General Updates and News - Page 316

someone123 · #**6301** Posted **Oct 26, 2014, 6:14 PM**

Quote:

Originally Posted by spaustin

Probably a bad time to own properties that would have been regarded as Class A space like Scotia Square and the RBC and BMO Buildings. Several possible futures for them.

Yes. Tracking vacancies alone doesn't really show the (largely positive) process that is taking place. What is happening right now is much better for the downtown than the stagnation of the 90's. The eventual result will be better, newer buildings, and free space to be backfilled by offices or other uses that otherwise might not have been able to find space downtown.

Another reason why this is happening now is that the bank leases are ending and they are looking for new space.

counterfactual · #**6302** Posted **Oct 27, 2014, 3:26 AM**

Quote:

Originally Posted by spaustin

Probably a bad time to own properties that would have been regarded as Class A space like Scotia Square and the RBC and BMO Buildings. Several possible futures for them.

(1) They lose the banks, insurance companies and law firms and become cheaper locations attractive to smaller companies. Kind of 1970s versions of what the Roy Building on Barrington was.
(2) They get converted to residential uses. Has happened in the past. The Radisson Hotel began as an office building as did the Canada Permanent Insurance Building (now residential). This could end up being a major long-term plus for Downtown as it would add a considerable number of residents. Imagine Scotia Square as Scotia Village instead!
(3) They get demolished or renovated to keep up with the competition. This seems to be what Theil is doing with his aging office buildings. TD is done, but it might be too late to make it work in this economic cycle with RBC and BMO.

Expect some of the office buildings that haven't started construction yet or were in the proposal phase to remain there.

Yes. Thank you. Precisely. One of the reasons business sprawl parks have been out-competing downtown office, is that downtown office space has largely been crappy out of date office buildings, with steep rents. Understandably, businesses have opted for newer offices at cheaper rents.

Finally, this new office development and spiking vacancy rate will force these landlords and property owners to invest-- as you say, Thiel and TD are figuring this out.

counterfactual · #**6303** Posted **Oct 27, 2014, 3:28 AM**

Quote:

Originally Posted by someone123

Yes. Tracking vacancies alone doesn't really show the (largely positive) process that is taking place. What is happening right now is much better for the downtown than the stagnation of the 90's. The eventual result will be better, newer buildings, and free space to be backfilled by offices or other uses that otherwise might not have been able to find space downtown.

Another reason why this is happening now is that the bank leases are ending and they are looking for new space.

Yes! The virtuous cycle, finally, after decades of stagnation downtown.

I still attribute a lot of this to HRMxD. Once you had more development certainty, things would happen. The Nova Centre will similarly create even more pressure.

Thiel is "on hold", but I suspect not for long. They will lose their clients to the Nova Centre and TD Centre. They need to move now, to secure some anchor clients later.

Ziobrop · #**6304** Posted **Oct 27, 2014, 12:41 PM**

Quote:

Originally Posted by counterfactual

Thiel is "on hold", but I suspect not for long. They will lose their clients to the Nova Centre and TD Centre. They need to move now, to secure some anchor clients later.

I was told at least 4 years. I know 1 floor in RBC was just leased for a year for swing space by a gov dept.

counterfactual · #**6305** Posted **Oct 28, 2014, 2:29 AM**

Quote:

Originally Posted by Ziobrop

I was told at least 4 years. I know 1 floor in RBC was just leased for a year for swing space by a gov dept.

4 years... ugh.... *deflated*

mcmcclassic · #**6306** Posted **Nov 7, 2014, 1:01 PM**

There's a wood framed building going up on King St. between Queen and Ochterloney St. Any ideas of what this could be? It's currently on floor 1.

JET · #**6307** Posted **Nov 7, 2014, 1:43 PM**

There was a house there, that was recently demolished, but don't know what's going to replace it.

Ziobrop · #**6308** Posted **Nov 7, 2014, 3:24 PM**

Quote:

Originally Posted by counterfactual

4 years... ugh.... *deflated*

I can confirm. 2year lease, with 2, 1 year options.
this development is officially stalled.

Colin May · #**6309** Posted **Nov 7, 2014, 3:51 PM**

Quote:

Originally Posted by mcmcclassic

There's a wood framed building going up on King St. between Queen and Ochterloney St. Any ideas of what this could be? It's currently on floor 1.

