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  #2761  
Old Posted Jun 18, 2017, 1:16 AM
micheal micheal is offline
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As long as fortress is in default of bond interest payments, this development isn't going anywhere. There's already three lawsuits filed against the company on behalf of investors involved in syndicated mortgages.
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  #2762  
Old Posted Jun 18, 2017, 2:19 AM
Urban recluse Urban recluse is offline
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The parkade will make the site of SkyCity more attractive when Fortress has to sell it?
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  #2763  
Old Posted Jun 18, 2017, 3:09 AM
Bluenote Bluenote is offline
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Originally Posted by esquire View Post
This is my bottom line. I'm not thrilled about it, but I can live with seeing the St. Regis get demolished, as long as something (anything, even a parkade) gets built on that site. Worst case scenario is demolition followed by surface parking or, as you point out, a big ugly pit.
How is a parkade better then a functioning St Regis? Especially coming from you who tells us that other glee ing parkade with led lights all over it wasn't an improment over the bunch or run down business that used to be there?

The Regis would be better off now that it's closed if someone had the thought of actually restoring its facade and making it into some chic apartments or condos or even a boutique hotel.

But a parkade will feel exactly how it feels now that it's closed. One massive dead zone for cars.
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  #2764  
Old Posted Jun 18, 2017, 3:15 AM
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This is a great idea. The diagonal parking will improve safety for cyclists because the parked car doors won't open into the bike lane.
No the city with their awesom planning will put the bike lane behind the cars so that they back into the bikes.

Or

The people in the car that cannot drive worth shyt will drive to far forward and cut off a cyclist. So probably safer the way it is.
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  #2765  
Old Posted Jun 18, 2017, 2:49 PM
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How is a parkade better then a functioning St Regis? Especially coming from you who tells us that other glee ing parkade with led lights all over it wasn't an improment over the bunch or run down business that used to be there?
I never said that a parkade is better than a functioning St. Regis. I said that a parkade is better than a surface parking lot or a big hole in the ground. If it were up to me, the St. Regis would remain, but I don't get to make that decision.

For all their faults, parkades can at least facilitate other development and activity in their surrounding area by easing parking pressure. And if they're done right, they can minimize the 'dead zone' aspect, like the Bedford Parkade on King with its CRUs along the sidewalk.
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  #2766  
Old Posted Jun 18, 2017, 3:13 PM
Urban recluse Urban recluse is offline
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Parkades don't have to look like parkades, and if they have great commercial tenants (like those in the Bedford parkade on King), it could prove to be successful.
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  #2767  
Old Posted Jun 18, 2017, 5:54 PM
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Labroco Labroco is offline
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Pay off the $3,000,000 CV mortgage before issuing the St Regis demolition permit!

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Originally Posted by trueviking View Post
They must show proof of financing before they are allowed to demolish. There are as many checks on them as possible. That doesn't mean they can't bail. There are penalties to doing that but there is no way to absolutely guarantee it.

I'm not saying they will bail. I just don't understand their interest in a project like this. If the tower was half way up I wouldn't be fearful but without the big project it seems weird they would want to do the little one.

Maybe it's a good sign. Maybe it means they are confident that the big project will happen.

Fingers crossed.
My understanding is they have put down a deposit of $1,000,000 at most with CV holding a $3,000,000. mortgage.

If nothing gets built and a request for a "temporary" parking lot on the site is requested and granted I'll go nuts! Suddenly CV is offering subsidized parking for TN at the expense of other property owners who are paying mortgages, paving, fencing and landscaping their parking sites...

Put up the cash and pay off CV before demolishing the building! Why does the St Regis get a pass on heritage designation and allowed to be demolished while CV is still holding a mortgage and the Vendrome is given a heritage designation and can't come down?

Who is driving the bus on all of this?

Is this really urban renewal or behalf of CV or just displacement of our most vulnerable members of society to north of Portage? Where did these people go and who is housing them now?

If Fortress comes up with the $3,000,000 and pays for a foundation permit before a demolition permit is issued I'll shut up.

