What do these quotes from a Colliers real estate brochure have to do with homelessness? “Prime by all definitions, 271-291 East Georgia Street stands as a landmark property…. the subject property shares the street with the ever-popular Phnom Penh Restaurant, London Pub, Fat Mao Noodles, The Ramen Butcher and Mamie Taylors Restaurant…strategically located to capitalize on the City’s tremendous growth, as just two blocks south will be the new $1.9-billion St. Paul’s Hospital …. Inevitable neighbourhood growth ensures this property is a secure and lucrative investment for both investors and developers alike.”
This “prime by all definitions” property is the home to 34 low-income residents living in one of the better privately owned single-room-occupancy hotels in the Downtown Eastside. One of the residents told me that his rent is $450 a month and the place is relatively well managed; the rooms are small and they have shared bathrooms and no kitchen. The building is for sale for about $8.7 million.
Click here to read the full story in The Georgia Straight.
