Regina Construction III

[TechnicalRecession]

Originally Posted by Nathan

Like CP, Regardless of whether they were building now or not, they'd likely have to backfill and drive some piles in before removing the walls, otherwise they'd risk destabilising the surrounding area (Lorne Street, provincial court building behind, etc).

I did notice that unlike CP post-Plains demolition, they took out all the rebar and other junk before filling.

Here's a photo. Hopefully this Namerind project does proceed soon as this is one large, ugly dirt parking lot on a street that needs a lot of help in general. I also highly doubt the city will enforce its downtown plan in regards to surface parking lots being required to plant trees/do things to make the site more aesthetic. I forget exactly what those things are but pretty sure the city won't enforce them.

[Drofmab]

Originally Posted by BrutallyDishonest2

As much as I'd be happy to see an Ikea here,...Ikea would never spend that much in our market.

I haven't googled to back this up, but isn't the market area a key difference between Regina or Saskatoon & Halifax? I know Sask has a million people - but neither Regina, nor Stoon can claim to be the central shopping hub for a million, nor for even half the prov's pop. Geographically, it just doesn't work.

Halifax, on the other hand, is a fairly major shopping destination for the Maritimes' 1.8million people (closer to 2.5million, if Maine & NL are included...), is it not? Or am I confusing Halifax with Saint John & Moncton (both of which would be more easily accessible to NS, PEI, NB & Maine).

Regardless - for folks in the Canadian & US Maritimes, the closest stores are in Montreal & Massachusetts (NB, NS, PEI, NL, Maine, Vermont, New Hampshire, upstate New York have zero Ikeas...). Montreal, Toronto & the NY-area stores would clearly pick up much of NY, VT, NH's customers, but Halifax would be more convenient to folks in Maine.

AB/SK/MB and a portions of ND & MT have a pop of about 6.8million people - and 3 IKEAs (1 store/2.3million). Adding a store in Sask would require IKEA to shift their store ratio to 1 store:1.7million. Maybe they are shifting their ratio - but I'd say Halifax has a much better argument based on being in an underserved market.

[UrbanClimate]

Originally Posted by TechnicalRecession

Here's a photo. Hopefully this Namerind project does proceed soon as this is one large, ugly dirt parking lot on a street that needs a lot of help in general. I also highly doubt the city will enforce its downtown plan in regards to surface parking lots being required to plant trees/do things to make the site more aesthetic. I forget exactly what those things are but pretty sure the city won't enforce them.

^Love the full view of the SGI tower.

Here another view of the Namerind lot, from the opposite direction:

[Stormer]

Originally Posted by TechnicalRecession

Here's a photo. Hopefully this Namerind project does proceed soon as this is one large, ugly dirt parking lot on a street that needs a lot of help in general. I also highly doubt the city will enforce its downtown plan in regards to surface parking lots being required to plant trees/do things to make the site more aesthetic. I forget exactly what those things are but pretty sure the city won't enforce them.

You are exactly right here. The "temporary" parking lot on the 17 block of Hamilton was required to have a solid metal fence with woody shrubs planted between the fence and sidewalk. It is stated right in the published zoning approval. Instead they put up a chain-link fence with plastic slats with no landscaping, apparently with impunity.

The City's own agencies are also guilty of this. The Police Service was given permission to build a "temporary" surface parking lot on Sask Dr. and St. John. The approval expressly required landscaping. As you can see, she's a beauty:

https://www.google.ca/maps/@50.4519166,-...8c0Oz-Z9qCaA9Ww!2e0!7i13312!8i6656?hl=en

[Stormer]

Here is a streetscape render. I sure hope it gets built. That corner has been a parking lot for at least a generation.

[someguy]

Namerind has been liquidating some of their outdated assets to raise funds for this project. I would guesstimate that they have sold around $10mil so far...none of the ones I have looked at have had any mortgages registered to the title. I think it will go forward. They should have a substantial amount of cash on hand, and financing the project should be a breeze if the feds guarantee a loan.

