Bauer Lofts | 57 m | 15 fl | U/C

[brian519]

Looks like they are on the 12th from the back (the bottom pic). I only hope the42 gets built this fast

[Duke-Of-Waterloo]

I was on a roll yesterday, snapping pics of various development projects in Waterloo.

What's with the delay of the second building on the site?

July 19, 2008

[waterloowarrior]

nice pics, duke

someone should take a picture from the erb/caroline area, it looks quite cool rising above the other buildings

[smably]

Originally Posted by waterloowarrior

nice pics, duke

someone should take a picture from the erb/caroline area, it looks quite cool rising above the other buildings

Here's a snap from earlier this month:


Another one from the same day:

[mark76]

nice pictures
while I am looking at last pic ,wonder what`s gonna happen to those little houses on left??keep them??scenery will look odd ,in my opinion.

[KitchenerBitcher]

I was biking along the iron horse trail right by this development earlier today. People living there can also easily take advantage of bus service at one side of the building, and K-W's scenic little bicycle expressway on the other.

[jcollins]

Originally Posted by mark76

nice pictures
while I am looking at last pic ,wonder what`s gonna happen to those little houses on left??keep them??scenery will look odd ,in my opinion.

I cant help but think that their value goes up, at least in terms of bargaining with developers if that opportunity arrises

[rapid_business]

Originally Posted by Duke-Of-Waterloo

What's with the delay of the second building on the site?

Ugh... I hope it's not a sign of things to come. Too often developers who promise multiple aspects of a project to get it past council will ditch the less profitable ones midway through construction and claim high costs and market demand, therefore screwing the city over.

Let me expand by giving you an example. A developer wanted to open a bunch of condos on the waterfront of a beach/resort town in Alberta. It broke all zoning and bylaws with proposed height, density, location, etc. The developer in turn proposed to level an old hotel across the street and build a new beautiful hotel and conference centre if the condo plan was approved. They were packaged together, and council passed it. The old hotel came down, and across the street, the new condos were sold and were being built. Needless to say, the condo was finished, and the hotel never got further then the pouring of the foundation... He claimed market demand wouldn't warrent it profitable, and that costs had escalated beyond it making financial sense to continue. And now it has sat like that for 5 years.... So in the end, the council approved something they wouldn't have normally, but got screwed in the end. It's the old bait and switch, and I can list you dozens of other projects where I've seen the same thing.

That being said, I highly doubt that is what is happening here, but it does have some sense to the thought. Condo sales are a quick profit and money in the bank, where as leasing office space (or evening selling it off) is a riskier and longer process. Add to that the added costs of trying to rehabilitate the old Bauer building, etc. You are left with a number of expenses that aren't as quick and dirty as condo sales. Again, I highly doubt this is the case, but I've seen far too many buildings half-built or promises made and broken that I wouldn't put it past anyone.

[WatDot]

Originally Posted by onishenko

Ugh... I hope it's not a sign of things to come. Too often developers who promise multiple aspects of a project to get it past council will ditch the less profitable ones midway through construction and claim high costs and market demand, therefore screwing the city over.

Let me expand by giving you an example. A developer wanted to open a bunch of condos on the waterfront of a beach/resort town in Alberta. It broke all zoning and bylaws with proposed height, density, location, etc. The developer in turn proposed to level an old hotel across the street and build a new beautiful hotel and conference centre if the condo plan was approved. They were packaged together, and council passed it. The old hotel came down, and across the street, the new condos were sold and were being built. Needless to say, the condo was finished, and the hotel never got further then the pouring of the foundation... He claimed market demand wouldn't warrent it profitable, and that costs had escalated beyond it making financial sense to continue. And now it has sat like that for 5 years.... So in the end, the council approved something they wouldn't have normally, but got screwed in the end. It's the old bait and switch, and I can list you dozens of other projects where I've seen the same thing.

That being said, I highly doubt that is what is happening here, but it does have some sense to the thought. Condo sales are a quick profit and money in the bank, where as leasing office space (or evening selling it off) is a riskier and longer process. Add to that the added costs of trying to rehabilitate the old Bauer building, etc. You are left with a number of expenses that aren't as quick and dirty as condo sales. Again, I highly doubt this is the case, but I've seen far too many buildings half-built or promises made and broken that I wouldn't put it past anyone.

