The Jameson | 53.95m | 17s | Open Sky | Acton Ostry

[IanO]

Saleable, not buildable.

 

[SMayo]

similar builds are going up in the neighborhood and its a desirable part of town with demand, makes me wonder why they can't get any movement going on that pit.

 

[IanO]

Those appear to all be purpose built rentals, not condos.

 

[Vacs]

'while construction costs have skyrocketed in the meantime?'

According to Statscan, construction costs in Edmonton have decreased 1.2% y/y and were up ~53% since 2020 and not much different than the rest of Canada.

HOWEVER, market $/sqft that's achievable has gone from over $400sqft to $300-325.

(https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810027601&pickMembers[0]=2.1&pickMembers[1]=3.1&cubeTimeFrame.startMonth=04&cubeTimeFrame.startYear=2020&cubeTimeFrame.endMonth=04&cubeTimeFrame.endYear=2023&referencePeriods=20200401,20230401)

$300-325 is not possible in the current market

 

[northlands]

Those appear to all be purpose built rentals, not condos.

This one is also purpose built rental, no?

 

[IanO]

I thought that it started out as condos, but then maybe converted?

 

[northlands]

I thought that it started out as condos, but then maybe converted?

Not sure... been rental since it broke ground

"The Jameson may be one of the latest purpose-built rental projects to get underway in Edmonton in recent months, but the 140-unit concrete project aims to stand out from the pack by being more than just a place to rent."

New Oliver development among slate of new rental offerings for urban professionals

Amenities include gyms, rooftops patios, lounges, communal kitchens and shared work spaces

edmontonjournal.com

 

[strata]

I was just walking by at 5pm as the sign was being updated from 2024 to 2025.

I said to the guy, "so it's going ahead?"

He said, Apparently, but I'm just the sign guy."

Close enough confirmation for me!

View attachment 493678

I will call your 2025 and raise you to a 2026

 

[northlands]

^ had to get it updated for the tour

 

[cmd uw]

^Exactly. I honestly don't know how in the hell they will make any money on this.

 

[TAS]

I will call your 2025 and raise you to a 2026

View attachment 511190

Well they are keeping that sign guy busy at least.

 

[SMayo]

Would the owners of this site face any sort of penalties or tax implications for leaving the lot as a giant pit for over a year? It really seems like something that shouldn't be consequence free.

 

[TAS]

This is one of the projects that qualified for the tax incentive. I wonder if they still receive the benefit.

 

[SMayo]

This is one of the projects that qualified for the tax incentive. I wonder if they still receive the benefit.

the incentive they should be getting is "either fix it, build it, or face massive taxes"

 

[thommyjo]

Jameson tour from UDI walk yesterday.

Sounds like a big family focus for this tower which is interesting. 7 townhomes, indoor kids play area, plus rooftop playground. And resident garden on top too.

3 townhomes will face the alley that they really want to activate. They’ll be paving the whole alley to the east to abbey lane homes area. Which I’ll be nice for accessing Paul Kane park likely. North of this site is another high rise, so they’re hoping that project also builds into the alley a bit to make it better than a normal one. Plan is to have a massive mural on the back alley too.

2 CRUs that they’re hoping to get high quality food and beverage tenants in.

Open sky, along with others on the tour, really credit Oliver exchange for what it started in this area.