Drove by the Yale Hotel yesterday and saw a Rezoning Developement Permit, so did some research and here’s the scoop. (if you live downtown you will know they are located at the north end of the Granville Street bridge).
Bought for about $10 million in 2006, the Yale will be deemed heritage by City Hall, whereby it will be upgraded and retained, including the Yale Pub. Rize Alliance Properties will retain and upgrade 44 subsidized housing rooms at the Yale and have single room occupancy (SRO) zoning. The rooms will then be given to the City. In return, it is expected that the City will allow 165,000 sq.ft. tower, instead of 100,000 and ask for 255 to 260 ft tall tower instead of the origianal proposed 225 ft. The City will have to approve the zoning from DD to CD and it is possible the project will be at risk due to the backlog in rezoning.
What do you think of this idea? Happy to see the Yale survive?