Rental, at least 2 units. New owner, first project.

mcmcclassic · #**6310** Posted **Nov 7, 2014, 5:00 PM**

Quote:

Originally Posted by Colin May

Rental, at least 2 units. New owner, first project.

Thanks for that. Always nice to see lots getting filled in in DT Dartmouth, even if it's a small development.

counterfactual · #**6311** Posted **Nov 7, 2014, 10:20 PM**

Quote:

Originally Posted by Ziobrop

I can confirm. 2year lease, with 2, 1 year options.
this development is officially stalled.

Any reason why?

Ziobrop · #**6312** Posted **Nov 8, 2014, 3:29 AM**

Quote:

Originally Posted by counterfactual

Any reason why?

No idea. Probably no tennants

But if they were going to demo the building, they wouldn't be signing new leases

Colin May · #**6313** Posted **Nov 8, 2014, 3:33 AM**

Quote:

Originally Posted by mcmcclassic

Thanks for that. Always nice to see lots getting filled in in DT Dartmouth, even if it's a small development.

I don't know if the guy, from Cape Breton I am told, knows that he is building next to a crematorium.

Dmajackson · #**6314** Posted **Nov 8, 2014, 1:42 PM**

Quote:

Originally Posted by Colin May

I don't know if the guy, from Cape Breton I am told, knows that he is building next to a crematorium.

Crematoriums are actually great places to live next to. They are quiet and rarely advertise their presence. I lived next to one for a while and didn't even realise it until after I moved away.

At the least you'll never get a complaint from the neighbours!

JET · #**6315** Posted **Nov 8, 2014, 4:06 PM**

Quote:

Originally Posted by Colin May

I don't know if the guy, from Cape Breton I am told, knows that he is building next to a crematorium.

which building is the crematorium in?

Colin May · #**6316** Posted **Nov 8, 2014, 4:22 PM**

Quote:

Originally Posted by JET

which building is the crematorium in?

Immediately behind, belongs to Dartmouth Funeral home.
And my better half tells me the new building will be 4 storeys and perhaps 10 units - mostly 1 bedroom.

Drybrain · #**6317** Posted **Nov 10, 2014, 4:21 PM**

NSCAD seems to be repainting some of their buildings facing Granville and Hollis Streets—though IMO they could probably use a more substantial facade restoration, especially the Hollis-facing side. Regardless, they're looking a bit sharper.

And more importantly, the owner of Chives tweeted on the weekend that the Pacific Building is being restored, and sure enough, there was scaffolding in front of it today and over the weekend. Not sure if it's a full top-to-bottom repair, but something is happening.

Even more reason to reiterate what I posted a few days ago: The Green Lantern might soon be the only truly shabby-looking building left on Barrington if the owner doesn't stop complaining about Juan damage and fix it, already.

JET · #**6318** Posted **Nov 10, 2014, 5:32 PM**

Quote:

Originally Posted by Drybrain

NSCAD seems to be repainting some of their buildings facing Granville and Hollis Streets—though IMO they could probably use a more substantial facade restoration, especially the Hollis-facing side. Regardless, they're looking a bit sharper.

And more importantly, the owner of Chives tweeted on the weekend that the Pacific Building is being restored, and sure enough, there was scaffolding in front of it today and over the weekend. Not sure if it's a full top-to-bottom repair, but something is happening.

Even more reason to reiterate what I posted a few days ago: The Green Lantern might soon be the only truly shabby-looking building left on Barrington if the owner doesn't stop complaining about Juan damage and fix it, already.

I have always really disliked the first floor facade of the Pacific building, not very inviting. Be nice if an historic restoration could be done. http://www.historicplaces.ca/en/rep-reg/image-image.aspx?id=5640#i1

JET · #**6319** Posted **Nov 10, 2014, 5:39 PM**

I had forgotten about this, an then came accross it.
http://forum.skyscraperpage.com/showthread.php?t=147806

OldDartmouthMark · #**6320** Posted **Nov 10, 2014, 5:42 PM**

Quote:

Originally Posted by JET

I have always really disliked the first floor facade of the Pacific building, not very inviting. Be nice if an historic restoration could be done. http://www.historicplaces.ca/en/rep-reg/image-image.aspx?id=5640#i1

Here's another iteration:

http://novascotia.ca/archives/virtual/NSIS/archives.asp?ID=1721