1616 West Georgia (White Spot proposal) rendering, as seen from the Bayshore. Credit: Shato Holdings Ltd.

The Vancouver Sun is reporting that Shato Holdings, owners of White Spot, have sold their location at West Georgia Street to a Hong Kong-based developer for $245 million.

The sale price is extraordinary, and one of the highest prices ever paid for residential real estate in Vancouver. The buyer was Carnival International Holdings Ltd.

SFU business professor and real estate finance expert Andrey Pavlov told the Vancouver Sun that given the price paid for the land, units would need to start at a minimum of $1.5 million.

Just this past summer, Shato Holdings was showing off preliminary designs for two residential condo towers on the site — 33 storeys and 39 storeys — with a total of 250 units.

The architects, IBI Group and PWL Partnership, envisioned the towers as clad in a combination of curtain and window wall in a charcoal grey colour, with light-coloured stone accents.

It’s likely that the new owners, Carnival International Holdings Ltd., will present a new plan for the site, with new architects.

Shato Holdings Ltd. was founded by B.C. businessman Peter Toigo of White Spot fame, and is now run by his sons, Peter and Ron Toigo.

View from Pender Street. Credit: Shato Holdings Ltd.