[skphc08]

Originally Posted by Drofmab

I haven't googled to back this up, but isn't the market area a key difference between Regina or Saskatoon & Halifax? I know Sask has a million people - but neither Regina, nor Stoon can claim to be the central shopping hub for a million, nor for even half the prov's pop. Geographically, it just doesn't work.

Halifax, on the other hand, is a fairly major shopping destination for the Maritimes' 1.8million people (closer to 2.5million, if Maine & NL are included...), is it not? Or am I confusing Halifax with Saint John & Moncton (both of which would be more easily accessible to NS, PEI, NB & Maine).

Regardless - for folks in the Canadian & US Maritimes, the closest stores are in Montreal & Massachusetts (NB, NS, PEI, NL, Maine, Vermont, New Hampshire, upstate New York have zero Ikeas...). Montreal, Toronto & the NY-area stores would clearly pick up much of NY, VT, NH's customers, but Halifax would be more convenient to folks in Maine.

AB/SK/MB and a portions of ND & MT have a pop of about 6.8million people - and 3 IKEAs (1 store/2.3million). Adding a store in Sask would require IKEA to shift their store ratio to 1 store:1.7million. Maybe they are shifting their ratio - but I'd say Halifax has a much better argument based on being in an underserved market.

Seems like a reasonable assessment.

[Drofmab]

Originally Posted by someguy

Namerind has been liquidating some of their outdated assets to raise funds for this project. I would guesstimate that they have sold around $10mil so far...none of the ones I have looked at have had any mortgages registered to the title. I think it will go forward. They should have a substantial amount of cash on hand, and financing the project should be a breeze if the feds guarantee a loan.

There's always risk in a project of this scale. From what I've seen, Namerind has grown at a measured pace. In my opinion, when they saw government funding starting to dry-up, they made a strategically wise shift from a non-profit (reliant on gov't funding), to a social enterprise (less reliant on gov't, more reliant on their own revenue streams).

While they have certainly received funding from Sask Housing & CMHC, I'd bet the lion's share of the money going into their recent projects isn't government. They hold a decent amount of housing stock in this city... as indicated above, much of their property is held free & clear.

Could the downtown project fall-through? Of course it could (especially with rental vacancy rate inching back up).

Given their track record, I'm inclined to give Namerind the benefit of the doubt.

[Stormer]

Originally Posted by Drofmab

There's always risk in a project of this scale. From what I've seen, Namerind has grown at a measured pace. In my opinion, when they saw government funding starting to dry-up, they made a strategically wise shift from a non-profit (reliant on gov't funding), to a social enterprise (less reliant on gov't, more reliant on their own revenue streams).

While they have certainly received funding from Sask Housing & CMHC, I'd bet the lion's share of the money going into their recent projects isn't government. They hold a decent amount of housing stock in this city... as indicated above, much of their property is held free & clear.

Could the downtown project fall-through? Of course it could (especially with rental vacancy rate inching back up).

Given their track record, I'm inclined to give Namerind the benefit of the doubt.

I do not expect they will have to worry about residential vacancies. These will be subsidized units - there will be a waiting list. Sure they may have some of their own funds, but they will be eligible for Federal and Provincial grants as well as municipal incentives. Also CMHC could likely finance at least 90 percent of the cost at low interest rates or there are programs that will even forgive the debt if they put up 30% of the cost with their own funds such as this:

http://www.saskatchewan.ca/business/hous...ng-affordable-rental-housing#eligibility

This will only apply to the residential component and not the retail or office.

[BrutallyDishonest2]

It's important to remember that the retail/office portion they originaly showed would probably cost them $20M+. That's going to be a lot more difficult than getting a CMHC loan.

[Drofmab]

Originally Posted by BrutallyDishonest2

It's important to remember that the retail/office portion they originaly showed would probably cost them $20M+. That's going to be a lot more difficult than getting a CMHC loan.

The retail/office portion may be the part they self-finance through the sale/mortgaging of their existing housing stock, with the residential portion being backed using the options Stormer outlined.

