Edmonton Construction 11 (November 2011) - Page 296

240glt · #**5901** Posted **Feb 5, 2013, 6:20 PM**

Quote:

Originally Posted by Hallsy's Toupee

Oxford?

No. Those buildings sold a year ago. A company out of Calgary called Aspen manages the buildings on behalf of a pension fund

SHOFEAR · #**5902** Posted **Feb 5, 2013, 6:21 PM**

Quote:

Originally Posted by 240glt

I wonder how close that one is to fruition ? I have to think the condo market is pretty saturated and the higher end stuff (as I assume this one will be) doesn't seem to be moving well at all.

I would assume that many of the people interesting in dubs building are not the same ones buying on 104 and 103 street.

Hallsy's Toupee · #**5903** Posted **Feb 5, 2013, 6:23 PM**

Quote:

Originally Posted by 240glt

No. Those buildings sold a year ago. A company out of Calgary called Aspen manages the buildings on behalf of a pension fund

Ah yes, I forgot about that - a few months ago Aspen opened an office near the 2nd floor pedway of Bell.

240glt · #**5904** Posted **Feb 5, 2013, 6:26 PM**

Quote:

Originally Posted by SHOFEAR

I would assume that many of the people interesting in dubs building are not the same ones buying on 104 and 103 street.

I was thinking more of Peal and Corner 1. Both of which seem to have very sluggish sales. It might not be a prudent time to get started on another higher end condo building

The Dub tower looks good but the location is less than ideal

GreenSPACE · #**5905** Posted **Feb 5, 2013, 6:40 PM**

^It Dub doesn't have partners, he might try to flip the approved design and site

rapid_business · #**5906** Posted **Feb 5, 2013, 8:37 PM**

Quote:

Originally Posted by Coldrsx

Agreed. Also means closer...

Yup... the barbers are out of there at the end of the month. No idea about the Western Union or whatever it is on the corner.

Coldrsx · #**5907** Posted **Feb 5, 2013, 9:00 PM**

Good to hear about Dub's Tower.

As for saturation... there is good appetite for 250k-400k units downtown... outside of that,I would be cautious. To be honest, we have very few good options for new/newer mid mid upper units.

Coldrsx · #**5908** Posted **Feb 5, 2013, 9:02 PM**

Quote:

Originally Posted by 240glt

No. Those buildings sold a year ago. A company out of Calgary called Aspen manages the buildings on behalf of a pension fund

Ah so... I wondered if Aspen might try to snag that lot either by sale or option (my guess).

I'd love to see the COE choose that site for a tower.

There was a 20-24 storey tower 'designed' for that site by a mostly defunct company now, where is that rendering.

Coldrsx · #**5909** Posted **Feb 5, 2013, 9:30 PM**

Dub's tower

I do hope they take some cues from one of my favourite towers in the NYC... OMP.

(http://cdn.archinect.net/images/615x/jw/jw59bnd8vx55fpqw.jpg)

GreenSPACE · #**5910** Posted **Feb 5, 2013, 10:46 PM**

Quote:

Originally Posted by Coldrsx

Good to hear about Dub's Tower.

As for saturation... there is good appetite for 250k-400k units downtown... outside of that,I would be cautious. To be honest, we have very few good options for new/newer mid mid upper units.

I should have clarified - most of Dub's units are in the 600-700 sq ft range, unless you'd combine two floors or something. The building does not obviously show smaller units, but his layouts do. So you'd be correct that he may be targeting an entry level market.

240glt · #**5911** Posted **Feb 5, 2013, 11:37 PM**

Quote:

Originally Posted by Coldrsx

Ah so... I wondered if Aspen might try to snag that lot either by sale or option (my guess).

I'd love to see the COE choose that site for a tower.

There was a 20-24 storey tower 'designed' for that site by a mostly defunct company now, where is that rendering.

Option.

Your thinking of that Urbia tower on that lot I think.. the one that had already secured a major law office as a tenant

Yeah.. and you wonder why I'm doubtful about a Katz office tower any time soon. Aspen's got a shot, but remember, they don't actually have any money.. they've got to find the backers for it. And frankly a municipal government tower is not the kind of asset that a lot of REITs or pension funds want (unless they can flip it right after it is tenanted) so getting 3rd party financing may be a little tougher.

Coldrsx · #**5912** Posted **Feb 6, 2013, 12:00 AM**

'Your thinking of that Urbia tower on that lot I think.. the one that had already secured a major law office as a tenant'

Not Urbia, but yes 'major law tenant'. There was a sketchup 'render', tri something?

240glt · #**5913** Posted **Feb 6, 2013, 12:01 AM**

Quote:

Originally Posted by Coldrsx

'Your thinking of that Urbia tower on that lot I think.. the one that had already secured a major law office as a tenant'

Not Urbia, but yes 'major law tenant'. There was a sketchup 'render', tri something?

RIGHT! Tri-Corp. Gone like a fart in the wind

Coldrsx · #**5914** Posted **Feb 6, 2013, 12:03 AM**

^bingo

Tricorp Plaza

(http://www.tricorpcanada.com/img/content/tricorp_plaza.jpg)

Airboy · #**5915** Posted **Feb 6, 2013, 12:53 AM**

Pearl on approach

And although I did not get a photo the East Henday River crossing has started. The Temp Dam is halfway across and excavation has begun

Coldrsx · #**5916** Posted **Feb 6, 2013, 1:21 AM**

Never realized that the student rez says MU or MacEwan University.

Coldrsx · #**5917** Posted **Feb 6, 2013, 3:14 AM**

Ultima by chrisvasquez7 on c2e

(http://www.flickr.com/photos/50106948@N00/8447448490/)

CMD UW · #**5918** Posted **Feb 6, 2013, 4:07 AM**

Quote:

Originally Posted by 240glt

I wonder how close that one is to fruition ? I have to think the condo market is pretty saturated and the higher end stuff (as I assume this one will be) doesn't seem to be moving well at all.

Based on current market reports the new condo market is not saturated. There is a lack of smaller more affordable units. Higher end condos will take longer to sell (see Pearl) given the size of that market.

CMD UW · #**5919** Posted **Feb 6, 2013, 4:15 AM**

Quote:

Originally Posted by 240glt

Aspen's got a shot, but remember, they don't actually have any money.. they've got to find the backers for it. And frankly a municipal government tower is not the kind of asset that a lot of REITs or pension funds want (unless they can flip it right after it is tenanted) so getting 3rd party financing may be a little tougher.

Ahh, most real estate development/owner/management companies are tied to pension funds or private equity, they aren't 'cash rich'. They get their pound of flesh through management fees.

Are you saying that a building filled with government tenants is not what REITs/Pension Funds want...you're so wrong. Government tenants are highly coveted as they as the least risky and typically sign long term leases.

Black Star · #**5920** Posted **Feb 6, 2013, 6:12 AM**

Quote:

Originally Posted by Airboy

Pearl on approach

And although I did not get a photo the East Henday River crossing has started. The Temp Dam is halfway across and excavation has begun

Could be a stupid question. But where are u landing lol?