Stantec Tower | 250.84m | 66s | ICE District Prop. | Stantec

What do you think of this project?


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kcantor

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Given that deductibles have gone from 10k to 25k to many being 50k now it is certainly a considerable line item that needs much care and attention.
i'm not an insurance expert but there is also a big hole between the maximum deductible that can be recovered from a unit owner under the condominium act (which i think is $50k) and the minimum deductible that is now becoming almost standard in policy deductibles, particularly when it comes to water losses, of $250k. that means for a board to budget for a not unreasonable 2 or 3 instances a year they need to collect $400-600k in their operating budgets as insurance deductibles are operating and not a reserve expense. while they could roll the dice and not budget for anything, that would mean a special assessment would be required every time there is a water loss in order to complete the repairs.
 

Edmonton

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SKY Condo 2022 Budget

Accounting & Audit Fees5,775.00
Management Fees89,937.54
Insurance303,600.00
Licenses/Fees/Permits1,664.00
Office Expense/Digital Storage Fee3,770.00
Professional & Legal Fees3,900.00
Administrative1,365.00
Total Administration410,011.54
Electricity/Power103,350.00
Natural Gas169,000.00
Phone/Intercom4,680.00
Water/Sewer17,842.50
Waste Removal115,621.51
Total Utilities410,494.01
Total Wages & Benefits413,517.37
Snow Removal1,989.00
CMMS Platform1,457.82
Uniforms3,900.00
Laundry and dry cleaning2,340.00
Christmas Décor975.00
Property Signage1,625.00
Mat Rentals2,600.00
Window Washing18,700.50
Carpet Cleaning7,917.00
Fire Alarm/Equipment26,459.73
Landscaping/Lawn Care upgrade5,502.25
Painting Service2,112.50
Plumbing Repairs11,700.00
Doors/Lock/Windows6,513.00
Exterior Maintenance/Repairs6,500.00
Electrical Maintenance/Repairs3,250.00
Interior Maintenance/Repairs9,750.00
Janitorial contract83,630.71
Post event cleaning1,300.00
Janitorial Supplies & Equipment3,380.00
General Maintenance Supplies13,000.00
Maintenance Shop7,800.00
Elevator Service Calls and repairs3,900.00
Insurance deductible65,000.00
In-suite filter changes11,521.50
Parking Expenses13,041.37
Pest Control1,950.00
Hot Tub Water Testing2,340.00
Hot Tub Chemicals1,950.00
Total Building & Grounds Expense322,105.38
Security Cameras/Intercom and Fobs Repair & Maintenance1,950.00
Fitness Equipment & Amenity1,625.00
Golf Simulator1,625.00
Fire alarm Monitoring1,228.50
Elevator Contract56,935.45
Elevator Permit1,669.67
HVAC Contract20,376.04
Boiler checks weekends11,670.75
HVAC Repair & Maintenance3,250.00
Water Treatment5,200.00
Generator inspection1,622.75
Infrared Thermo scan1,351.35
BMS Preventative Maintenance Contract13,370.18
Preventive Maintenance121,874.68
Parkade Management Costs207,870.90
Plaza Costs66,299.43
Shared Facilities Common84,371.52
Total Property Taxes9,750.00
Reserve Contributions73,616.40
Reserve Fund Study9,750.00
Total Budget2,119,911.23
 

JNO1

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From yesterday. No sign of any tenant improvements in the second level food court
649B392A-6039-4F3A-B18F-D084A7F37ECE.jpeg
994BF4F0-BA3B-4C10-BCFF-C886613BDCCD.jpeg

The second floor of the Scotia Bank branch, as you enter Stantec from the pedway connection the the JW.
9D0BC876-425A-4DE3-B17D-14890339071C.jpeg

.
 

edmo14

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name a tower that you think is equivalent.
icon 2 - ~$490
fox - ~$554 for pent house
encore - ~$585

this is just from taking random listings off of realtor.ca

I'd say Encore is the closest comparable. Never said SKY was a good value, quite the opposite actually.
Just pointing out that Ultima is a very poor value even at the low pricing.

They are relying on the 'prestige' of the tower height for their sales numbers.
Keep in mind the lowest units in SKY on L31 are higher than the top of the Pearl!
 

westcoastjos

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Wouldn't most deficiencies be fixed by now in Ultima? What sort of issues are they having?
Perhaps simply poor finishes all around. Can't really improve on that after the fact - it simply is what it is, unless an owner renovates after the fact. I've seen a few units in the Icons undergo renovations that look quite good.
 

Airboy

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Perhaps simply poor finishes all around. Can't really improve on that after the fact - it simply is what it is, unless an owner renovates after the fact. I've seen a few units in the Icons undergo renovations that look quite good.
I found the Condo tower I have had to review were never of the highest of standards for the base building. Public areas looked good. the suites were always basic residential construction. The developer was expecting the condo owners to add the upgraded finishes as part of their sales agreement. Best example was Murray Edwards Condo in Calgary. had about a million in renovations before he moved in. But the base building infrastructure was substandard and caused headaches once everything was done. Best one was the condo that took up half a floor. The mechanical ran flexible duct across the entire space to exhaust one bathroom. There was so much restriction in that duct that the exhaust never worked and every-time the tenant took a shower he set off a fire alar. needless to say the only condos I have done the last few years have been damage reviews after failures of some systems.
 

Stevey_G

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Ultima is truly a beautiful tower in the right location. I have heard however the concrete pours weren’t done very well and many floors are overly sloped.

That said, every condo building has problems and deficiencies to engineer around.
 
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