Will the recipe work? Vancouver, Toronto test mixed-use concept in their downtown cores
(Source: Globe and Mail)
Their big fear: that condos will end up crowding out work space, which could have an impact on cities’ economic health.
That’s been a point of tension in Vancouver, where skyrocketing sales of downtown condos have led developers to pay any price for land to build them on. That drove up the price of real estate to the point where office-development economics didn’t work in a city where the demand for Class A space is lower, compared with that of Toronto or Calgary, and where people were willing to pay a premium for luxury condos downtown.
Read Frances Bula’s full article “Add 1 part offices, 1 part condos; try to mix well” in the Globe and Mail (January 26, 2010).