Penny Lane - Emotions Mixed as landmark closes

Rob D · #1 Posted **Apr 1, 2007, 4:44 PM**

Emotions mixed as landmark closes
Gwendolyn Richards Calgary Herald Sunday, April 01, 2007

Discounts helped Penny Lane store owners get ready to move out.Paper-covered windows and signs advertising discounts took the place of most store displays Saturday as Penny Lane businesses marked their last day in the city landmark. Throughout the building, posters thanked people for their patronage -- the message typed over an image of the two new skyscrapers that will replace the squat heritage buildings. Penny Lane will be demolished to make way for a billion-dollar project made up of two commercial towers.

At Ceili's Irish Pub, servers were bracing for a busy night, but also taking time to recognize the final hours at the Penny Lane location. Friday night must have been a "gong show," server Paula Espinoza said, judging from the mess when she walked in Saturday. By mid-afternoon, some staff were busy taking pictures of each other holding up various decorations from the bar. "I think they (the owners) want to keep all that stuff," Espinoza said, gesturing to the decorations piled above the bar. "Whatever doesn't get stolen." Patrons have been pillaging the pub; pale rectangles on the back wall are ghostly reminders of where posters once hung. Upstairs at the Spa at Angles, owner Anna Sannderss remained upbeat as she managed a day full of bookings and the inevitable packing. But she was upset she was only given eight days notice about the closure, which forced her to cancel bookings made for the next couple of weeks. "The only thing I wish was for a little bit more time," she said.

Former manager Beata Gorniak, who returned to help pack, said the spa's new location just down 8th Avenue will be great, but nothing can replace the history of Penny Lane. "It's really sad. There's a lot of heritage. This building here is almost 100 years old. To destroy it to put up modern buildings is very saddening," she said. At Tango Living, antique furniture bore red sale stickers. Owner Susan Abbiati said she is fine with the closure because she knew that was the plan since she opened about six months earlier. "I think it'll be even better," she said of the new towers. Project owners hope to start demolition next month and have construction begin in December, pending city approval. The two towers combined will contain almost two million square feet of space with more than one thousand parking stalls and 53,000 square feet for retail-restaurant use on the ground level.

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Rob D · #2 Posted **Apr 1, 2007, 5:02 PM**

Here are some photos of the interior of Penny Lane that I took on Thursday, March 29th.

....more to come later

Rob D · #3 Posted **Apr 1, 2007, 5:14 PM**

.....still a few more to come

CMD UW · #4 Posted **Apr 1, 2007, 5:32 PM**

Does anyone know who Pennylane has signed for tenants?

I am still skeptical that this project will go up on spec? Anyone have any insights?

Rob D · #5 Posted **Apr 1, 2007, 5:33 PM**

.....one last set to follow

The Chemist · #6 Posted **Apr 1, 2007, 5:34 PM**

Quote:

Originally Posted by CMD UW

Does anyone know who Pennylane has signed for tenants?

I am still skeptical that this project will go up on spec? Anyone have any insights?

It IS going ahead on spec. That's the deal. They wouldn't be demolishing the existing Penny Lane if they weren't serious.

Boris2k7 · #7 Posted **Apr 1, 2007, 5:37 PM**

Some of my pics:

Farewell Penny Lane.

Wooster · #8 Posted **Apr 1, 2007, 5:39 PM**

I wouldn't be so pissed off it were a worth while building going up it its place. So disappointing.

Thanks for the pics.

CMD UW · #9 Posted **Apr 1, 2007, 5:47 PM**

Quote:

Originally Posted by The Chemist

It IS going ahead on spec. That's the deal. They wouldn't be demolishing the existing Penny Lane if they weren't serious.

Being serious is one thing, but assuming the risks and costs associated with building on spec is another. One can assume that every developer is 'serious' with their projects.

Boris2k7 · #10 Posted **Apr 1, 2007, 5:51 PM**

If there is any market where building on spec is safe right now, it is Calgary. They should have been doing this two years ago.

The Chemist · #11 Posted **Apr 1, 2007, 5:56 PM**

They're starting demolition tomorrow. How much more proof do you need that they're going ahead with this project?

While the loss of the original structure is disappointing, I'm very optimistic about the Penny Lane project. I happen to like the new design, and I think it'll be a good addition to downtown Calgary. I would like to see what the interaction with the street is like - hopefully it'll be at least something like what is currently on the site.

WhipperSnapper · #12 Posted **Apr 1, 2007, 5:57 PM**

Quote:

It IS going ahead on spec. That's the deal. They wouldn't be demolishing the existing Penny Lane if they weren't serious

Demolition doesn't mean squat (less than 1/200th of the total development costs) and I can show you hundreds of parking lot around the country to prove my point. Your probably right but given the amount of space already under construction, I too have doubts that the developer would speculate on such a large building

The Chemist · #13 Posted **Apr 1, 2007, 6:02 PM**

Quote:

Originally Posted by goodlookin'

Demolition doesn't mean squat (less than 1/200th of the total development costs) and I can show you hundreds of parking lot around the country to prove my point. Your probably right but given the amount of space already under construction, I too have doubts that the developer would speculate on such a large building

The developer would probably be making a LOT more money keeping the existing tenants than by demolishing the existing structure and putting up a parking lot.

I have ZERO doubts that this project is happening.

CMD UW · #14 Posted **Apr 1, 2007, 6:04 PM**

/\ Two years ago they would have been laughing.

Talk to any office broker / developer and most will tell you that the number of buildings going up on spec in today's markets is limited. Even in a fabulous office market like Calgary, the number of office buildings expected to go ahead on spec are rare, particularly for the larger developments (+500,000sf)

Boris2k7 · #15 Posted **Apr 1, 2007, 6:07 PM**

While it is true that it is rare, Bentall went ahead with Livingston Place (840 000 sqft) two years ago and is reaping the rewards. I believe that Jamieson (880 000 sqft) also started on spec and then signed tenants while demolition was occuring...

ibz · #16 Posted **Apr 1, 2007, 6:16 PM**

Centennial also started on spec, and just recently signed a major tenent. Those guys were also 1,2,3....out of the gate, which means a lot. My biggest question mark about the Penny Lane project is that this thing has been around for how many years now?? and they didnt get it off the ground in what was one of the biggest rushes for space ever in this country.

Calgarian · #17 Posted **Apr 1, 2007, 6:18 PM**

I hope the street level is really nice because we are about to lose a landmark.

Boris2k7 · #18 Posted **Apr 1, 2007, 6:20 PM**

Ah yes, I had forgotten about Centennial having done that as well. That's another 1 200 000 sqft between the two towers... (though only the first is listed as under construction)

Arriviste · #19 Posted **Apr 1, 2007, 6:29 PM**

What a loss. I'm going to mention this travesty in my interview with FFWD today. As much as we should be striving for great design in new construction, we need to preserve these few remnants of DT's past.

Just Build It · #20 Posted **Apr 1, 2007, 6:30 PM**

I'm cetrain it'll go ahead, only because the developer has investors with deep pockets. Time will tell though.