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

[northlands]

Isn't half the point of this website to ruminate on hearsay?

 

[itom987]

There will always be some bad news mixed with the good news. Those who are complaining need to smarten-up.

 

[archited]

Isn't half the point of this website to ruminate on hearsay?

Maybe on April Fools Day... otherwise the whole discussion goes off the rails and becomes entirely meaningless.

 

[IanO]

Only when you comment on the 80 storey

Otherwise there are many informed, connected and industry people on this site who regularly share, contribute and provide advanced notice of this or that.

 

[archited]

^^^^ At least I am not afraid or reluctant to source my information.

 

[IanO]

Pretty sure I shared at least one source.

 

[Clearshades]

Isn't half the point of this website to ruminate on hearsay?

Absolutely which is why we take it with a grain of salt as hearsay.

 

[cmd uw]

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).

 

[Clearshades]

Kind of weird to propose projects on something one has not procured.

 

[IanO]

Happens all the time.

 

[itom987]

I bet it is extremely frustrating for everyone involved, can't you guys put a little more effort into finding a solution?

 

[cmd uw]

Kind of weird to propose projects on something one has not procured.

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.

 

[David A]

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).

Oh, that maybe explains it. Aren't they Vancouver based? If so, they may not be thinking prices in the same universe as us.

 

[strata]

Edmonton based, they just have Vancouver projects as well

 

[archited]

Edgar has offices in both cities.