Kit at Kensington | 50m | 15s | Jemm Properties | LOLA

[mbucci]

Still annoyed by the lack of retail on 3rd Ave. At some point the Safeway lot will get redeveloped and will certainly be retail on both 3rd and 10th.

Mixed-use is tough to execute. Banks assign proforma residential income a 1.1 debt service coverage ratio, but retail often gets 1.25 or even 1.3. Higher vacancy rates are applied and retailers (usually) won't sign a lease until a few months before completion, which leaves a hole in a developer's presale test.

Then there's the design and execution challenges of separate waste, loading, parking, etc. Higher ceilings, bigger transformers, cooking smells, noise complaints, conflict between the stratas, etc. etc. etc.

tldr; everyone loves mixed use but it requires more equity for less return and it's easy to make a mistake.

 

[Mountain Man]

Always appreciate some insight from a developer, thanks.

 

[maestro]

The attempts to produced interest with different coloured facade panels and balcony widths seldom turns out better than if they just went with a bland functional design

 

[zagox]

Construction fencing is up around the existing apartment buildings. Looks like they are getting ready to demo the site.

Fingers crossed that as soon as Hive is leased up, JEMM can move down the street and start this one.

 

[Surrealplaces]

I love the pace of growth in Kensington. Not too much, not too little. There always seems to be 1-2 projects in the 100-200 unit range getting built at any give time, and because the neighborhood is already built up, it's not that notiecable.

 

[Albertasaurus]

I like this one and hope to see it start construction as soon as the existing buildings are taken down. At the risk of committing heresy to the skyscraper gods, I think this is as tall as we should allow in Kensington - I like the midrise scale of the neighbourhood.

 

[Surrealplaces]

I like this one and hope to see it start construction as soon as the existing buildings are taken down. At the risk of committing heresy to the skyscraper gods, I think this is as tall as we should allow in Kensington - I like the midrise scale of the neighbourhood.

I agree 100% Due to the location of this one, I think 15 floors is reasonable, but for the most part sticking to the 10 storey max has worked well for Kensington. I could see a couple of taller buildings (12-15 floors) on 14th street though.

 

[trtcttc]

I agree 100% Due to the location of this one, I think 15 floors is reasonable, but for the most part sticking to the 10 storey max has worked well for Kensington. I could see a couple of taller buildings (12-15 floors) on 14th street though.

There's been a few proposal on 14th right? But none have really started for a while?

 

[Surrealplaces]

There's been a few proposal on 14th right? But none have really started for a while?

There was Sola, and 1601 Kensington, both of which were small unknown developers, and unfortunately both proposals (and probably the companies) went stale.

 

[JWhite]

Kitty corner to the train station? Not sure I'm putting them up for a marketing award

Kit at Kensington, hmmm how long until they realize it’s a dumb name and change it again?

 

[maestro]

Dumb turns to awesome if they follow with a second phase called Kat.

This is the same developer that has a tower called Bridge at Bridgeland. This naming theme is probably here to stay

 

[Nimbus]

The old Lunenburg apartments are being demo'd as of this morning.

 

[Chinook Arch]

Hell yeah !

 

[Albertasaurus]

I just hope they start construction right away rather than it sitting vacant for ages...

 

[trtcttc]

The city is upgrading the 3rd Ave sidewalks in that area. I reached out to the city project team and they mentioned they are working with JEMM to coordinate schedules and the sidewalks will be temporary until the developer finishes, so it's unlikely they're leaving the lot empty for long.