BMO Centre Expansion | 25m | 5s | CMLC

[trtcttc]

I'm not an expert in real estate development, but I will pass along information that I was told this weekend by someone in that field. I was told that the interest rate plays a far higher role than the vacancy rate, when looking to develop these projects, and that's why many of them aren't moving as expected. I was also told it's not the case for all projects, but is for many.
Whatever the case, I hope we see some of these proposals break ground. There are less and less housing options out there as the housing starts aren't keeping up with population growth.

Also no expert, but how it was explained to me was - A low vacancy rate is great for purpose built rentals, but for condo/home sales, the future value doesn't really matter. Developers usually start selling the pre-construction a few years before breaking ground, and as they reach their profitability sales threshold they break ground. Rising interest rates are huge because buyers only pay 5-10% before the building is finished, so a large portion of developer's costs are financed. As their cost rise they have to either levy extra charges to the buyers that already purchased (depending on the contract structure) or make the still selling units much more expensive. As costs/interest rate rises, that threshold becomes higher and higher so construction stalls.

 

[403808]

I just read CMLC's article on the new hotel. It will be a Minimum of 220 rooms (likely more) and will be 4-5 stars. The developer will be Matthews Southwest Hospitality and the architect is Nunzio Marc DeSantis Architects. It will also have a direct indoor connection to the convention centre

You are correct. They are re-evaluating the size of the hotel. It will likely be bigger.

 

[Mountain Man]

You are correct. They are re-evaluating the size of the hotel. It will likely be bigger.

 

[FCC1982]

 

[Surrealplaces]

 

[Stephen Ave]

I like the way this is turning out.

 

[doughflow]

Lot browner than.. golder than I was expecting..

 

[Mountain Man]

The standing seam roof looks better than I was expecting. Will be curious to see what they do for snow stops on the right side there, that's a pretty steep slope with a very slippery surface.

 

[Duck Lightning]

They're apparently rushing to have the exterior somewhat completed before the Stampede so they can show it off to visitors.

 

[Urb]

This is really coming together. We are fortunate to have this in our city. Convention centres typically aren't the prettyist girls at the dance...

 

[kora]

I'm glad we have something iconic in this area to replace the landmark Saddledome. Maybe this will be the name frame for famous Calgary skyline photos.

 

[Chinese_T]

Ok, it looks awesome in the storm.

 

[Mountain Man]

Hope they had the site battened down good, that shit was intense!

 

[aryanoboi]

I don't know, I find the standing seam roof to be brutal. Maybe it will look better once they finish it, but I don't enjoy it.

 

[UrbanWarrior]