Winnipeg | 90 Alexander Ave | (Great West Metal Redevelopment) - Page 13

prairiedog007 · #**241** Posted **Feb 3, 2021, 9:35 PM**

prairiedog007 · #**242** Posted **Feb 3, 2021, 9:40 PM**

Piling on Jan 28th

prairiedog007 · #**243** Posted **Feb 3, 2021, 9:44 PM**

Piling Feb 3rd, lots of driven piles

optimusREIM · #**244** Posted **Feb 3, 2021, 10:34 PM**

^chugging right along I see. Good good.

Sigh... I wish other developers were that polished and quick.

Labroco · #**245** Posted **Feb 3, 2021, 11:52 PM**

Construction looks great!

Wigglez · #**246** Posted **Feb 4, 2021, 12:09 AM**

Quote:

Originally Posted by optimusREIM

^chugging right along I see. Good good.

Sigh... I wish other developers were that polished and quick.

What happens first

This entire project is completed
or
Sutton Place starts construction on the 2nd floor

WinCitySparky · #**247** Posted **Feb 4, 2021, 1:24 AM**

Quote:

Originally Posted by Wigglez

What happens first

This entire project is completed
or
Sutton Place starts construction on the 2nd floor

Bahahah is that even a real question

optimusREIM · #**248** Posted **Feb 4, 2021, 1:45 AM**

Quote:

Originally Posted by Wigglez

What happens first

This entire project is completed
or
Sutton Place starts construction on the 2nd floor

I think the over/under on Sutton getting to the second floor is 3.5 years at this point.

buzzg · #**249** Posted **Feb 4, 2021, 4:22 AM**

Quote:

Originally Posted by optimusREIM

^chugging right along I see. Good good.

Sigh... I wish other developers were that polished and quick.

I think getting a company like RNDSQR from Calgary investing in a big project in the Exchange is fantastic for the city. More outside money is good – and will hopefully pique more outside interest.

prairiedog007 · #**250** Posted **Feb 4, 2021, 7:38 PM**

I think the Wawanesa building will be completed before Sutton Place for sure, Northland Properties is in a world of hurt they own sports teams, hotels and restaurants, which are greatly effected by covid 19, just noticed they covered their ICF Logix blocks with Tyvek wrap to proctect them from UV light at the Sandman Signature site on Sargent, as that site is on hold as well.

Labroco · #**251** Posted **Feb 5, 2021, 12:05 AM**

Quote:

Originally Posted by WinCitySparky

Bahahah is that even a real question

I believe Sutton Place would have a CV Development Agreement on title with certain construction timelines attached just like the St Regis. Unsure if the site has been paid for or if a government agency mortgage is on title behind the construction loan. Answers to those questions are really just a phone call away...

Site must have been paid for as I can’t imagine millions of dollars of taxpayer money still at risk can you? Maybe someone can drill down on the latest CV financials for that answer. They are always crystal clear on these matters. Might be in “notes to reader”.

WinCitySparky · #**252** Posted **Feb 5, 2021, 2:37 AM**

Quote:

Originally Posted by Labroco

I believe Sutton Place would have a CV Development Agreement on title with certain construction timelines attached just like the St Regis. Unsure if the site has been paid for or if a government agency mortgage is on title behind the construction loan. Answers to those questions are really just a phone call away...

Site must have been paid for as I can’t imagine millions of dollars of taxpayer money still at risk can you? Maybe someone can drill down on the latest CV financials for that answer. They are always crystal clear on these matters. Might be in “notes to reader”.

If such an agreement were to be the case, it would be hard to imagine much time being left. In the case of Fortress and Skycity, they had a fairly short window of time to begin demo and site prep. It’s two years in and not a single floor above grade up yet.

My uneducated layman’s guess is that TNSE has probably assumed liability for the site in some form by now.

bomberjet · #**253** Posted **Feb 5, 2021, 11:02 AM**

Force majure.

trueviking · #**254** Posted **Feb 5, 2021, 8:42 PM**

Quote:

Originally Posted by WinCitySparky

If such an agreement were to be the case, it would be hard to imagine much time being left. In the case of Fortress and Skycity, they had a fairly short window of time to begin demo and site prep. It’s two years in and not a single floor above grade up yet.

My uneducated layman’s guess is that TNSE has probably assumed liability for the site in some form by now.

True North Square is not connected with Centre Venture. Is it even true north or the galliardi group?

WinCitySparky · #**255** Posted **Feb 5, 2021, 11:04 PM**

Quote:

Originally Posted by trueviking

True North Square is not connected with Centre Venture. Is it even true north or the galliardi group?

Dunno. Layman here.

T'Cona · #**256** Posted **Feb 5, 2021, 11:21 PM**

Northland (Gaglardi); purely financial.

cllew · #**257** Posted **Feb 6, 2021, 1:39 AM**

Quote:

Originally Posted by bomberjet

Force majure.

Surprisingly Force Majure may not be a good excuse for delays. Our legal dept at work puts out a quarterly information sheet on our intranet and this quarters sheet had a section on that.

Apparently if you can run with a reduced staff or add shifts to do work then Force Majure may not apply.

Now if your supplier is shut down by the govt then things change but as far as I know construction still goes on in Manitoba with masks and social distancing where possible.

I am sure that lawyers get rich debating in court on their clients money when things like this happen if the clause actually applies or not.

Labroco · #**258** Posted **Feb 6, 2021, 6:56 PM**

Quote:

Originally Posted by trueviking

True North Square is not connected with Centre Venture. Is it even true north or the galliardi group?

I seem to recall CV purchased the business and hotel on the Sutton Place parcel and demolished it. They then put out a request for proposals or sold it to the current party. As CV always enters into some kind of development agreement on their projects / sales, one would think the board of directors would be provided with an update on projects and financial exposure if any.

This would be the same situation as St Regis starting a foundation and suddenly stopping. The development agreement must cover these type of contingencies.

I would want to ensure CV was paid in full of any agreed to purchase price and not that their funds are sitting behind a construction loan. I have been told CV does not hold mortgages on any of their parcel sales. If that’s true great...

The financials are a little vague on this point ...

I’m sure the hotel project will be picked up again in a year is so when thinks improve...

As for St Regis, still waiting for a rendering or site plan that cemented the sale.

Wpg_Guy · #**259** Posted **Feb 6, 2021, 7:39 PM**

^^ CV sold the property to TN, TN flipped the property to Northlands, they have no liability to CV or true North.

optimusREIM · #**260** Posted **Feb 6, 2021, 11:17 PM**

Quote:

Originally Posted by Wpg_Guy

^^ CV sold the property to TN, TN flipped the property to Northlands, they have no liability to CV or true North.

There must be some liability there. I doubt TN could have disposed of the land without conditions attaching. Likewise, Northland must have had some awareness of requirements.

Either way, I hope that they get back to work asap.

My biggest question is what the heck are they doing stopping? Dont they have construction financing in place or are they trying to build this with cash?