March 9. A memorable date - Narod goes into receivership

In March 1981, I left CMHC after working ten years in Ottawa, Vancouver, and Toronto and joined Narod Developments. Before taking the position, I had been talking to a headhunter conducting a search for a Vice President-Development at BC Place to work under Alvin Narod. (Alvin had sold Narod to David Mooney in 1978 and retired before becoming BC Place Board Chair.) 

David Podmore got that job and started work on the 21st floor of Scotia Tower at 650 West Georgia. I started work in Narod's offices on the 22nd floor of the same building, directly above Dave. We have stayed friends ever since.

At Narod, my primary responsibility was managing the planning, approvals and future redevelopment of a master-planned community on lands owned by BC Packers along the Steveston Waterfront. The lands extended from Number Two Road westward. I hired my former classmate Norm Hotson, who had designed Granville Island and together we prepared a plan for 1700 homes, a school, restored heritage buildings and new public access to the waterfront, while maintaining some fishing related activities. 

At the time, Narod, along with Daon Developments, was one of the major development companies in Vancouver. We built MURBs at Arbutus Village, Fairview Slopes, and South Shore False Creek. We also developed several office buildings including  Fairview Point and The Atrium at 808 West Hastings to which we relocated our head office on the top two floors. We had an operation in Seattle for which I was responsible, and Portland. I was also looking after a proposed head office for Price Waterhouse.

While I often drove down to Seattle early in the morning and returned in the evening, occasionally I stayed with Sally and a very young Claire in the company apartment in Kirkland overlooking Lake Washington. It was always stocked with expensive champagne and fine wines.

Narod staff set up the volleyball net at a management meeting

Coralie Waddell, the president's wife at a management session

Peter Horwood, Craig Waddell, and David Mooney discuss why the company refuses to undertake industrial developments. They're too boring.

The marketing division's Mel Grebinsky and Michael Tham, joined by Ruth Tham and Holly Horwood

On the way home we would stop off at the Oyster Bar on Chuckanut Drive, which along with the Four Seasons was regarded as a company dining room. There were extravagant company golf tournaments, management sessions on the beach, and Christmas parties at David's West Vancouver waterfront home and the Four Seasons Hotel, our home away from home.

The Queen's Royal Yacht Britannia arrives in Vancouver on March 9, 1983

Unfortunately, this all came to an end on March 9th, 1983, the day Queen Elizabeth arrived in Vancouver to formally open BC Place Stadium.

While she was in the stadium, and David was golfing with president Craig Waddell in Maui, some receivers came into Narod's new offices at 808 West Hastings and put us into receivership. 

$100 million is about $300 million today. While it may not seem like much, it was a lot of money at the time.

I have jokingly blamed Kelly Heed at Colliers for our receivership since we went under, as he put it, about three minutes after we closed on the $22-million Wright Engineering property he had sold us on Pender Street. In fact the 22% plus interest rates might have also had something to do with it.

Last year was the 40th anniversary of Narod's receivership. I had planned to organize a reunion, but something came up. So this year, I decided to try again and thanks to a good suggestion from former VP-Marketing Roger Moors, yesterday eight of us joined David Mooney in the clubhouse at the Point Grey Golf Club. It seemed only appropriate since golf was such an important part of Narod's corporate culture. Our management meetings often took place at Salishan, La Costa, Pebble Beach and Sudden Valley, and before joining the company, I had to commit to taking up the game!

In attendance, along with David, Roger,  (Roger's wife Sandy who belly-danced at many Narod functions) were Vera Hromada, David's long time executive assistant, Peter Horwood, who managed the Portland Office, Michael Tham, part of the marketing team, Gordon Chow, financial officer, Michael Sung from our construction division, Lee Barter, who did a bit of everything, and me. 

Sadly, some former colleagues were missing since they are no longer alive. They included George Millward, John Brown, Heinz Stuhlmuller, Mel Grebinsky, and Peter Rezonsoff (who along with Tony McGill co-founded ITC Construction). Former President Craig Waddell now living in Scottsdale was unable to attend. Sadly, we were unable to track down many others who we would have liked to have been there.

It is no coincidence that everyone in attendance went on to have a successful career after Narod's demise. David built projects in the States and Vancouver. Roger, often considered the best joke teller in Vancouver's development community, enjoyed success at  United Properties, UBC Theological Precinct and Ledingham McAllister amongst other places. Craig became a successful developer in Arizona. Vera enjoyed careers at Four Seasons and Fairmont Hotels. Peter Horwood left real estate to manage Bridges Restaurant. Michael Sung built pulp mills around the world, Lee Barter did well enough to spend most of his time playing golf at Capilano. Michael Tham has enjoyed considerable success in real estate marketing and development, and kept alive the Narod tradition of enjoying fine wines. We know this since he brought along a very special vintage champagne to the reunion.

One Friday afternoon in 1981 while I was working at Narod, David came into my office to congratulate me. Why? I asked. You've just been elected to the Board of Directors of the Urban Development Institute. How did that happen? I asked. "I just paid them all the outstanding fees we owed."

Through UDI I met Phil Boname, Joe Hossein, John Evans, Lyall Armstong, Ted McLean, Olga Ilich, Jon Wener, and many others. Eventually, I became president of UDI Pacific, and much to the surprise, and disappointment of many, UDI Canada. These were experiences that changed my life, just like my two short, but wonderful years at Narod. That's why I was so pleased to arrange yesterday's reunion for some former colleagues and David Mooney, who gave each of us one hell of an education. All being well, we'll meet up again on March 9, 2028 for the 45th Anniversary of Narod's receivership.