Eau Claire Market Redevelopment | 135.02m | 35s | Harvard Developments

Rating of the development

  • 1 Really Good

    Votes: 12 23.5%

  • 2 Not Bad

    Votes: 11 21.6%

  • 3 So So

    Votes: 16 31.4%

  • 4 Not Good

    Votes: 9 17.6%

  • 5 Terrible

    Votes: 3 5.9%
  • Total voters
    51
maestro said:
Perhaps I'm too optimistic on a looming investor condo boom.
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Anyone buying a brand new condo in the core for investment purposes the last time we had a boom (around 2006-2008, followed by the Great Recession pause, then another boom say from 2011-14), is probably still 'under water'. Sure if they have been fortunate to have a steady stream of renters, they are paying off a mortgage. However, they have had no appreciation in the value of that asset, in 10 to 15 years.
I can't speak for the current crop of condo investors (many from Ontario and B.C.) that are buying units in new buildings with the lure of guaranteed rental income. Maybe they think the Calgary condo market has nowhere to go but up and that some day they will see the kind of price increases that Toronto and Vancouver experienced over the last 10 years.
 
maestro said:
The office market has been hovering around 30% vacancy for roughly 5 years now too.

I just don't buy it that someone will pay well above market lease rates to have a new tower. constructed or (re: continuous space) of a necessity to have every department under the same roof. It wasn't necessary during the oil boom .Companies were just so flush with cash that hoarding space was a means to spend it.

Perhaps I'm too optimistic on a looming investor condo boom.
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Real estate will be at the very best dead money for many, many years
 
The guaranteed rental income is just the cherry on top. Calgary is undervalued compared to other major cities in Canada. That's the opportunity..

@DougB after the bubble bursts.
 
So far It's still enlarging. It's reached the Atlantic coast. The nest logically step would be westward to Calgary.
 
maestro said:
The office market has been hovering around 30% vacancy for roughly 5 years now too.

I just don't buy it that someone will pay well above market lease rates to have a new tower. constructed or (re: continuous space) of a necessity to have every department under the same roof. It wasn't necessary during the oil boom .Companies were just so flush with cash that hoarding space was a means to spend it.

Perhaps I'm too optimistic on a looming investor condo boom.
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For some companies it was necessary (in their minds) during the boom. Imperial Oil, Encana, Cenovus, and Brion (Petro China) built to have everyone under one roof. TC Energy had done it earlier around 1999. I agree though, it doesn't make any sense whatsoever now, especially when these companies seemingly exist for the sole purpose of making money for shareholders. Also factoring in hybrid/work from home, a company would have to be stupid to build new space.
 
The only good news with this project is that eastern portion of the current mall is about 3 years away from the start of demolition in order to accommodate the Green Line station and I can't see how the remainder of the mall really functions as a stand-alone building at that point so my guess is the whole thing comes down and we either end up with an empty lot for a while or construction of something new pretty quick.

Screenshot_20221117_165449_Maps~2.jpg
 
outoftheice said:
The only good news with this project is that eastern portion of the current mall is about 3 years away from the start of demolition in order to accommodate the Green Line station and I can't see how the remainder of the mall really functions as a stand-alone building at that point so my guess is the whole thing comes down and we either end up with an empty lot for a while or construction of something new pretty quick.

View attachment 439760
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Westbrook 2.0?
 
As someone else said, this could turn into Westbrook, which if that's the case CMLC and the city need to step in and get the developer to at least do some kind of landscaping. You can't sink money into redoing the square, adding an LRT and then accept an empty gravel parking lot.

Edit: MichaelS said this in the Green Line Forum. "I also heard on the radio yesterday that they have made a deal with Harvard Properties to put the Eau Claire station underground at the mall, which will mean demolition of the mall and integrated into the redevelopment. Can't find that bit of information in an online article though."

That doesn't guarantee we don't get a Westbrook, depending on the deal, but I guess it's encouraging.
 
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CalgaryTiger said:
As someone else said, this could turn into Westbrook, which if that's the case CMLC and the city need to step in and get the developer to at least do some kind of landscaping. You can't sink money into redoing the square, adding an LRT and then accept an empty gravel parking lot.

Edit: MichaelS said this in the Green Line Forum. "I also heard on the radio yesterday that they have made a deal with Harvard Properties to put the Eau Claire station underground at the mall, which will mean demolition of the mall and integrated into the redevelopment. Can't find that bit of information in an online article though."

That doesn't guarantee we don't get a Westbrook, depending on the deal, but I guess it's encouraging.
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they had got to the point of having a DP before the city again froze the process.
 
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