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Originally Posted by s211
Thank you for expressing very eloquently what I tried to express and then hit delete before sending.
(Massive projects like this don't get built using pixie dust, elf tears and unicorn farts.)
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Fair point. However, it's important to recognize that the spectrum here is wide. On one end you have a development by the likes of Brookfield which would immediately gain name recognition and be considered a very serious and plausible business opportunity. On the other end of the spectrum you have the Edmontonians of this world with no track record of anything in terms of development. They simply have an end game in mind of injecting the lowest cost to upzone a derelict property and then put it up on the market.
While Aldritt and their proposal might not sit in the former bucket, it certainly does not sit in the latter. This is a historic organization with access to capital and significant exposure to the development industry. And while they haven't previously developed a high rise tower, it's not as if they have held there position in DT over the years to develop single family homes.
Couple all of this with the fact that the proposal is for mixed use (resi/hotel) by a local developer (so not even a good comparison to the classic commercial high rise development that would be led by a Brookfield or Oxford, which would be predicated solely on pre-leased anchor tenants) who has invested time and money (folks having dealt with administration know that these types of massive zoning/land sale & swap deals don't just magically occur for free) into this proposal and are continuing to provide updates to the community and engage the public (post zoning approval), all while having the support of notable individuals who have been part of large scale commercial developments (i.e. KenC), certainly does bode well for this project.
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