The Parks | 146.91m | 45s | 35s | 13s | Pangman | Hariri Pontarini

What do you think of this project?

  • I like it a lot

    Votes: 70 80.5%

  • I like it

    Votes: 13 14.9%

  • I neither like nor dislike it

    Votes: 4 4.6%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    87
Leases can be terminated (and there is probably a clause in there that provides for that in this case). At any rate I wouldn't expect much action until Pangman's other nearby project is completed.
 
archited said:
Leases can be terminated (and there is probably a clause in there that provides for that in this case). At any rate I wouldn't expect much action until Pangman's other nearby project is completed.
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Fixed terms cannot be terminated without a supporting clause in the contract in Alberta. If you sell a property that has a fixed term tenant living in it, and there is no clause to end early, the new owner will also have to wait for the contract to end.

I agree that there is likely a clause in this case though. Then again, who manages El Mirador? Property management companies aren't always the sharpest companies in the world (almost always requiring carpet cleaning upon vacancy in Alberta when the RTA says it isn't required unless there is excessive wear and tear - muddy boots worn regularly, cats/dogs peeing on the floor, etc - normal wear and tear is the landlord's full responsibility). Would not surprise me in the slightest to see someone forgot the early termination clause. ?

Pangman generally takes a slow approach though, so they could probably get other ducks in a row in the meantime.
 
True, true @westcoastjos -- I am with you on Property Management companies -- they tend to hire the otherwise unemployable at minimum wage or close to it. On the other side they probably have a contract with pages of boiler plate wordage -- buried within are likely several lines specifying terms by which the contract can be ended. I don't knpow the specifics of their rental agreements, but considering the notion that they want to develop this property in the "near future" I would imagine that they would want to keep their options open. And, yes, Pangman is very methodical and progressively conservative. Time will tell.
 
ronron said:
Hope this and the Shift go up roughly the same time. They would frame the central park from opposing corners very nicely. Love the new upcoming downtown Edmonton!
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Pray for ol’ Steve-O’s values with all the projects around my building. 25 year old me made the bold move of buying January 2015 and I currently have negative equity lmao ?

Seriously though, I can stomach the loss of south facing light considering what I’m envisioning for the warehouse district in 5 years. I no longer live in AB, but I’d love to see everything happen and this area reinvent itself.

There may be papers wrote on how green spaces can revitalize a community!
 
westcoastjos said:
Fixed terms cannot be terminated without a supporting clause in the contract in Alberta. If you sell a property that has a fixed term tenant living in it, and there is no clause to end early, the new owner will also have to wait for the contract to end.

I agree that there is likely a clause in this case though. Then again, who manages El Mirador? Property management companies aren't always the sharpest companies in the world (almost always requiring carpet cleaning upon vacancy in Alberta when the RTA says it isn't required unless there is excessive wear and tear - muddy boots worn regularly, cats/dogs peeing on the floor, etc - normal wear and tear is the landlord's full responsibility). Would not surprise me in the slightest to see someone forgot the early termination clause. ?

Pangman generally takes a slow approach though, so they could probably get other ducks in a row in the meantime.
Click to expand...
Ayre & Oxford "manage" El Mirador.
 
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