Just a little over one year ago, we reported that the assessed value of the White Spot restaurant property on West Georgia Street had doubled — from $52 million to $102 million.
One year later, the 2019 BC Assessment numbers show another huge jump in value, with the property at 1616 West Georgia Street now valued at $156,433,600.
The restaurant building itself is only worth $25,600, according to BC Assessment.
The White Spot is still operating as a restaurant, but the site was acquired last year by Carnival International Holdings Ltd. of Hong Kong, for $245 million — one of the highest prices paid for land in downtown Vancouver ever.
It was purchased from Shato Holdings, proprietors of White Spot and developers of The Spot condo development at Cambie and W. 12th. Shato originally planned to develop the high-profile site itself with two condo towers.
Carnival Holdings is expected to present a new plan for the site sometime this year, although that could be delayed by slowing real estate sales, particularly for luxury product.
