11th + 11th | 138.07m | 44s | Intergulf | Ramsay Worden

General Rating of the project

  • Great

    Votes: 20 24.1%

  • Very good

    Votes: 40 48.2%

  • Good

    Votes: 13 15.7%

  • So so

    Votes: 5 6.0%

  • Not very good

    Votes: 5 6.0%

  • Terrible

    Votes: 0 0.0%
  • Total voters
    83
There are two Cidex companies. Cidex Developments which is Calgary based and is behind West Village, The Hat and apparently the Elbow Inn project. Intergulf Cidex is Vancouver-based and is the developer for The Point although they are not referring to it as that. I have heard 1th & 11th as the tentative project name. It is supposed to be another purpose built rental building.
 
In the inner city ....yes... I think there is way t00 much at least in the short to medium term. Under construction and proposed:

West Village by Cidex - 575 units
The Hat by Cidex - 200
Telus Sky by Westbank- 325
Underwood Tower by Western Securities - 225
The Point by Intergulf - 369
Portfolio 2 by Bentall Kennedy - 217
Marriott Residences by GWL - 303
12 Ave SE by One Properties - 658 + 300
Eau Claire Lands by GWL - 1100 units (not built all at once)
One by Strategic Group - 220
Victory & Venture Marda Loop - 152
500 Block South by Hines Mgmt? - 463

In addition, every new rental building that has been completed in the last 2 years still has suites to rent. With little migration coming into the city, who is going to absorb all these residences? Are developers seeing something we are not???
 
Mortgage rules are getting more restrictive, and interest rates have to go up sometime. So, people may move from a first or second apartment to a nice apartment instead of a self owned condo. If you look across Canada, Calgary still makes sense to build in: high incomes, anomalously high ownership rates, low supply of high quality units.
 
It’s probably too much supply, but the money behind these projects are pension funds and REITs looking for long term investing.
JonnyCanuck said:
In the inner city ....yes... I think there is way t00 much at least in the short to medium term. Under construction and proposed:

West Village by Cidex - 575 units
The Hat by Cidex - 200
Telus Sky by Westbank- 325
Underwood Tower by Western Securities - 225
The Point by Intergulf - 369
Portfolio 2 by Bentall Kennedy - 217
Marriott Residences by GWL - 303
12 Ave SE by One Properties - 658 + 300
Eau Claire Lands by GWL - 1100 units (not built all at once)
One by Strategic Group - 220
Victory & Venture Marda Loop - 152
500 Block South by Hines Mgmt? - 463

In addition, every new rental building that has been completed in the last 2 years still has suites to rent. With little migration coming into the city, who is going to absorb all these residences? Are developers seeing something we are not???
Click to expand...
 
JonnyCanuck said:
In the inner city ....yes... I think there is way t00 much at least in the short to medium term. Under construction and proposed:

West Village by Cidex - 575 units
The Hat by Cidex - 200
Telus Sky by Westbank- 325
Underwood Tower by Western Securities - 225
The Point by Intergulf - 369
Portfolio 2 by Bentall Kennedy - 217
Marriott Residences by GWL - 303
12 Ave SE by One Properties - 658 + 300
Eau Claire Lands by GWL - 1100 units (not built all at once)
One by Strategic Group - 220
Victory & Venture Marda Loop - 152
500 Block South by Hines Mgmt? - 463

In addition, every new rental building that has been completed in the last 2 years still has suites to rent. With little migration coming into the city, who is going to absorb all these residences? Are developers seeing something we are not???
Click to expand...
Don't forget the 500 or so units at the Westbrook TOD by Matco. I know it isn't the core, but neither is Marda Loop, and it is substantial, so probably worth pointing out. However, I am not sure the status of that project, seems like it has stalled out/died.
 
Beltline_B said:
Ah, so Intergulf only. Interesting that they got as far as applying for a building permit. Maybe this one will be going ahead after all. Does anyone else think that there may be too much purpose built rental proposed?
Click to expand...

Not really. Proposed doesn't increase inventory.
 
And another 416 units for the Cressey Proposal on 12th ave!

JonnyCanuck said:
In the inner city ....yes... I think there is way t00 much at least in the short to medium term. Under construction and proposed:

West Village by Cidex - 575 units
The Hat by Cidex - 200
Telus Sky by Westbank- 325
Underwood Tower by Western Securities - 225
The Point by Intergulf - 369
Portfolio 2 by Bentall Kennedy - 217
Marriott Residences by GWL - 303
12 Ave SE by One Properties - 658 + 300
Eau Claire Lands by GWL - 1100 units (not built all at once)
One by Strategic Group - 220
Victory & Venture Marda Loop - 152
500 Block South by Hines Mgmt? - 463

In addition, every new rental building that has been completed in the last 2 years still has suites to rent. With little migration coming into the city, who is going to absorb all these residences? Are developers seeing something we are not???
Click to expand...
 
MichaelS said:
Demolition has begun on this site. There are approved demo permits for it according to the "My Property" map on calgary.ca, however the building permit is still on hold. Pictures of the demolition also showed up on SSP.
Click to expand...
A while back a new furniture store went in where Maria Thomas furniture was, so I would be surprised if anything was happening soon..
 
Beltline_B said:
I think Calgary will grow by about 20k this year.
Click to expand...
I like your optimism, but I'm going to guess around 14-15K Intl immigration and natural increase will be about the same, but the net migration loss that we were getting has slowed down a fair bit. It's slowed down but it's still there.
 
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