VANCOUVER (NEWS1130) – A high-rise hotel on Robson could be replaced by two condo towers, if the owners have their way.
The 42-storey Empire Landmark is 44 years old and features a rotating restaurant.
Urban developer Michael Geller says in this real estate climate, demolishing the hotel and building condos is a no brainer.
“Developers are willing to pay $400 per square foot for the land then another $300 per foot square foot for construction, because they can sell the resulting condo for $1,200 a square foot or more.”
Built in 1973, the tower is aging. Geller says its status as a three-star hotel means it’s difficult for it to turn a profit, given certain competitors.
“I have a feeling Airbnb is a factor in this story. Increasingly, more and more people are staying in Airbnb accommodation. The lower quality hotels are beginning to lose out.”
The city will take a look the developer’s proposal in December. The plans call for 280 suites, including 57 social housing units.