Manulife Place Renovations | 145.99m | 36s | AIMCo | MdeAS

[Greenspace]

^There continues to be concern from property owners along 102 Avenue about when the LRT will open, and general dt safety. Hopefully this doesn't continue to stall investment.

 

[David A]

Maybe the people in Toronto finally woke up with having several long term upscale tenants leave over the last few years, or maybe their replacements are more proactive.

 

[David A]

^There continues to be concern from property owners along 102 Avenue about when the LRT will open, and general dt safety. Hopefully this doesn't continue to stall investment.

Its all kind of related isn't it? 102 Ave right now is fairly inactive, just the sort of vacuum that can lead to all kinds of problems. Having the LRT open would draw more people into the area and make it safer and busier. Having more people would then perhaps lead to filling some of the empty store front spaces, which could bring in more people.

Instead of a downward cycle, it can become a more positive cycle. Unfortunately, this LRT debacle/delay only makes resolving downtown problems more difficult. Another example of how our city is working at cross purposes with itself, although I realize that is not their intention.

 

[IanO]

Ok Manulife, what's the plan Stan?

 

[David A]

Ok Manulife, what's the plan Stan?

View attachment 454132

I think it is do nothing and hope that tenants will some how magically come back, but I think Holts and Birks are gone, gone, gone.

It remains a good building in a good location, however the podium is 40 years old, so now quite dated and much of the street facing space is dark, drab or empty.

The old Holt space could be enticing to potential tenants, but not so much if the owners don't make the effort.

 

[CaptainBL]

I think it is do nothing and hope that tenants will some how magically come back, but I think Holts and Birks are gone, gone, gone.

It remains a good building in a good location, however the podium is 40 years old, so now quite dated and much of the street facing space is dark, drab or empty.

The old Holt space could be enticing to potential tenants, but not so much if the owners don't make the effort.

I can confirm that the new Ace coffee bar that is setting up was actively recruited by the property management group and was given a very attractive lease to the point that it didnt even make sense to Ace to NOT take the lease.

In essence, I wouldnt say they are doing nothing as their strategy given the example I know of with Ace, but I do not know what they are doing about the other more larger spaces given those have been empty for far too long.

 

[IanO]

Given that they have a new leasing group/team, I suspect that we will see something sooner than later, for neglect and avoidance is more of a public sector game.

 

[JNO1]

If I was a major developer, that neglect and avoidance game (in respect of adequately dealing with the drugs, crime, homelessness and social disorder issues) currently being played by the three levels of government would most definitely have an impact on my decision as to when (and even if) I made any multi-million dollar investment in downtown Edmonton. I fear that an announcement on much needed projects like this major podium reno ( and CCMall redo amongst many others) won't happen until there is some major progress made on all the issues currently plaguing or downtown core.

 

[cmd uw]

Given that they have a new leasing group/team, I suspect that we will see something sooner than later, for neglect and avoidance is more of a public sector game.

Based on what I heard last week look to seeing something in the next bit. Looks like things are about to get going again.

 

[Munanyo]

That's great to hear. Manulife really needs a renovation to its podium not just for the aesthetics but to create modern and efficient layouts that would be attractive to tenants nowadays.

 

[David A]

I can confirm that the new Ace coffee bar that is setting up was actively recruited by the property management group and was given a very attractive lease to the point that it didnt even make sense to Ace to NOT take the lease.

In essence, I wouldnt say they are doing nothing as their strategy given the example I know of with Ace, but I do not know what they are doing about the other more larger spaces given those have been empty for far too long.

Well they really needed to do something to also fill the gaps on the busier second level which were also starting to look quite bad.

Hopefully they are as motivated and able to deal with the larger main level spaces, but I think success with that also partly depends on making the main level more attractive.

I still do not think it was a good decision to put the exterior upgrade on hold, but perhaps if they are as aggressive as said they will find someone to fill the space as it is.

 

[CaptainBL]

Manulife just before 6pm the other day. No point in sharing which day because it looks like this every day at this time. Not a soul in there and no reason for there to be. No restaurants, no shopping, no cafes, no life. When will this change?

 

[David A]

Supposedly there is a cafe coming sometime in 2023 which may help and to be fair the office crowd does tend to go before 6.

I still think it was a mistake to put the renovations to their uninviting exterior like bunker facade on hold. It badly needs it.

The retail they have is good, but still way too much empty space. I get its hard downtown, but this is one of the better buildings. I think they are used to being complacent and need to hustle a bit more now or they risk things getting worse like other places nearby.

 

[Gronk!]

I'm thinking that our JUNO visitors should avoid Manulife and ECC like the plague.

 

[David A]

When I went through yesterday, I noticed they were covering over the rejuvenation - something exciting coming soon signage where Holts was.

Often activity is a good sign, but I am guessing in this case it's become evident the rejuvenation is not coming along that fast.