Downtown Real Estate

[Daveography]

Continuing the conversation from the Regional Transit thread, I learned today that DeepMind just took 11,000sqft in First & Jasper, bringing Alphabet's AI company to downtown. I've also heard Jobber is expanding and outgrowing their space in Alberta Block; they are aiming to stay downtown.

 

[Platinum107]

Wow! who knows, we may need another office tower shortly with all these new companies coming in

 

[Daveography]

@Platinum107 It will probably be a long time before we get to that point... but then again, everyone thought that EPCOR tower was going to be last office tower for decades, yet less than 3 years after it finished we got proposals for Enbridge Centre, Edmonton Tower, and Stantec Tower.

 

[KyleBlanchett]

Rumour has it that Oxford Properties has conditionally sold TD Tower, Oxford Tower and Edmonton City Centre Mall. Oxford has been a major player in the downtown office market since the late 1970s.

 

[Daveography]

@KyleBlanchett Not a huge surprise, they've been trying to get out of small markets for some time now, while they focus growth on tier-1 cities.

A little sad, though, when you consider the company started here in Edmonton.

 

[archited]

And Don Love Junior moved to Toronto and took the inherited company headquarters with him.

 

[Daveography]

Sounds like some kind of temporary pop-up or something going into the old GWG/Red Strap building:

Reference ID: Job No 304865220-001
Description: To operate a General Retail Store as a temporary development, and construct interior and exterior alterations (4 new over head doors).
Location: 10305 - 97 STREET NW
Plan ND Blk 10 Lots 35-36
10305 - 97 STREET NW
Plan ND Blk 10 Lots 34-35
10305 - 97 STREET NW
Plan ND Blk 10 Lots 33,A
Applicant: FIVE OAKS INC
Status: Tech Rev - More Info Requested
Create Date: 2/13/2019 8:39:49 AM
Neighbourhood: BOYLE STREET

 

[Daveography]

Oxford nears sale of Edmonton's City Centre Mall, office towers

Oxford Properties Group is close to an agreement to sell a large shopping centre and two office towers in downtown Edmonton in a deal that could fetch more than $30…

edmontonjournal.com

 

[archited]

Good riddance -- since Don Love senior left the company, it is no longer an Edmonton-centric development and real estate wonder.

 

[KyleBlanchett]

Latest on City Centre mall.
- LaSalle Investment Management (based in Chicago) will be the majority stakeholder.
-North American Developments (based in Markham, ON) will manage City Center.
-Canderel (out of Montreal) will manage the office towers.

 

[Daveography]

I mentioned on Twitter that I hope the new owners and managers will want this mall to truly be competitive, unlike Oxford which went out of its way to ensure it would not draw visitors away from Kingsway.

 

[archited]

BTW at last count there were 32 vacant retail spaces in Kingsway not including the Sears disappearance.

 

[Daveography]

Sounds like some kind of temporary pop-up or something going into the old GWG/Red Strap building:

Reference ID: Job No 304865220-001
Description: To operate a General Retail Store as a temporary development, and construct interior and exterior alterations (4 new over head doors).
Location: 10305 - 97 STREET NW
Plan ND Blk 10 Lots 35-36
10305 - 97 STREET NW
Plan ND Blk 10 Lots 34-35
10305 - 97 STREET NW
Plan ND Blk 10 Lots 33,A
Applicant: FIVE OAKS INC
Status: Tech Rev - More Info Requested
Create Date: 2/13/2019 8:39:49 AM
Neighbourhood: BOYLE STREET

Sounds like Dub is in talks with City Market to make a permanent home for them here. Interesting concept! Though I love the 104 Street market, having a year-round purpose-built home for it, just a couple blocks north of its original historical location - is a great idea to me and could really give that area a big boost.

ETA: Taproot Edmonton posted this story just after I heard:

City Market to leave 104th Street

Vacant department store on 97th Street may provide year-round home

www.taprootedmonton.ca

 

[Kaizen]

What a bonus for the Quarters!
I think this would be great for the City Market in the long term. They deserve a permanent, year round home. As the area activates the Markets potential grows.
It will be a bonus for 104th Ave too in a few years as LRT, & Mackenzie wrap up construction and 104th matures...

 

[Daveography]

@Kaizen I agree, a lot of people seem worried about the future of 104, but I think it is mature enough that it can stand on its own now. Time to get The Quarters kicking.