More like conservative architecture for a conservative owner. Buildings outlives their tenants and their tenants' tastes. Oxford is the real estate investment arm of a pension fund.
Exactly. All tenants would love a fantastic signature building as long as it doesn't affect their lease rates.
Okay, how likely is it that this will get off the ground? With the national economy the way it is, and the future of the oil industry in question, I think Brookfield may be the last large-scale project in Calgary for a while. Especially since the economy isn't expected to pick back up for two years or more.
^^ Two even three years isn't a long time in reality. I actually thought there might be a slight chance a couple of these towers like Brookfield Place, might get a height increase (a few more floors) and shelve the second tower knowing the market is slowing down dramatically and might stay slow for a while!
I don't we'll see anything for a while, but like Yackemflaber said, it will happen.
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Originally Posted by TriWolf
Okay, how likely is it that this will get off the ground? With the national economy the way it is, and the future of the oil industry in question, I think Brookfield may be the last large-scale project in Calgary for a while. Especially since the economy isn't expected to pick back up for two years or more.
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Originally Posted by Yackemflaber69
Then i guess this project will have to wait a while before it gets off the ground. I see it happening though.
There's little doubt that this one will be on hold for a while. I'm also sure it will go ahead sometime later, just a matter of when. Question is...will it be the same design or proposal? Will be scaled down or depending on the economy...even larger in scale?
Well with the height allowance on this site and the insane amount that Oxford paid for it, I would expect that it will be held back for a while due to the economy. However, because of those things, I'd expect it to be a very tall tower, at least as tall as it's already rumoured. They didn't pay over $60 million for that lot just to build some 40 storey piece of crap, right?
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Maybe it's a blessing that it's put on the backburner. My own personal feeling is that we are still in for a development up-cycle much bigger than the last two. Keystone will go through eventually and it'll probably be right around the time oil goes for its next big price spike. We'll see the likes of a boom never seen before.
I won't be surprised at all if we see one or more 'new tallest' projects.
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Originally Posted by TallBob
^^ Surreal: Ya... If and when this one goes forward, it might just be a monster...(900'+)!! But it'll be a while and I think everyone knows it.
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Originally Posted by Chadillaccc
Well with the height allowance on this site and the insane amount that Oxford paid for it, I would expect that it will be held back for a while due to the economy. However, because of those things, I'd expect it to be a very tall tower, at least as tall as it's already rumoured. They didn't pay over $60 million for that lot just to build some 40 storey piece of crap, right?
Haha even I'M not that optimistic Surreal! But seeing your thoughts on the matter does make me hopeful Hopefully what we get isn't this 1980s dumpster fire of a design we've seen so far though.
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Things can turn around really fast in Calgary between boom and bust cycles. In 2009/2010 we had a huge glut of office space and massive negative absorption, the next year the second EAP tower was starting up because absorption had completely turned around again.
One of the great things about Calgary is it is one of the few North American cities where you don't see really long lulls in office tower construction. Even in the early 80s bust, substantial new towers (Bankers Hall, Canterra, Amoco and EPCOR) were getting built again by 1988, and then TD in 1992. A lot of cities go through lulls that last decades...
exactly. calgary seems to pull out of these things relatively fast as compared to larger centers.
I remember back in 2009 all the reports of high vacancies coming down the pipe, and all the doom and gloom predictions.... 5 years later we get Telus Sky, Manulife, City Centre, EAP II, Eau Claire Tower and new tallest Brookfield Place all going ahead.
Oil rebounded well this week! Still think it's going to be up/down for about 6-12 months (between $40 and $55 a barrel). Then we should eventually get to & hang around $65-$80. That price will keep the OIL GODS happy, and keep fuel prices reasonable as to not hurt the overall economy!
Oil rebounded well this week! Still think it's going to be up/down for about 6-12 months (between $40 and $55 a barrel). Then we should eventually get to & hang around $65-$80. That price will keep the OIL GODS happy, and keep fuel prices reasonable as to not hurt the overall economy!
Hard to say without a crystal ball.... The truth is I don't think anyone really has a clue what will happen with it.
I'm going to go with the 'history repeats itself' theory and that the price of oil will not only rebound, but at some point will skyrocket. It's only a matter if when.
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Hopefully what we get isn't this 1980s dumpster fire of a design we've seen so far though.
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