Downtown Real Estate

[ChazYEG]

Downtown Edmonton building sold, slated for residential redevelopment

With its development permit already secured, Josan Properties will be pumping $22 million into the redevelopment project.

edmontonjournal.com

LoL, I came here to share the same article

 

[Greenspace]

This part is pretty notable:

Yes, they told Council that they planned to go ahead regardless of an incentive being approved. They said $25/sq. ft. would be helpful but not entirely necessary. But that's only one project of half a dozen that can't go ahead.

 

[MacLac]

Gonna see a lot pieces fall as the article states, “monies will only be provided once an occupancy permit is provided.” Yikes! I guarantee we’ll see a ton more articles touting the failure of YYC’s plan as a ton more of these “conversions” get stuck in limbo. Now YYC will have a dozen scrambled eggs on their face when the smoke clears…..it was always “too good to be true” type of stories. I know Ian will disagree as he is a staunch YYC supporter….but……

 

[TAS]

LoL, I came here to share the same article

Kudos to the city on this:

"Wosnack (of Avison Young) praised the city’s speed in getting the development permit sorted. In other major cities, he said, the process is significantly longer.

“If you were to build a new residential tower in Toronto, it’s three years to get a development permit,” said Wosnack, adding that it could be 18 months in Vancouver.

We've definitely heard from developers that time is money and if the city continues to perform well in this regard, that is a plus for making development a bit more financially viable in Edmonton.

 

[David A]

This building probably ticks a lot of the boxes for a successful conversion, but kudos to the developer for having the vision to go ahead with this at a time some others may have hesitated.

Also, if the city can help this move along quickly, that is good news too.

 

[Kosy123]

https://edmontonjournal.com/business/local-business/downtowns-edmonton-house-bought-for-51-million

Leston intends to keep all 320 residential units, with renovations as needed, and will refresh the exterior, converting some of the remaining office space to new residential units

This seems like good news! A little bit more residential units downtown and an exterior refresh!

 

[Gus Haynes]

I didn't realize that building even had office space in it!

 

[northlands]

https://edmontonjournal.com/business/local-business/downtowns-edmonton-house-bought-for-51-million



This seems like good news! A little bit more residential units downtown and an exterior refresh!

Love the bit of the history on the building included:

"Edmonton House has had a rich history since it was built, in all senses of the word. The building was the brain child of Jean de La Bruyère and Sandy Mactaggart of MacLab Enterprises Ltd. MacLab and Standard Life Assurance Company Ltd. put up the nearly $7 million to construct the original building in 1971. At the time, de La Bruyère and Mactaggart were shooting for a luxury space."

 

[ChazYEG]

Love the bit of the history on the building included:

"Edmonton House has had a rich history since it was built, in all senses of the word. The building was the brain child of Jean de La Bruyère and Sandy Mactaggart of MacLab Enterprises Ltd. MacLab and Standard Life Assurance Company Ltd. put up the nearly $7 million to construct the original building in 1971. At the time, de La Bruyère and Mactaggart were shooting for a luxury space."

The one curious thing for me is why the MacLab group would sell it, considering the history and all. Maybe they're gearing up for some new projects?

 

[David A]

Edmonton's home market poised for banner prices​

MSN

I recently spoke to someone selling one of those affordable homes, there were multiple offers and they got more than they expected, above their asking price.

 

[thommyjo]

The one curious thing for me is why the MacLab group would sell it, considering the history and all. Maybe they're gearing up for some new projects?

Hopefully MWTC or Parks phase 2?

Still hoping this building gets a strong facade lift. The potential for massive art is huge. I’ve mentioned before, but something like this project in Vancouver would be cool.

 

[_urbanite]

I didn't realize that building even had office space in it!

Hertz had a location in that space for a few years

 

[bodsbods9090]

Edmonton's home market poised for banner prices​

MSN

I recently spoke to someone selling one of those affordable homes, there were multiple offers and they got more than they expected, above their asking price.

Yup!

If we wanted to sell our home today we could make well over 100k over what we bought it for, maybe more.

 

[Gronk!]

City could inherit Citadel building's maintenance and renewal costs

The Citadel Theatre's lease, signed with the city in 1974, is up for renewal as of September, and a proposed new agreement could see the costs to maintain and renew the venerable arts institution's building transferred to the City of Edmonton.

edmonton.taproot.news

 

[Munanyo]

Edmonton's home market poised for banner prices​

MSN

I recently spoke to someone selling one of those affordable homes, there were multiple offers and they got more than they expected, above their asking price.

I'm in the market for a home in that price range noted in that article and can confirm it's insane out there. I've already been outbid twice (both those times, the accepted offers came with no conditions). Not sure if these are investors or panic buyers.