General Updates and News

[Keith P.]

So it appears that these buildings are assessed at 50% or less of their market value. So much for the residential property assessment cap causing inequities. Seems the assessment bunch is the bigger cause.

[Summerville]

Originally Posted by Colin May

HRM sold the old St Pat High School site for $37.6 million on February 4

Take a look at apartment buildings sold on February 10 & 12 for almost $350 million :
Assessment is first followed by sale price

1920 BRUNSWICK ST HALIFAX $35,170,100 $59,148,359

5770 SPRING GARDEN RD HALIFAX $26,742,900 $52,306,930

1858 ALBEMARLE ST HALIFAX $24,627,200 $51,836,793

5885 CUNARD ST HALIFAX $21,916,500 $49,163,621

1888 ALBEMARLE ST HALIFAX $19,675,200 $41,195,196

6080 YOUNG ST HALIFAX $15,623,000 $26,700,000

1972 ALBEMARLE ST HALIFAX $15,134,000 $28,568,294

2065 BRUNSWICK ST HALIFAX $15,059,800 $38,926,243

That's a lot of deed transfer tax. At 1.5% of the purchase price, the city made $5 million off of the transaction,...taking into account the St. Pat's sale, HRM made a lot of $ in February

[mleblanc]

Originally Posted by Colin May

HRM sold the old St Pat High School site for $37.6 million on February 4

Take a look at apartment buildings sold on February 10 & 12 for almost $350 million :
Assessment is first followed by sale price

1920 BRUNSWICK ST HALIFAX $35,170,100 $59,148,359

5770 SPRING GARDEN RD HALIFAX $26,742,900 $52,306,930

1858 ALBEMARLE ST HALIFAX $24,627,200 $51,836,793

5885 CUNARD ST HALIFAX $21,916,500 $49,163,621

1888 ALBEMARLE ST HALIFAX $19,675,200 $41,195,196

6080 YOUNG ST HALIFAX $15,623,000 $26,700,000

1972 ALBEMARLE ST HALIFAX $15,134,000 $28,568,294

2065 BRUNSWICK ST HALIFAX $15,059,800 $38,926,243

Most of those are older apartment blocks, aside from 1920 Brunswick St (Which is only 6 years old and has cockroaches). Would be nice to see some of these older buildings redeveloped.

[OldDartmouthMark]

Originally Posted by mleblanc

Most of those are older apartment blocks, aside from 1920 Brunswick St (Which is only 6 years old and has cockroaches). Would be nice to see some of these older buildings redeveloped.

What? Really?

https://goo.gl/maps/7SLVPgDpaAbAoiXu8

[Colin May]

I went to the council meeting today and spoke about the school site sale and the apartments sales. I also spoke about the lack of housing and the future rent increases to pay for the cost of the purchases. Told them there was no reason to keep school site sale secret - as if they care, they just love the money rolling in but don't want taxpayers to know how much money they have.

2760 Robie, 2772 Robie and 6026 Almon were all sold to one buyer for $5,000,000 on January 31 for $5,000,000
Probably for expansion of the adjacent development by Chedrawe.

[Colin May]

Originally Posted by OldDartmouthMark

What? Really?

https://goo.gl/maps/7SLVPgDpaAbAoiXu8

All the details are here :
https://renx.ca/acquisition-doubles-capreit-halifax-apartment-portfolio/

[Corker]

Originally Posted by Colin May

All the details are here :
https://renx.ca/acquisition-doubles-capreit-halifax-apartment-portfolio/

"Occupancy for the portfolio currently stands at 99.9 per cent, the CAPREIT says."

They bought 1503 apartments and all but one or two are occupied. Impressive.

[OldDartmouthMark]

Originally Posted by Colin May

All the details are here :
https://renx.ca/acquisition-doubles-capreit-halifax-apartment-portfolio/

Yes, but they don't mention the cockroaches in there...

[mleblanc]

Originally Posted by OldDartmouthMark

Yes, but they don't mention the cockroaches in there...

That's from my own personal experience of living there for 4 years

[Colin May]

Another downtown Halifax real estate deal,closed February 25
1741 Brunswick sold for $13,980,000 ....assessed at $8,519,000

[DigitalNinja]

This is the HFX sports bar right? If so this would be a great spot for a nice development.

[OldDartmouthMark]

Originally Posted by mleblanc

That's from my own personal experience of living there for 4 years

Oh! That's awful!

[Colin May]

Originally Posted by DigitalNinja

This is the HFX sports bar right? If so this would be a great spot for a nice development.

No, the sports bar is next door to the south.

[OldDartmouthMark]

Originally Posted by Colin May

No, the sports bar is next door to the south.

This one: 1741 Brunswick on Google Maps

[Patrick Matthews]

Originally Posted by OldDartmouthMark

This one: 1741 Brunswick on Google Maps

Homburg's old stomping grounds?

[OldDartmouthMark]

Originally Posted by Patrick Matthews

Homburg's old stomping grounds?

Yes.

https://goo.gl/maps/hwK8ccze2oe8SZs46

[bluenoser]

Iconic Mills Brothers building to be razed for mixed-use development on Spring Garden Road


Mills Brothers department store in Halifax in 1984. - Chronicle Herald file

• 8 storey mixed-use
• As-of-right
• Pedestrian arcade between Queen and Birmingham
• Underground parking (160 spaces)
• 40,000 ft2 commercial space
• Duggar's moving across to the Doyle Building
• Partnership between MacDonald Brothers and Westwood Developments
• Spring/Summer demo
• Fall construction start, completed target 2023

https://www.thechronicleherald.ca/busine...evelopment-on-spring-garden-road-418415/

[alps]

The article says the site is 47,000 square feet, which implies that the project will cover the entire city block (with the exception of the Mary Ann). Meaning demolition of the building housing Telus (formerly Starbucks/American Apparel) among others.

I am concerned that such large-footprint redevelopments will make the street lose some of its texture and variety. I liked the modest size of the other two Westwood developments at the corner of Birmingham and SGR (TD and BMO).

That said, it will be good to see more people living on Spring Garden, and we could get something really interesting here. The mid-block pedestrian arcade sounds promising.

Side note, I seriously wish Dalhousie would do something with that third "Sister Site" they bought.

[Hali87]

Originally Posted by alps

Side note, I seriously wish Dalhousie would do something with that third "Sister Site" they bought.

They probably will soon. They seem to have recently finished some renovations/expansions on Sexton campus and I'm guessing that the Sister Site will be the next phase. There aren't many places left for them to build.

[Keith P.]

Originally Posted by alps

The article says the site is 47,000 square feet, which implies that the project will cover the entire city block (with the exception of the Mary Ann). Meaning demolition of the building housing Telus (formerly Starbucks/American Apparel) among others.

Yes, I read in another article somewhere that the former RBC building is included in this.

I am concerned that such large-footprint redevelopments will make the street lose some of its texture and variety. I liked the modest size of the other two Westwood developments at the corner of Birmingham and SGR (TD and BMO).

That said, it will be good to see more people living on Spring Garden, and we could get something really interesting here. The mid-block pedestrian arcade sounds promising.

Ever since Mills Bros cratered and moved out this building has been struggling to find tenants. Lululemon moved across the street and Duggers is planning to do the same. It is not a great building and while the facade may be iconic it is just that, and is time to move on IMO. A new modern building may well attract new and different tenants. I can see an Apple store there for instance. Or a Tesla sales office.

Having said that I cannot imagine living on that section of SGR. The street noise would not be pleasant.