Edmonton Construction 13 (November 2015)

[hilman]

https://twitter.com/uptown_one/status/836951856077221889

[hilman]

Edmonton's Jasper House permit approval contingent on public art

Public art remains the final hurdle for a massive downtown condominium project to get approval from the City of Edmonton, its developer says.

The final roadblock for a luxury downtown condominium's development permit is public art.

The Jasper House condo project has the potential to revitalize the city’s warehouse district, according to its Toronto developer, Brad Lamb, but the 36-storey project has been stuck in the city’s rezoning and permitting process since 2014.

City planner Andrew McLellan said Tuesday the finish line is in sight.

“I don’t think it’s useful to get into a debate about whose fault it is, or anything. But there have been some hurdles that have had to been overcome along the way and we are getting into the final stages of that process,” McLellan said.

Before the city will grant Lamb Development Corp. that long-awaited permit, it wants more information on the required public art contribution, of up to $150,000, at Jasper House.

http://www.metronews.ca/news/edmonton/20...t-on-public-art.html?cq_ck=1488328732177

[tallisgood]

A previous post mentioned that work had already resumed on the old Glenora Gates project on Stony Plain and 142nd. I drive by that every day but haven't seen any work going on.

Has anyone heard anything?

[Airboy]

Originally Posted by tallisgood

A previous post mentioned that work had already resumed on the old Glenora Gates project on Stony Plain and 142nd. I drive by that every day but haven't seen any work going on.

Has anyone heard anything?

There was an excavator on site a couple of weeks back removing some of the last buildings on site. Looks like they are getting it cleared to start further excavation of the parking levels.

[tallisgood]

Originally Posted by Airboy

There was an excavator on site a couple of weeks back removing some of the last buildings on site. Looks like they are getting it cleared to start further excavation of the parking levels.

Thanks. I die a little bit inside every time I go past that site. It'll be nice to see it get developed.

[CanadianCentaur]

Originally Posted by tallisgood

a previous post mentioned that work had already resumed on the old glenora gates project on stony plain and 142nd. I drive by that every day but haven't seen any work going on.

If you're referring to the one whose renderings by the original developer resembled a Mexican resort knock-off (Thank God that's not what it'll look like in the end!!!), I think you meant Glenore Skyline, IIRC.

I just googled "Glenora Gates", and the result is that condo building built in the early to mid-2000s on Stony Plain Road by that name right across 121 St from the Brewery District.

[Airboy]

Originally Posted by CanadianCentaur

If you're referring to the one whose renderings by the original developer resembled a Mexican resort knock-off (Thank God that's not what it'll look like in the end!!!), I think you meant Glenore Skyline, IIRC.

I just googled "Glenora Gates", and the result is that condo building built in the early to mid-2000s on Stony Plain Road by that name right across 121 St from the Brewery District.

West Block.
http://www.westblockglenora.com/

[tallisgood]

^ Yes, that's the one. My bad.

[Airboy]

Originally Posted by tallisgood

^ Yes, that's the one. My bad.

Yup you are

[hilman]

AIMCo Announces Acquisition of HSBC Bank Place and Enbridge Place

EDMONTON, Feb. 27, 2017 /CNW/ - Alberta Investment Management Corporation ("AIMCo"), on behalf of certain of its clients, is pleased to announce the successful acquisition of HSBC Bank Place and Enbridge Place, located in Edmonton, Alberta. The transaction closed on February 27, 2017.

By investing in these two downtown office locations, AIMCo's clients gain more than 550,000 square feet of Class "A" Office space within their respective real estate portfolios. The properties are centrally located in Edmonton's Financial Core and within walking distance to the exciting new Ice District development. Significant capital improvement programs are planned for both towers to strengthen their position in the market, and to make them a location of choice for existing and new tenants eager to be a part of Edmonton's dynamic city center.

"On behalf of our clients, AIMCo is particularly pleased to make this important investment in Downtown Edmonton," states Kevin Uebelein, Chief Executive Officer at AIMCo. "For almost all of us at AIMCo, Edmonton is not only where we come to work, but the city we call home, so we have a unique perspective on the potential of this opportunity. Downtown Edmonton is undergoing many exciting changes, and we look forward to being a part of it."

http://www.newswire.ca/news-releases/aim...-place-and-enbridge-place-614910924.html

[Coldrsx]

A great partner for those two assets.

[Hallsy's Toupee]

I would be interested to know what they will do with these two buildings. Enbridge Place sits like a forlorn forgotten child on a dead stretch of 103 St that feels like a holdover from 1995, while HSBC is losing their biggest tenant to the new COE tower.

And I hope AIMCo knows what they are doing, there's some media mutterings about NDP interference.

[CMD UW]

Originally Posted by Hallsy's Toupee

I would be interested to know what they will do with these two buildings. Enbridge Place sits like a forlorn forgotten child on a dead stretch of 103 St that feels like a holdover from 1995, while HSBC is losing their biggest tenant to the new COE tower.

And I hope AIMCo knows what they are doing, there's some media mutterings about NDP interference.

Highly unlikely of any meddling. Out of the two I would say that HSBC is in a better position given its location in the financial core and ICE District. Enbridge will be a tougher nut. But I am excited that AIMco has purchased these assets given that they have a significant amount of capital at their disposal to modernize these buildings.

[rapid_business]

Not sure how the floorplates layout, but I know we talked about HSBC before as a hotel. It was/is a crappy floor plate for office space.

[Hardhatdan]

Enbridge Place could make decent residential potentially...if Enterprise square got a bit of life injected into that west side and if Manulife 2 ever gets reconfigured and of course add in Encore, 103st could actually be a decent street to live on. A lot of if's there, but plausible.
I doubt Aimco is interested in doing a residential conversion though, that seems well outside their norm.

[MalcolmTucker]

It does look annoying, but it is also 100% leased, along with Enbridge Place it looks like.
Example floorplan for HSBC: http://leasing.dream.ca/images/twodee_fi...SBC_Bank_-_Suite_600_PLAN_2D_for_600.jpg

[kcantor]

Originally Posted by MalcolmTucker

It does look annoying, but it is also 100% leased, along with Enbridge Place it looks like.
Example floorplan for HSBC: http://leasing.dream.ca/images/twodee_fi...SBC_Bank_-_Suite_600_PLAN_2D_for_600.jpg

the city of edmonton moving out of all of their space in hsbc place will leave it with very substantial vacancies and enbridge moving out of enbridge place will leave it 100% vacant.

[MalcolmTucker]

Originally Posted by kcantor

the city of edmonton moving out of all of their space in hsbc place will leave it with very substantial vacancies and enbridge moving out of enbridge place will leave it 100% vacant.

But who is left without a chair when the music stops - the space may be on the sublease market for a while or are the main leases expiring? No internet facing leasing activities in either building.

AIMCo may have acquired assets for a song.

[McBoo]

For a song, probably.

With a plan, almost certainly.

[s211]

Originally Posted by McBoo

For a song, probably.

With a plan, almost certainly.

This is what intrigues me. For a core investor, I can only presume this goes into their opportunistic / value-add bucket, given the elevated risk profile.