Downtown Real Estate

[IanO]

Reference ID:	Job No 426180522-002
Description:	Alteration of (an) existing building(s), Interior Alteration, Change of Use
Location:	10030 - 107 STREET NW Plan NB Blk 7 Lots 47-53
Applicant:	EDON MANAGEMENT
Status:	Intake Review
Create Date:	3/11/2022 9:30:16 AM
Neighbourhood:	DOWNTOWN

 

[Avenuer]

Reference ID:	Job No 426180522-002
Description:	Alteration of (an) existing building(s), Interior Alteration, Change of Use
Location:	10030 - 107 STREET NW Plan NB Blk 7 Lots 47-53
Applicant:	EDON MANAGEMENT
Status:	Intake Review
Create Date:	3/11/2022 9:30:16 AM
Neighbourhood:	DOWNTOWN

This is just AHS shuffling around some office space.

 

[TAS]

This is just AHS shuffling around some office space.

Thanks for summarizing what these are about- sometimes it's hard to know.

 

[Gronk!]

'Big, beautiful, bold and safe': Downtown developers working on new plan

A group of developers is promising to breathe new life into the core of Alberta's capital city, after a rough two years during the pandemic.

edmonton.ctvnews.ca

 

[CaptainBL]

'Big, beautiful, bold and safe': Downtown developers working on new plan

A group of developers is promising to breathe new life into the core of Alberta's capital city, after a rough two years during the pandemic.

edmonton.ctvnews.ca

Is it just me or did CTV do a very poor job on the details here? I read the article and watched the video and I have no idea who is doing what and how and when. Who are these developers breathing life into downtown and how do they plan to do that?

Does anyone have some actual concrete details on this plan?

 

[MCXavierL]

Is it just me or did CTV do a very poor job on the details here? I read the article and watched the video and I have no idea who is doing what and how and when. Who are these developers breathing life into downtown and how do they plan to do that?

Does anyone have some actual concrete details on this plan?

What do you mean? They plan to get "more bodies to shop in the stores" by getting all hands on deck. They're all in.

 

[soupcrate]

I read the article again. They are talking about the Urban Development Institute that had its AGM on the 17th.
The put out a few releases afterwards: https://www.udiedmonton.com/news

 

[Greenspace]

UDI's new executive director Kalen Anderson was the lead planner on the new City Plan. She is going to probably bring some dowtown focus to some of what UDI does, which is much appreciated.

 

[Avenuer]

These commercial units in the Doubletree are looking rough, but it doesn’t help that they’ve been empty for over 5 years now.

 

[IanO]

A real shame this whole area.

 

[IanO]

Media Release: All in for Downtown
March 17, 2022

Edmonton, Alberta ― Over 160 companies involved in the land development industry in the Edmonton Metropolitan Region are calling for an all-hands-on-deck approach to revitalize Edmonton’s downtown. As part of their newly adopted strategic plan, members of UDI are rallying around downtown vibrancy. This new priority means concentrated advocacy for downtown’s recovery and long-term investment. It also includes stewardship and promotion of new business and residential development opportunities, expanding economic development opportunities, and supporting additional programs and events to attract talent and build a safe and livable community in the core. Over the course of the year, a series of tangible actions will be developed and pursued by UDI and its members.

“Our new strategic plan is focusing on the heartbeat of our big city in a new way,” said Susan Keating, Chair of UDI-Edmonton Metro’s Board of Directors.

UDI-Edmonton Region | News

Timely news and industry updates from the past 30 days.

www.udiedmonton.com

 

[soupcrate]

These commercial units in the Doubletree are looking rough, but it doesn’t help that they’ve been empty for over 5 years now.View attachment 386535

I've never understood why building owners don't just lower their lease rates to fill up vacancies. Is it just to keep paper valuations up?

 

[TAS]

I've never understood why building owners don't just lower their lease rates to fill up vacancies. Is it just to keep paper valuations up?

Rates are decreased or incentives increased for residential rental units and for those that are for sale, sometimes prices are dropped. Certainly for people selling their downtown condos, prices have had to drop.

But those who lease commercial units can maybe shed some light? Is it a tax write off or something?

 

[kcantor]

I've never understood why building owners don't just lower their lease rates to fill up vacancies. Is it just to keep paper valuations up?

sometimes it's more than that...

i can tell you for a fact that for at least the last couple of years there has been virtually no demand and with no real demand the rates in fact don't matter.

it might be slightly different when you're talking about improved spaces but when the tenant can't afford to improve the space and can't borrow enough to improve the space, the landlord acting as a bank of last resort just to see it occupied is simply throwing good money after bad even if you do have it.

as landlord's, we work in the market but we really don't get to set the market as much as that would be nice.

 

[soupcrate]

sometimes it's more than that...

i can tell you for a fact that for at least the last couple of years there has been virtually no demand and with no real demand the rates in fact don't matter.

I suppose that make sense, but demand is determined in part by price. I'm sure there's some price point at which the units would start to fill out, and I doubt it would be so low that the owner would actually be losing money by taking a tenant on (vs keeping the space empty).

it might be slightly different when you're talking about improved spaces but when the tenant can't afford to improve the space and can't borrow enough to improve the space, the landlord acting as a bank of last resort just to see it occupied is simply throwing good money after bad even if you do have it.

What do you mean by improved space? Like hooked up for a kitchen etc for restaurant uses? But yeah, I definitely can't fault owners for not lending to potential tenants that don't have enough start up capital.