1040 Somerset St | 99m | 30f | U/C - Page 9

Harley613 · #**161** Posted **Mar 10, 2022, 8:11 PM**

Quote:

Originally Posted by Nowhere

Is there still construction activity going on ?

It looked like they were getting set to dig last summer but I've heard from the forum that nothing is happening since. I haven't been by myself.

SL123 · #**162** Posted **Mar 10, 2022, 8:20 PM**

Quote:

Originally Posted by Nowhere

Is there still construction activity going on ?

They've only demolished the structure that was there before. Since then nothing. Usually they try selling a percentage of Unit before getting shovel in the ground

Har13 · #**163** Posted **Mar 11, 2022, 2:57 AM**

Yeah. Usually in the 40-50% range. 15% of units won’t cut it.

OTSkyline · #**164** Posted **Mar 11, 2022, 2:09 PM**

To me the building and units look very mediocre and the prices they're charging are too high for the immediate area.

Think about it, the area is very much in the early stages of redevelopment. It's mostly small older homes and old retail spots. You're not really in on the lively end of Wellington or in Westboro nor are you in Centretown or close to Bank St. You're sort of in this warehouse/industrial/train track area. In my opinion the prices should reflect that, to entice people to purchase in this location (when Bayview, Gladstone and the City site will join later on) but they don't. We're talking $500K for a 1bdr or $700K-$800K for a 2bdr, not chump change.

J.OT13 · #**165** Posted **Mar 11, 2022, 2:58 PM**

I feel like Claridge often starts construction even if sales a little anemic. Seeing a building u/c entices people to buy IMO. Aside from Icon, Claridge has a good of getting buildings completed within a reasonable timeline.

silvergate · #**166** Posted **Mar 11, 2022, 5:20 PM**

Quote:

Originally Posted by OTSkyline

To me the building and units look very mediocre and the prices they're charging are too high for the immediate area.

Think about it, the area is very much in the early stages of redevelopment. It's mostly small older homes and old retail spots. You're not really in on the lively end of Wellington or in Westboro nor are you in Centretown or close to Bank St. You're sort of in this warehouse/industrial/train track area. In my opinion the prices should reflect that, to entice people to purchase in this location (when Bayview, Gladstone and the City site will join later on) but they don't. We're talking $500K for a 1bdr or $700K-$800K for a 2bdr, not chump change.

7 minute walk to Bayview, and Right between Hintonburg and Little Italy, it makes sense that they can charge a premium. Not sure how much of the cost also reflects inflation / expected price increases in the next couple years.

Harley613 · #**167** Posted **Mar 11, 2022, 8:33 PM**

I think it's a fantastic spot, one of the most premium locations in Ottawa. Easy walk to Little Italy, Chinatown, Hintonburg, the future nexus of two light rail lines. River and Skyline views will be fantastic.

Harley613 · #**168** Posted **Mar 21, 2022, 10:02 PM**

Today

20220321_164736 by harley613, on Flickr

nortey35 · #**169** Posted **Apr 11, 2022, 12:31 PM**

I heard from a neighbour of the site that an engineering company is going around the nearby houses in the next couple of weeks to document the state of the inside of the houses (foundations and whatnot) ahead of the blasting that is supposed to start at the end of this month. From previous comments seems like sales weren't very high yet so it'll be interesting that they will chose to start construction still

phil235 · #**170** Posted **Apr 11, 2022, 1:00 PM**

Quote:

Originally Posted by nortey35

I heard from a neighbour of the site that an engineering company is going around the nearby houses in the next couple of weeks to document the state of the inside of the houses (foundations and whatnot) ahead of the blasting that is supposed to start at the end of this month. From previous comments seems like sales weren't very high yet so it'll be interesting that they will chose to start construction still

I think that is Claridge's m.o. lately. From what I understand, they finance their own projects, so they don't have the restrictions on sales that go with outside financing. They can start earlier, and then drag out construction as long as possible if the pace of sales is slow.

SL123 · #**171** Posted **Apr 11, 2022, 1:02 PM**

According to the website, they've sold 49 units out of 262 so far

phil235 · #**172** Posted **Apr 11, 2022, 2:39 PM**

Quote:

Originally Posted by SL123

According to the website, they've sold 49 units out of 262 so far

I'm pretty sure that they started Icon with sales in the 20% range.

SL123 · #**173** Posted **Jun 20, 2022, 4:58 PM**

According to the website, they've sold 56 units out of 262. An increse of 7 units since I last looked in April

OTSkyline · #**174** Posted **Jun 20, 2022, 5:46 PM**

So... over 20% sold? Maybe that mean's they'll start construction soon.

J.OT13 · #**175** Posted **Jul 6, 2022, 7:37 PM**

• Video Link

RogueNacho · #**176** Posted **Jul 6, 2022, 7:41 PM**

At 17:30 in the video it states that excavation crews will be mobilizing on-site next week.

SL123 · #**177** Posted **Jul 6, 2022, 10:37 PM**

Quote:

Originally Posted by RogueNacho

At 17:30 in the video it states that excavation crews will be mobilizing on-site next week.

Nice! I'm actually excited for this one. i like the rendering, a nice change from the typical rectangular box.

YOW613 · #**178** Posted **Jul 8, 2022, 9:02 PM**

Do you guys know why this project is so pricey? Even compared with another Claridge project, the Moon, it is much more expensive.

originalmuffins · #**179** Posted **Jul 8, 2022, 9:08 PM**

Quote:

Originally Posted by YOW613

Do you guys know why this project is so pricey? Even compared with another Claridge project, the Moon, it is much more expensive.

Probably because they're paying for actual new materials this time LOL.

Marcus CLS · #**180** Posted **Jul 9, 2022, 1:03 PM**

Surprised this is starting construction. I was not expecting anything until 60% sales.