Quote:
Originally Posted by trueviking
Yeah. Maybe the lotteries building.
I doubt the hotel could be sustainable at 300+ though.
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I think that's the point, right? It's not. So we can infer three things immediately:
1) Construction costs, for the most part, are what the are. In other words, there are only so many discounts to be had given labour doesn't discount and worldwide commodities markets don't either. So nobody is getting what they aren't paying for.
2) Given Point 1 and your true to fact point that it's unsustainable at 300+/sq ft, these drawings are a figment of an architects imagination and little more.
BUT
3) Keeping even the basic elements of the renderings, this is still easily a $300-$325/sq ft build inclusive of soft costs. That means somebody is going to have to close the value gap between the price at which this building is sustainable and the price at which it costs to get built. I don't think it requires that much guesswork as to who that party is going to be.
It'll be interesting to see how the city manages this one, anyway. 220 Carlton is supposed to have a caveat against it that requires its taxation to pay for a portion of the Convention Center. If that's true, there's no ability to TIF that property unless the city pretends there's enough value to advance funding on taxation revenues over and above what was originally anticipated when the Convention Center deal was done and that they know damn well will never exist. Don't put this past them. The SHED TIF is still largely provincially funded. That's important given that CentreVenture couldn't possibly be more broke.
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