archited
Senior Member
^^^^ A micro-hotel -- excellent move!
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Scona Garage Revitalization | ?m | 3s | Hodgson Schilf Evans
- Thread starter _Citizen_Dane_
- Start date
MacLac
Senior Member
Begs the question, “why did Beljan dump all 3 projects?”
cmd uw
Active Member
Well, it wasn't our choice. Our partner (which we were a minority) in those projects decided to sell. "And that's, the rest of the story."
TAS
Senior Member
The good news is it gives Beljan more time and capital to get other amazing works started!
kcantor
Senior Member
selling something isn't necessarily the equivalent of "dumping something".
David A
Senior Member
It is. There really isn't much hotel or other visitor accommodation in Old Strathcona, but it is a such nice, walkable area that appeals to visitors to our city. This will do well.
Gronk!
Senior Member
* Whyte Ave has the Varsona and Mettera hotels, but another one wouldn't hurt
thommyjo
Senior Member
This one done for now? No beljan magic at this point? 
David A
Senior Member
Its kind of a shame. The quaint old church just north of this was torn down, by someone chasing some high end luxury market that didn't exist in the area. Now it is an abandoned lot and has been for a number of years. Surely that is not good for the area and nearby developments.
Now this project seems like it isn't happening either (and the nice little building with interesting stores in it north of this and across the street is long empty and sad too). I think Old Strathcona is still a nice area with a lot of potential, but people who develop here have to be realistic about it and not get carried away things.
Now this project seems like it isn't happening either (and the nice little building with interesting stores in it north of this and across the street is long empty and sad too). I think Old Strathcona is still a nice area with a lot of potential, but people who develop here have to be realistic about it and not get carried away things.
IanO
Superstar
I believe (CMD can confirm) this was part of the Beljan portfolio that was sold off to another local group/company that now is in a bit of a cash crunch and likely will need to sell more than a few properties.
Munanyo
Active Member
Agree in full. I love Old Strathcona but I do see that developers sometimes have a bit of an unrealistic notion as to how "grand" the area is. It's not in the same league as the distillery district in Toronto or Olympic Village in Vancouver. Our market is different and there's a lot of work to be done before Old Strathcona becomes a 24/7 busy and active place where anything that opens up will have a high chance of success.
With the Cidex residential tower complex seemingly like it's going ahead across the street, I think this project could have been a safe bet to succeed. Maybe until that project is actually built out will developers be more keen to take this one on.
Between this project being shelved as well as the Army & Navy development cancelled for now, it's been a rough week for the area.
Oilers99
Active Member
that purchase which included this building and another three is in receivership
Romanov
Active Member
https://edmonton.taproot.news/news/...on-bank-inn-and-three-other-notable-buildings
That's a shame. The properties were sold not too long ago.
MacLac
Senior Member
So the new owner has done nothing with any of the properties he spent almost 20 M on? Can’t imagine “Turnip Smart Home Security” is as lucrative as one would think…lol. I smell something amiss here
northlands
Senior Member
Must be one helluva salesmen to convince lenders to give him $19m on four properties despite seemingly having little-to-no CRE development experience.