This might also just turn into St Charles demolition by neglect 201. Let's not forget the site was acquired for more than $7,000,000 dollars...
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  #2768  
Old Posted Jun 18, 2017, 5:57 PM
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Originally Posted by trueviking View Post
I'm not saying they will bail. I just don't understand their interest in a project like this. If the tower was half way up I wouldn't be fearful but without the big project it seems weird they would want to do the little one.
It seems like it might be a way for them to cheaply signal that there's progress being made to keep money rolling in from investors on this, Capital Pointe, Union Waterfront, etc. They can show that there's "shovels in the ground" on one of their projects when selling more syndicated mortgages to gullible investors.
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  #2769  
Old Posted Jun 19, 2017, 1:36 AM
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Originally Posted by Labroco View Post
My understanding is they have put down a deposit of $1,000,000 at most with CV holding a $3,000,000. mortgage.

If nothing gets built and a request for a "temporary" parking lot on the site is requested and granted I'll go nuts! Suddenly CV is offering subsidized parking for TN at the expense of other property owners who are paying mortgages, paving, fencing and landscaping their parking sites...

Put up the cash and pay off CV before demolishing the building! Why does the St Regis get a pass on heritage designation and allowed to be demolished while CV is still holding a mortgage and the Vendrome is given a heritage designation and can't come down?

Who is driving the bus on all of this?

Is this really urban renewal or behalf of CV or just displacement of our most vulnerable members of society to north of Portage? Where did these people go and who is housing them now?

If Fortress comes up with the $3,000,000 and pays for a foundation permit before a demolition permit is issued I'll shut up.

This might also just turn into St Charles demolition by neglect 201. Let's not forget the site was acquired for more than $7,000,000 dollars...
But then they would own the land and could apply for a parking lot. As it is, if they don't complete the project the land goes back to CV. It will not be their's to make a parking lot with. There is a legal development agreement. If they bail after demolition it really just means CV has to find another developer for the land. CV won't make it a parking lot.

I agree with your comments about displacing those who live there. But we have already crossed that bridge. My fear isn't really that it will become a surface parking lot. My fear is that we will lose a functioning building for no reason and we will have another hole in downtown until a development can be found. I think there could be an option that includes reuse of the building. But that opportunity will be lost if fortress bails.
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  #2770  
Old Posted Jun 19, 2017, 2:24 AM
lilwayne lilwayne is offline
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I'm not hundred percent sold on this project but I'm just trying to be as impartial as possible. to me it appears people only want to focus on the regina project while continuing to ignore all the other projects that they currently have in the works and that are either completed or in the process of being completed..

also i just don't understand why people seem to dismiss the fact that they have another major developer partnered with them on this project. Edenshaw has plenty writing on this project and so do the 200 plus people who have bought condos..

lets start speaking facts

collier center developed by fortress real developments - completed

http://www.thebarrieexaminer.com/2017/04/07/downtown-barrie-project-nearing-completion

6th and 10th

near completion topped out



brant park completed




all I'm saying is they have developed properties so lets stop the whole their just a scam crap
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  #2771  
Old Posted Jun 19, 2017, 2:33 AM
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lilwane theres multiple projects that fortress has that are simlar state to regina in the gta that have been going for even longer as pits in the ground or empty lots
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  #2772  
Old Posted Jun 19, 2017, 5:38 AM
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Originally Posted by trueviking View Post
But then they would own the land and could apply for a parking lot. As it is, if they don't complete the project the land goes back to CV. It will not be their's to make a parking lot with. There is a legal development agreement. If they bail after demolition it really just means CV has to find another developer for the land. CV won't make it a parking lot.

I agree with your comments about displacing those who live there. But we have already crossed that bridge. My fear isn't really that it will become a surface parking lot. My fear is that we will lose a functioning building for no reason and we will have another hole in downtown until a development can be found. I think there could be an option that includes reuse of the building. But that opportunity will be lost if fortress bails.
New Surface Parking lots are not permitted uses and can only be approved as a non conforming use by council. (Which is a very damaging position for the City to take if downtown urbanism is our desired outcome).

