The Mezzo | 53.95m | 16s | WestOak Development | RAW Design

[archited]

Was it not for sale (judicial?)?

Now that's what I heard. The rule is that if you hear it 3 times from different sources then it is believable. Example (from noted comedian). Someone said: "In North America people swallow 8 spiders a year on average in their sleep. Now that is on average; in the far north it is too cold for spiders so fewer people swallow them in their sleep and in the deep south spiders are too big to swallow whole (tarantulas); so the people in between swallow more spiders in their sleep to support the average." Now if someone else said, "I heard that about 8 spiders are swallowed by people in their sleep in North America," then you begin to believe it. And if a third person says, " I heard that people swallow 8..." I know, I know -- spiders, on average, and in their sleep -- I am not an idiot! So when that fact sinks in then there is room for confirmation bias -- I heard that people in North America on average swallow 18 insects in their sleep. Makes sense to me -- they are already swallowing 8 spiders -- the spiders probably go in there chasing the bugs.

 

[jaymao]

I might be interested to take over this project, does anybody has more insides about the total construction sq/ft? I wonder what was the construction cost at that time if there was any ?

 

[Avenuer]

I might be interested to take over this project, does anybody has more insides about the total construction sq/ft? I wonder what was the construction cost at that time if there was any ?

You should reach out to Matthew McLash at Westoak (the former developer) and see if he will divulge that information. I don't know him personally, but that's probably the best place to start.

 

[Romanov]

I would reach out to the court appointed investment sales rep. Offering details often include investment analysis.

 

[jaymao]

You should reach out to Matthew McLash at Westoak (the former developer) and see if he will divulge that information. I don't know him personally, but that's probably the best place to start.

I have tried but not luck! the guy is a ghost

 

[jaymao]

I would reach out to the court appointed investment sales rep. Offering details often include investment analysis.

good tip will do that

 

[IanO]

I have tried but not luck! the guy is a ghost

Try his Linkedin for more info.

 

[David A]

I suspect somehow this is at the bottom of everybody's priority list, which is too bad. It is a good location, but right now the now long vacant lot is dragging down the whole area adjacent to it.

This is why I am so against tearing down perfectly functional older buildings in a rush. The old church building that was there was being used previously and fit in nicely with the area, at least until someone came in with half cocked big ideas and plans. Btw, another old church was torn down on 109 St north of TD and it shows signs of being another semi abandoned lot.

Could developers just get their act together before they tear things down? That is all I ask.

 

[Oilers99]

I suspect somehow this is at the bottom of everybody's priority list, which is too bad. It is a good location, but right now the now long vacant lot is dragging down the whole area adjacent to it.

This is why I am so against tearing down perfectly functional older buildings in a rush. The old church building that was there was being used previously and fit in nicely with the area, at least until someone came in with half cocked big ideas and plans. Btw, another old church was torn down on 109 St north of TD and it shows signs of being another semi abandoned lot.

Could developers just get their act together before they tear things down? That is all I ask.

similarly with the grocery store on 99 with the bateman site.

 

[Avenuer]

I have tried but not luck! the guy is a ghost

Or pull the Land Title, then perform a Corporate Search on the owner (I believe it's a named Alberta corporation), and the contact any of the Directors listed in the Corporate Search at the addresses provided.

 

[CaptainBL]

Could developers just get their act together before they tear things down? That is all I ask.

I've said this 100 times on this site and I will keep saying it.

Developers are playing within the rules of the game. The rules favour developers with no plans or half cocked plans to knock down buildings and let them sit vacant, and do not favour the overall community in which those buildings exist, or the now vacant lots exist. Why does a developer need to get its act together if it is playing within its rights?

The rules of the game need to be changed and that is up to the City to change the rules to require a demo permit to only be issue when a development permit is issued.

This city Charlie Brown falls for the same problem each time. You know what they say, point fool me once shame on the developer but fool me 3,275 times shame on the City.

 

[David A]

Why does a developer need to get its act together if it is playing within its rights?

The rules of the game need to be changed and that is up to the City to change the rules to require a demo permit to only be issue when a development permit is issued.

This city Charlie Brown falls for the same problem each time. You know what they say, point fool me once shame on the developer but fool me 3,275 times shame on the City.

The why is obvious, unless you are the developer or a friend of theirs. This sort of thing is not good for the area, or the city.

When people do not behave or act well, eventually either government will step in a make tougher rules, or if they are hesitant to do so - take note city councilors - the voters will will replace them with someone who will.

I agree we have had a do nothing city government and council on this sort of issue far too long.

 

[Greenspace]

You pay less taxes on an empty lot than on buildings. That's why the first thing any developer wants to do is tear down the building. The only way to change this reality is at the MGA level. Council has very little say in this -- Planning could deny the demolition permit, but on what legal basis? And it would go to SDAB which might not have jurisdiction.

 

[jaymao]

what would you consider a fair rent $ for 2bdr 2bth?

 

[CaptainBL]

I might be interested to take over this project, does anybody has more insides about the total construction sq/ft? I wonder what was the construction cost at that time if there was any ?

what would you consider a fair rent $ for 2bdr 2bth?

Just a piece of completely unsolicited advice from someone experienced in industry, if you are considering taking over a multi million dollar stalled project, especially in today’s economic environment, asking a general forum what they’d consider fair rent is not the best or most advisable way to do due diligence before spending your or your investors capital.

I would recommend a whole lot deeper level of due diligence, comp analysis, speaking with those in industry in the market and contractors, financiers, among many other layers of due diligence.

Taking on more than one can handle is one of the reasons projects like this stall in the first place and are left vacant or in judicial sale.

Just my free advisory services for the day.