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The Mercury Block II | Hodgson Schilf Evans

Barnaby said:
That's still a ton of parking stalls. It makes me wonder if the same development style in 5 years, but placed next door even needs anything more than 10-50 stalls. The cost of adding underground parking (or surface), is a huge drag on development and rental affordability. They could build 1.5-2 of these for the price of one if there was no underground parking. When do the economics flip for developers? At some point the cap rate will flip in favour of zero parking for smaller units.

This, along with OEX, Merc 1, McLaren, 124th, the Oliverbahn, LRT Valley West, is going to make Oliver the best neighbourhood in the city.
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I think what’s a bit different in this area is that there’s actually a lot of parking disappearing (because of developments) and also a lot more people and businesses (increasing demand on street parking).

So while I’m all for less parking, I think these developments know it’s still going to be a big value add for 10-15 years. Who knows after that with where our mobility patterns move. But the good news for rentals is that you usually only pay for parking if you use it. And you can toggle between needing it and not needing it as life changes.

And glenora/westmount will still likely be a target market for some of these businesses, so parking, especially in the winter, makes sense for the retail.
 
Barnaby said:
That's still a ton of parking stalls. It makes me wonder if the same development style in 5 years, but placed next door even needs anything more than 10-50 stalls. The cost of adding underground parking (or surface), is a huge drag on development and rental affordability. They could build 1.5-2 of these for the price of one if there was no underground parking. When do the economics flip for developers? At some point the cap rate will flip in favour of zero parking for smaller units.

This, along with OEX, Merc 1, McLaren, 124th, the Oliverbahn, LRT Valley West, is going to make Oliver the best neighbourhood in the city.
Click to expand...
Going to? ;)
 
Surveyor and call before you dig were busy IMG_2367.jpegIMG_2365.jpegIMG_2363.jpegIMG_2361.jpeg
 
MacLac said:
Both aprt. buildings empty? As in void of human beings living in them>
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There are still people in them. I would imagine the survey was for a Surveyors certificate if any of the properties are changing hands and utility outlines who knows maybe they want to take so soil samples. Just guessing
 
Barnaby said:
I'm not arguing about the revenue, I'm arguing about future roi compared to building out more living and commercial space with that money. I genuinely believe that underground parking is a drag on cap rate in denser areas. I'm not saying that people don't want it.

This is also a rental. I don't think this applies to condominiums.
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You'd have a point if you couldn't generate a decent amount of revenue from parking given the cost to construct, which isn't the case. Parking revenue can play a big role from a NOI perspective.
 
I see no reason to not support this. Autograph has proven that they build quality developments in the area, and I would love nothing but more density in this part of Oliver.

I just hope the CRUs have a similar feel to MB1 if this is the route that's taken. A mix of townhomes and CRUs would also be cool.
 
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