Army & Navy Redevelopment | ?m | 6s | Edgar

What do you think of this project?

  • Total voters
    32
This project was contingent on getting a deal finalized with the owner of the Army & Navy building (and anyone in the real estate game in this town knows they aren't the easiest of owners to deal with). Ultimately there was a price in their mind that they (Edgar) couldn't justify given today's risks and realities (rising rates, increased costs, etc).
 
I bet it is extremely frustrating for everyone involved, can't you guys put a little more effort into finding a solution?
 
Clearshades said:
Kind of weird to propose projects on something one has not procured.
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Depends on how the deal is set up. It's not unusual to have a sale tied to rezoning or planning approvals. If the purchaser through their due diligence period can't make the project work they can back out (if the purchase contract allows for such provisions). At the end of the day the numbers have to make sense. And even if you've spent money along the way (which you do), it's sometimes just the cost of doing business.
 
cmd uw said:
This project was contingent on getting a deal finalized with the owner of the Army & Navy building (and anyone in the real estate game in this town knows they aren't the easiest of owners to deal with). Ultimately there was a price in their mind that they (Edgar) couldn't justify given today's risks and realities (rising rates, increased costs, etc).
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Oh, that maybe explains it. Aren't they Vancouver based? If so, they may not be thinking prices in the same universe as us.
 
All "bricks and mortar" stores permanently closed in 2020...
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Army & Navy Dept Stores

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