Rize Alliance Properties purchased the Cecil and Yale Hotels and the project will be pre-selling after the Easter weekend and has been named the Rolston.
The 120 year old Yale Hotel will be renovated and the former owner Waide Luciak has agreed to spend an undisclosed amount to buy back commercial space at the hotel that houses the renowned blues bar.
In exchange for renovating the Yale and reserving its 44 units of single room occupancy accommodation, the City has granted Rize Alliance Properties 47,600sf of density and will likely become a Vancouver landmark, given its glass eterior and brillian orange accents.
The City council also approved two more tower locations and some midrise buildings adjacent to Granville Street. Cressey plan to build a tower one block west of the Rolston at Howe and Drake Streets.
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The condos will start at $300,000.