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Downtown Real Estate

I'm not a lawyer either. It seems to me HBC has set out a number of reasons to justify or support what it did, but I doubt they have much grounds under the lease agreement they were a party too.

HBC has tried this sort strategy elsewhere and it hasn't worked, so unless this situation or the law in Alberta is considerably different, I suspect it will not work here either.

 
Just received this email from the City:

For Sale - Multifamily Land Downtown
9835 103 Street NW - Asking $2,800,000
Looking to develop in Downtown Edmonton? No need to look further! This great lot just off Bellamy Hill will offer future residents sweeping River Valley views. This 22,325 sq ft corner site has one-of-a-kind access to both the Downtown core and the breathtaking River Valley. Jasper Avenue is less than a 10-minute walk away, providing future residents great access to world-class dining, entertainment and convenient amenities such as Edmonton's LRT transit system. Also just steps away, lies the North Saskatchewan River Valley-the largest urban park in Canada with access to more than 160km of maintained trails and 20 major parks.
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In order to give all interested buyers an equal opportunity, all submissions received will be held until 4:00 p.m. on August 31, 2021. After that time, the City will contact the applicant(s) which the City selects, to further negotiate and formalize a Sale Agreement.
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For more details on this property listing, please open this link Downtown - Listing.
 
More details about the Canada Permanent Building.

Major Development Permit
Reference Id:Job No 384675309-002
Description:To construct exterior alterations to a multi-use commercial building and operate a restaurant on the main and 2nd floor and a General Retail Store on the 3rd floor.
Location:10126 - 100 STREET NW
Plan F Lots 31-32
Applicant:CHANDOS CONSTRUCTION LTD
Status:Issued
Create Date:2021/01/25
Neighbourhood:DOWNTOWN
Issue Date:2021/04/09
Class Of Permit:Class B
Notification Start Date:2021/04/15
Notification End Date:2021/05/06

Building permit:

Permit Date
Jul 29, 2021
Permit Type
Commercial Final
Description
To construct exterior and interior alterations to a commercial mixed building, ''Canada Permanent Building''. Renovation - Creating a multi-tenant CRU building - SHELL ONLY. 0 Washrooms, 3 new Roof Top Units on existing curbs.
Address
10126 - 100 STREET NW
 
For comparison.

Downtown Calgary Development Incentive Program

Qualifications
The following criteria must be met to be considered for the Downtown Calgary Development Incentive Program:

Elimination/removal of office space
Conversion of office space to residential space
The property is located within the Greater Downtown Plan area, with priority placed on property within the Downtown Core (see map)
The applicant is the property owner or their designated agent, or the applicant provides authorization from the property owner that is satisfactory to The City
Evidence of project financing
Track record of the applicant
experience of projects of similar scope and size
demonstration of local project management, supervision and execution resources
applicant details including age and type of entity/corporation, and proof of good standing with respect to annual filings, corporate standing and financial capacity

Grant details
The program is offering a grant for office to residential conversions of $75 per square foot, based on the original gross building area of existing office space that will be converted.

The grant will be up to a maximum of $10 million per property unless City Council approves a greater amount for a particular application.

https://www.calgary.ca/pda/pd/downt...ive-program.html?redirect=/downtownincentives
 
Fair enough Ian but get these #’s of YYC’s DT…..Nexen building is rumoured to be completely empty…..with Nexen aka CNOOC taking 180,000 sq/ft in the Bow only! The Bow has completely lost ALL of Cenovus leaving only Ovintiv’s 300 employees spread across 814,000 sw/ft. So when Suttles comes up to renew office space there next year….I’m sure he’ll be down to a floor or two….Shell only have 500 employees spread across their 3 building complex. The soon to be empty Husky towers…..and BP only has 8 staff in their own BP tower, Devon Tower is 60% empty when Devon packed up and left town. In other words, they are way more desperate then we are….so ergo
 
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You can download the full report via the IDA website and this link.
 
Fair enough Ian but get these #’s of YYC’s DT…..Nexen building is rumoured to be completely empty…..with Nexen aka CNOOC taking 180,000 sq/ft in the Bow only! The Bow has completely lost ALL of Cenovus leaving only Ovintiv’s 300 employees spread across 814,000 sw/ft. So when Suttles comes up to renew office space there next year….I’m sure he’ll be down to a floor or two….Shell only have 500 employees spread across their 3 building complex. The soon to be empty Husky towers…..and BP only has 8 staff in their own BP tower, Devon Tower is 60% empty when Devon packed up and left town. In other words, they are way more desperate then we are….so ergo
That's why we need to understand the full picture before trying to compare what YYC and YEG are doing. Calgary has a much, much larger mountain to climb.
 
Conversion candidate?

Highfield Place
10010 106 Street NW
Total Vacancy: 108,853
Overall Vacancy Rate: 100%
Headlease Vacancy: 100%
Sublease Vacancy: 0.0%
Quarterly Change: No change
 
Conversion candidate?

Highfield Place
10010 106 Street NW
Total Vacancy: 108,853
Overall Vacancy Rate: 100%
Headlease Vacancy: 100%
Sublease Vacancy: 0.0%
Quarterly Change: No change
Can balconies be installed or perhaps the glass pulled back to allow recessed balcony? Even for rentals people want some way to have fresh air. I recall drinking in the bar there - iirc there several that occupied it over the years like Jekyll and Hyde. Before then, I think a comedy club and a disco at one time. I may be wrong on those but that is what my memory is telling me - also an Italian Restaurant. I never worked in that building so have no clue what the floor plates are like or ceiling height. Pity it is empty. Who owns it?
 
May I assume that the City University of Seattle is no longer at Highfield? I haven't been paying attention when I zip by.
 
As much as I dislike Amazon, this could be attractive for Downtown.

 
The 2 big Orange blocks across from the Coast Plaza on 106th st….is that the Shift towers? Don’t see Westrich’s 40 storey?
 

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