Quote:
Originally Posted by PhongNguyen
I think 300 Assiniboine is half full not because of the rental demand but its price. Not much people in this city can afford $1500+ for one bedroom apt which is not including heat, hydro and water.
|
Their rents are right in line with the market. My issue is that for $1500+, they're boring units, and the amenities are just tossed in, not properly developed/enhanced.
Places in the exchange are exceeding $2/sq ft, which is in a rettrofitted building. 300 is very fairly priced for a concrete new build. Their issue is that they're removed from the conveniences of downtown living and lack of sexiness.
The payoff is that they'll attract the older renter who wants to free up their cash, so where 300 Main might get 1-3 years out of a tenant, 300 Assiniboine could get 10+, or until death/retirement home admittance. That kind of revenue security is potentially worth it.
Quote:
Originally Posted by rrskylar
Right because retrofitting a sub par 60 year old building for $214 M that still needs $ tens of millions in repairs and no employee parking made perfect sense! (to those with the most to benefit from)
|
We're actually talking about 300 Main
THAT would have been more expensive if built from scratch. Plus it passes up on that immense DIRECT connectivity.
Quote:
Originally Posted by drew
^ why do they need employee parking? The employees of WPS should be expected to get parking downtown just like everyone else. Or even better - walk, bike or use transit.
|
Well, we we're talking about 300 Main...
Quote:
Originally Posted by buzzg
That is extremely subjective, see below.
Personally I think 300 Main is a much better location. Way closer to amenities, bars, restaurants, potentially workplaces, and the Exchange.
Bro-Ass is beautiful and quiet and green, but the only real amenity nearby is a couple convenience stores, and there's barely any restaurants/bars. Cafe 22 was the only late night spot, now joined by Capital Grill – hopefully that inspires more to open up. But I'd waaaaay rather live near P&M/Exchange then on Assiniboine.
|
It's not even subjective. The strong majority of potential renters would prefer 300 Main for you reasons and many others. 300 Main's strengths are major drivers for successful high-rise developments. There will be those who prefer Assiniboine, but far less.