Gallery First & Tenth | 60m | 19s | Truman

Once a project goes under construction, the likelihood of stalling out has almost nothing to do with immigration, CAD dollar or other macro factors.

The risk of stalling is almost exclusively to do with management of the project. Delays, change orders, etc.

I suppose the 1 variable would be interest rates - lots of construction mortgages are on floating rates, so if we saw another run up, making those payments gets tough.

In some cases, a developer will excavate on the assumption they can secure the loan. If they are inexperienced and play that card without the right pieces in place, it could spell disaster. very rare. happened in Edmonton at the 4 corners.

Personal guarantees are no laughing matter
 
Open Sky is also a Project that had the Same Fate
And Even the Ice District was not Safe, They built the parking for Block BG structure back in 2017, Then in 2020 they built the podium,
And now the Tower has been in limbo since CWB Pulled out

I've seen the 5 corners site as a hole, But cidex put something there. starting in 2017

Glenora Skyline was Partially built in ~2014 then was stalled while ABOVE GRADE.
In 2017 it also resumed as a new project

And Calgary had the Place 10 fiasco, Along with that site that became UPTEN
 
Mountain Man said:
Have to laugh at Place 10 becoming condo towers (Blvd) after the office market fell apart, since the building south of it (Kai Towers) became offices (Centre 10) after the condo market fell apart lol.
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Yeah, I was thinking the same thing. It’s ironic that they did the flip-flop.
If I recall correctly, though the Kai towers were slotted to go where the Metropolitan building is today. The towers that were supposed to go in where Centre 10 is, were called Gateway Midtown.
 
Beltline_B said:
Yeah, I was thinking the same thing. It’s ironic that they did the flip-flop.
If I recall correctly, though the Kai towers were slotted to go where the Metropolitan building is today. The towers that were supposed to go in where Centre 10 is, were called Gateway Midtown.
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Great memory. I couldn't remember for the life of me what it was called.
 
Haha, I was wrong on 2 fronts! Thanks for the corrections. Still funny that failed condos became an office building, then across the street failed office building became condos!

IIRC the Midtown towers had 7 levels of parking underneath that were built before the condo market collapsed and the project sat empty for a while. When it converted to office the city tried to get the developer to wall off the bottom few levels as it far exceeded office parking requirements. All levels of parking are open to the public currently.
 
Walled of parking is fascinating. It's progressive and also wasteful.
 
20250117_130345.jpg
20250117_130402.jpg
 
Beltline_B said:
Yeah, I was thinking the same thing. It’s ironic that they did the flip-flop.
If I recall correctly, though the Kai towers were slotted to go where the Metropolitan building is today. The towers that were supposed to go in where Centre 10 is, were called Gateway Midtown.
Click to expand...
I took me a while to find the old rendering of Gateway Midtown, but I managed to dig it up.
1737231440635.png
 
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