If Fortress applies for, and is granted a demolition permit without CV getting their $3,000,000 back first, there is little chance those funds will be seen ever again. No lending institution will postpone their position behind CV so it tells me CV is prepared to take a second position way behind the construction lender. That my friends is a VERY risky position to take with our money. This position would never be taken by a prudent individual or group of directors with a fiduciary responsibility to stakeholders of the funds at risk.

If they pay back CV and still do not move forward with the project, they are still in default and will loose the land and CV will have $4,000,000 towards the $7,000,000 they paid for the site more in line with fair market value for a piece of dirt unable to put a nonconforming parking lot on.

Why in the world is this building being vacated and demolished before payment is made in full? How does this make any sense?

We are still waiting for a hotel years after CV pulled down the hotel north of the convention centre. (displacing a multitude of people).

Its starting to look a lot like a pattern...

I'm getting very uncomfortable with whats proposed and going on here...

As I said, if CV is payed back their $3,000,000 by Fortress, I'll shut up.
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  #2773  
Old Posted Jun 19, 2017, 11:45 AM
Finessing Finessing is offline
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Originally Posted by lilwayne View Post
I'm not hundred percent sold on this project but I'm just trying to be as impartial as possible. to me it appears people only want to focus on the regina project while continuing to ignore all the other projects that they currently have in the works and that are either completed or in the process of being completed..

also i just don't understand why people seem to dismiss the fact that they have another major developer partnered with them on this project. Edenshaw has plenty writing on this project and so do the 200 plus people who have bought condos..

lets start speaking facts

collier center developed by fortress real developments - completed

http://www.thebarrieexaminer.com/2017/04/07/downtown-barrie-project-nearing-completion

6th and 10th

near completion topped out



brant park completed




all I'm saying is they have developed properties so lets stop the whole their just a scam crap
Why do you repeatedly make claims that are false? We have told you multiple times that Fortress has not developed a single building which is a verifiable fact. Do you understanding the difference between providing financing and developing?

Collier Park was developed by Mady.

Brant Park was developed by Brad Lamb.

Fortress has not developed anything other than holes in the ground like Union Waterfront, Capital Pointe, and SkyCity.
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  #2774  
Old Posted Jun 19, 2017, 2:31 PM
bomberjet bomberjet is online now
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Fortress providing financing for a development is like the bank giving me financing to build a new house. The bank has NOTHING to do with it, except the money. They are not choosing my lot, finishes, etc like Fortress have been at SkyCity. Now they brought in Edenshaw to finish it up, and potentially be the fall guy. Again, lets hope something happens and we didn't waste 10 years of our lives thinking about it.
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  #2775  
Old Posted Jun 19, 2017, 4:31 PM
Wolf13 Wolf13 is offline
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Sorry if my reply is coming a little too late, but I have to respond to this.



And yet with every new above ground parkade that gets built, you make the area less and less appealing for people to settle into in the first place. That means no market to support underground parkade construction as well, which means more above ground parking structures have to be built, which makes the area less appealing for people..... and on and on this cycle goes. Obviously this whole pattern has to be broken somewhere.

And I have to seriously disagree that a parkade is an improvement over a surface lot, although I used to think that it was. It's an improvement in that it takes the function of several surface lots and fits it all efficiently into one compact space. Freeing former parking area up for development. The trouble is that it does not actually get rid of the aesthetic ugliness that parking lots have. Instead it takes that intrinsic ugliness and compresses it all into a single small location. Sure it's great for everything outside of the block, but for the unfortunate city block that it resides on a parkade is an unsightly abomination for everyone who uses the area. It's one of the most effective structures out there when you wanna ruin the appeal of an urban environment. This is why downtown Vancouver and Toronto have nearly all of their parkades completely underground, because they wanna give people an actual reason to go downtown and use those parkades. If they had all of their parking infrastructure located above ground they would become the ugliest and most unlivable parts of the city that no one would want to drive to in the first place.

