The Slater | 66.6 m | 22 fl | Completed

[YOWflier]

I am well aware if the floor-to-ceiling windows; my tenants love that aspect of the units I rent them. What they love more, however, is that I ensured that there isn't a gigantic object (structure or otherwise) on the other side of those nice windows impeding the light and causing them claustrophobia (from the CPIII/IV thread):

[kwoldtimer]

Originally Posted by JackBauer24

Good news for you, most new high rise condos offer larger windows compared to their older counterparts. So if natural light is important to you, then most new condos will be able to provide lots of that.

True, but there will always be a difference in the quality of light between north facing (often the best view in Ottawa, at least in the core) and the other three directions. Plus, glass bleeds cold in the winter like an sob (if it's not triple glazed) - some of these new north facing Ottawa condo units must be like ice boxes in the dead of winter.

[JackBauer24]

There's nothing impeding your light exposure today, just as there wasn't anything impeding the light in CP 1 and 2 before CP 3 and 4 came along.

Originally Posted by ac888yow

I am well aware if the floor-to-ceiling windows; my tenants love that aspect of the units I rent them. What they love more, however, is that I ensured that there isn't a gigantic object (structure or otherwise) on the other side of those nice windows impeding the light and causing them claustrophobia (from the CPIII/IV thread):

[Urbanarchit]

*

[canabiz]

Originally Posted by JackBauer24

I didn't buy one. I just like the Slaters location. Actually, I like a lot of things about the Slater. I'm sure it'll be a great investment for many, I wasn't able to purchase one when they initially opened.

There are still 35 listings for this building on MLS, courtesy of Marnie Bennett...I don't have the original price list in front of me so I can't say if they already jacked up the price before putting 'em on MLS

[YOWflier]

Originally Posted by JackBauer24

There's nothing impeding your light exposure today, just as there wasn't anything impeding the light in CP 1 and 2 before CP 3 and 4 came along.

I'm not sure really sure what conversation this statement belongs to; it certainly doesn't have anything to do with what I'm saying.

So, sure.

[Marcus CLS]

Went by the Slater on the bus today and a peek out the window revealed that the furniture that was part of the model suite inside the sales centre was gone. The side room (model suite) to the east of the sales office is now empty.

[Mille Sabords]

Originally Posted by kwoldtimer

True, but there will always be a difference in the quality of light between north facing (often the best view in Ottawa, at least in the core) and the other three directions. Plus, glass bleeds cold in the winter like an sob (if it's not triple glazed) - some of these new north facing Ottawa condo units must be like ice boxes in the dead of winter.

It's a trade-off. I had a north-facing condo with great views, but the natural light for many months of the year was blaring sunlight directly into my living room, which is a pain if you're trying to watch TV. There is such a thing as "too much natural light".

[Boxster]

That is why they have blinds.

Originally Posted by Mille Sabords

It's a trade-off. I had a north-facing condo with great views, but the natural light for many months of the year was blaring sunlight directly into my living room, which is a pain if you're trying to watch TV. There is such a thing as "too much natural light".

[Mille Sabords]

Originally Posted by Boxster

That is why they have blinds.

Why, yes, that is indeed why they have blinds. I discovered that great invention, actually a bit before that time. It was a revelation and I have never been the same since. I never cease to marvel at the creativity of mankind.

[DowntownDensity]

The sales center has been absent from the site for 2-3 weeks now. There are no other real signs of further progress at this time; yesterday there were three cars parked on the lot in a row, making it look like a typical downtown parking lot.

[S-Man]

How is this project for sales?

[lenderonabender]

Originally Posted by S-Man

How is this project for sales?

83 units of 164 sold as at November 30, 2013 (Source: PMA Brethour, November 2013).

This is selling well and I have no doubt they will break ground in the coming months. In my opinion they likely need some time to i) get some more firm sales in, and ii) iron out all banking and legal work. From those perspectives there are a few issues at play - the hotel/condominium structure is a little tricky as each piece of the project is a different entity with the hotel being operated (owned?) by Groupe Germain/ALT Hotels (Source: http://www.obj.ca/Real-Estate/2012-11-13...operate-hotel-at-Broccolini-condo-site/1).

FWIW, the Groupe Germain's website says the hotel will be opening in Winter/2015 which sounds a little ambitious.

[Boxster]

Is the PMA info you have available to the general public?
Thanks

Originally Posted by lenderonabender

83 units of 164 sold as at November 30, 2013 (Source: PMA Brethour, November 2013).

This is selling well and I have no doubt they will break ground in the coming months. In my opinion they likely need some time to i) get some more firm sales in, and ii) iron out all banking and legal work. From those perspectives there are a few issues at play - the hotel/condominium structure is a little tricky as each piece of the project is a different entity with the hotel being operated (owned?) by Groupe Germain/ALT Hotels (Source: http://www.obj.ca/Real-Estate/2012-11-13...operate-hotel-at-Broccolini-condo-site/1).

FWIW, the Groupe Germain's website says the hotel will be opening in Winter/2015 which sounds a little ambitious.

