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

What do you think of this project?

  • Total voters
    58
I was wrong about what would be announced.

ICE District announced today that floors 31-42 of SKY Residences have been transformed to SKY Signature Suites and are now available as rental properties. SKY Signature Suites at ICE District (SKY Signature Suites) are fully managed with high hospitality standards and offer the same immaculate features and designer finishes as SKY Residences.

SKY Signature Suites spans 12 levels of the 66-floor Stantec Tower, Western Canada’s tallest tower, and boasts endless views of the city with limitless sky all around. Tenants will be immersed in the best place to live, work and play, with the best access to Rogers Place as well as entertainment, dining, and shopping downtown. A total of 168 luxury units are available as rental properties for tenants to live atop Edmonton’s dynamic ICE District.

For more information on SKY Signature Suites and to inquire about availability, visit www.skysignaturesuites.com.
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via emailed release
 
Financing, low interest rates aside, is a tough sell at banks -- especially not knowing where the shake-out of business viability will land. I don't think that it is so much that the market or the viability of the condo market is a factor as rental is easier in a COVID world. Post COVID, all being equal, we should see a quick rebound in sales as the economy recovers.
 
archited said:
Financing, low interest rates aside, is a tough sell at banks -- especially not knowing where the shake-out of business viability will land. I don't think that it is so much that the market or the viability of the condo market is a factor as rental is easier in a COVID world. Post COVID, all being equal, we should see a quick rebound in sales as the economy recovers.
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i think the condo market is being squeezed from both ends. you can't get construction financing without ever increasing levels of pre sales and no-one knows what's going to happen to construction pricing and construction scheduling in a covid world. at the other end, it's harder and harder to qualify for a mortgage even for those who would like to purchase.

post covid, all being equal won't get here for quite some time yet as any economic recovery is going to be very spotty and not at all uniform so i don't see a quick rebound in the condo market.

on both the rental side and the condo side, unit size and balconies are going to more important as no one wants to be locked down short term or work from home long term in 480 sf with no dedicated work space and no balcony. this will have a big impact on new product as it will have to be larger and more expensive, something that that the rental market with institutional investors can better absorb than condo developers or condo purchasers.
 
Sky Residences swaps high rise Edmonton condos for luxury rental suites
Author of the article:Jeff Labine
Publishing date:Oct 20, 2020

Condos originally slated for the upper floors of Stantec Tower are being converted into luxury rental suites in Edmonton’s downtown because of the COVID-19 pandemic.

Sky Residences at ICE District announced 168 rental units on floors 31 to 42 will be available starting on Tuesday. The 66-floor tower, Canada’s tallest building outside of Toronto, originally intended to offer roughly 484 condo units with prices ranging between $300,000 to $700,000. Some of the more spacious condos jumped to more than $1 million in price.

edmontonjournal.com

Sky Residences swaps highrise Edmonton condos for luxury rental suites

Condos originally slated for the upper floors of Stantec Tower are being converted into luxury rental suites in Edmonton’s downtown because of the COVID-19…
edmontonjournal.com edmontonjournal.com
 
This is why you dont drag out negotiating for an arena during the peak of the boom. Most of those years could have had this complete site constructed under momentum of economics and spendings. Five years of negotiations could warranted a couple more towers in addition to what was originally planned tower In the currently constructed Greyhound podium Imo.
 
Clearshades said:
This is why you dont drag out negotiating for an arena during the peak of the boom. Most of those years could have had this complete site constructed under momentum of economics and spendings. Five years of negotiations could warranted a couple more towers in addition to what was originally planned tower In the currently constructed Greyhound podium Imo.
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That is a pretty simple and generalized way of looking at everything that occurred around the negotiation, no?
 
westcoastjos said:
That is a pretty simple and generalized way of looking at everything that occurred around the negotiation, no?
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i don't think it is "a pretty simple and generalized way of looking at everything".

what's being identified here is the risk factor relating to items completely outside the scope of the negotiations themselves. for both sides, there is a risk that items outside the control of either party place the project at risk. these are items that neither party can control which is why it is incumbent on both sides to complete their negotiations as expeditiously as possible. the legal term for it is that "time is of the essence".

in this example, the end of the boom was identified as a risk to be avoided. similar risks would be interest rates, construction costs, public policy, third party circumstances including bankruptcy, exchange rates etc.
 
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