The floor plans sucked and it was too expensive. I feel he was too bullish thinking he knew it all. Edmonton and Toronto are two different markets.
We're most definitely a high rise condo market, we just like well-designed condos appropriate for our city and lifestyle. Hence the reason why Encore went on sale nearly a year later, and well, you know what's happening there.
I think Jasper House flop was a combination of high price and people doing their research and knowing Lamb dev is a shitty group to deal with. His comments on oil recession is all BS, sleezy salesman putting blame on something else.
Condominiums vs Rental Apartments -- it's not a simple economic equation. Condos from a developer's perspective are more complicated to build from a panoply of viewpoints -- there is a unit sales floor that has to be achieved before the development can proceed; legal costs and sales commissions for each unit have to be figured into the bottom line; there is greater interaction with buyers (material choices, appliance types, etc.), and the buildout in general has to meet a higher standard than for apartment structures (you can see that in looking at which group has more substantial aesthetics in what is currently evident in Edmonton -- the Pearl, the Symphony to name a couple of landmark condos). Apartment buildings are easier to build but harder to maintain unless they are really well managed. I think that it can be stated, generally, that apartments are more aimed at first-time-away-from-home residence seekers and transient workforce individuals. Condos require a substantial provable income and so are usually aimed at a little older and more settled market.
I think that @StopDropandLOL hit the nail on the head vis-a-vis the Condo King. In a larger market like Toronto and the southern Ontario environs, you can have a developer whose niche is strictly small units (typically) and he can succeed with that model. Edmonton being a smaller market (for now) is not so easily niche-driven. Local developers certainly have a grasp of these facts.
Huh, Jasper House did an Administrative Walk-On at EDC on Nov. 20:
C. COMMITTEE DELIBERATION (Closed to the Public)
C.1. Jasper House (Development Permit)
MOVED: D Brown
The Committee has reviewed the Administrative Walk-on and has noted :
● Inconsistencies between the site plan and landscape planting plan related to the
development of the courtyard space.
● The Landscape Architect should confirm the health of existing street trees and
provide details on streetscape improvements, repairs, bioretention details, etc.
SECONDED: R. Labonte
FOR THE MOTION: W. Sims, M. Figueira, A. Zepp, R. Labonte, T. Antoniuk, S.
Kaznacheeva, J. Mills, D. Deshpande, C. Holmes, D. Brown, B. Nolan
It would be great if another developer picks this up, one that has a decent reputation and can deliver. I think we dodged a bullet with Lamb. I think the design is elegant, and a nice size for the north perimeter of the park.