Kingsgate Mall: Developer wins multi-million-dollar book war with Vancouver School Board 

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A significant B.C. engineer has won its case in court against the Vancouver School Board over the book it pays to hold the Kingsgate Mall. The Beedie Development Group, through its conglomerate Kingsgate Property Ltd., has been locked in a multi-year struggle with the school committee, which owns the property. The VSB alleged Beedie owned more than$ 50 million in unpaid rent, based on the property’s market value. The rent on the home calculates book at 8.25 per cent of the kingdom’s value. The problem was how much the home is really for. In 1999, an arbitration panel ruled “immediate use” meant the land could be developed for an “outright” zoning use ( 1.0 Floor Space Ratio or FSR ). 1: 47
VSB considers selling Kingsgate MallBut in 2022, an arbitration panel rejected that interpretation, instead valuing the land at a denser 3.0 FSR conditional use, raising the market value to$ 116.5 million ( six times higher than the outright use value of$ 20 million ). At the lower valuation, Beedie’s rent at the renewal period would be$ 1.65 million, while at the higher valuation, it would be more than$ 9.3 million. Trending Then

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In a decision dated Dec. 20, 2024, and published online Friday, the B. C. Supreme Court concluded the 2022 section had misinterpreted the 1999 choice, and that the earlier committee’s view of “immediate apply” was right. The court set the 2022 decision aside and reinstated the market value based on the 1.0 FSR, valuing the land at$ 20 million, with$ 1.65-million annual rent. The VSB was even able to reveal that the land might be repurposed or sold in the case’s earlier court papers. In the late 1800s, the City of Vancouver and the class board purchased the Kingsgate Mall house, and Mount Pleasant School was constructed it in 1892. The table built a new class in a nearby residential area and vacated the house in 1972, and Kingsway and Broadway had become a growing area. Two years later, the plaza was constructed on the property that the landowners leased. &amp, copy 2025 Global News, a section of Corus Entertainment Inc.