Massey Ferguson Building Redevelopment | ?m | 48s | Rise Real Estate | WZMH

What do you think of this project?

  • I like it a lot

    Votes: 18 85.7%

  • I like it

    Votes: 3 14.3%

  • I neither like nor dislike it

    Votes: 0 0.0%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    21
archited said:
Th-th-th-that's all folks. Get settled for the long haul here. Nothing is going to happen on this site for years to come.
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That's a shame, but expected given the fire and the real state market for condos. And any info on how bad the fire damaged the building? Is it possible to repair with in a means that would make a project economical or is it a write off that would be better of rebuilt?
 
That sucks, would be nice if that building could be active again. As soon as that car show room moved out, the windows on 103ave started getting vandalized more frequently.
 
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It would take a long time under current directives, but, if there is a windows of opportunity, lets hope a local developer could take over. At Present, I would preferred Westrich or Edgar to stewarding the project with the same designs; if not, a design comparable. I'm more confident locally developers could vission better.
 
Clearshades said:
I'm more confident locally developers could vission better.
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Vision better? I think we should welcome any outside developer if that brings outside capital to the City and the design architect has a proven record of great design. I think we have some great local and regional developers that permit their design architects to produce perfunctory design but we are not seeing anything that is going to win awards.
 
You are correct that anytime somebody invests, we should capitalized on it. That said, we have a company represent a retirement stock portfolio whose interests are for the stocks and quickest returns whereas local developers have to develope to fatten their stocks ; therefore, local developers has to find a way meanwhile the stock holders will sit and wait or refocus.
 
archited said:
^^^^ I think it could be saved and repurposed. But, as I understand it, the project is owned by a REIT, notoriously noted for inaction on developments and always slow to resell.
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It's not owned by a REIT, it's a privately held company - Rise Real Estate from Ontario. They have developed numerous projects in Ontario mainly student-oriented condos and rentals.
 
Clearshades said:
Tell me Chris, has there been any local developers in talks with rise to purchase the entirety or partial real estate. If you don't know, what would be your thoughts on that idea?
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They put the site up for sale back in 2018. There were some groups that were interested but not for the price they wanted. So they turned back to getting some activity going themselves and then Covid hit. It looks like something might happen, but I am no longer associated with this project.
 
Im aware you are no longer tide to the project. My inner thought had suspiced that the asking price would be high and you echoed that rightn on point. Im slightly nervous for this site now as Im aware theyre just investment porfolio group. How dissappointing to feel the innitial euphria then this..
 
Clearshades said:
You are correct that anytime somebody invests, we should capitalized on it. That said, we have a company represent a retirement stock portfolio whose interests are for the stocks and quickest returns whereas local developers have to develope to fatten their stocks ; therefore, local developers has to find a way meanwhile the stock holders will sit and wait or refocus.
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??? there are many examples of "companies [that] represent a retirement stock portfolio" that invest for the long term and who are more interested in long-term cash flows than the quickest returns. there are just as many examples of local developers who need to flip from one project to the next as quickly as possible because they don't have access to sufficient long-term capital to pay attention to the long term. we have some great institutional investors in edmonton and some not so great. we also have some great local developers and some not so great. we need to encourage the great ones regardless of where they are domiciled and regardless of their corporate structure.
 
i whole heartedly agree that all good developers should be encouraged. My primary thoughts is that the difference between stock portfolios and direct developers is that one is accute in their focus whereas stocks tend to be not neccessarily in that matter. as their intention is to purely fatten the purse. As per local and out of town developers, we learned quickly the advantage of local didnt we with Lamb? If he is King of Toronto, a city five times ours', and he failed here; i'll stick with and favor locals.such as yourself, Westrich, Beljan or Edgar as some examples. Could I depend on external forces to ressurect what you just did? NO! You are local, you have an intimate interest in the city, and, ultimately, that will be the edge...
 
It looks like someone vandalized/broke in to the building, the glass on the SE corner is gone and one of the board is gone at the top of the window. The lower two are still in place so I think it was just Vandalism, was driving so didn’t get a picture though there’s not much too see.
 
Yes we are aware of the fire, it was discussed a page previous. Since it has been boarded up as the windows were broken during the fire or by vandalism.
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