Winnipeg | 300 Main St.- Phase II / 360 Main St. | ~142M | 465 Ft | 42F | U/C

[LilZebra]

^^^


That seniors block is gonna look so out of place.

[pspeid]

Originally Posted by BigG

The hollow cores are getting installed very quickly. We should be seeing a new set of steel columns going up soon.

Does that mean the core will be rising again soon (he says hopefully)??

[3de14eec6a]

Originally Posted by pspeid

Does that mean the core will be rising again soon (he says hopefully)??

I was really expecting the crane to get anchored to the current columns, so it could move upwards and allow the core to rise further.

But they might be waiting for this next level of columns so they get the maximum height possible out of the anchors. With the climber right there though, it won't be much more.

[LilZebra]

I spotted a big white '330' address lighting on the Main St. side as well as interior lighting inside 330 Main St. Would have gotten off my bus but was heading to The Forks.


When completed this project is gonna be HUGE at that corner.

[Biff]

Next page;

[Wpg_Guy]

https://twitter.com/MarwestGroup/sta...914755584?s=20

[Wolf13]

Those tall ceilings will have a nice effect on that interior once it's filled with tenants and traffic!

Thanks for the pics!

[bomberjet]

What's with the fire suppression along the windows. Seems odd.

But yes, starting to come together!

[harls]

Slowly buy surely. Thanks for all the updates.

[buzzg]

I have heard recently from people in the industry very aware of this project, that the early rumblings were true – ARTIS is more or less out of money at this point and is desperately trying to sell off the entire property to keep the project afloat. Apparently all these steel delays with the bankrupted Chinese companies happened because they kept looking for the cheapest (often sketchy) suppliers they could find.

Sounds like ARTIS wasn't overly prepared for the amount of upfront capital required on an apartment complex vs. condos which you can pre-sell for more upfront cash. They were under the impression that things are looking very grim.

[Wpg_Guy]

I wonder if there 42-storey residential tower addition to the existing 19-storey office building at 415 Yonge st In Toronto is Still on the books.

[GreyGarden]

That's unfortunate. It kind of sounds like the viability of projects that increase the residential density of central Wpg is really questionable. Does anybody know how successful new high-rises in Wpg have been (glasshouse, 300 Assiniboine, D-Condos, TNS)? I know thats a mix of rental and condos and it's still quite early. Are there projects (not necessarily high-rises) that have been a real success?

Did you get the impression from your sources that the project is in danger of being capped or halted at it's current height (or reducing the height from 40 stories)?

[esquire]

Originally Posted by GreyGarden

That's unfortunate. It kind of sounds like the viability of projects that increase the residential density of central Wpg is really questionable. Does anybody know how successful new high-rises in Wpg have been (glasshouse, 300 Assiniboine, D-Condos, TNS)? I know thats a mix of rental and condos and it's still quite early. Are there projects (not necessarily high-rises) that have been a real success?

Did you get the impression from your sources that the project is in danger of being capped or halted at it's current height (or reducing the height from 40 stories)?

With the money that has gone into it so far, it would seem unlikely for the project to be capped at 15 or 20 floors or whatever now that construction is so far along. I'd imagine that a dCondo scenario is more likely where the building gets sold at a loss and someone else steps in, buys it for a song, and builds the project as originally envisioned.

[optimusREIM]

Originally Posted by esquire

With the money that has gone into it so far, it would seem unlikely for the project to be capped at 15 or 20 floors or whatever now that construction is so far along. I'd imagine that a dCondo scenario is more likely where the building gets sold at a loss and someone else steps in, buys it for a song, and builds the project as originally envisioned.

I would tend to agree, especially with the amount of money they've poured into reinforcing columns and the foundation. Plus, if they were to cap it, they would effectively be limiting its value to them long term. I would think that condos would be more susceptible to capping just because they aren't meant to be held by the developer for revenues to tenants.

[bomberjet]

It's shocking to me that a group like ARTIS who is alllll about financials, didn't get this right. It's only about money. Nothing else. And that's what they're experts on is the monies.

[plrh]

I am sceptical of the project not going forward. They know what the ballpark costs are and when they will need to be paid. Every month of delay is 300-odd rent payments forgone, and if they can't sell it quickly then the only way to get money out of it is to get it built fast.

If they are losing money the only ways to mitigate it are to sell it fast or to get it built.

[buzzg]

Glasshouse took quite some time but is mostly full now - although I do believe Urban Capital is using some unsold units as apartments. 300 Assiniboine is close to full as well. 390 Assiniboine has a ton of unsold units - this case is a little unique though as it’s owned by SCU as Sandhu went bankrupt on it, so because the owner is the bank, they aren’t really paying interest, so they’re not really offering discounts to rush it off the books.

TNS 2 (225 Carlton) is already almost 50% leased after just 3 months, so that’s pretty good.

All in all it really seems to be a bit of a crapshoot and really dependent on the developer here. Part of me wonders if some of the issues here have more to do with less experienced residential developers as opposed to the market. Like these buildings do work here, but the developers need to be more patient (aka have more liquid cash) with returns.

[DavefromSt.Vital]

Originally Posted by Wpg_Guy

I wonder if there 42-storey residential tower addition to the existing 19-storey office building at 415 Yonge st In Toronto is Still on the books.

Artis sold 415 Yonge as part of a plan to divest "non-core" assets:

https://renx.ca/artis-reit-sell-toro...uildings-161m/

[pegcityboy]

I still find it hard to believe with their extensive portfolio that a $180 million apartment tower with upfront costs is even close to making them jump ship . Artis has lots of holdings so maybe they have calculated the capital costs off abit, but really are they out of money ?

[esquire]

^ Good point. And looking at that link that Dave posted, they have sold off a fair bit of their portfolio in the last little while, so that has undoubtedly freed up some money. They sure don't seem like a company that should be strapped for cash to the point where a major project could be in jeopardy.