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Originally Posted by Stormer
Yes it is true that Harvard has assembled land at 12th and Hamilton and want to build a building. It is also true that there is virtually zero Class A space available downtown. I wouldn't get too excited about the cranes swinging anytime soon though. Harvard will not build on spec. They need tenants. They may have a few, but frankly there is still a lot of resistance in Regina to paying $55-60 psf. Most tenants now are paying under $30 gross, so we are talking doubling the rent. In this uncertain environment, there are not a lot of companies willing to commit right now. Also, financing is hard to come by right now with the credit crisis. I am told they are not even close to being ready to move forward with construction, although apparently in December the actually closed the purchase of the land.
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I wouldn't be surprised if Harvard is talking with the government about moving their offices from the FCC Tower (formerly known as the CIBC building) on 11th and Hamilton. Harvard owns that building and FCC has been slowly taking over more and more of the building. FCC wants more space.
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