633 Third Avenue | 167.02m | 46s | BentallGreenOak | Gibbs Gage

Tarsus said:
With the city pushing its new downtown plan maybe they can offer some incentives for developments like this to help get them going?
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I'd be okay with property tax incentives or something like it. There are a few other downtown projects that might benefit. Plaza 54 or Kings on 4th. Ultimately I'd almost prefer an existing office building got converted rather than see a new tower built.
 
Tarsus said:
With the city pushing its new downtown plan maybe they can offer some incentives for developments like this to help get them going?
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Edmonton is doing something to that effect [Global News]. However, the money is coming from left over Covid spending that would have disappeared. We'd have to find the money somewhere before we could.
 
Tarsus said:
With the city pushing its new downtown plan maybe they can offer some incentives for developments like this to help get them going?
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Still doesn't change the fact that concrete, high-rise construction is in almost any case not viable because of achievable pricepoints. No amount of incentives will make these proformas begin to work for these types of buildings in the forseeable future without market prices trending upwards and by quite a bit.
 
Calgcouver said:
Still doesn't change the fact that concrete, high-rise construction is in almost any case not viable because of achievable pricepoints. No amount of incentives will make these proformas begin to work for these types of buildings in the forseeable future without market prices trending upwards and by quite a bit.
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Isn’t this one supposed to be rental though?
 
There's been no word on that. It was supposed to be office for the bottom 40% of the tower and residential in the top 60%.
 
UrbanWarrior said:
There's been no word on that. It was supposed to be office for the bottom 40% of the tower and residential in the top 60%.
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If it remains a Bentall Kennedy property it will be rental. They are not in the condo business. I mentioned earlier in this thread that BK have been strangely quiet in the last few years with all of the other hi-rise rental going on.
 
The office portion would be perfect for the Shaw/Rogers expansion, and I have no doubt that there would be demand for rental units in this location. Close to Kensington, the river, Peace Bridge, decent restaurants, only about 10 min walk from Stephen Ave, and generally in close proximity to some of the best public spaces in the city
 
Sorry for the bump, but here are some updated renders from the Gibbs Gage website. I don’t believe there has been movement on this. I just wanted to show…

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I’m kind of glad they didn’t continue the Portfolio development. Four identical towers is too much.
 
JonnyCanuck said:
Yeah .. Bentall (now called BentallGreenOak) have been surprisingly quiet during this purpose rental boom. They have all that property on 13 Ave. (east of the one building they did construct) and are not doing anything with it yet either.
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Bentall is management company. They managed real estate assets for BCIMC until BCI released their own real estate arm, Quadreal. Properties have been slowly transferred from Bentall, GWLRA to Quadreal since.
 
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