Quote:
Originally Posted by logan5
How do you know it's minimal gains when a plan hasn't been finalized yet. Mt. Pleasant is part of the scope of the Broadway Corridor Plan, a plan that will supercede some parts of the existing Mt. Pleasant OCP (me thinks).
(High rises at the IGA/Save-On site as well)
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Broadway Plan might be "done" in 5 years and you'd likely still have to do a rezoning and it would be likely for rental with some kind of affordability component to it. So in 10 years you might have a rezoned rental project.
Or, you do a Development Permit and build condos. The team they put together on this site are condo sellers. We recently did numbers for MIRHPP at 10+ stories in concrete was the same profit margin to build either a 4-storey woodframe condo or 6-storey woodframe rental... with "free land"! Construction costs are too high still.
Add in the risks, timelines and costs overall. Not to mention with this site what it must have cost - it was a recent purchase and lots of baggage.
Not sure about the Main Street and 13th Ave IGA site for towers (maybe under a MIRHPP scheme) but I wouldn't expect that with the current owners or any time soon (next decade). Though times and market conditions change.