Jasper and 115 Street | 170m | 52s | Greenlong | ACAI

What do you think of this project?

  • I dislike it

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  • I dislike it a lot

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  • Total voters
    36
Maybe a silly question, but usually what happens with rezone/flips in Edmonton? Have any tall buildings stemmed from such a tactic?
I imagine there are better markets to do it in than Edmonton.

Is Greenlong an actual company? Their address is the same as: https://www.financialguys.ca/contact, which is linked to https://www.globalmaxfin.ca/. I mean, might be some dollars behind this, but it isn't very transparent.


Appears they bought at least a portion for $4.5M in 2015.

Attached (not attached; didn't work, but the link is here) is the urban design brief and an image pulled from it from: http://estatedocbox.com/Apartments/100168658-Jasper-115-street-dc2-urban-design-brief.html

greenlong.PNG
 

Attachments

  • Jasper 115 Street DC2 Urban Design Brief.pdf
    9.4 MB · Views: 337
The only thread of credibility here lies in the fact that Stantec is a consultant. Flipping land that has been rezoned has happened a few times in Edmonton in the past but I would say that its success rate for finding a new buyer who wants to follow through with development is indeed rare -- usually only happens if their is financing trouble plaguing the site -- e.g. The Hat in the quarters; the Pendennis Hotel, also in the quarters. Sometimes, however, the motive is less obvious -- if the buy/flip master has other land in the vicinity, it can have the effect of raising the value of adjacent land without causing taxes to go up accordingly.
 
^Most sites that were 'upzoned' to a DC2 and put up for sale have sat and continue to sit - Founder's Ridge, Parkwood Tower, Bellamy Hill, Abbey Lane's 97 Avenue tower in Rossdale, etc. There really isn't much upside to be honest. Add in the fact that you can rezone almost any site and get that approved further reduces the 'perceived' upside of generous density rights. Different story when you have limited development sites and the entitlement process carries higher risks and costs.
 
The only thread of credibility here lies in the fact that Stantec is a consultant. Flipping land that has been rezoned has happened a few times in Edmonton in the past but I would say that its success rate for finding a new buyer who wants to follow through with development is indeed rare -- usually only happens if their is financing trouble plaguing the site -- e.g. The Hat in the quarters; the Pendennis Hotel, also in the quarters. Sometimes, however, the motive is less obvious -- if the buy/flip master has other land in the vicinity, it can have the effect of raising the value of adjacent land without causing taxes to go up accordingly.
The Pendennis fiasco wasn't intended to be a flip. The folks that were trying to get the museum going messed up...royally, and the site went into receivership.
 

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