707-5th is a really neat looking building, too bad it didn't go ahead a few years ago and get some real serious height on it. It will be almost lost in the core from most views.
I thought its height was limited by shadowing on Courthouse Park, not by market demand.
So if Brion's moving out does that make the old Encana/PanCanadian Place empty? Aspen has to be losing their shirt on that place. Crappy space, weird lobby level, limited underground parking (parking in Palliser stinks), limited +15 access, substantial renos needed... what's not to like?
Yup. Not entirely, Aspen's model is to purchase undervalued assets, remodel and renovate the, then jack up the rents and then hold if the cash-flow is good or sell if they can get the right deal. Kind of like flipping a house but with office buildings. They've had a lot of success thus far in Calgary but are getting over exposed. There are still struggling with leasing at 333 11th Avenue in the Beltline because they need a $24/SF rate when the market is really more like $18/SF.
Half of that building is leased to Brion Energy so Manulife hit the pre-lease threshold to make development economical. They are going to have a big problem with the other 260,000 SF but they are so big and so well capitalized that they can wait for the market to turn around.
Ya I meant Manulife. Good call on being able to play the long term.
Quote:
Originally Posted by Bigtime
707-5th is a really neat looking building, too bad it didn't go ahead a few years ago and get some real serious height on it. It will be almost lost in the core from most views.
Neat looking building, but it also seems like a really dumb building from an ownership perspective. Kinda like the Bow. Neat, but not functional. There's a reason Brookfield likes boring big square/rectangular floor plans.
I do, however this time around once the current under construction office towers are done (Brookfield Place, City Centre, 707-5th, Eau Claire Tower, Telus Sky office) there still appears to be a lot of residential/mixed use in the pipeline for the core, Beltline, East Village, and Eau Claire areas.
I just don't get how there is much of an expectation for any of the residential/mixed stuff to go ahead.
The rental market is already getting pretty soft, although I think a few rental projects will go ahead with longer horizons in mind.
Residential, sales are falling flat, prices look to be hitting a tipping point, I just don't see anyone lining up to make deposits on anything. There is a bit of pent up demand to be let out, but immigration is likely going to slow significantly in the near term.
I just don't get how there is much of an expectation for any of the residential/mixed stuff to go ahead.
The rental market is already getting pretty soft, although I think a few rental projects will go ahead with longer horizons in mind.
Residential, sales are falling flat, prices look to be hitting a tipping point, I just don't see anyone lining up to make deposits on anything. There is a bit of pent up demand to be let out, but immigration is likely going to slow significantly in the near term.
This is my thought. I can tell you there is zero appetite for the commercial space but the main driver of those developments is the residential component.
This isn't exactly a skyscraper but I don't want to start a new thread.
I heard from a tenant in Northland Mall that the mall is destined to be closed and scrapped in 11-12 months.
Any ideas what is going on? A Deerfoot city type redevelopment? I could see Wal Mart staying or splintering off into it's own building. I basically grew up in this mall and it's sad to go but it is long in the tooth and a dying mall in a prime location.
This isn't exactly a skyscraper but I don't want to start a new thread.
I heard from a tenant in Northland Mall that the mall is destined to be closed and scrapped in 11-12 months.
Any ideas what is going on? A Deerfoot city type redevelopment? I could see Wal Mart staying or splintering off into it's own building. I basically grew up in this mall and it's sad to go but it is long in the tooth and a dying mall in a prime location.
That's sad.
My kids go to SJB Jr High, and eat there about 3 times a week.
This isn't exactly a skyscraper but I don't want to start a new thread.
I heard from a tenant in Northland Mall that the mall is destined to be closed and scrapped in 11-12 months.
Any ideas what is going on? A Deerfoot city type redevelopment? I could see Wal Mart staying or splintering off into it's own building. I basically grew up in this mall and it's sad to go but it is long in the tooth and a dying mall in a prime location.
Walmart stays. The mall gets turned inside out a bit with some new buildings creating a bit of a plaza space on the east side of the mall.
There's renderings and plans at the Mall where the Santa is.
I noticed that they finally tore down the Log Barn/Flight Centre/Mango Maid/Immigration building at 14th and 16th NW. I wonder what will happen with that site?
I noticed that they finally tore down the Log Barn/Flight Centre/Mango Maid/Immigration building at 14th and 16th NW. I wonder what will happen with that site?
Never got to try the pies they used to sell there. Were they any good?