Look, you could make the same case for a city with open sewers. "Sure it would be great if we could put our sewer lines underground, but our city isn't big enough to be able to afford covering them up! We just need to wait until more people move into our raw sewage filled city. Then we'll be able to collect enough taxes to start the construction project of covering them over!" Poorly integrated on-street parkades are part of what's CAUSING the downtown's lack of an office and residential market. You may think that I'm putting too much importance into aesthetics of an area, but this stuff seriously matters when you expect people to sit outside a patio in the exchange district right across from a giant smelly parkade tucked in the middle of a canyon-like street, that's supposed to be a marvel of turn of the century european style architecture. It matters because the sheer lack of awareness of how to implement these decisions properly in our city council produces utterly tragic results upon the long term appeal of an area.

This is why a city designed around the automobile wouldn't be half bad if it weren't for the fact that eventually you need to find a place to park all of them. That is the real price of car-centric urban planning, the disaster that parking demands exert on a city's valuable supply of space.
I must clarify one thing... I'm not pro parkade, contra St Regis. I'm pro parkade PLUS SkyCity, contra St Regis.

I agree with aspects of your post, for sure, but...

1. I think sometimes we generalize our woes from surface parking to Parking in general, perhaps by accident. If we have a "need" for parking, I'd rather see a density of parking than a series of surface lots. Perhaps I'm being more pragmatic vs your slightly utopian take on the matter.

2. I don't think "urgh, the parkades" are what drives people away from downtown at all because that would be #11 on a list of boo-boos pushing potential residents away, well behind crime (or perceived crime), safety concerns, surface lots, potential harassment from drunk people (or people housed by the St Regis or Woodbine regulars).

2. I'd prefer underground parking as well, but that's expensive. I like to look at the silver linings of parkades... because why does anyone build a parkade? They don't provide a strong return at all and have a lot of concrete ie cost $$$$$$. They are only built to serve the express purpose of having another asset thrive.

This brings me to my point: Is that other asset worth it? IF, and only IF SkyCity gets built, it's absolutely worth it.

When Marwest planned to build the Grain Exchange Parkade for Artis, all hell broke loose, because they had to tear down a 6k sf derelict empty building on their own property... and it wasn't heritage status. What few saw through the trees was that the Grain Exchange couldn't suffiently support its current and prospective tenants with the limited loading and parking the had at the time. Nobody understood that the parkade and loading redesign was to restore the viability of a true heritage gem.

Point being, that parkade was worth it. Sometimes the bigger picture is the thriving asset not "oh, another parkade".

3. Parkades can be visually engaging, like the aforementioned Grain Exchange parkade, the parkade on King and Bannatyne, even Centrepoint is visually engaging but only lamented for lack of CRU's primarly. We have to remember that the true eyesores were built decades ago.

4. The pattern has to be broken but that can't be forced and is not for us to decide. It has to make financial SENSE, and right now it doesn't. It's not our money. We can obviously have our opinions but there's seldom a concern for the substantial risk developers take on. That risk merits some respect. In THIS case we're more cynical because it's Fortress, so respect, mine included, is hesitant.

5. I get the ugliness aspect, but a downtown is still about numbers. People are attracted to pretty downtowns, but form follows function. Numbers come first. If the properties downtown aren't viable, then they don't attract quality retailers and office tenants. This means you do not attract commercial mass. This leads to reduced investment. Our office market is lagging and improved retail has helped the exchange... residents follow the retail and a thriving downtown office market would make urban residential growth SURGE.

If a condo development isn't viable, how will people move downtown? A collective massing of commercial, retail, and residential is what drives a growing city centre. A strong market, not our distaste, is what makes parkades useless because we can go underground.

Aesthetics come after numbers. We need to fix our numbers first, and a parkade is a stop gap for that.

6. Piggybacking on 5, it's a progression. Underground parking and reduced dependency on parking are the end goal, but we're at the surface lot stage. We can't just leapfrog the parkade stage to get to the garden of eden.

