[News] W Calgary and JW Marriott Calgary Announced.

[D as in David]

Originally Posted by YyjFlames

Generally people don't understand how much tax revenue these types of projects generate and how the taxes benefit their lives considerably.

This one project has a $1.5b price tag, and in construction, about 15-25% of that goes to direct taxes (income taxes and the layers of corporate taxes mainly). It also generates a bunch of indirect spin off taxes during the construction process and afterwards, and establishes long term taxes from the increased land value and business revenue.

Projects like these, if planned well, provide considerable benefits to the broader population.

The problem is that it's tough to show exactly how this revenue benefits the broader population (health care is free, right!), but you can certainly see a rich guy wearing a fancy suit chewing on a $100 steak in the new restaurant and we can all imagine the fat cats making bank off a 69 storey building (despite the crazy risk it takes to build something like this).

Yes, this is the kind of development you like to see if you, like me, feel governments foot too much of the arena costs.

[Press Level]

Size matters.

[manwiches]

Originally Posted by D as in David

Can't say I blame them for not wanting to set foot on the ground in Edmonton.

I had asked him how the visiting teams handle fans, as they have to walk that same pedway as they do, and he said they usually are super structured when they walk over in terms of timing, and almost always escorted by security.

Also they have a lot of security around, where ever the team is. Team breakfast/lunch on the 2nd floor, and you know it's there bc they have security at all entrances. lol

Interesting regardless. I was freaking out when I realized i was standing right beside Luke Robitaille and Rob Blake in the lobby. Then tried not to be weird when sharing elevators with Jarett Stoll. lol. I think it helped my kid was wearing a Kings hat and he was nice to him.

[The Yen Man]

Originally Posted by YyjFlames

Generally people don't understand how much tax revenue these types of projects generate and how the taxes benefit their lives considerably.

This one project has a $1.5b price tag, and in construction, about 15-25% of that goes to direct taxes (income taxes and the layers of corporate taxes mainly). It also generates a bunch of indirect spin off taxes during the construction process and afterwards, and establishes long term taxes from the increased land value and business revenue.

Projects like these, if planned well, provide considerable benefits to the broader population.

The problem is that it's tough to show exactly how this revenue benefits the broader population (health care is free, right!), but you can certainly see a rich guy wearing a fancy suit chewing on a $100 steak in the new restaurant and we can all imagine the fat cats making bank off a 69 storey building (despite the crazy risk it takes to build something like this).

Exactly. This development would actually help the pro arena camp in that it's brining in more private development for that area. With a bunch of high end hotels, the conference centre, and the arena anchoring that area, the hope is it continues to spur more future development and vibrancy in that area. This looks pretty promising to me.

[YyjFlames]

Originally Posted by D as in David

Yes, this is the kind of development you like to see if you, like me, feel governments foot too much of the arena costs.

Totally... it's a huge waste when governments kick in hundreds of millions into an arena or a public facility, and then the city doesn't see or significantly restricts additional development. That's where these projects become total taxpayer wastes, which does happen when people don't consider the broader rationale.

In Vancouver, the province has funded a lot of skytrain expansions, but some municipalities have been incredibly restrictive on the amount of housing built around them so they don't generate enough tax revenue to pay for the provincial investment. Fortunately, the provincial government is removing the municipal restrictions around transit hubs, but it's taken a long time to get here.

[lazypucker]

Will there actually be enough demands for these types of high-end hotels and residences in Calgary?

[Redliner]

People living in Vetro and Sasso will love this. I lived in Vetro for a bit and one of the best things about that place was the view east over the stampede grounds.

these are awesome looking buildings though. Will be super cool if it actually does end up being tallest in Calgary.

[Makarov]

Originally Posted by lazypucker

Will there actually be enough demands for these types of high-end hotels and residences in Calgary?

