Connect Centre | 56.3m | 16s | ONE Properties | DIALOG

[ChazYEG]

Doubtful.

'Tim Shipton, spokesperson for the ICE District, tells CTV News Edmonton that the city grant is just one factor that would be considered when deciding whether to begin construction on the tower this year.'

Emphasis on ONE.

You don't start a project like this because of some tax relief during construction.

Why would they even bother asking to be eligible if they don't have plans to make use of it? Just doesn't make absolutely NO SENSE.
I do believe we wont be seeing it go up until the podium is done and occupied by it's major tenants, but I won't be surprised if we see it starting to climb this year, still.

 

[TAS]

And if they don't start construction this year, is it very likely they would start next year? They would be leaving a fair amount of money on the table by waiting another year which could signify if they don't start this year it could be a few years out before starting.

Is there something in this city incentive to ensure a developer doesn't start construction in 2021 to receive the tax relief but then construction stops shortly after for an unknown amount of time? That has certainly happened before for various reasons on some projects.

 

[David A]

It sounds like the grant has attracted some interest here, but not necessarily any commitment yet. I wouldn't hold my breath on this one, but I suppose you never know.

It would be good to see this tower finally move ahead ... and if they could also fill that spot where the old casino used to be, that would nicely complete this part of the ICE District.

 

[bodsbods9090]

And yet someone did solicit the City to ask for a variance to include towers above podiums... I wonder who that might have been?

Daryl looking for $$$/savings anywhere he can find it

 

[ChazYEG]

It sounds like the grant has attracted some interest here, but not necessarily any commitment yet. I wouldn't hold my breath on this one, but I suppose you never know.

It would be good to see this tower finally move ahead ... and if they could also fill that spot where the old casino used to be, that would nicely complete this part of the ICE District.

The old Casino site is part of the Phase 2, which we might never see in our lifetimes, but I agree.
I would also love to see the defunct "Edmontonian" rise back from the grave and fill the site just north of Epcor Tower, but the chances of this happening are below zero.

 

[MattPT]

“Edmonton Mayor Don Iveson says every tower that goes up in the city's downtown will generate up to $7 million in annual property tax revenue, once residents move in.”

Is this a miss quote or something? How’s 7 mil for one res tower even possible? Unless it’s like 4-5000 units lol

 

[ChazYEG]

“Edmonton Mayor Don Iveson says every tower that goes up in the city's downtown will generate up to $7 million in annual property tax revenue, once residents move in.”

Is this a miss quote or something? How’s 7 mil for one res tower even possible? Unless it’s like 4-5000 units lol

It would actually be something between 1500 and 2000 units (considering an average annual tax property of $3500, which is about what you'd pay for a 1200 sq.ft. condo in Oliver, for example), which is still a lot. I'm assuming they're also counting that this "up to" 7mil includes the CRUs and this stuff. Also, it doesn't mean that every one of them will generate such, just the potential.

 

[IanO]

Why would they even bother asking to be eligible if they don't have plans to make use of it? Just doesn't make absolutely NO SENSE.
I do believe we wont be seeing it go up until the podium is done and occupied by it's major tenants, but I won't be surprised if we see it starting to climb this year, still.

You miss 100 percent of the shots you never take.
- Wayne Gretzky

 

[archited]

^^^^ and a pail that is half-full is also half-empty and Chinese care little about the price of tea outside of China.

 

[Glenco]

Exactly this.
Keep in mind this tax break has been in the works and yet the tower crane was still removed from site recently, this isn't an overnight process.
I don't expect any boots on the ground for the tower portion in the next year.

The contractor who ever it is will want to bring in their own crane subcontractor so the removal of the old crane is of no significance.

 

[IanO]

For the record, I hope this tower proceeds and brings more of a complete feel to the District, adds much needed density to the area and provides hundreds of direct and indirect jobs to the area.

 

[thommyjo]

Idk how property tax works on condos, but for our 500k house, its about 5k a year. Seeing as most new condos would be 400k and up, if there are 300-700 units, avg price of 600k, isn't that 2-4mil?

Id imagine Legends is pulling upwards of 4mil

 

[cliffapotamus]

the mill rate on commercial property is double that of residential. office and retail are cash cows for taxes.

 

[ChazYEG]

Idk how property tax works on condos, but for our 500k house, its about 5k a year. Seeing as most new condos would be 400k and up, if there are 300-700 units, avg price of 600k, isn't that 2-4mil?

Id imagine Legends is pulling upwards of 4mil

For the 600k 2 bdrn condo a friend just bought on Jasper and 119 st, it is about 7k a year, I imagine most of the new buildings closer to the core are within the same range or upwards of this, so for 300~700 units, with some penthouses and larger units (3 bdrm, for example), I can see things going up to 5mil, but I agree that probably Legends, maybe Sky Residences, would push to the 7 mil.

 

[thommyjo]

I wonder if 7mil is at maximum zoning heights? What is that? 80 stories? Or was that that just quarters area