A profit-sharing partnership between the YMCA of Greater Vancouver and Concert Properties Ltd. netted the Y $14.6 million, according to a story in the Vancouver Sun. The Y inked a deal with Concert Properties, a real estate development company, to build a 256-unit, 42-story condominium high-rise on the Y's property along with a six-story 92,000-square-foot addition to the Y.
The profit-sharing deal with Concert Properties required the company to contribute money toward the Y for the right to build on the Y's property. The high-rise sold out and brought in higher returns than expected, resulting in the $14.6 million check to the Y.
The Y had closed for three years to undergo a $67 million renovation and expansion, re-opening in May 2010. Vancouver's downtown YMCA now has 10,500 members, up from 1,700 before the renovation and expansion, the newspaper reported.
The renovations were made possible after an extensive fundraising campaign that brought million-dollar donations from individuals and corporations. One of the donors was the YMCA's new namesake, Robert Lee, a Vancouver real estate developer who has been a Y member for 50 years.