[Dartmouth] Dartmouth Towers (27-47 Best Street) | 90 m | 3 x 33 fl | U/C

[Dmajackson]

From today. Foundation work has begun.

[terrynorthend]

I noticed today the weird (small) crane is gone from the site. Does anyone know if a tower crane base has been set yet?

[kph06]

Originally Posted by terrynorthend

I noticed today the weird (small) crane is gone from the site. Does anyone know if a tower crane base has been set yet?

I spotted that last week too. I could see this being the reason why the luffing jib was removed from The Marlstone at Scotia Square. I think the proximity of the hotel might make a luffing jib preferred here.

[Musicman Halifax]

Originally Posted by kph06

I spotted that last week too. I could see this being the reason why the luffing jib was removed from The Marlstone at Scotia Square. I think the proximity of the hotel might make a luffing jib preferred here.

The luffer is headed to the south end. Not sure what project tho.

[Musicman Halifax]

Originally Posted by kph06

I spotted that last week too. I could see this being the reason why the luffing jib was removed from The Marlstone at Scotia Square. I think the proximity of the hotel might make a luffing jib preferred here.

The luffer is headed to the south end. Not sure what project tho.

[kph06]

Originally Posted by Musicman Halifax

The luffer is headed to the south end. Not sure what project tho.

Maybe a second crane at the old Ralston site? I can't think of anything down there that close to needing a crane. Possibly the Elmwood hotel on Barrington/South?

[terrynorthend]

Any word on this project Dmajackson? Word in comments on your Facebook page is the formwork company wasn't being paid or were fired and took their equipment and left...

Originally Posted by Dmajackson

From today. Foundation work has begun.

[Dmajackson]

Originally Posted by terrynorthend

Any word on this project Dmajackson? Word in comments on your Facebook page is the formwork company wasn't being paid or were fired and took their equipment and left...

Not my Facebook group (I only run my blog site). I did have a look at the comments and it is interesting. I googled the developer (Manga Hotels) and they did buy a few hotels last year in Calgary and opened a new build in Toronto so financial issues could be the issue here in Dartmouth.

[terrynorthend]

Originally Posted by Dmajackson

Not my Facebook group (I only run my blog site). I did have a look at the comments and it is interesting. I googled the developer (Manga Hotels) and they did buy a few hotels last year in Calgary and opened a new build in Toronto so financial issues could be the issue here in Dartmouth.

Oh, sorry, my bad. I thought for sure that was yours too.

I hope this development can go ahead.

[Musicman Halifax]

It is complicated. I had a conversation today with someone who knows what is going on. Unfortunately I cannot divulge any of the conversation right now.

[MastClimberPro]

My vague understanding is that the flattening of enthusiasm in the local housing market (possibly paired with uncertainty in the markets generally due to the Cheeto in Chief) might have changed the longterm financials on this project. From there is is possible to speculate that enthusiasm for the topline spend diminished and as the numbers got crunched by the parties involved some short term decisions were made to halt or pause (or god-forbid terminate ?) work. Who blinked first is anyone's guess at this point.

My question would be, what are the possible outcomes if the developers abandon the project entirely? (not saying I'm hearing that; just want to pursure the thought exercise) What are they legally obliged to do? What off-ramps exist for them? What do we do with a gaping hole in the ground? etc. Hoping more knowledegable people repsond.

[Drybrain]

Originally Posted by MastClimberPro

My vague understanding is that the flattening of enthusiasm in the local housing market (possibly paired with uncertainty in the markets generally due to the Cheeto in Chief) might have changed the longterm financials on this project. From there is is possible to speculate that enthusiasm for the topline spend diminished and as the numbers got crunched by the parties involved some short term decisions were made to halt or pause (or god-forbid terminate ?) work. Who blinked first is anyone's guess at this point.

This is exactly my worry about the development climate in general. In particular I'm worried about the Spring Garden West/Promenade Robie block. It's basically a whole massive central block, boarded up and awaiting redevelopment. There are a number of heritage properties in limbo for renovation, derelict properties ready to be torn down, etc. The sudden flattening of population growth and looming political uncertainity (will Trump send Canada into recession, or not) have me rather uneasy. Really want to see shovels in the ground at both those sites.

[kzt79]

Originally Posted by Drybrain

This is exactly my worry about the development climate in general. In particular I'm worried about the Spring Garden West/Promenade Robie block. It's basically a whole massive central block, boarded up and awaiting redevelopment. There are a number of heritage properties in limbo for renovation, derelict properties ready to be torn down, etc. The sudden flattening of population growth and looming political uncertainity (will Trump send Canada into recession, or not) have me rather uneasy. Really want to see shovels in the ground at both those sites.

Canada IS in recession, and has been for years now - when you look at almost any economic measure per capita, rather than top line. So hopefully that alone isn't a new or surprising development. Of course, things could get even worse!

[someone123]

Originally Posted by kzt79

Canada IS in recession, and has been for years now - when you look at almost any economic measure per capita, rather than top line. So hopefully that alone isn't a new or surprising development. Of course, things could get even worse!

Agreed that Canada's economy isn't doing so well but interest rates are falling (hopefully construction costs will moderate), the population is still growing (10,000 new permanent residents moving to Halifax in 2024), and there's a lot of pent-up demand for housing.

It would be nice if something were done about buildings being unmaintained or left vacant for many years prior to development.

[terrynorthend]

AllNS is reporting that this is back on the move. Manga has employed Lindsay to put in formwork and build the first 33 story tower. That will be followed by two 40 story towers.

Indeed I've noticed new activity on the site over the last couple of days.

[AnotherNorthender]

https://greenstreetnews.com/article/mang...-130m-loan-for-nova-scotia-rental-tower/

I dont subscribe to this news agency but the headline indicates a good portion of the funding has been secured.

[Wannabe Economist]

Manga Hotel Group has notched a $130m loan to carry out the first phase of construction for its purpose-built rental project in Dartmouth, N.S., Green Street News can reveal.

First National Financial LP was the lender. The loan-to-cost ratio was 82% for the Canada Mortgage and Housing Corp. MLI Select loan, which closed on Jan. 30.

The proceeds will cover building costs for the first of three high-rise towers to be built at 20 Best Street. The first tower will reach 33 storeys and the two future towers could be upward of 40 storeys.

Construction on the first tower has started and completion is expected around mid-2027. The first building will have 348 rental units, while the entirety of the project will comprise over 1,100 units once complete. All three towers will overlook Halifax Harbour.

“We’re very excited to start the first of three towers for this iconic building complex comprising 1,100 units, which will add to the cityscape of downtown Dartmouth. Overlooking the harbour with views of downtown Halifax, this will bring much needed accommodation to HRM with an upscale residential community,” Sukhdev Toor, founder and CEO and of Manga Hotel Group, told Green Street News.

[LikeCranes]

A crane is going up today.

[Dmajackson]

HalifaxDevelopments.ca (Photo by David Jackson)

[terrynorthend]

There's an interesting vertical green tank setup on site now. I didn't get a picture, as I was driving across the bridge.
It looks almost like an asphalt plant, but that doesn't make any sense. Anyone who's seen it know what it could be for?