Edmonton Construction 13 (November 2015)

[Kevin_foster]

Originally Posted by kcantor

i don't know what the pearl's budget was but at 240 million and 128 suites that's an average per suite construction - not sales - cost of 1,875,000 per suite which strikes me as more than a little high...

Strange, I just pulled that number from the Pear's WIKI Page.
https://en.wikipedia.org/wiki/The_Pearl_(Edmonton)

[Coldrsx]

Nope, way off.

Icon I and II were about 120 combined if I recall.

[Kevin_foster]

I thought it was high, but I don't build towers so... I just took the pearl + ~40%. Good thing I'm not an estimator.

On that note, does anyone want to buy a bridge?

[MalcolmTucker]

Originally Posted by Kevin_foster

I thought it was high, but I don't build towers so... I just took the pearl + ~40%. Good thing I'm not an estimator.

On that note, does anyone want to buy a bridge?

The source on wiki looks to be a document:

"2012 Annual Building Permit Values" (PDF). City of Edmonton. Retrieved June 20, 2013."

Maybe in 2012 they though they could sell all the units in there for that much!

Looks like someone just mis-transcribed it:

https://www.edmonton.ca/documents/PDF/2013_Annual_Building_Permit_Values.pdf

[SHOFEAR]

Originally Posted by GreenSPACE

My concerns about Alldritt is: what will entice people to purchase there? The North American model is to build high in the core and low density outward. It means that, for example, two buildings like Icon I/II captured the majority of the demand for condos Downtown in 2006/2007 boom. The demand can be induced (Ice District) but is limited in other places. People buying condos Downtown want to live within a few hundred metres of walkable amenities. The location might be great for views, but that's only part of why people choose to live there. Nothing against tall towers, I just think this one is in an odd location, will take 4-5 years of pre-sales just to get out of the ground. At the same time we can't even get the buildings across the street renovated and other lots in Quarters infilled. There are negative consequences to building this tall that have to be acknowledged. If they can pull this off, all the better to them. I'd just be concerned about the affect on land economics as City Council.

Let me pre face this by saying the this tower will never happen....

But, I think you are missing the segment of people who want to downsize who have lots of money who want something very high end that they can leave on a moments notice to go on vacation, or spend the summer at the lake....etc.

These aren't the same people who want to live with the hassles of the congestion on 104 street, or have a typical unit come with a silly 1 parking stall, or look for the lifestyle associated with walkable amenities. They want something very high end, low maintenance and simplify their lifestyle somewhat as they gear towards retirement....not become some bike riding liberal urban elite.

[mapleleaf66]

I like the Alldritt proposal. I think you dream big or go home. This never would have happened before Ice District. Now everyone wants to put their mark on downtown and compete for taller projects. It gets contagious. If it doesn't happen, oh well, something else will come up. The key is to keep transforming and bringing new ideas. This is the kind of thing that big cities do.

[Jaws]

Originally Posted by Acey

Yeah dreaming big is definitely the way to go... and they also said plans will be scaled down to whatever is required of the market. Not like it's going to be 80 floors or not at all. Even at 40-50 stories and 180 m or so, it'd still have a huge impact and be the second tallest. Not bad.

180 would put it in 4th place.

[Mikemike]

^^ but funding the podium/park/terraces requires a huge building. Look at the terrace/plaza that symphony will have for a front yard. That's all you get from a 30 story tower.

[CMD UW]

Originally Posted by SHOFEAR

Let me pre face this by saying the this tower will never happen....

But, I think you are missing the segment of people who want to downsize who have lots of money who want something very high end that they can leave on a moments notice to go on vacation, or spend the summer at the lake....etc.

These aren't the same people who want to live with the hassles of the congestion on 104 street, or have a typical unit come with a silly 1 parking stall, or look for the lifestyle associated with walkable amenities. They want something very high end, low maintenance and simplify their lifestyle somewhat as they gear towards retirement....not become some bike riding liberal urban elite.

That demographic you speak of likely prefers the areas west of downtown (Victoria Promenade, High Street) versus The Quarters, which has the perception of being a little rough. Even then a project like Clifton couldn't generate enough pre-sales to break ground. This demographic is a small piece of the wedge and the absorption for the higher end product that caters to this group is very low.

