OVER THE TOP: Omer Arbel Humanizes ‘Master of the Universe’ Penthouse-cum-Showroom

by Trevor Boddy / The Globe and Mail Published November 2013

It is one of those ‘only in Vancouver’ tales.  The top two floors of the condo tower at 1000 Beach Avenue are roughed-in a decade ago—potentially the grandest penthouse in the entire city.  Construction proceeds only to raw unfinished concrete walls, with a never-used private lap pool, and an empty 35 foot high ceiling living room. This sky abode to-be was bought and sold a number of times, but never finished, never occupied.

While the price of this potential penthouse increased with every transaction, the fact that it could make people money without anyone ever actually living there became symbolic of a downtown Vancouver real estate scene soaring past vitality into absurdity. Why bother with paint, furniture and occupants, some in the business wondered, if there is money to be made on flipping a cipher, speculating on a ghost, trading on mere potential, rather than messy reality?

It is ‘Vancouverism’ in a nutshell that this proto-residence became more profitable than most others complicated by actual inhabitation. Like any icon, the empty space at 1000 Beach became the object of speculation and gossip, and over the past ten years, I have heard lots of it: “Pavel Bure has made an offer;” “They are going to subdivide the nearly 8,000 square feet of it—it’s too big for Vancouver;” “It’s going to be used as a diplomatic mission, or a VANOC guest house;” “Axl Rose is going to buy;” and most … Read More