Quote:
Originally Posted by Simplicity
We're getting into a very specific realm here, now. KNH may finally turn a profit on that project when the City finally cuts the DRGP cheque, but it isn't yet. Same goes for James Ave. These projects aren't 'successful' by the market's definition. Both of them are many years in and they aren't sold. If the city wasn't handing over grant money, they would never exist. And that's because they aren't feasible. And they weren't feasible even with Sawatzky acting as prime consultant, developer, and construction manager.
The city isn't going to make a developer whole on a mid-rise apartment in St. Boniface or St. James. And yet, that development will face the same market constraints as 511 River or 128 James and now has larger barriers to code conformity.
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While James hasn't been entirely successful as condos (not abnormal by any means), the building is full (of renters) and the owner leases the commercial on the main floor for his own business, as well as a separate sublease. The building is full, so I am not sure it couldn't be considered a success at this point.
511 River was fully paid out long ago, so any remaining units are pure profit as they sell.