Downtown Real Estate

[roe_]

That's the rational whenever I've pushed one of the councilors about it. Honestly, I think its bullsh*t. Digging up a paved lot is not going to be the breaking point to stop a development.

I agree. I don't think paving will make parking lots last longer -- in fact, it seems to me that it will do exactly the opposite. In addition to being a time limited permit, the added requirements will make the return on investment for the owner worse over time. Rather than a gravel lot with little if any maintenance or services, owners would be required to pave, light and maintain lots going forward, which would reduce their return on their investment going forward.

If you are looking at it from a purely profit motive, it will make owners look more closely at how their capital is deployed and whether there are better (and more profitable) uses of a property than parking. Some might sit on a property with little to no profit, but other will come to a point where it is less costly to develop the property than continue to meet the new permitting requirements.

 

[TAS]

Strategic has done a couple of office conversions in Edmonton - on 108 and 111 streets.

Their latest project in Calgary, though, has doubled in cost from $55million to $115 million. A major contractor wasn't getting paid, also.

Cost of Barron Building conversion doubles as engineering issues plague construction

Construction will restart this fall after major issues were discovered during initial construction, said CEO Riaz Mamdani

calgaryherald.com

I wonder, even with some financial incentives, how these developers are managing with costs doubling on some projects.

 

[IanO]

And others proceeding or even nearing occupancy.

 

[MacLac]

Those were the good ol days Ian for YYC. You watch the narrative spin to something like, “YYC was lucky enough to get all these conversions done before reno costs spiked.”

The sky has falling for them on this way to bump down their office vacancy rates. It was all a scheme by their municipal leaders to lower that magical number below 30%.

 

[David A]

I suppose if you have a downtown with very few or no spaces remaining to develop, conversions may make more sense but it probably still varies on a case to case basis.

If you an abundance of surface parking lots nearby, just use that land for residential development instead. It shouldn't be a way for taxpayers to bail out unfortunate old office building owners.

 

[IanO]

Those were the good ol days Ian for YYC. You watch the narrative spin to something like, “YYC was lucky enough to get all these conversions done before reno costs spiked.”

The sky has falling for them on this way to bump down their office vacancy rates. It was all a scheme by their municipal leaders to lower that magical number below 30%.

Not sure that I fully agree as some of the projects are folks we connect with on the regular.

Conversions certainly have far more risk, unknowns and potential for significant cost increases, but there are multiple examples of projects still moving forward and being delivered.

 

[Gronk!]

This podium space on 103 St is still going begging.

 

[thommyjo]

This podium space on 103 St is still going begging.

View attachment 589712

Anyone known if 103st is getting redone sometime? This spot getting a great restaurant would be amazing.

With the ice district now, I’d love to see the stretch given more love. So many people use it to access rogers. Couple new condos have helped, LRT will help a bit more. We need CC Mall west rebuilt badly and then more trees, planters, and redone sidewalks/road.

 

[northlands]

103 st is such a tragedy the way the west side is quite charming, but the entire east side of the street from Jasper to 103 ave has absolutely zero interaction or activation with the street. It's nothing but imposing walls, vinyl covered windows, and parkade portals.

 

[IanO]

^which many cities have in some areas/stretches so let's focus on the west side and make it great.

 

[IanO]

This podium space on 103 St is still going begging.

View attachment 589712

Always thought that this space would be IDEAL for a Deville coffee given the tenants/demo and look/feel.

 

[Greenspace]

I'd like to see 103 Street get some love, maybe some strategic lighting. But for major streetscaping please wait until the LRT is done or those restaurants won't survive.

 

[David A]

Edmonton's apartment-style condos are ripe for investment​

MSN

In addition to much lower prices and also unlike the bigger, more expensive cities, not many new condos being built here now. So when there is little or no change in supply and some increase in demand, you know what will eventually happen.

 

[Gronk!]

 

[SimonCo]

In addition to much lower prices and also unlike the bigger, more expensive cities, not many new condos being built here now. So when there is little or no change in supply and some increase in demand, you know what will eventually happen.​

I've been saying this for a couple of years now. There's hardly any new condos being built. The few that are being finished are turned into rentals, like the Falcon. Once a condo is a rental, it will be a rental forever. There's been a surplus for a few years of luxury condos, thanks to the completions pre-covid of huge major downtown projects like Fox, Ultima, Encore, Legends and Stantec, but that inventory is starting to dry up and there's literally nothing else in the pipes. Definitely worth keeping an eye on.