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

[kcantor]

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.

 

[IanO]

50k is correct for individual unit owners.

 

[Edmonton]

SKY Condo 2022 Budget

Accounting & Audit Fees	5,775.00
Management Fees	89,937.54
Insurance	303,600.00
Licenses/Fees/Permits	1,664.00
Office Expense/Digital Storage Fee	3,770.00
Professional & Legal Fees	3,900.00
Administrative	1,365.00
Total Administration	410,011.54
Electricity/Power	103,350.00
Natural Gas	169,000.00
Phone/Intercom	4,680.00
Water/Sewer	17,842.50
Waste Removal	115,621.51
Total Utilities	410,494.01
Total Wages & Benefits	413,517.37
Snow Removal	1,989.00
CMMS Platform	1,457.82
Uniforms	3,900.00
Laundry and dry cleaning	2,340.00
Christmas Décor	975.00
Property Signage	1,625.00
Mat Rentals	2,600.00
Window Washing	18,700.50
Carpet Cleaning	7,917.00
Fire Alarm/Equipment	26,459.73
Landscaping/Lawn Care upgrade	5,502.25
Painting Service	2,112.50
Plumbing Repairs	11,700.00
Doors/Lock/Windows	6,513.00
Exterior Maintenance/Repairs	6,500.00
Electrical Maintenance/Repairs	3,250.00
Interior Maintenance/Repairs	9,750.00
Janitorial contract	83,630.71
Post event cleaning	1,300.00
Janitorial Supplies & Equipment	3,380.00
General Maintenance Supplies	13,000.00
Maintenance Shop	7,800.00
Elevator Service Calls and repairs	3,900.00
Insurance deductible	65,000.00
In-suite filter changes	11,521.50
Parking Expenses	13,041.37
Pest Control	1,950.00
Hot Tub Water Testing	2,340.00
Hot Tub Chemicals	1,950.00
Total Building & Grounds Expense	322,105.38
Security Cameras/Intercom and Fobs Repair & Maintenance	1,950.00
Fitness Equipment & Amenity	1,625.00
Golf Simulator	1,625.00
Fire alarm Monitoring	1,228.50
Elevator Contract	56,935.45
Elevator Permit	1,669.67
HVAC Contract	20,376.04
Boiler checks weekends	11,670.75
HVAC Repair & Maintenance	3,250.00
Water Treatment	5,200.00
Generator inspection	1,622.75
Infrared Thermo scan	1,351.35
BMS Preventative Maintenance Contract	13,370.18
Preventive Maintenance	121,874.68
Parkade Management Costs	207,870.90
Plaza Costs	66,299.43
Shared Facilities Common	84,371.52
Total Property Taxes	9,750.00
Reserve Contributions	73,616.40
Reserve Fund Study	9,750.00
Total Budget	2,119,911.23

 

[IanO]

Well then.

I sure hope they receive a portion of the revenue to offset those costs...

Parkade Management Costs	207,870.90
Plaza Costs	66,299.43

 

[rake]

Yikes, no way those reserve fund contributions stay that low over time either. I suspect a large hike is still in their future.

 

[JNO1]

From yesterday. No sign of any tenant improvements in the second level food court

The second floor of the Scotia Bank branch, as you enter Stantec from the pedway connection the the JW.

.

 

[David A]

Oh that's what this is supposed to be. I was wondering when I went by.

Probably not a good time to open a food court with on and off COVID restrictions still and many people still working from home.

 

[strata]

^ Tenants still haven't been turned over the space for the food court...but judging by those photos, not sure what the hold up is?

Wonder if the groups that signed leases 3 years ago are still as excited on the project?

 

[Avenuer]

Hard to open a fast food joint that would mainly serve a lunch crowd when there are few office workers in your building. Look at Olly Frescos in City Centre Mall, they just closed permanently because there haven't been many workers back in the offices yet.

 

[edmo14]

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!

 

[KreationYEG]

I'd have to argue that Ultima is cheap for a reason, it's one of the most poorly constructed residential towers I've seen.
Agree that SKY is over pricing their units, but Ultima is a very poor example for a standard.

 

[occidentalcapital]

Wouldn't most deficiencies be fixed by now in Ultima? What sort of issues are they having?

 

[quit]

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]

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]

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.