But, the commercial market downtown has changed since they first proposed the building - maybe they'll need to go back to the drawing board on that portion.

All this to say, there are many variables - but I'm willing to give them the benefit of the doubt, based on their track record.

[Stormer]

Originally Posted by BrutallyDishonest2

It's important to remember that the retail/office portion they originaly showed would probably cost them $20M+. That's going to be a lot more difficult than getting a CMHC loan.

...yes but they a should be able to get 60% financing on that from a conventional lender, provided they have some leases. I can see the Feds or Province taking some space to help them out.

[Dan0myte]

McNally's has been sold to Niall O'Hanlon.

Originally Posted by Rick Kriger

Jan 25, 2016
To: Our Amazing Customers, Staff, Live Bands,
and Live Music Supporters.
It is with mixed emotion that we announce the Sale of McNally’s Tavern effective April 1st 2016. We have enjoyed an amazing 15 year run in this business and could not have achieved this without the support we received from our Customers, Staff, Bands, & Families. After 30 plus years in the hospitality business I felt it was time for change and am looking forward to see what life has instore.
I would personally like to thank, my Wife, Family, Business Partners and Friends for there support and understanding over these years.
I have made many friendships with this business and have thoroughly enjoyed my time at the helm of McNallys. None of this would have been possible without the amazing staff we have had the opportunity to work with over the years. To them I say “Thank You”.
The quality of our “Music Scene” in so many different genres of music astounds me every day. I would ask that you continue to support the “Live Music Scene” when you can, as it is immensely important to our social fabric of this city. The number of “Live Music Ambassadors” and Promoters this City has also amazes me. The community support has been a great blessing to this business.
At this point I am not sure what comes next for my work life, but I am sure it will interesting.
The man that needs no introduction in Regina’s Pub World, Niall O’Hanlon will be taking over April 1 and I know he will have exciting plans for the future. Please show him your support and continue to make your way down to Dewdney Ave.
Now that you know our plans for the future please make sure you come in and enjoy some great Live Music with us. We have lots of our favorite bands scheduled in over the next 10 weeks. We will be giving McNallys a proper send off and we hope you can raise a pint and be part of it with us.
Cheers
Rick

[Nathan]

Originally Posted by Dan0myte

McNally's has been sold to Niall O'Hanlon.

There are a couple Restaurant/Pub Empires building up in Regina.

[Stormer]

Originally Posted by Dan0myte

McNally's has been sold to Niall O'Hanlon.

Apparently he sold his shares in O'Hanlon's to the Gardikiotis family (Copper Kettle). He still owns (part of?) the Fat Badger.

[BrutallyDishonest2]

Originally Posted by Stormer

...yes but they a should be able to get 60% financing on that from a conventional lender, provided they have some leases. I can see the Feds or Province taking some space to help them out.

Maybe, but rumor has it that Brandt/Marquart are the next recipients of the province's selective generosity.

One of the urban reserves has been attempting to get some office tenants unsuccessfully for years.

[BrutallyDishonest2]

Originally Posted by Stormer

Apparently he sold his shares in O'Hanlon's to the Gardikiotis family (Copper Kettle). He still owns (part of?) the Fat Badger.

Supposedly he's still trying to get his name off of O'Hanlon's since the split wasn't particularly friendly. He's been on the hunt for a new venture for a while now.

[one_brick_at_a_time]

I really wish the Hamilton Place proposal would go through regarding the parking lot south of the Delta Hotel on Hamilton Street. I can't seem to find any high resolution renderings or floor plans.

[Nathan]

Originally Posted by one_brick_at_a_time

I really wish the Hamilton Place proposal would go through regarding the parking lot south of the Delta Hotel on Hamilton Street. I can't seem to find any high resolution renderings or floor plans.

To be honest, I never had all that much faith in that proposal...

[one_brick_at_a_time]

Originally Posted by Nathan

To be honest, I never had all that much faith in that proposal...

A multipurpose building NEEDS to go there to add some life back into that portion of Hamilton, and the Cornwall Centre side needs to open its facade to make it more active.