Lincoln | 120m | 37s | Truman | NORR

darwink said:
Targeting Toronto and Vancouver investors is still a good strategy. Will be interesting to see the price per square foot.
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Pricing starting at 559,900 for 2 bed, 2 bath. Their floor plans had one that was 807 sqft, so about $690 psf starting. Still substantially cheaper than Toronto but the Toronto unit sizes are creeping in.
It’s clear they’re marketing to out of town investors, 3 year condo fee free and rent guarantees. Their deposit list also has incentives for “exit MLS listing”. Their marketing material also shows how close it is to the future Green Line, which is positive to people on the forum and Toronto/Vancouver, but opinions in Calgary are definitely more mixed.
 
trtcttc said:
Pricing starting at 559,900 for 2 bed, 2 bath. Their floor plans had one that was 807 sqft, so about $690 psf starting. Still substantially cheaper than Toronto but the Toronto unit sizes are creeping in.
It’s clear they’re marketing to out of town investors, 3 year condo fee free and rent guarantees. Their deposit list also has incentives for “exit MLS listing”. Their marketing material also shows how close it is to the future Green Line, which is positive to people on the forum and Toronto/Vancouver, but opinions in Calgary are definitely more mixed.
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The 3 years free condo fees is such a loaded gun. Do the condo fees include utilities (if so who’s paying those?) is the developer paying for all those amenities that will certainly cost a lot? The contingency funds needs to get started. So either pay now or later with a large one time payment ??? I find those perks very miss leading when buying. Guess the devil is in the details 👿
 
Golfing guy said:
The 3 years free condo fees is such a loaded gun. Do the condo fees include utilities (if so who’s paying those?) is the developer paying for all those amenities that will certainly cost a lot? The contingency funds needs to get started. So either pay now or later with a large one time payment ??? I find those perks very miss leading when buying. Guess the devil is in the details 👿
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These are mainly for out of town investors or “pre-con” investors. Used to be really popular in Toronto to buy with small deposits then either never close or close and sell very quickly after. The free rental and condo fees essentially lower expenses during the “flip”. This is really only feasible when prices keep going up and up. The people that did this in 2020/2021 in Toronto are now seeing huge losses.
 
it is not 807sqft, It is 740sqft in-suite area plus balcony for the smallest 2b2b unit starting 3rd floor at 559k. with 25k parking and some floor premium, tax in it would be $850-880/sqft, which I think is still reasonable.
for 2b2b the $/sqft is slightly higher than Imperia due to the suite area being more compact, also more floors meaning more floor premiums (likely), 797sqft vs 740qft , both bedroom with windows, Imperia's 797 is corner unit but Lincoln's 740 is single exposure.
The thing that surprises me is the 3 year rental guarantee instead of 2 years, and a target completion same as Imperia of 2028/2029, does Truman have the capacity and capability to build two high-rise luxurious towers with very fancy design in 5 years? I guess the zoning and site plan process in Calgary is much quicker than here in Toronto? I'm assuming if Imperia was introduced first then it would go into ground first? and also with much less stories it would be completed first?
Another thing is with the indoor pool and higher stories but same unit counts I would expect the monthly maintenance fee for Lincoln higher than Imperia but you have that covered for 3 years so who cares.
 
yunggg said:
it is not 807sqft, It is 740sqft in-suite area plus balcony for the smallest 2b2b unit starting 3rd floor at 559k. with 25k parking and some floor premium, tax in it would be $850-880/sqft, which I think is still reasonable.
for 2b2b the $/sqft is slightly higher than Imperia due to the suite area being more compact, also more floors meaning more floor premiums (likely), 797sqft vs 740qft , both bedroom with windows, Imperia's 797 is corner unit but Lincoln's 740 is single exposure.
The thing that surprises me is the 3 year rental guarantee instead of 2 years, and a target completion same as Imperia of 2028/2029, does Truman have the capacity and capability to build two high-rise luxurious towers with very fancy design in 5 years? I guess the zoning and site plan process in Calgary is much quicker than here in Toronto? I'm assuming if Imperia was introduced first then it would go into ground first? and also with much less stories it would be completed first?
Another thing is with the indoor pool and higher stories but same unit counts I would expect the monthly maintenance fee for Lincoln higher than Imperia but you have that covered for 3 years so who cares.
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They have two other projects on 1st Street in the Beltline plus they just purchased the Stampede Station site from Wexford (2 towers). I expect them to start marketing that one once they hit their sales threshold on Lincoln. These guys are very aggressive. Will be fun to watch.
 
Urb said:
They have two other projects on 1st Street in the Beltline plus they just purchased the Stampede Station site from Wexford (2 towers). I expect them to start marketing that one once they hit their sales threshold on Lincoln. These guys are very aggressive. Will be fun to watch.
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yes I heard about the stampede residence gonna be 700+ units, hope they don't pull a Cresford... The sales on Imperia has been underwhelming tho, still have 50+ units unsold
 
yunggg said:
yes I heard about the stampede residence gonna be 700+ units, hope they don't pull a Cresford... The sales on Imperia has been underwhelming tho, still have 50+ units unsold
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+50 left out of 300 isn't too bad when it comes to condo sales, though it's definitely slower than what we heard for Gallery on 10th.
 
Surrealplaces said:
+50 left out of 300 isn't too bad when it comes to condo sales, though it's definitely slower than what we heard for Gallery on 10th.
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That's very impressive IMO. Must be why they're charging ahead with the other projects. This project will take 2.5-3 years to build, so they have plenty of time to move the other 50 units.
 
No DP has even been applied for this building yet. Latest DP for this site was 6 storey building, approved in 2022.
 
A new video has been posted on the project's website that shows a few more renderings (in black and white) of the exterior. Here are some screen grabs:
trumanhomes.com

Lincoln | Downtown Calgary Condos by Truman | Truman

Condos in Downtown Calgary - 1-3 bedroom concrete built condos on the corner of 11th Avenue and 2nd Street SW in the heart of the downtown core.
trumanhomes.com trumanhomes.com
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Another view where Park Point was removed:
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At the end of the video they add some colour to the building:
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