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

[scyeg]

The question I'm dreading—Does ID fill its remaining CRUs with some good retail/food/nightlife options, complete the food court and have a finished feeling to it before Calgary's new arena district does?

 

[Gronk!]

Main question I got is what's going to end up replacing CIBC at their old location. It's a pretty prominent corner of downtown.

This would make a good pub during the day and a nightclub/live venue at night.

 

[IanO]

As that CIBC is my home branch, I am not pleased as it is important to have these along our most prominent Ave and it's far more convenient than going to ICE each time.

 

[Gus Haynes]

^Contact FCAC! STOP THE STEAL!

 

[David A]

As that CIBC is my home branch, I am not pleased as it is important to have these along our most prominent Ave and it's far more convenient than going to ICE each time.

Yes, what is it with the banks lemming like approach to go move here? It is really not a better location for many customers.

Some years ago, CIBC spent a lot of money to fix up that branch and historic building, it is actually quite nice and decent now. No need to move.

 

[archited]

^ Banks these days view location as giant billboards -- success breeds competition for more of the same. The landlord could have been more creative in attracting better street-worthy uses rather than another pedestrian-traffic--killing bank.

 

[David A]

If they want a friggin' billboard, then just put one up. It is a heck of a lot easier and cheaper than moving a branch.

 

[JMatt88]

Yay to capitalism and banks! hah

Exactly why carrots can’t always work imo

For those wanting to learn more, this is a helpful read: https://www.strongtowns.org/journal...efronts-8-reasons-for-empty-commercial-spaces

Or this discussion on reddit has a number of sources summarized too:

https://www.reddit.com/r/slatestarcodex/comments/ttnxkv/comment/i64046q

 

[David A]

Yay to capitalism and banks! hah

I'm sorry, but the rent collected on and the multiple of an empty space is ZERO!! Yes, I realize this is how they do it, but the emperor has no clothes here and is why I am calling it out.

I understand space can be vacant for a while, but when it becomes years, the market is trying to tell you the rate you using is not realistic. For banks and landlords to pretend otherwise reduces the properties cash flow and long term viability.

 

[kcantor]

 

[archited]

So they are selling this block -- I guess that puts short term development of the tower on hold at least until a buyer is in hand. I wonder if the land on 104th Street is also part of the package. I also wonder if the sale impends development of ICE II.

 

[thommyjo]

Selling before banquet and icehouse go under?

 

[Gronk!]

Selling before banquet and icehouse are replaced by more banks?

FTFY!

 

[Friendmonton]

It would be a shame if this delays the tower yet again. I feel like that was the achilles heel of Ice District—it needed that rental tower to drive day-to-day foot traffic to retail and hospitality.

 

[archited]

Selling before banquet and icehouse go under?

Realtors are sales and lease oriented -- it's how they make a living. Smart developers like Beljan scope retail and hospitality before they begin a development and stay focused on a pre-planned outcome. Most developers put very little thought into the commercial side of "mixed use" and end up paying the price-consequences. Bank-City (ICE I) has paid the price for ignoring the needs of (especially) Retail but also Hospitality. When I used to go to Staples Centre in L.A. for client meetings on non-game days the surrounding shopping/eatery area was a ghost town and the direct opposite on game days or when a concert event was taking place -- I imagine the same is true for ICE I -- the preponderance of banks in the area only makes the situation worse. The fact that TD is tied to Avison-Young shows the desperation in the move to sell. I project that this will remain on the market for a long time before anyone swallows this bitter pill.