Really, really doubt that is happening here. Vincenzo's is the future major commercial tenant for this portion of the project. Other retailers have also been confirmed. To not build with leases filled would be very odd.

[rapid_business]

Originally Posted by WatDot

Really, really doubt that is happening here. Vincenzo's is the future major commercial tenant for this portion of the project. Other retailers have also been confirmed. To not build with leases filled would be very odd.

Oh I agree 100%, I'm just telling you some things that I've experienced...

[WatDot]

Originally Posted by onishenko

Oh I agree 100%, I'm just telling you some things that I've experienced...

Would be a bad thing to be faced with indeed.

[WaterlooInvestor]

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[kitchener-lrt]

Speedy little guy, to say the least! The region is really starting to become more dense!

[KW4Life]

I was Uptown today for the busker festival and noticed they are installing the glass on the lower floors of the condos. The old Bauer building has had all the main floor windows removed.

It still amazes me the extent that has been gone to to preserve the old building. The only thing original to the new building will be 90% of the bricks. In my mind, this is a case of overzealous heritage preservation. What would seem acceptable to me would be to keep the same footprint, colours and aesthetic, but allow the builder to scrap the entire building. Thoughts?

[kwoldtimer]

I assume it was more lucrative for the developer to retain the heritage elements - the marketing of the units attached a premium to it. Personally, I am happy to see elements of K-W's impressive industrial heritage preserved whenever possible, as it is at the heart of the region's identity.

[Bauer_buyer]

The most exciting, and impressive building in the KW area has been completed to the 15th floor. Construction crews held a brief celebration on the 15th floor of the Bauer Lofts to celebrate its completion.

From all the inside info I'm getting the "Loft" will be the most dramatic and exciting new residential building in KW...very much in the Toronto style.

Originally Posted by kwoldtimer

I assume it was more lucrative for the developer to retain the heritage elements - the marketing of the units attached a premium to it. Personally, I am happy to see elements of K-W's impressive industrial heritage preserved whenever possible, as it is at the heart of the region's identity.

[Bauer_buyer]

FYI...the developers of the Bauer Lofts have spent a tidy sum keeping the original building, and rehabilitating it to its new found purpose.

It's great to want to restore buildings but somebody has to pay for it.

Also the results may not be as lucrative, especially for the developers, as one might think.

I'm intrigued how people from the sidelines like to spend other people's money in order to preserve history.

[notmyfriends]

Originally Posted by Bauer_buyer

FYI...the developers of the Bauer Lofts have spent a tidy sum keeping the original building, and rehabilitating it to its new found purpose.

It's great to want to restore buildings but somebody has to pay for it.

Also the results may not be as lucrative, especially for the developers, as one might think.

I'm intrigued how people from the sidelines like to spend other people's money in order to preserve history.

Keeping the old building for "redevelopment" is pretty much the only way they could get away with calling the project lofts at all - the new slang where any conversion is a loft, even if they are one story appartments with maybe 10ft ceilings at most.

In saying that, I don't mean to take away from the project, it is very very nice. All I'm just saying is that there is a big market right now for redevelopments and "lofts" where people are willing to pay a large premium for it over a "regular" building.

[mark76]

Originally Posted by notmyfriends

Keeping the old building for "redevelopment" is pretty much the only way they could get away with calling the project lofts at all - the new slang where any conversion is a loft, even if they are one story appartments with maybe 10ft ceilings at most.

In saying that, I don't mean to take away from the project, it is very very nice. All I'm just saying is that there is a big market right now for redevelopments and "lofts" where people are willing to pay a large premium for it over a "regular" building.

its going to be nice building ,no doubt.
But wonder one thing: how much condo fee is going to be??
2 years ago i wanted ( and good thing i didnt) to buy a condo but with condo fee thing is not worth the money ,if only water and snow removal are included.

Those fee are way to high.

Hope that we will get more bulidings in k-w along King St