around the city. In my opinion, these are the kind of projects the city needs if they want to reduce the cost of rent and the cost of living. They can do that by increasing density.” “The cost of land is very, very expensive,” he elaborates. “But what’s not expensive is air. There’s a lot of air up there, which means there’s a lot of room for housing. Most cities are recognizing that now. I think Vancouver is finally catching up.” In addition to the property on Terminal, Value Property Group also have two or three other properties they are looking to redevelop similarly – including a property in the City of Delta, where they plan to include another 1,000 residential rental units. In all these properties, the plan is to redevelop them in partnership with the tenants that are already there, Arnold emphasizes: “That’s very important to me. I want to work with tenants on this. Even if their leases say we don’t need to, I want to bring them into the process and make them a part of it. So far the reaction has been extremely positive. We’ve interviewed a few tenants who know about what we’re doing, and they think it’s the greatest thing. They really appreciate what we’re trying to do.” Moving forward, those projects will be a significant priority for Value Property Group. Meanwhile, for Arnold personally, another priority will be continuing to educate and advise the next generation of industry professionals. That next generation includes some of his relatives – Value Property Group is really a family business, as it now includes Arnold’s son, his son-in-law, and his grandson – but he doesn’t limit his advice to his family: “I mentor a lot of people,” he says. “A lot of young people, in particular. I love talking to the young people in the industry because I do believe there’s a great future for them in this industry. It’s not the future of a year ago when you could buy a piece of property for $1 million and the next day you could sell it for $1.2 million. Those days are gone. But there is a future, and we have to start working towards that future today.” SEPTEMBER 2023
RkJQdWJsaXNoZXIy OTYzNTg=