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Edmonton City Centre Mall (Renovations) | ?m | 2s | LaSalle Investment Management

cmd uw said:
Contrary to your remarks the only valuable part of the mall are the office buildings believe it or not and the parkade(s). These towers have performed fairly well and continue to maintain a decent occupancy ~ 80%+.

Demand for downtown residential is also fine as new product is being leased up and newer buildings continue to see strong demand and lower vacancies versus dated product. Westrich has an aggressive pipeline of projects that are u/c and proposed which will add a fair amount of density in the Warehouse/Education District (106 to 108 Streets, Jasper to 102 Avenue). I expect to see Autograph push to start their Shift 2.0 within the next several months, keep an eye on Parks Phase 2, and the old Healy Ford site is being rezoned right now.

Retail is generally soft and has been for awhile. Until we see more companies start to get people back into the office (a trend that has recently picking up) and more residents living in the downtown core I expect demand to continue to be soft with some pockets (good corners) performing better than others. Keep in mind this is for the core area only. Wikhwentowin is different given that it has a decent amount of density and is growing.
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Actually, I didn't say anything about the current value of the office buildings or parkades in my comment you responded to. However, with around 20% vacancy downtown I doubt the case currently exists for spending much money to convert the mall retail space into even more office space and I don't see the main or second level of the mall of the mall being turned into a parkade either.

Yes, although weaker than other parts of the city, there is some residential demand in other areas of downtown, but not in this particular area now. I suppose the main or second level of the mall could be converted to that, but that would involve considerable cost and even if that was done the layout of the space is really not well suited for that.

Sorry that's reality.
 
cmd uw said:
Contrary to your remarks the only valuable part of the mall are the office buildings believe it or not and the parkade(s). These towers have performed fairly well and continue to maintain a decent occupancy ~ 80%+.

Demand for downtown residential is also fine as new product is being leased up and newer buildings continue to see strong demand and lower vacancies versus dated product. Westrich has an aggressive pipeline of projects that are u/c and proposed which will add a fair amount of density in the Warehouse/Education District (106 to 108 Streets, Jasper to 102 Avenue). I expect to see Autograph push to start their Shift 2.0 within the next several months, keep an eye on Parks Phase 2, and the old Healy Ford site is being rezoned right now.

Retail is generally soft and has been for awhile. Until we see more companies start to get people back into the office (a trend that has recently picking up) and more residents living in the downtown core I expect demand to continue to be soft with some pockets (good corners) performing better than others. Keep in mind this is for the core area only. Wikhwentowin is different given that it has a decent amount of density and is growing.
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My company was offered great lease incentives in the Telus building. However half the office threatened to quit because parking sucks and nobody wants to deal with all the crime downtown, so we ended up moving to a office in suburbs.
 
ChazYEG said:
The worst part of hearing this is that it isn't nearly as bad as public perception.
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I’m half expecting being robbed by armed gunmen based on public perception of downtown crime tbh

Then I realize the closest I’ve ever felt to fearing for my life downtown is almost getting hit while riding a bike lol
 
Kosy123 said:
I’m half expecting being robbed by armed gunmen based on public perception of downtown crime tbh

Then I realize the closest I’ve ever felt to fearing for my life downtown is almost getting hit while riding a bike lol
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Exactly. If we guide ourselves by public perception you'd think Edmonton is on par with Tijuana and purge rules apply to Downtown.

Coming from someone who has actually been robber at gunpoint several times in life, I never EVER felt at risk from that in Edmonton.
 
ChazYEG said:
Exactly. If we guide ourselves by public perception you'd think Edmonton is on par with Tijuana and purge rules apply to Downtown.

Coming from someone who has actually been robber at gunpoint several times in life, I never EVER felt at risk from that in Edmonton.
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What are you saying, Downtown Sao Paulo is more dangerous than Churchill Square? BLASPHEMOUS
 
constance_chlore said:
I do often wonder why the misfortunes that seem to befall so many others in downtown never really seem to happen to me, even though I'm completely reckless about e.g. walking through McCauley at 2 AM.
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Even McCauley ain't that bad - the only iffy spots would be in front of either Hope Mission building or 96 St. from the LRT tracks to 107 Ave.
 
constance_chlore said:
I do often wonder why the misfortunes that seem to befall so many others in downtown never really seem to happen to me, even though I'm completely reckless about e.g. walking through McCauley at 2 AM.
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There is a some randomness to crime, for instance home invasions and shootings have happened in nicer neighbourhoods in Edmonton too.

It seems when something serious happens downtown it just reinforces perceptions about it being unsafe, but when it happens in a more suburban area it is seen more as an isolated or random thing.
 
David A said:
There is a some randomness to crime, for instance home invasions and shootings have happened in nicer neighbourhoods in Edmonton too.

It seems when something serious happens downtown it just reinforces perceptions about it being unsafe, but when it happens in a more suburban area it is seen more as an isolated or random thing.
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That is definitely part of it, I would add that people also conflate discomfort with being unsafe. Seeing so many street involved folks and the mess they make is deeply unsettling and feels unsafe, even if almost all of them are no threat. Furthering that perception most people will tell you that small cities like Red Deer and Lethbridge have lower crime rates than Edmonton but that is categorically untrue: https://dailyhive.com/edmonton/alberta-city-highest-crime-rate-canadian-metros

Humans are notoriously bad at accurately gauging risk with common examples being people feel safer driving than flying even though driving is massively more risky, or how sexual assault fears focus on "stranger danger" even though the biggest risk is family and friends.
 
It's really all about perception though, isn't it? Doesn't matter what the actual stats are, people choose where they want to be based on their own biased perceptions. And how do we change that????? That's the big question.

I have the suspicion that there is also more to it; using 'crime' as a factor is more like a scapegoat or the final blow to a decision that gets all the attention. I think people have a list of things they don't like about downtown, they've already created a negative opinion. Then they hear of one mugging and its like... 'yup, nope, never going downtown for anything'.

For me personally, I don't feel unsafe but I am disgusted with passing by people shooting up or smoking glass pipes in broad daylight, not even hiding it. I don't want to see it, I don't want to be near it, and it puts me in a negative mindset. So I can see why people don't want to go downtown for work or events.
 
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