The Parks | 146.91m | 45s | 35s | 13s | Pangman | Hariri Pontarini

What do you think of this project?

  • I like it a lot

    Votes: 74 79.6%

  • I like it

    Votes: 13 14.0%

  • I neither like nor dislike it

    Votes: 6 6.5%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    93
Kosy123 said:
The Parks is also the last of the four residential projects that brought over 1000 units into the market in the last 12 months, so that probably plays a part.

I don’t think we’ve had a moment in a while where downtown got that many units dumped into it in a short period of time, along with new competing projects west of 109 St too.
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I don't think we will see all that much tall development for a few years because of this. Edmonton is still a no go for many of the large REIT developers.
 
Garceyues said:
30% leasing does not seem bad considering that move-in only started like 3 months ago or so.
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I would assume it's slower then expected given comparables in the downtown area.

Developers want to clear off WIP cash as quickly as possible to make the asset a tangible sale to investment firms and of course to have some positive cash flow to secure loans for the next one.
 
The Parks also has like 363 units, the highest compared to the rest of the new downtown projects that range from 234 (Falcon) to 285 (Switch).

So 30% of 360 = 108.9/109 units. That's more than the Phipps-McKinnnon conversion (100 units) for comparison.
 
thommyjo said:
In 3 months I'd be surprised if they weren't 70%+ as back to school/fall shifts happen. Nothing new coming online in the year either for DT, right? The Parks caught the end of a handful of big new projects finishing.
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It sounds like Ian is attempting to downplay the popularity of Parks so that his company can benefit.....all good...don't blame him one bit, since he will have 4 new buildings to fill downtown....
 
MacLac said:
It sounds like Ian is attempting to downplay the popularity of Parks so that his company can benefit.....all good...don't blame him one bit, since he will have 4 new buildings to fill downtown....
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Not at all and let me be VERY clear about that. I like the project and have promoted it on some LinkedIn posts.

I'm simply reporting what I am hearing across the central market.

We benefit if they do well; stronger together.
 
thommyjo said:
In 3 months I'd be surprised if they weren't 70%+ as back to school/fall shifts happen. Nothing new coming online in the year either for DT, right? The Parks caught the end of a handful of big new projects finishing.
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Yup. The only thing I can think of opening this year is Phipps-Mckinnon but that's only 100 units in total. I don't think we're getting anything new till next year with Lotus Park from Westrich downtown at least.

We're probably going to be faced with an availability crunch downtown next year based on how fast units are renting out, and then we might get a scramble to build either from people who want to beat Ice District 2 or to compete with it.
IanO said:
Not at all and let me be VERY clear about that. I like the project and have promoted it on some LinkedIn posts.

I'm simply reporting what I am hearing across the central market.

We benefit if they do well; stronger together.
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The rules of economic agglomeration always apply. The more units, the more people, more services to cater them, more employment opportunities to come and the more momentum.
 
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