Winnipeg | 300 Saint Mary Avenue | 14F | Mixed-use Apartments

[Jeff]

I'm never happy to see projects go idle, but for some perspective regarding our idle projects here in the Peg, I just learned of this massive dark and abandoned project in downtown LA. It recently made the socials for having every floor tagged by graffiti directly across the street from crypto.com arena.

https://en.wikipedia.org/wiki/Oceanwide_Plaza

Here's hoping 300 St. Mary and the Sutton Hotel gain some traction sooner or later, but it really is an ongoing phenomenon around North America.

[FactaNV]

Originally Posted by Jeff

I'm never happy to see projects go idle, but for some perspective regarding our idle projects here in the Peg, I just learned of this massive dark and abandoned project in downtown LA. It recently made the socials for having every floor tagged by graffiti directly across the street from crypto.com arena.

https://en.wikipedia.org/wiki/Oceanwide_Plaza

Here's hoping 300 St. Mary and the Sutton Hotel gain some traction sooner or later, but it really is an ongoing phenomenon around North America.

That place has been languishing so long it inspired a location in Grand Theft Auto Five, a game that came out in 2013.

[FactaNV]

Was just walking by, saw a couple dudes on site. Probably maintenance/security but I'm going to purely speculate and say I hope this means something is happening lol.

[bomberjet]

Lookin bleak.

[FactaNV]

Originally Posted by bomberjet

Lookin bleak.

Well, probably just a couple dudes checking the fence then. Boo.

[cllew]

Just wondering does the receiver/future new owner have to pay the city vacant building fees right now while its fenced and boarded up?

Its not really an active construction site right now which would be exempt.

[prairiedog007]

So I'm assuming the precast supplier is sitting on a bunch of completed precast for additional floors and parking garage, also assuming they didn't get paid for what they installed, which would make for an interesting negotiation for a new owner

[cllew]

Originally Posted by prairiedog007

So I'm assuming the precast supplier is sitting on a bunch of completed precast for additional floors and parking garage, also assuming they didn't get paid for what they installed, which would make for an interesting negotiation for a new owner

For the precast (and other installed product or services) there is probably some sort of builders lien on the land title until any outstanding amounts are paid out.

[trueviking]

^ that's correct. The precast that was built and work not paid to contractors, sub-trades, etc all have leins and are paid out as much as possible through the sale of the property. Not everyone will get their money.....such is bankruptcy.

now that the sale is complete, they will move forward. it wont be immediate but something will get built. Who knows what it ends up being.

[borkborkbork]

Originally Posted by trueviking

now that the sale is complete, they will move forward. it wont be immediate but something will get built. Who knows what it ends up being.

the sale is complete? who was the buyer?

[Biff]

Originally Posted by trueviking

now that the sale is complete, they will move forward. it wont be immediate but something will get built. Who knows what it ends up being.

Could the foundations hold a taller tower...something like this?

[trueviking]

Ha ha. They are hoping to add a few floors but we tried that and were told structural engineers don’t just build in extra capacity for no reason. We will see if they can figure out a way.

[FactaNV]

Originally Posted by Biff

Could the foundations hold a taller tower...something like this?

That looks like a lot of tower for a 14 story foundation. Would be a visually striking design for downtown though, add a little variety.

[drew]

You could probably find someone in Canada willing to take responsibility for that tower on the existing foundation.

You can count on them being in Mexico or Venezuela after it falls over tho.

[bomberjet]

Just need to dial down your safety factor a bit!

[zalf]

Originally Posted by trueviking

Ha ha. They are hoping to add a few floors but we tried that and were told structural engineers don’t just build in extra capacity for no reason. We will see if they can figure out a way.

Whoa this is the exact opposite of what I would expected! I figured if anything, the new owner would be looking to cut costs and chop this thing off at half height. Adding floors, or at least trying to, is a welcome surprise.

[WinCitySparky]

lol Biff the ol running gag

[WinCitySparky]

Originally Posted by zalf

Whoa this is the exact opposite of what I would expected! I figured if anything, the new owner would be looking to cut costs and chop this thing off at half height. Adding floors, or at least trying to, is a welcome surprise.

I’d take less height in exchange for keeping the exterior design plz n thx

[drew]

Originally Posted by zalf

Whoa this is the exact opposite of what I would expected! I figured if anything, the new owner would be looking to cut costs and chop this thing off at half height. Adding floors, or at least trying to, is a welcome surprise.

It probably means they want more units to make the project more financially viable.

[bomberjet]

Re: the precast stuff. Should we expect that to continue or be swapped for something else? I assume the supplier had at least some of the remaining building already cast.