Eau-Claire Market Re-Development

[Spring2008]

Have they applied for a DP yet? You almost have to ASAP nowadays to get a place in the long queue.

[H.E.Pennypacker]

Doesn't the LUD need to be tweaked slightly first? I think that was the next steps on the timeline from the open house before they were to submit their DP...

[Chadillaccc]

Wasn't the land use amendment approved for phase 1?

[fusili]

Originally Posted by Spring2008

Have they applied for a DP yet? You almost have to ASAP nowadays to get a place in the long queue.

And it gets longer and longer and longer.....

[Spring2008]

Time for the city to get rid of their RAWW days lol

[Chadillaccc]

I hate to be the guy activating dormant threads with no new information (even though I always do) but I am wondering if there has been any word on the Land Use Amendment submitted for Eau Claire I? and if there is any chance it could get started this year as envisioned.

[Wooster]

Originally Posted by Chadillaccc

I hate to be the guy activating dormant threads with no new information (even though I always do) but I am wondering if there has been any word on the Land Use Amendment submitted for Eau Claire I? and if there is any chance it could get started this year as envisioned.

Application is in process now. I would imagine a 2015 ground breaking.

[Chadillaccc]

Wow, that is way better than I was expecting to hear Thanks!

[Spring2008]

Also, 3rd ave is closed between City Centre and Eau-Claire market until July. Probably utility work, which is another good sign.

[H.E.Pennypacker]

IIRC at the open house last fall they projected that at the earliest ground breaking would be a year from that point ... That's assuming everything goes quickly, so a 2015 ground breaking sounds reasonable to me (also awesome to hear that it's in the works too - really excited for this project)

Which component is phase 1 again?

[Chadillaccc]

The 130+ meter office tower is phase 1 as far as I know.

Oh and yeah thanks Spring, I forgot to mention the other day that 3rd Ave is closed and being dug up.

[H.E.Pennypacker]

Originally Posted by Chadillaccc

The 130+ meter office tower is phase 1 as far as I know.

Oh and yeah thanks Spring, I forgot to mention the other day that 3rd Ave is closed and being dug up.

Hmmm... If 3EC is dead in the water, maybe Shaw will lease major space in this development - just down the street (assuming they're still looking)

[Chadillaccc]

That's a good point. Hopefully that is the case, as otherwise it could be very difficult for them to find a tenant in this over-saturated office market. Or is it under-saturated?

[H.E.Pennypacker]

From what I've seen presently vacancy in A and AA buildings still remains very low, however there is a lot of new office space under construction.. A healthy portion of that space is not leased out yet, so there is an underlying concern that there might be an oversupply in the coming years

Additionally, because rents are so high in those buildings and vacancy is so low it's causing tenants to go for cheaper options in older A class buildings and B buildings

Anyways, locking a major tenant in the office phase for the Eau Claire Market Redevelopment would be a major step in getting this project started sooner rather than later .. I'd love a 2015 ground breaking!!

[lineman]

Originally Posted by Spring2008

Also, 3rd ave is closed between City Centre and Eau-Claire market until July. Probably utility work, which is another good sign.

I believe that block of second avenue is being raised to match up with current flood plain standards in the area.

[Spring2008]

Originally Posted by H.E.Pennypacker

Hmmm... If 3EC is dead in the water, maybe Shaw will lease major space in this development - just down the street (assuming they're still looking)

Their best bet would prob be the 7 tower proposal across the street from their existing head office. I'm sure the developer wouldn't mind sneaking in some office space in the design.

Speaking of, lots going on at their existing tower. The exterior reno's are more extensive than I thought they'd be.

[Full Mountain]

Originally Posted by H.E.Pennypacker

Hmmm... If 3EC is dead in the water, maybe Shaw will lease major space in this development - just down the street (assuming they're still looking)

Given they just shed ~300 jobs net (400 lost, 100 new) they may be out of the market now, since Shaw Court must be getting close to being completed they'll have that additional space too.

[Spring2008]

This one's been real quiet, they apply for a BP yet?

I forgot, are the residential portions in phase 1 going to be condo or rental? Haven't seen any marketing yet.

[Chadillaccc]

They might be waiting for Waterfront Parkside to get mostly finished sales before launching Eau Claire. I know it's a different developer (or at least I think it is) but perhaps they're just waiting for less competition?

I do believe the first phase is the two medium-sized towers, both of which are condos and one of which is half hotel. They may be trying to sign a major luxury hotel tenant first. It would be awesome to have Ritz or Shangri La in Eau Claire and Fairmont in City Centre. I would my face off.

[*Stardust*]

I got an email a couple of weeks ago from Harvard Developments asking if I wanted to be part of the newsletter for monthly updates for the Eau Claire redevelopment. Starting soon I guess?