The proposed student housing project at 4500 Ospika Blvd. isn’t economically viable, a spokesperson for The Hub Collection says.
The planned student housing project on former city-owned land at 4500 Ospika Blvd. isn’t economically viable, according to a spokesperson for Vancouver-based developer The Hub Collection Ltd.
“It’s a bit up in the air,” The Hub Collection spokesperson Mike Witherly said. “There isn’t the demand for it, and the cost went up so much. The costs, they just don’t work.” “It’s going to require city approval, so it’s got to be in the interest of the community,” Witherly said. However, the primary negotiation between The Hub Collection and the city took place in October 2019, Witherly said, based on the 2018 assessed value of $412,000.
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