The churches’ goals are to leverage their land holdings to help with financial challenges, as well as to provide some benefits for their congregations with housing or new community facilities.
Worshippers at Holy Rosary Cathedral in Vancouver. The archdiocese that owns the 120-year-old Catholic cathedral in the heart of Vancouver is pondering a very 21st-century move: selling land around the church to a private developer to help pay a massive repair bill.
But in spite of Vancouver’s seemingly insatiable demand for developments such as new condo buildings, the proposed solution for Holy Rosary Cathedral is fraught with challenges, say those who have watched or worked on church-developer deals. But the development partner, Wall Financial Corp., decided last year that the project was economically unworkable. That came after nine years of church efforts to come up with a proposal.
They’ll also need to think about how much potential buyers think any project might be worth, real estate experts say. Most developments in recent years in the city have combined residential and commercial uses.
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