Quote:
Originally Posted by Keith P.
I don't know the economics or construction issues either, but I note that in NYC right now there seems to be a trend of building very tall, very skinny "pencil" towers. Of course NYC property values and development rules are the main drivers of that.
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In NYC the land costs are much more important than construction costs. It is the same in downtown Vancouver, where a medium-sized condo lot for 500 units in a prime location might cost $200M. Some of these condos can be priced in the tens of millions of dollars, while even shoeboxes in these developments can be $1M.
Cities like New York infamously have a lot of "investment" developments that are designed mostly as a store of value and not as a place to live. They are almost like pieces of artwork. I think they do need to be opulent places to live too but if they are built in a strange way that looks cool and costs more that is completely acceptable and might make them even more desirable.
In Halifax I think the biggest issue would be that a less practical and more expensive design would have to be weighed against building more space or adding better finishings. Are there buyers who will pay, say, $1.5M for a 2,000 square foot unit on its own floor instead of a 2,500 square foot unit on a much larger floor with other units? Or maybe people who really really like the idea of a high end 30th floor unit on the Northwest Arm?
If a building like this in Halifax is going to happen, I think this is one of the locations where it is most likely. There are a lot of expensive properties around the Northwest Arm but highrise condos in that area are in short supply.