[lenderonabender]

Originally Posted by Boxster

Is the PMA info you have available to the general public?
Thanks

Yes, but at a cost as it is a subscription based service for industry professionals.

There are 2 research providers that I know of - PMA Brethour and Urban Logic (which is fairly new and locally based).

http://www.pmabrethour.com

http://www.urbanlogicottawa.com

[JackBauer24]

That depends on your definition of Winter 2015. I'm guessing they mean Dec. 2015, not Jan/Feb 2015. Assuming they break ground in the next few months, that would give them slightly less than 2 years to build this project - definitely doable.

Originally Posted by lenderonabender

83 units of 164 sold as at November 30, 2013 (Source: PMA Brethour, November 2013).

This is selling well and I have no doubt they will break ground in the coming months. In my opinion they likely need some time to i) get some more firm sales in, and ii) iron out all banking and legal work. From those perspectives there are a few issues at play - the hotel/condominium structure is a little tricky as each piece of the project is a different entity with the hotel being operated (owned?) by Groupe Germain/ALT Hotels (Source: http://www.obj.ca/Real-Estate/2012-11-13...operate-hotel-at-Broccolini-condo-site/1).

FWIW, the Groupe Germain's website says the hotel will be opening in Winter/2015 which sounds a little ambitious.

[canabiz]

Originally Posted by lenderonabender

83 units of 164 sold as at November 30, 2013 (Source: PMA Brethour, November 2013).

This is selling well and I have no doubt they will break ground in the coming months. In my opinion they likely need some time to i) get some more firm sales in, and ii) iron out all banking and legal work. From those perspectives there are a few issues at play - the hotel/condominium structure is a little tricky as each piece of the project is a different entity with the hotel being operated (owned?) by Groupe Germain/ALT Hotels (Source: http://www.obj.ca/Real-Estate/2012-11-13...operate-hotel-at-Broccolini-condo-site/1).

FWIW, the Groupe Germain's website says the hotel will be opening in Winter/2015 which sounds a little ambitious.

I thought the number of firm sale would be more than that. This one is in a prime location and it doesn't hurt to have the Groupe Germain operating the hotel. I know the Marnie Bennett group heavily promoted this project.

Is 75% sold still required before they break ground? Or Is Broccolini big enough to start construction a bit earlier?

I checked MLS and there are currently 37 units in this project for sale from the Marnie Bennett Realty Shop.

[gjhall]

Originally Posted by canabiz

I thought the number of firm sale would be more than that. This one is in a prime location and it doesn't hurt to have the Groupe Germain operating the hotel. I know the Marnie Bennett group heavily promoted this project.

Is 75% sold still required before they break ground? Or Is Broccolini big enough to start construction a bit earlier?

I checked MLS and there are currently 37 units in this project for sale from the Marnie Bennett Realty Shop.

I'm thinking that from a financing perspective it should be able to start construction with fewer condo sales than usual because from a GFA standpoint, the hotel portion is 100% sold to Germain Groupe, right? That pushes the whole 'sold' proportion of the constructed building way up.

[lenderonabender]

Originally Posted by canabiz

I thought the number of firm sale would be more than that. This one is in a prime location and it doesn't hurt to have the Groupe Germain operating the hotel. I know the Marnie Bennett group heavily promoted this project.

Is 75% sold still required before they break ground? Or Is Broccolini big enough to start construction a bit earlier?

I checked MLS and there are currently 37 units in this project for sale from the Marnie Bennett Realty Shop.

I should have prefaced that by saying the report I get is basically compiled by a company (PMA Brethour) which sends people out to the sales offices of all the builders - the data is not really the most reliable. The # does seem a little low. I will report back when I get the December month end report which should be soon.

Originally Posted by JackBauer24

That depends on your definition of Winter 2015. I'm guessing they mean Dec. 2015, not Jan/Feb 2015. Assuming they break ground in the next few months, that would give them slightly less than 2 years to build this project - definitely doable.

Ah ha. I stand corrected. I would have called that Winter/2016 though!

Originally Posted by gjhall

I'm thinking that from a financing perspective it should be able to start construction with fewer condo sales than usual because from a GFA standpoint, the hotel portion is 100% sold to Germain Groupe, right? That pushes the whole 'sold' proportion of the constructed building way up.

That's correct - most lenders are not looking solely at the % of units sold, but rather the % of sold revenue against loan dollars.

[JackBauer24]

Ya, I'm not so certain the # of sales noted in the PMA are accurate. I know they had said that the project was over 50% sold out in April/May 2013. I haven't been back to the sales office since but I would be shocked if sales were still only at 50% 8-9 months later. It appears as though the remaining inventory is listed on MLS - which makes even more sense now that the sales centre is gone. I'm going to guess the # of remaining condos is closer to 37 making the project closer to 80% sold out.

Originally Posted by canabiz

I thought the number of firm sale would be more than that. This one is in a prime location and it doesn't hurt to have the Groupe Germain operating the hotel. I know the Marnie Bennett group heavily promoted this project.

Is 75% sold still required before they break ground? Or Is Broccolini big enough to start construction a bit earlier?

I checked MLS and there are currently 37 units in this project for sale from the Marnie Bennett Realty Shop.