Encana's Bow Building "in jeopardy"

[Nancy]

So far, H&R has put $350-million into the project but it needs $1.1-billion to finish it. In a press release, the company says the current economic client has put their ability to secure the extra financing in jeopardy.

http://calgary.ctv.ca/servlet/an/local/CTVNews/20081114/CGY_Bow_Sale_081114/20081114/?hub=CalgaryHome

[ricosuave]

bwahahaha - wouldnt that be a kick in the junk?

[pope04]

I scratched my head for a sec, then realized they meant economic climate.

Darn spellcheck.

[SeeGeeWhy]

Hmm, Encana might have to buy it back!

[Nancy]

Hmm, Encana might have to buy it back!

I'm thinking that's the likely outcome, too, but then, in the currently changed economic climate, maybe they don't want want the thing anymore...

[Caged Great]

Stupid Bronco. Approving too many buildings to fast. Now there's going to be many holes in the ground for a long time.

[Kjesse]

Encana has already committed to lease the building, which means, H&R's loss would be someone else's gain.

Its a guaranteed revenue stream when complete.

This just means H&R might not be big enough to weather the financial storm. They assumed credit would be available at certain prices, and now that is not the case.

There are lots of "good deals" out there for those with cash.

[FurnaceFace]

Stupid Bronco. Approving too many buildings to fast. Now there's going to be many holes in the ground for a long time.

I don't agree with all of Bronco's decision, and yeah, he made all the building approvals himself from his evil throne, nobody else is involved, but I can't see how he's responsible for this or the Midtown condo project. Or do you think he should have magically been able to predict the current economic situation? If so, you give him far too much credit. Guess you should vilify the Canmore mayor too for approving the Solara project and the other condo projects out there.

Of all the projects in the city this is the one which would get an automatic approval. It's a signature project for our city which can be a new icon for the future and be the new standard for the other buildings to aspire to.

Also it's not Bronco's decision for the builder to build. The City grants permission to build on a site however they don't tell the builders when to start. Economics tells the builders when they think the time is right. There are a number of building sites which had signs up for years before they actually broke ground. I recall an article in Calgary Business maybe 18 months ago which stated based on the growth of the city, even if every building project downtown started now, the amount of sq footage added would just keep up with demand. That's an economic forecast which would make any builder kick start their project let alone kick start one where you have a major tenant who will basically fill the entire building once it's done. EnCana is, I think, spread out over what, at least 3 buildings downtown? Their current tower, Palliser square, Canada Trust Tower. That would make me want to start the project.

It's unfortunate some of these projects are having issues or have had to stop, but I can't see how this is laid solely at the feet of Bronco.

[SebC]

Given the 6th Ave closures, it better get finished!

(I still think it will).

[Hustle]

EnCana is, I think, spread out over what, at least 3 buildings downtown? Their current tower, Palliser square, Canada Trust Tower. That would make me want to start the project.



I should probably know this seeing as I work there, but its 5 I think. I heard whispers from some of the higher ups about this last week... I still have my doubts whether they'll back off though.

Fun times. :bag:

[Nancy]

<SNIP>
It's unfortunate some of these projects are having issues or have had to stop, but I can't see how this is laid solely at the feet of Bronco.

I just assumed that he meant to put that in green text as a spoof on how Bronco gets blamed for everything these days.

[FurnaceFace]

I just assumed that he meant to put that in green text as a spoof on how Bronco gets blamed for everything these days.

If he did, then I retract it. (we'll see since he's on the thread right now)

[flames2008]

I should probably know this seeing as I work there, but its 5 I think. I heard whispers from some of the higher ups about this last week... I still have my doubts whether they'll back off though.

Fun times. :bag:

Encana has at least hundreds of people in each of Bankers Hall, Palliser One, Calgary Towre, TD Square, and EnCana Place. Then we needed more room and moved hundreds more to a location out of downtown in Southland. Then more to ScotiaCentre. Then some more are in Dome Tower. I'm lucky to make it to half of my meetings.

[Barnes]

The Bow is probably not even big enough to house all its employees.

I go to the wrong building more times than I go to the right one when I have to go to see someone at EnCana.

[Bill Bumface]

I should probably know this seeing as I work there, but its 5 I think. I heard whispers from some of the higher ups about this last week... I still have my doubts whether they'll back off though.

Fun times. :bag:

With all of the new leases they just got there are now 7 buildings... possibly 8.

[edn88]

With all of the new leases they just got there are now 7 buildings... possibly 8.


Canada Trust
Bankers Hall (East and West)
EnCana Place
Tower Centre
Paliser
Scotia Centre
Dome Tower
Bank of Montreal
Southland Park

So 9 right now...

[I-Hate-Hulse]

Canada Trust
Bankers Hall (East and West)
EnCana Place
Tower Centre
Paliser
Scotia Centre
Dome Tower
Bank of Montreal
Southland Park

So 9 right now...

That's crazy. Is this to house all these now redundant workers they added on before they suspended the split? Not so sure I'd want to be the new guy there right now...

[Bill Bumface]

Canada Trust
Bankers Hall (East and West)
EnCana Place
Tower Centre
Paliser
Scotia Centre
Dome Tower
Bank of Montreal
Southland Park

So 9 right now...

Ahh.. good call... forgot about the South location and wasn't sure if there actually was a Banker's West lease now. Didn't even know about Dome. You forgot Canada Trust Tower as well, so that'd be 10 :blink:

[momma]

Yeah, my friends have said there still won't be room for all of the employees, but with the economy these days maybe with downsizing they'll fit.