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Here's the letter (via C2E):
Was posted along with this good quote:
Was posted along with this good quote:
When we say demand is 'finite', it's really a pretty simple concept. You can look at the sales data and have a good sense of how many multifamily units are being sold per year. There is of course some demand shifting to the core, especially around 104 Street and Ice District, and there is a pent up demand for rental towers, however, the amount of density being proposed these days is far in excess of what is currently planned. The letter is meant as a discussion point for City Council, as approving one DC2 bonus over another is effectively picking winners and loosers. Even developers know this, there is a race right now to pre-sales because the number of units that the market can absorb is limited. And approvals of significant density bonusing of 50% or more is unprecedented in recent times. For the record, DECL has never opposed any tower Downtown. Calling us NIMBY couldn't be farther from the truth. We've always tried to be very thoughtful in our approach, this included. It is not aimed at any on developer, even though it does come on the heals of tomorrow's Falcon Towers DC2 hearing.