Claridge Icon [505 Preston St] | 143m | 45 fl | Completed - Page 30

cityguy · #**581** Posted **Sep 15, 2014, 9:57 PM**

Why would they be proceeding with such poor sales?Industry standards are usually around 70%

ryan1 · #**582** Posted **Sep 16, 2014, 4:36 AM**

Quote:

Why would they be proceeding with such poor sales?Industry standards are usually around 70%

If you have the ability to self-finance a building (and regardless of current market conditions), it is typically much easier to sell an existing (or under construction) product than it is to sell a condo based on a model suite, some renderings and a floor plan. Plus the construction of this tower should provide a good amount of free marketing for the Icon and for other projects in the Claridge portfolio.

cityguy · #**583** Posted **Sep 16, 2014, 11:15 AM**

I did think Claridge had the ability to self finance,this tower will cost over a $100 million to build.

bikegypsy · #**584** Posted **Sep 16, 2014, 4:09 PM**

They are also betting on a market rebound which should be in sync with the last phase of construction. Having deep pockets as well as the thorough knowledge of the Ottawa market allows them to be completely ahead of the curve.

canabiz · #**585** Posted **Sep 18, 2014, 1:38 AM**

Quote:

Originally Posted by bikegypsy

They are also betting on a market rebound which should be in sync with the last phase of construction. Having deep pockets as well as the thorough knowledge of the Ottawa market allows them to be completely ahead of the curve.

I don't know guys. I am a home owner so I want the market to be at least stable, if not increase (slightly) for my own sanity but the market, at least the condo one, has definitely softened and I don't know when it will rebound.

A lot can depend on the big election next year, many first-time home owners are new grads who got a cushy job with the government straight out of school but with hiring freeze in effect and tough(er) mortgage rules, it's not what it used to be, let's put it that way. There are a lot of internal shuffling in my department but I have not seen anyone fresh off the street (new grads, new immigrants, private sectors) joining the public service in my shop for at least 3 years. It's rough out there, folks.

1overcosc · #**586** Posted **Sep 18, 2014, 1:49 AM**

^I'm a new grad who starting working for the federal government earlier this year. We exist. But I can say we're definitely rare.

One thing that struck me about my department (don't know if others are the same) is just how old the workforce is. Sometimes at meetings I'm literally the only one who looks to be less than 50. It makes me wonder just how many new hires they'll need when they all retire...

canabiz · #**587** Posted **Sep 19, 2014, 2:11 AM**

Quote:

Originally Posted by 1overcosc

^I'm a new grad who starting working for the federal government earlier this year. We exist. But I can say we're definitely rare.

One thing that struck me about my department (don't know if others are the same) is just how old the workforce is. Sometimes at meetings I'm literally the only one who looks to be less than 50. It makes me wonder just how many new hires they'll need when they all retire...

This is a good question which I don't think anybody will have a definitive answer. Yes the Baby Boomers will retire but some of them will come back and work in the same department as a consultant or part of an alumni program, either for financial gain or to keep them active socially. Some of them also hang on to their jobs way too long even though they could technically retire because they need the $ (divorce etc)

kwoldtimer · #**588** Posted **Sep 19, 2014, 12:55 PM**

Quote:

Originally Posted by canabiz

This is a good question which I don't think anybody will have a definitive answer. Yes the Baby Boomers will retire but some of them will come back and work in the same department as a consultant or part of an alumni program, either for financial gain or to keep them active socially. Some of them also hang on to their jobs way too long even though they could technically retire because they need the $ (divorce etc)

It's something HR departments have been discussing/trying to plan for for at least a decade. So far the dam hasn't burst, but one wonders how long it can be sustained. The number of public servants with 35 years in, and 30+years in, must be rising very quickly by now. The loss of experience and knowledge could be potentially very damaging if not properly planned for.

YOWetal · #**589** Posted **Sep 19, 2014, 1:32 PM**

Quote:

Originally Posted by 1overcosc

^I'm a new grad who starting working for the federal government earlier this year. We exist. But I can say we're definitely rare.

One thing that struck me about my department (don't know if others are the same) is just how old the workforce is. Sometimes at meetings I'm literally the only one who looks to be less than 50. It makes me wonder just how many new hires they'll need when they all retire...

