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

What do you think of this project?

  • Total voters
    21
IanO said:
Is it though given the build date?

Here's hoping this is respectful of what this asset should be... versus another place to get a burger, grab a 2 hr work period and walk out with parking validation.
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$30M for a renovation is quite extensive.

Not sure what your beef with 'co-working' is Ian. This type of space is a direct response to the growing 'gig economy' which is characterized by smaller companies or individuals that are not interested in signing a standard 5/10-year lease in conventional office space. Mainly because they don't know if they will grow from 1, 10 or 100 people in 5-10 years and they don't want to make that type of lease commitment along with all of the other guarantees that go along with it - we are seeing this in many of our spaces (Output being the recent example in Limelight). Tenants in these space also want to be around other like-minded entrepreneurs/businesses versus being alone in their own space. This is similar to what we're seeing in the retail industry where experience is becoming a bigger driver to attracting customers and other similar tenants (Oliver Exchange is another one of our examples reflecting this). This is also why we're seeing a bigger focus on on-site amenities that can be programmable to keep drawing people in. Add in more companies embracing remote working as an options and we're going to see this type of space grow over the coming years.

I'll caveat that a successful 'co-working' space is dependent on many factors - operator and design/function of the space being the two most important components. Slapping a 'co-working' term onto a typical business centre doesn't cut it.
 
Overall it looks decent but it looks slightly forced cohesively together imo. I also don't care for the little angled parapet portion to the right. It reminds me of strip mall decorating aside from being there oddly and awkwardly with the rest.
 
cmd uw said:
$30M for a renovation is quite extensive.

Not sure what your beef with 'co-working' is Ian. This type of space is a direct response to the growing 'gig economy' which is characterized by smaller companies or individuals that are not interested in signing a standard 5/10-year lease in conventional office space. Mainly because they don't know if they will grow from 1, 10 or 100 people in 5-10 years and they don't want to make that type of lease commitment along with all of the other guarantees that go along with it - we are seeing this in many of our spaces (Output being the recent example in Limelight). Tenants in these space also want to be around other like-minded entrepreneurs/businesses versus being alone in their own space. This is similar to what we're seeing in the retail industry where experience is becoming a bigger driver to attracting customers and other similar tenants (Oliver Exchange is another one of our examples reflecting this). This is also why we're seeing a bigger focus on on-site amenities that can be programmable to keep drawing people in. Add in more companies embracing remote working as an options and we're going to see this type of space grow over the coming years.

I'll caveat that a successful 'co-working' space is dependent on many factors - operator and design/function of the space being the two most important components. Slapping a 'co-working' term onto a typical business centre doesn't cut it.
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Everyone, literally everyone is doing them which indicates a trend, but many are struggling and they are not the panacea for all, everywhere. It is just such a shame that one one, single, ONLY real upscale retail outside of that aging mall in the west end where many, many people saw it as a destination is now heading in a direction that is mirroring almost every other renovation/building. There is finite demand and these can go in other spaces and places. Don't chase the market, lead it.

Alas
 
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IanO said:
Everyone, literally everyone is doing them which indicates a trend, but many are struggling and they are not the panacea for all, everywhere. It is just such a shame that one one, single, ONLY real upscale retail outside of that aging mall in the west end where many, many people saw it as a destination is now heading in a direction that is mirroring almost every other renovation/building. There is finite demand and these can go in other spaces and places. Don't chase the market, lead it.

Alas
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coworking is it's own hydra-headed animal but i'm not sure that the conversion of 2nd and 3rd floor retail spaces back to office and service uses is a bad thing in the long run if it encourages more well-done storefront retail at grade...
 
A balance for sure, but if we cannot find a way to have one higher end destination space Downtown... I worry.
 
If we are talking about retrofit vs success, those are just some of the element's required. We need everybody on the same page, but we don't have that synergy...
 
30 mil is about right, I look at the size of the Podium. The age. HVAC is past its Operation Life. The roof is going to need considerable more work than a normal roof. Pealing off the envelope alone is going to be a labour intensive task. the consulting fees alone will be a few million.
 
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