Meats in the Downtown Eastside. The latest is a polarizing sandwich token program to help feed the poor. According to the plan, restaurant customers can purchase tokens from Save-on-Meats and donate them to people in the neighborhood. Critiques have been made here, here, and here, as well as at The Mainlander, with Peter Driftmier’s “Beggars Can’t be Choosers” (Peter used to be a sandwich maker at Save-on-Meats).
The reception of these debates runs a winding path but gravitates to the falsely-posed question of whether people “like” or identify with the entrepreneurial genius behind Save-on-Meats: Mark Brand. “The frontier,” Neil Smith wrote in his New Urban Frontier, “represents an evocative combination of economic, geographical and historical advances, and yet the social individualism pinned to this destiny is in one very important respect a myth.” Mark Brand, treated as either a hero or villain of the urban frontier, enters the field of mythology and becomes a new Jim Green figure for our time, garnering a similar respect for balancing “social” and business concerns (if Green started in politics and moved into business, Brand seems to finish where Green left off and moves back into “politics”).
We all know the expression, “beggars can’t be choosers.”
With one month left before Christmas, Downtown Eastside restaurant mogul Mark Brand Inc has launched a meal token program targeting clientele who would like to support people in need. The idea is that the meal token, which goes for $2.25, can be given to panhandlers in place of spare change. Each token is redeemable for a breakfast sandwich at the window of Save-On-Meats, Mark Brand Inc’s only location affordable for those on modest incomes.
The following description of the program is found in the press release announcing the program:
“The Meal Tokens solve the dilemma that many people find themselves in. The reality is that people are hesitant to give money rather than food to people who they see on the street. With the Meal Tokens, donors can rest assured that what they give will be going towards providing much needed sustenance and at the same time, supporting Save on Meats’ social enterprise.”
Should BC Housing subsidize a Downtown Eastside (DTES) condo developer when our neighbourhood has 850 homeless people and 3500 living in crummy hotel rooms that need to be replaced? Is Condo King Bob Rennie, also on the Board of BC Housing, behind a sweet deal that will probably increase property values two blocks away from his own office?
These are two questions that shocked Downtown Eastsiders are asking after learning that BC Housing plans to loan up to $23 million to condo developer Marc Williams. Williams plans to build 79 condo units plus 18 social housing units (only 9 will rent at welfare rates) at the site of the old Pantages Theatre, 138 E. Hastings. He calls the project Sequel 138. According to The Province, the loans will be at 1.29 % interest, much lower than the going rate from a bank.