I am currently with a central agency and this is not the case in the departments I interact with. Even a lot of directors are under 40. In most departments I think there are a lot of people in their late 20s to late 30s who were hired between around 2000 and 2010.

phil235 · #**590** Posted **Sep 19, 2014, 1:40 PM**

Quote:

Originally Posted by YOWetal

I am currently with a central agency and this is not the case in the departments I interact with. Even a lot of directors are under 40. In most departments I think there are a lot of people in their late 20s to late 30s who were hired between around 2000 and 2010.

I've seen demographics for at least two federal institutions, and the number of employees who can retire within 5 years is truly frightening. There is a big hole caused by the hiring freezes in the late 90s, and another hole is likely developing with the current budget freeze.

gjhall · #**591** Posted **Sep 19, 2014, 3:11 PM**

Quote:

Originally Posted by phil235

I've seen demographics for at least two federal institutions, and the number of employees who can retire within 5 years is truly frightening. There is a big hole caused by the hiring freezes in the late 90s, and another hole is likely developing with the current budget freeze.

Yay for kicking the can! #someoneelsesproblem

1overcosc · #**592** Posted **Sep 19, 2014, 4:07 PM**

On the other hand, the aging federal workforce is one of the reasons why the federal downsizing wasn't as economically destructive as it could have been... many units were able to meet their downsizing targets by retirements (including early retirement buyout offers) which meant that a lot of those out of work simply exited the workforce instead of looking for new jobs--which could have shot the unemployment rate through the roof.

canabiz · #**593** Posted **Sep 20, 2014, 9:11 PM**

I think Hot 89.9 was live on location today so Claridge Icon commercial was heavy on the radio. They are offering $3,000 design centre bonus...not sure how long that goes for condo upgrades but every little bit helps I suppose.

sgera · #**594** Posted **Sep 22, 2014, 1:52 PM**

Website says dec,2018 as move in so not sure that implies a fall start date....feels two years premature

MilesDavis · #**595** Posted **Sep 22, 2014, 2:12 PM**

Given the size of the building and the depth they will have to dig it will take almost 4 years to deliver

J.OT13 · #**596** Posted **Sep 22, 2014, 2:18 PM**

Comparable to Icon, Theatre Park in Toronto started construction in December 2011 topped off (though not fully clad) in August 2014. Completion date is expected in 2015.

So if move in for Icon is December 2018, a Fall start would be just about in line with the industry standard.

http://forum.skyscraperpage.com/showthread.php?t=165490&page=6

http://urbantoronto.ca/database/projects/theatre-park

Boxster · #**597** Posted **Sep 22, 2014, 4:41 PM**

Does anyone know how many levels the parking garage will have?

Urbanarchit · #**598** Posted **Sep 22, 2014, 6:05 PM**

Quote:

Originally Posted by Boxster

Does anyone know how many levels the parking garage will have?

I think it was 7-9?

JackBauer24 · #**599** Posted **Sep 28, 2014, 4:10 PM**

Quote:

Originally Posted by sgera

Website says dec,2018 as move in so not sure that implies a fall start date....feels two years premature

A good rule of thumb is that for every 10 floors, you can expect roughly 1 year of construction. There are exceptions, but that's a pretty close estimate for concrete built buildings.

I haven't seen the Icons contract but I would suspect their first tentative occupancy date is 2018 (based on when they initially launched their project for sale), their outside date is probably 2020-2021. If anyone on this thread is a purchaser, please look at the first page of the Tarion portion of your contract and you'll see those dates.

Until the condo is actually under construction (or if the condo is under 100 units), the anticipated date means very little. So if you have bought or are planning to buy new construction, don't make too many plans depending on possession until you see shovels in the ground.

JackBauer24 · #**600** Posted **Sep 28, 2014, 4:15 PM**

Toronto has better weather in which to build (less potential delays), more people to buy their projects (faster sales = more favourable lending practices from banks) and their demolition, condo registration and closing processes are much smoother than in Ottawa.
You currently couldn't close a building like Theatre Park in Ottawa in the same time it takes in Toronto. Add on another year or so.

Quote:

Originally Posted by J.OT13

Comparable to Icon, Theatre Park in Toronto started construction in December 2011 topped off (though not fully clad) in August 2014. Completion date is expected in 2015.

So if move in for Icon is December 2018, a Fall start would be just about in line with the industry standard.

http://forum.skyscraperpage.com/showthread.php?t=165490&page=6

http://urbantoronto.ca/database/projects/theatre-park