1040 Somerset St | 99m | 30f | U/C

[hintonburgneighbour]

Originally Posted by ponyboycurtis

I walked by yesterday and the site is still in the same state as the photo from a week ago.

I notice that they recently put up the earthquake sensors that were not there a week ago!

[ponyboycurtis]

Originally Posted by GeoNerd

Yes, great work Harley. We should all collectively help update some of the Ottawa related Wikipedia images. Lots of Ottawa related articles have poor pictures or no picture at all. One that stands out to me is the List of diplomatic missions in Ottawa article. Looks like someone went around and took photos 17 years ago in the dead of winter. Not a photogenic time of year for some of the images.

That is actually a good challenge that we could all accomplish. I will try to keep that in mind the next time I am downtown with no direction.

[hintonburgneighbour]

Update: As of lunch today, the pile driver is gone. The ground sensors are however installed.

[MattRichling]

The project has been canceled.

[SL123]

Well that escalated quickly! Went from construction site prep to cancelation within a month

[FutureWickedCity]

the one Claridge building that actually could have been cool. But who am I kidding? They were bound to bait & switch it into another Lahey 3-rd rate design.

[RideauRat]

The one development with the ounce of hope. Gone. lol
edit: not the ONLY one but the c'mon, piles were on site, its proximity to all, prominence design..etc

[Harley613]

Bizarre! Trinity Station stalled indefinitely, this one cancelled. I guess the best location in the city at the nexus of two major light rail lines, next to our future new arena, and within easy walking distance to many of the coolest neighborhoods with some of the best food and drink in the city, is not appealing to Ottawonians.

[waterloowarrior]

Think it will be converted to rental?

[Harley613]

Originally Posted by waterloowarrior

Think it will be converted to rental?

Probably a 27 story RLA CharcWhite Budget Rental...I mean 'Luxury Rental'....

[ponyboycurtis]

Originally Posted by Harley613

Bizarre! Trinity Station stalled indefinitely, this one cancelled. I guess the best location in the city at the nexus of two major light rail lines, next to our future new arena, and within easy walking distance to many of the coolest neighborhoods with some of the best food and drink in the city, is not appealing to Ottawonians.

Don't forget Gladstone Station turning into vaporware!

What a disappointment. I was literally raving about this project the other day to a friend. Easily one of my most anticipated projects after 400 Albert.

[OTSkyline]

Originally Posted by Harley613

Bizarre! Trinity Station stalled indefinitely, this one cancelled. I guess the best location in the city at the nexus of two major light rail lines, next to our future new arena, and within easy walking distance to many of the coolest neighborhoods with some of the best food and drink in the city, is not appealing to Ottawonians.

That's all great and all, but most of that won't materialize for another 5-10 years maybe (other than LRT phase 2). So why buy and lock yourself in now to hopefully reap the rewards that far from now? I imagine a lot of people living in condos end up living there far shorter than people living in homes (much more transient living) so people who would've bought and moved in here at opening might've sold and relocated/upgraded by the time Lebreton comes to fruition.

[YukonLlama]

Not surprised. Ottawa is not a condo-loving city and yet developers keep charging a "premium" on every poorly developed tower. This isn't Toronto or Vancouver and their prices plus designs need to reflect that.

[J.OT13]

Originally Posted by OTSkyline

That's all great and all, but most of that won't materialize for another 5-10 years maybe (other than LRT phase 2). So why buy and lock yourself in now to hopefully reap the rewards that far from now? I imagine a lot of people living in condos end up living there far shorter than people living in homes (much more transient living) so people who would've bought and moved in here at opening might've sold and relocated/upgraded by the time Lebreton comes to fruition.

Other than the arena, this already exists or will be complete within 4 years (although Trillium might be another 10, who the hell knows).

This situation with 1040 is bizarre. They just started building. When Claridge starts a project, they go all the way, even if it takes like 7 years (Icon).

The only other major project I've seen halted during construction in Ottawa was The Bowery by overly cautious Richcraft, which went by another name and the time (Edge?). It was a hole in the ground for quite a few years.

Of course, we've seen other examples elsewhere such as the Trump tower in Vancouver (since complete) and the Chicago Spire in Chicago.

[ponyboycurtis]

Originally Posted by J.OT13

Other than the arena, this already exists or will be complete within 4 years (although Trillium might be another 10, who the hell knows).

This situation with 1040 is bizarre. They just started building. When Claridge starts a project, they go all the way, even if it takes like 7 years (Icon).

The only other major project I've seen halted during construction in Ottawa was The Bowery by overly cautious Richcraft, which went by another name and the time (Edge?). It was a hole in the ground for quite a few years.

Of course, we've seen other examples elsewhere such as the Trump tower in Vancouver (since complete) and the Chicago Spire in Chicago.

To be fair this one barely meets the threshold of U/C.

With the market the way its gone this year, plus inflation etc and COVID for the last two years I figured it was a matter of time until a project had a shovel in the ground (or just about) and was halted.

Shame it was this one. I guess we will have to wait and see.

[rocketphish]

Could this be a case of Claridge doing the slimy thing and ridding themselves of any years-old, bargain basement, pre-construction sales contracts... only to revive the project in a few months and take new contracts at inflated prices?

[Harley613]

Originally Posted by rocketphish

Could this be a case of Claridge doing the slimy thing and ridding themselves of any years-old, bargain basement, pre-construction sales contracts... only to revive the project in a few months and take new contracts at inflated prices?

You really think Billionaire Bill Malholtra would do such a nefarious thing? It's not like he has a near monopoly on new rental/condominium construction in Ottawa or anything...

[antresenect]

Originally Posted by rocketphish

Could this be a case of Claridge doing the slimy thing and ridding themselves of any years-old, bargain basement, pre-construction sales contracts... only to revive the project in a few months and take new contracts at inflated prices?

Aren't condo prices fairly flat right now with interest rates and everything?

The hintonburg seemed to be priced high to begin with and apparently wasn't selling that quickly, so it's unlikely that raising prices would help.

I wonder if it will get turned into a rental project or just sit vacant on the shelf for years

[rocketphish]

Originally Posted by antresenect

Aren't condo prices fairly flat right now with interest rates and everything?

The hintonburg seemed to be priced high to begin with and apparently wasn't selling that quickly, so it's unlikely that raising prices would help.

I wonder if it will get turned into a rental project or just sit vacant on the shelf for years

Sure prices are flat now, but this project has been on the go for at least 9 years (according to the start date of this thread). When did they start selling units? If it was 9 or 7 or even 5 years ago, they were probably selling for half of what they were selling for today. With costs way up now, those early cheap sales are huge liabilities now.

Switching to rentals almost guarantees that it would suddenly become another soulless commie block of a building.

[LRTeverywhere]

For reference here is the units sold for the building, the page is still accessible if you stop it loading before it redirects:

https://hintonburg.claridgehomes.com/

Seems the most commonly sold unit was the cheapest one.