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Originally Posted by Bigtime
Not gonna happen, the economics of a project like that would be a stretch in Calgary, let alone Edmonton.
Or to put it another way, the recently announced Telus Sky is a mixed use tower too (office and residential). It has a guaranteed tenant taking up the office space (Telus), and the Calgary market is relatively strong for the condos in the core too, and it has a killer location right in the heart of downtown.
Yet given all of those factors they are still choosing to only build around the 220m mark. One of the big factors is the cost of going above 60 floors (mainly due to elevator requirements) changes the costs dramatically.
Good on Edmonton for thinking big, but no way this goes ahead as planned at this point in time.
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I'm not good at condo math - so I don't know how many condo units would be in that building leaving x amount of office space. But I'm guessing at least 400,000 sf? Edmonton can't fill Epcor yet. Edmonton has another office building (already built) that will be entirely vacant come 2016 that has no tenant or prospective tenant. Maybe one day, but at this point and in the near future Edmonton simply doesn't not have the depth in the market place to add large office components. Nothing against Edmonton, it's just the reality of that office market.
Manulife Place was the reigning champ as the "big building" much like our Suncor / Petro Canada building for years and years. When it was built it was a massive failure and depressed the office market for years (Manulife), no one should do that again.