Update on expropriation of Balmoral and Regent hotels
Following the closure of the Balmoral (159 East Hastings Street) and Regent (160 East Hastings Street) Hotels in the Downtown Eastside due to structural and life-safety concerns, Vancouver City Council will vote next week on a recommendation by City of Vancouver staff to expropriate the buildings.
The report is available on the City’s website today PDF file (2 MB) ahead of the Wednesday, November 6 Council meeting where this item will be discussed.
The City was unsuccessful in negotiating an outright purchase of the hotels with the owners, and the report therefore recommends that Council:
- Approve the expropriation of each of the buildings
- Authorize the payment of $1 to the owners for each building based on independent property appraisals obtained by the City
- Approve $350,000 for each of the buildings to ensure they are secure, through additional building hardware, security systems and on-site and mobile patrols
Council can choose to approve the expropriation of one or both of the buildings, or abandon the process with one or both of the buildings. Council is the approving authority under the Expropriation Act.
The $1 valuation is the result of an independent appraisal and takes into account the costs needed to renovate the buildings.
Staff will only be available to answer questions on this report following Council’s decision which is anticipated next week.