[SHOFEAR]

Originally Posted by CMD UW

That demographic you speak of likely prefers the areas west of downtown (Victoria Promenade, High Street) versus The Quarters, which has the perception of being a little rough. Even then a project like Clifton couldn't generate enough pre-sales to break ground. This demographic is a small piece of the wedge and the absorption for the higher end product that caters to this group is very low.

Yeah, but retirement is looming closer and closer for baby boomers. parents and inlaws have talked about buying high end condo's in the near future, as well as a lot of people in their social circles that are curious about hearing about my experience and thoughts about living dt. But yeah, west of downtown is certainly has been the preference.

I'd be willing to bet a large chunk of people in the Peal are like this.

My point was living in a high rise doesn't automatically equate trading in the bmw and escalade for a one speed with a basket for groceries and fuel efficient secretary special.

[kcantor]

Originally Posted by CMD UW

That demographic you speak of likely prefers the areas west of downtown (Victoria Promenade, High Street) versus The Quarters, which has the perception of being a little rough. Even then a project like Clifton couldn't generate enough pre-sales to break ground. This demographic is a small piece of the wedge and the absorption for the higher end product that caters to this group is very low.

that might be true from a historical perspective but within that demographic there's also something to be said for being able to walk to shaw and the citadel and winspear etc.

[rapid_business]

Originally Posted by MalcolmTucker

The source on wiki looks to be a document:

"2012 Annual Building Permit Values" (PDF). City of Edmonton. Retrieved June 20, 2013."

Maybe in 2012 they though they could sell all the units in there for that much!

Looks like someone just mis-transcribed it:

https://www.edmonton.ca/documents/PDF/2013_Annual_Building_Permit_Values.pdf

Good. Updated the wiki page.

[rapid_business]

Originally Posted by SHOFEAR

....not become some bike riding liberal urban elite.

Well, we can all be located on 104th...We move to Westmount instead.

[Coldrsx]

M&A time!

http://www.stantec.com/about-us/news/201...-tkalcic-bengert.html#.WAeXSueDb8x.email

[CMD UW]

Originally Posted by SHOFEAR

Yeah, but retirement is looming closer and closer for baby boomers. parents and inlaws have talked about buying high end condo's in the near future, as well as a lot of people in their social circles that are curious about hearing about my experience and thoughts about living dt. But yeah, west of downtown is certainly has been the preference.

I'd be willing to bet a large chunk of people in the Peal are like this.

My point was living in a high rise doesn't automatically equate trading in the bmw and escalade for a one speed with a basket for groceries and fuel efficient secretary special.

The location preference for many of these 'higher net worth' boomers will be along Victoria Promenade, Saskatchewan Drive, High Street and Glenora/142 Street (West Block).

[Coldrsx]

Another M&A

http://www.mcelhanney.com/index.php?mact...d=72&cntnt01origid=15&cntnt01returnid=24

[rapid_business]

When did Rick Ardnt leave ATB?

[Coldrsx]

A few years ago now.

[GreenSPACE]

Originally Posted by SHOFEAR

Let me pre face this by saying the this tower will never happen....

But, I think you are missing the segment of people who want to downsize who have lots of money who want something very high end that they can leave on a moments notice to go on vacation, or spend the summer at the lake....etc.

These aren't the same people who want to live with the hassles of the congestion on 104 street, or have a typical unit come with a silly 1 parking stall, or look for the lifestyle associated with walkable amenities. They want something very high end, low maintenance and simplify their lifestyle somewhat as they gear towards retirement....not become some bike riding liberal urban elite.

You're probably right about that segment being underserved. But I totally disagree with your comments about amenities. They will want to be close to something walkable, have coffee shop or other services within walking distance. This is not an 'urban elite' thing, this is a trend across cities. Some high-wealth individuals may refuse to give up their car, and they probably don't have to, but they will choose to walk to amenities if this amenities are there. And this will factor into some of their purchasing decisions. It's not the only factor, but it will factor in.

[240glt]

i'd also expect the exodus to the Okanagan to continue unabated