Once operational, the three hotels will help address “a pretty serious shortfall” in Calgary’s number of hotels, Gondek added – a deficit she noted is most pronounced in the city’s core. She said the city is short roughly 4,500 hotel rooms, about one-third of which should be located near the BMO Centre.
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A hotel shortage has been a barrier to supporting Calgary’s ability to reach its hospitality and tourism potential, according to Gondek.
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“Until now, we haven’t had the hotel capacity to support the level of international demand we’re seeing,” she said. “That changes today. The world wants to come to Calgary and now, we’ll be ready to host anyone who wants to see how great this city is firsthand.”

https://calgaryherald.com/news/calg....tallest-towers

[lazypucker]

Yeah, Calgary has a hotel room shortage, but not the $800 a night hotel room shortage.

[Makarov]

Originally Posted by Redliner

People living in Vetro and Sasso will love this. I lived in Vetro for a bit and one of the best things about that place was not having a view of Vetro or Sasso (as the case may be).

Fixed.

[Makarov]

Originally Posted by lazypucker

Yeah, Calgary has a hotel room shortage, but not the $800 a night hotel room shortage.

I imagine that the people investing >$1 billion into this project have done some homework on that front.

[Titan2]

Originally Posted by incogneto

wait....so these are a mix of hotel and residential towers?





69 storeys will be the tallest in calgary by nine floors.

nice!

[Cleveland Steam Whistle]

Originally Posted by lazypucker

Yeah, Calgary has a hotel room shortage, but not the $800 a night hotel room shortage.

Is it that linear though? Theoretically - someone builds a bunch more $800 a night hotel options, that are nicer than the current $800 a night options.

If there is no more demand in Calgary for $800 a night rooms than our current options provide, the cost of the other $800 a night rooms will drop, and that domino will continue down the chain to the lowest cost hotel room providers, thus making more lower cost hotel options in Calgary?

If that doesn't happen, then one would assume the $800 a night market wasn't actually maxed out?

[Shazam]

Originally Posted by Cleveland Steam Whistle

Is it that linear though? Theoretically - someone builds a bunch more $800 a night hotel options, that are nicer than the current $800 a night options.

If there is no more demand in Calgary for $800 a night rooms than our current options provide, the cost of the other $800 a night rooms will drop, and that domino will continue down the chain to the lowest cost hotel room providers, thus making more lower cost hotel options in Calgary?

If that doesn't happen, then one would assume the $800 a night market wasn't actually maxed out?

I dunno, what's the price elasticity of hotel room prices?

[Bring_Back_Shantz]

Originally Posted by lazypucker

Will there actually be enough demands for these types of high-end hotels and residences in Calgary?

Probably not.
I mean, what are the chances the folks that are putting up $1B+ for a project like this actually considered the demand for the project?

[Cleveland Steam Whistle]

Originally Posted by Shazam

I dunno, what's the price elasticity of hotel room prices?

Well exactly - availability of substitutes and time frame are big influencers on elasticity. If this doesn't result in a drop of lower cost hotel rooms in the long run, I'd say that biggest driver on that response would be that there was a growing or unfulfilled high end hotel market for Calgary. If prices do drop at the lower end as we add high end hotel rooms, then that means this developments plan was to steal the existing high end market share from the current providers, and force them to take the lower priced customers.

[Enoch Root]

Originally Posted by taxbuster

Ah...more overpriced crap for rich folks (or wannabes). Meh.
Calgary is obsessed with money. And not for the better.

Jesus Christ.

When 'rich folks' spend money in your city, they generate jobs and taxes. When rich folks aren't spending money in your city, they are spending money in other cities.

If you're not growing, you're dying.

[Enoch Root]

Originally Posted by Shazam

I dunno, what's the price elasticity of hotel room prices?

extremely high - hotel management has understood dynamic pricing since before there was a term 'dynamic pricing'

[InternationalVillager]

Originally Posted by lazypucker

Yeah, Calgary has a hotel room shortage, but not the $800 a night hotel room shortage.

Calgary has a hotel room shortage.....in the core/downtown. Not outside of that.

[Dentoman]

Is this Truman the same as Truman Homes once was? If so, careful of the sinks

https://forum.calgarypuck.com/showth...man+homes+sink