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-   -   Saskatoon | Highpoint - Condo | 62M | 17F | Proposed (https://skyscraperpage.com/forum//showthread.php?t=238443)

Crisis Jul 21, 2020 7:49 PM

After reading the letter above, I feel that Highpoint is not likely to proceed - at least not in the foreseeable future.

This opinion is based on some of the terminology in the letter, such as "our decision to put Highpoint on ice..." (really odd phrase to use in professional correspondence) and "official notice of the cancellation...". Combined with Urban Capital actually returning the deposits, as opposed to holding them with the promise that the project will still proceed, it leads me to think that this is a dead project.

That being said, I commend Urban Capital for the manner in which they appear to be conducting business. Returning the deposits and saying that they are going to start over is pretty admirable in my books.

alt_center Jul 21, 2020 8:22 PM

I was pretty negative too when I first heard the news. This may be overly pedantic, but "to put on ice" means to preserve. Also pedantic... they said they sold "close to 40" during the Sept. launch... maybe total sales are a bit higher

Also, UC seem like straight shooters. If they change the building enough I think they are morally obligated to refund deposits. For example, I speculated in my previous post that maybe some parking in the podium might reduce the building cost. To me that would be enough of a change that it's not what people signed up for. Or they might lop off a few floors. Or change the floorplans, or... who knows.

Their note says they will "proceed", not "proceed when"... At this point I would be prepared to give them the benefit of the doubt and believe them... although so much depends on how this pandemic plays out.

YXE Jul 21, 2020 8:53 PM

I must admit that I was always skeptical about the viability of this project. Urban Capital placing the blame on an abundance of office and retail space is a falsehood, in my opinion. We all know that if sales had been stronger that this project would have proceeded. By the time this project would have been completed, COVID-19 would be in the rear-view mirror. Not to mention that this retail and office space would have been on one of the most prominent streets in the city.

I think it just comes down to the fact that thing city, unfortunately, doesn't have high demand to pay that kind of money for units that size regardless of how upscale they are. Citizens in Saskatoon are very accustomed to big houses that can be purchased for the same price as a 900sqft condo.

Brutopian Jul 21, 2020 10:31 PM

Saskatoon’s Broadway Bridge condo development put on ice

By Anna McMillan Global News
Posted July 20, 2020 7:12 pm
Updated July 21, 2020 7:35 am

A Saskatoon condo development set to take up a prime piece of real estate on the east end of the Broadway Bridge has been put on hold.

[........]

Read more:
https://globalnews.ca/news/7199217/h...pment-on-hold/

canuck10 Jul 23, 2020 3:02 AM

Quote:

Originally Posted by Crisis (Post 8988005)
After reading the letter above, I feel that Highpoint is not likely to proceed - at least not in the foreseeable future.

This opinion is based on some of the terminology in the letter, such as "our decision to put Highpoint on ice..." (really odd phrase to use in professional correspondence) and "official notice of the cancellation...". Combined with Urban Capital actually returning the deposits, as opposed to holding them with the promise that the project will still proceed, it leads me to think that this is a dead project.

That being said, I commend Urban Capital for the manner in which they appear to be conducting business. Returning the deposits and saying that they are going to start over is pretty admirable in my books.

The project may be dead, I don't know. But the logic you use to reach that conclusion really doesn't make sense imho. Under the pre-sale agreements signed buy the potential buyers there are time frames that the developer must meet. If they choose to delay the project, then they won't meet those time frames and the agreements must be cancelled and the deposits must be returned. They had no choice and acted in accordance with the terms of the agreement.

prairieguy Jul 23, 2020 3:51 PM

Ha....tell that to the Capitol Pointe folks in Regina...that was one huge mess!!

alt_center Nov 13, 2020 5:11 PM

Recall that Urban Capital announced a project in Edmonton, MacKenzie Tower, at the same time as Highpoint.

I decided to check the status of that project and it seems to have died, even before covid hit. In fact the website is "expired". I am assuming the demand was just not there and that is disappointing.

However, Highpoint's website is still up. So in that respect, it does not appear to be quite as dead as MacKenzie Tower.

mitchellk12 Nov 13, 2020 8:17 PM

Maybe ill just change the thread to 'on hold' until we hear otherwise ?

Ricopedra Nov 14, 2020 3:42 PM

Quote:

Originally Posted by mitchellk12 (Post 9105759)
Maybe ill just change the thread to 'on hold' until we hear otherwise ?

That's a good idea, mitchellk12. Thanks.

It's too bad because this would really have bolstered the skyline, bringing it across the river in extension and bolstering Broadway with even more new life.

alt_center, was Mackenzie Point their first foray into Edmonton, or have they built there before? Edmonton was booming! It seems weird they couldn't strike successfully when the iron was hot. Are they asking too much for what they provide? There must be a ratio to all this, but in Saskatoon, since folks can drive five minutes from downtown and have a big house and yard, our situation is unique. We're a small city with big aspirations, but given so many choices, most folks still seem to be sticking to their single family dwelling walls. Then in the same breadth, there are huge condo developments in the burbs selling out, one building which could easily be a 16 story building downtown so, never mind. I think people just think with their...cars.

alt_center Nov 15, 2020 5:02 PM

Quote:

Originally Posted by Ricopedra (Post 9106301)
That's a good idea, mitchellk12. Thanks.

It's too bad because this would really have bolstered the skyline, bringing it across the river in extension and bolstering Broadway with even more new life.

alt_center, was Mackenzie Point their first foray into Edmonton, or have they built there before? Edmonton was booming! It seems weird they couldn't strike successfully when the iron was hot. Are they asking too much for what they provide? There must be a ratio to all this, but in Saskatoon, since folks can drive five minutes from downtown and have a big house and yard, our situation is unique. We're a small city with big aspirations, but given so many choices, most folks still seem to be sticking to their single family dwelling walls. Then in the same breadth, there are huge condo developments in the burbs selling out, one building which could easily be a 16 story building downtown so, never mind. I think people just think with their...cars.

Yep... I think MacKenzie Tower was UC's first venture into Edmonton. I think the location was close to Rogers Arena, but I don't think the views would compare to being right on the riverbank like River Landing and Highpoint. The Saskatoon locations are fantastic.

I also note that UC has done a couple of projects in Halifax, including Gorsebrook Park, which I think took quite a long time to sell. And, they have just started a new project in Halifax, NRTH. Bottom line: it appears that UC is still in a position to proceed with projects, even if they don't sell out in a weekend, as long as the economics make sense.


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