White Spot on Georgia Street sold to Chinese company for $245 million

Dec 23 2017, 5:07 am

The owners of White Spot have decided to sell their West Georgia Street location instead of pursuing a redevelopment of the site on their own.

Shato Holdings, owned by BC’s Toigo family, which also owns the Vancouver Giants, has sold their two-third block sized parcel at 1616 West Georgia Street to Carnival International Holdings Ltd.

The property was sold to the Chinese-based company for a staggering $245 million, according to a report in the Vancouver Sun.

Daily Hive reached out to representatives with Shato Holdings and Carnival International Holdings, but they were not able to immediately comment on the sale.

White Spot property at 1616 West Georgia Street. (IBI Group / Shato Holdings)

Carnival International Holdings trades on the Hong Kong Stock Exchange and has offices in Hong Kong, Qingdao, Chengdu, and Beijing. Based on their website, they are known for developing luxury resorts, theme parks, conference and exhibition venues, and entertainment and recreational facilities.

It remains to be seen whether the site’s new owners will utilize or at least adapt the preliminary redevelopment plans created by Shato Holdings. Concepts released over the summer show two residential towers reaching heights of 384 feet and 327 feet, with a total of 350 units.

Artistic rendering of Shato Holdings’ redevelopment concept for 1616 West Georgia Street. (IBI Group / Shato Holdings)

The largely undeveloped site, with a one-storey restaurant building and ground-level parking, is located in one of the most expensive areas of the city. The adjacent Chevron gas station site at the western end of the block, approximately half the size of the White Spot parcel, sold for about $72 million earlier this year.

Hotspot for new towers

Four other towers are already planned or approved for the area around the Coal Harbour/West End intersection of West Georgia Street and Cardero Street.

These include:

The nearby Westin Bayshore Hotel could also be partially redeveloped with additional residential and hotel towers on its site after it was acquired by Concord Pacific for nearly $300 million in 2015.

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Kenneth ChanKenneth Chan

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