CALGARY | The Bow | 774 FT / 236 M | 58 FLOORS - Page 9

mersar · #**161** Posted **Nov 21, 2007, 8:01 AM**

Quote:

Originally Posted by 1ajs

no way calgarys got one of thoughs cranes NICE!! looks brand spanking new also lol

It likely is. We're pretty sure this is the one that the developer bought (roughly $2.4M)

ScottFromCalgary · #**162** Posted **Nov 23, 2007, 2:51 AM**

The Bow on November 19:

From Calgary Herald

craner · #**163** Posted **Nov 27, 2007, 6:32 AM**

Quote:

Originally Posted by ScottFromCalgary

The Bow on November 19:

From Calgary Herald

It will be great to compare this view a year from now.

Deepstar · #**164** Posted **Nov 27, 2007, 7:40 PM**

I can't wait till this one is up at the same height of the Petro Canada tower. The views will be amazing.

tdurden5573 · #**165** Posted **Nov 27, 2007, 11:40 PM**

Quote:

Originally Posted by craner

It will be great to compare this view a year from now.

Based on the original plan, I think a year from now it will be ground level, or just above. I too am impatient

Boris2k7 · #**166** Posted **Dec 2, 2007, 4:41 AM**

Any of you guys who care... I've updated the front page of this thread to be more informative... if you've got any news stories or other bits of really relevant info, I'd like to add it.

Boris2k7 · #**167** Posted **Dec 2, 2007, 7:10 PM**

I'm posting these a bit late, but who cares? It was my birthday and I had better things to do...

Courtesy of OptimA

November 25, 2007

ScottFromCalgary · #**168** Posted **Dec 5, 2007, 5:40 AM**

Thanks for making the changes to the first page Boris, and now...

The Bow

December 3, 2007, from Calgary Herald

A refreshing -20C in Calgary this week...

mersar · #**169** Posted **Dec 6, 2007, 4:33 AM**

The Bow

The area where the raft slab will be is starting to become visible, roughly a horse shoe shape along the truck loop in the pit, stretching from about the edge of the one ledge on the left of the picture to past the equipment on the near side

Thinner6 · #**170** Posted **Dec 9, 2007, 6:33 PM**

Now that's a hole!

myshtern · #**171** Posted **Dec 9, 2007, 8:48 PM**

Quote:

Gross Floor Area: 217,404m² -- 2,340,117'²
FAR: 12.43
Parking: 1348 Stalls
Estimated Cost: > CAD $1,100,000,000.00

What? $470 per square foot?
How much of this project is subsidized by the Canadian government?

Boris2k7 · #**172** Posted **Dec 9, 2007, 9:29 PM**

Quote:

Originally Posted by myshtern

What? $470 per square foot?
How much of this project is subsidized by the Canadian government?

None of it.

Why would you think that?

JFYI: Encana posted the largest corporate profits in Canadian History last year at USD$5.65 billion

Calgarian · #**173** Posted **Dec 9, 2007, 10:05 PM**

Yeah, EnCana definitely doesn't need any help from anyone in terms of money. I'm getting excited, you can see the footprint of the building starting to emerge in the hole, shouldn't be too long before we see them forming the huge raft slab.

myshtern · #**174** Posted **Dec 10, 2007, 1:19 AM**

Quote:

Originally Posted by Boris2k7

None of it.

Why would you think that?

JFYI: Encana posted the largest corporate profits in Canadian History last year at USD$5.65 billion

I'm assuming that the Calgary real estate market is comparable to the Denver real estate market. Here, even after current boom in real estate prices and the ensuing high rise developments, class AA office space in a high rise leases for $25 sq.ft for a full gross lease.

You can assume that they will have a 15% vacancy rate on average. Then you can assume about $7 sq. ft. annually for costs such as utilities, maintenance, and markup.

That means the building will bring in about $35.8mil annually.
$1.1 billion / $35.8 mil = 30.71 years

They'll have a market capitalization rate of 3.2% and that's not even including financing costs as it's impossible to tell what kind of deal they have negotiated with banks and the city.

I'm sure it's a great building, very beautiful, but horrible business sense. If the numbers here are true, I think that Encana sees growth opportunities as very limited and is building just to maintain it's revenues.

Boris2k7 · #**175** Posted **Dec 10, 2007, 1:22 AM**

Rents are over $40/sqft here in Calgary. Encana has a 20-year lease on the building.

They are also in a TIF zone so the property taxes will be frozen for something like 15 years.

The vacancy rates in Calgary are very low as well. Encana will be using 100% of the Bow. They are currently spread over 5 or 6 different skyscrapers in Calgary.

caltrane74 · #**176** Posted **Dec 10, 2007, 1:27 AM**

The hole is impressive. But it looks curiously like it's missing one whole foundation wall.......

Boris2k7 · #**177** Posted **Dec 10, 2007, 1:27 AM**

That's because the other half of the pit hasn't been dug yet. You are only looking at the first half of the hole for the main tower.

The red denotes the outline of the site

caltrane74 · #**178** Posted **Dec 10, 2007, 1:41 AM**

I see.

Thanks..(big site boy)

tdurden5573 · #**179** Posted **Dec 10, 2007, 2:24 AM**

Quote:

Originally Posted by myshtern

I'm assuming that the Calgary real estate market is comparable to the Denver real estate market. Here, even after current boom in real estate prices and the ensuing high rise developments, class AA office space in a high rise leases for $25 sq.ft for a full gross lease.

You can assume that they will have a 15% vacancy rate on average. Then you can assume about $7 sq. ft. annually for costs such as utilities, maintenance, and markup.

That means the building will bring in about $35.8mil annually.
$1.1 billion / $35.8 mil = 30.71 years

They'll have a market capitalization rate of 3.2% and that's not even including financing costs as it's impossible to tell what kind of deal they have negotiated with banks and the city.

I'm sure it's a great building, very beautiful, but horrible business sense. If the numbers here are true, I think that Encana sees growth opportunities as very limited and is building just to maintain it's revenues.

Encana isnt building it to make profits off leasing space, they are screaming for office space, and with the Calgary economy, so is everyone else. Im sure they will sell off much of their interest in the building and I cant see them having troubles finding tenants/buyers.

mersar · #**180** Posted **Dec 10, 2007, 2:28 AM**

Quote:

Originally Posted by tdurden5573

Encana isnt building it to make profits off leasing space, they are screaming for office space, and with the Calgary economy, so is everyone else. Im sure they will sell off much of their interest in the building and I cant see them having troubles finding tenants/buyers.

They actually sold their entire interest in the building to a REIT earlier in the year and signed a 20 or 25 year lease on 100% of the building. As Boris indicated above, Encana is currently spread over 5 or 6 different towers in the downtown core, and most of them have leases that are coming up for renewal about the time that the Bow will be completed.