August at University District | ?m | 6s | Avi Urban

[Chinook Arch]

Oh I quite like August. I meant The Metropolitan

Sorry, misunderstood the convo lol!

 

[Surrealplaces]

 

[Surrealplaces]

This had been finished for a while now. Nice to see retail open or close to opening.

 

[Urban Outdoorsman]

Literally cannot wait for Five Guys to open

 

[1875]

https://twitter.com/x/status/1376923436627456000

 

[JonnyCanuck]

Strangely, the condo projects in the University District have not been selling that well. August and Brookfield have many units to sell and Truman has a few as well. Although, I did hear that Truman may be moving ahead anyway with their next build here.

 

[UrbanWarrior]

Is that the Gramercy one?

Edit: nvm that one is Gracorp.

 

[CBBarnett]

Strangely, the condo projects in the University District have not been selling that well. August and Brookfield have many units to sell and Truman has a few as well. Although, I did hear that Truman may be moving ahead anyway with their next build here.

Well.... the province's cuts of $90M to U of C have resulted in some 500 job losses at U of C in recent years, not to mention the health care cuts and wage rollback threats.

I would guess that the University District's market is very over-weighted in the types of buyers who work at the hospital or U of C. For those that weren't impacted yet, possible wage roll-backs and future cuts would certainly depress interest in putting a down-payment on a new unit. Cuts and position elimination often hits the entry-level stuff the hardest - exactly the type of buyer who is often on the younger side and looking to move nearby their work.

So this is one Calgary submarket where I think there is very little surprise why it might not be doing as well.

 

[Urban Outdoorsman]

Strangely, the condo projects in the University District have not been selling that well. August and Brookfield have many units to sell and Truman has a few as well. Although, I did hear that Truman may be moving ahead anyway with their next build here.

What's Truman's next build?

 

[haltcatchfire]

I wish Truman didn't bail on their Sunnyside build.

 

[ThujaPlicata]

They're not selling too well because who wants to buy leasehold, especially in Calgary - even if it's a 100 year lease.

 

[artvandelay]

Wow I didn’t realize UD is leasehold. I’d expect things to pickup as the new cancer centre comes online.

 

[MJC]

They're not selling too well because who wants to buy leasehold, especially in Calgary - even if it's a 100 year lease.

Does anyone know what happens at the time of lease renewal if the lease is renewed? Is this a bullet payment for the new owner or an ongoing lease payment? I didn't see a good answer from the University District.