7. Vancouver and Toronto have infinitely stronger markets and lower construction costs. Yes, Winnipeg has a history of cheaping out, but we can't afford what they can. But we still need parking and that's ok. Everyone say it together.....

8. The open sewer case isn't remotely the same.

9. We need more national businesses putting numbers into our downtown. Parkades are not what's preventing businesses from using our city. In fact, they all need parking.

I gotta reiterate, I'm pro-underground, but the LOGIC has to be there.

Just as the jets for whatever reason need Thorburn, we may need parkades. Except you could beautify a parkade and Thorburn will always have that nose, and never see a barber. I'm not sure it's a perfect metaphor, but it's better than the sewer one


Quote:
Originally Posted by borkborkbork View Post
The difference between requiring street level CRUs and not is a huge one. The Centrepoint parkade is a disaster for the street. The King/Bannatyne one (Chosabi/Bronuts/King+Bann) is not.
It's not a disaster. Without the parkade, there would be no centrepoint. I wish it had CRUs, but that street doesn't do much to attract tenants.

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Originally Posted by Urban recluse View Post
True, despite the length of time it took to fill those spaces.
This is true and frustrating. Everybody note... it took FOREVER to fill CRUs in a GOOD location. never mind the centrepoint parkade. Again, I too wish CP had CRUs.


Quote:
Originally Posted by trueviking View Post
They must show proof of financing before they are allowed to demolish. There are as many checks on them as possible. That doesn't mean they can't bail. There are penalties to doing that but there is no way to absolutely guarantee it.

I'm not saying they will bail. I just don't understand their interest in a project like this. If the tower was half way up I wouldn't be fearful but without the big project it seems weird they would want to do the little one.

Maybe it's a good sign. Maybe it means they are confident that the big project will happen.

Fingers crossed.
This is what I'm thinking...

How does Fortress benefit from paying for land, paying for more land, paying for demolition, and leaving?

I would only assume, and hope, that it services a genuine highrise tower.
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  #2776  
Old Posted Jun 19, 2017, 4:50 PM
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^ I don't generally take issue with your description of parkades, but I have to quibble with your praise of the Grain Exchange Parkade. To get that thing built, Marwest demolished a well-kept, occupied building which was hardly "derelict":



And replaced it with this godawful mess:



Apart from being hideous, it's also tiny (which means it will probably be outgrown soon and require another parkade down the line), and it's practically designed to take up as much room as possible... it's well away from the Grain Exchange itself, and it sprawls out to infect two city streets. Amazingly, it looks even worse on the McDermot side than it does on the Lombard side shown above.

The funny thing is the parkade is so far from the building they could have probably left the little annex building standing and built the parkade anyway. Oh well.

This is not the example I'd use for positive parkade developments.
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  #2777  
Old Posted Jun 19, 2017, 6:04 PM
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Incidentally, I noticed that on Friday, they mounted EllisDon signs on the property. So now we know this thing is 110% legit.

(Is this their first big Winnipeg project since the airport?)
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  #2778  
Old Posted Jun 19, 2017, 6:15 PM
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I believe it is. Not sure if they've been involved with any of the Perimeter Highway bridge rehabs. Or any other major projects. Potentially some of the health care stuff that's been done. Miserecordia maybe? Not sure.
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  #2779  
Old Posted Jun 19, 2017, 6:23 PM
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Originally Posted by Urban recluse View Post
Parkades don't have to look like parkades...
Exactly! Look at the Fort Garry Place parkade, with it's "old world" exterior complete with concrete statues made from moulds of statues found on old German castles!

Why is everyone looking at me like that?

Never mind.
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  #2780  
Old Posted Jun 19, 2017, 6:33 PM
TimeFadesAway TimeFadesAway is offline
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Originally Posted by esquire View Post
Incidentally, I noticed that on Friday, they mounted EllisDon signs on the property. So now we know this thing is 110% legit.

(Is this their first big Winnipeg project since the airport?)
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