The Standard - Office to Resi - 19 storey - Leder Investments

[IanO]

Office tower on Jasper Avenue to be partly converted into residential complex

Plans are in place to convert much of a major downtown Edmonton office building into housing, retail and recreational space.

www.ctvnews.ca

 

[Gus Haynes]

Interestingly, I know someone whose employer has an entire floor in this complex. Their lease is expiring soon and the landlord proposed a doubling of the rent under a new agreement. So: Their outfit is moving to the former CWB building instead of staying.

Anyway, I love the sound of this project. Like what we've just seen with the old Phipps-McKinnon, it's nice to see that some of these conversions are possible without developers begging the city for handouts first.

 

[Avenuer]

MOAR CONVERSIONS PLEESE

 

[David A]

Maybe that is the smart trend here now, partial conversion. It sort of makes sense, probably easier than full conversion, still have all the revenue from the office tenants remaining if the construction can be not too disruptive.

However, I really had to laugh at the councilor's silly boilerplate statement about not needing to spend to build new parks. She should know the city is in fact spending a lot of money on a new park a couple blocks away and also on the existing two across the street.

I also would like to see something done with that old food court, so hoping it all works out.

 

[edm13]

So removing these ten floors, how much would that drop the vacancy downtown by? Just curious how much it moves the needle

 

[IanO]

1%

 

[edm13]

1%

That’s actually pretty solid

 

[MacLac]

1%

Read somewhere……160K sq/ft removed and/or 1.6%

 

[IanO]

That’s actually pretty solid

Except that I am not sure that we (or any city) should be celebrating the loss of CBD office space due to low demand, lack of growth and a commercial core that's struggling.

Don't get me wrong, this really is the only pathway forward right now and adding bodies to the area will help things overall, but it also speaks to another elephant in the room.

 

[Edmcowboy11]

My hope would be to see more people in the area which would further increase foot traffic to this block and 104st and beaver hills park. which would encourage more businesses to situate in this are and etc...

 

[bodsbods9090]

Except that I am not sure that we (or any city) should be celebrating the loss of CBD office space due to low demand, lack of growth and a commercial core that's struggling.

Don't get me wrong, this really is the only pathway forward right now and adding bodies to the area will help things overall, but it also speaks to another elephant in the room.

Would rather see people downtown 24/7 then to have office workers who are in a hybrid model or have companies who are choosing to work in the burbs' now because the rent downtown is rising year over year.

 

[The_Cat]

At least the Standard is close to LRT, restaurants and the market. This is older office space being converted.

 

[The_Cat]

I think that it makes more sense to have residential development west of 103 Street downtown.

 

[CplKlinger]

Except that I am not sure that we (or any city) should be celebrating the loss of CBD office space due to low demand, lack of growth and a commercial core that's struggling.

Don't get me wrong, this really is the only pathway forward right now and adding bodies to the area will help things overall, but it also speaks to another elephant in the room.

On the other hand, speakers at the CRL hearing pointed out that the prime stuff (like A-rated offices) are in high demand - it's the lower quality offices (ie C) that are doing poorly. So it could be that offices are still in demand, but employers need high quality spaces in order to get employees on board with working in the office three, four, or especially five days a week.

 

[IanO]

Certainly a flight to quality is occurring, but it's a broader question of how to position Edmonton for more commercial growth.