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Originally Posted by mattykicks
Ok, I'm starting to wonder about River landing. I read earlier in this thread that the Meesawin Valley Authority will be discussing the office tower proposal for Parcel Y this Friday. And That's good....
But the more people I talk to, the more I get the sense that the centerpiece of the project (The 27 storey condo complex) may not go ahead for years, if ever.
I the project has been expanded, and is bigger than previous proposals. And there needs to be final approval from the city for zoning and possible other amenities.... etc. However, perhaps he may just not have the confidence in the market over the LONG TERM, and maybe he's just holding off as a precaution??? (And yes I live in a HOME). I know housing prices are skyrocketing now, but I've heard from many people (BNN, CTV, CBC) that in the next few years, there will be a "noticable correction" in the market. Some say it will cool off VERY rapidly, even here in Saskatchewan. I also see potash stock has dropped nearly 20 percent over the last 24 months, and oil prices are extremely volatile.
Just wondering if maybe the condo tower is being held off until some of the market volatility settles down??? It just seems like things are taking too long.
I dont post much, so I'm not trying to be a downer.... just throwing out different scenarios......
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To put things in perspective for you, the Captial Pointe project in Regina has been 'in the works' for probably three years now and they don't seem to be close to building anything anytime soon. It is similar to the 27 story condo tower proposed by Nassar in the bridge city, both are modern and large, and a relatively new concept to Saskatchewan. I think that is part of the reason whey these projects are so hard to get off the ground.
And units in these buildings are not cheap. You can buy a 700 square foot condo in Cap Pointe for 250K or go out to the suburbs and buy a townhouse that is 50% larger for the same price. Commute time is not a huge impediment in Saskatchewan, nor is lack of land for new houses. This makes these downtown modern condos a tough sell. Add to the fact that for these larger condo developments they like to pre-sell in the 50% range before the put a shovel in the ground. That makes for a long period of time before anything concrete happens.
I wish you guys the best and hope both of these towers get built in our respective cities, I am just not sure Saskatachewan is ready for this kind of development, or should I say, it may not be the right market.