Oliver | 121.3m | 35s | Centron | Gibbs Gage

Any chance this is turned into a residential building?

Would be the opposite fate of the building across the street which was originally proposed as residential, built the foundation and subsequently halted and completed as office.
 
In today's market, you never know. Residential is still going but the office market really seems dead in the water for a while. I would be thrilled if they changed it to residential.
 
evolv said:
Any chance this is turned into a residential building?
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Unlikely. Residential is not in that great shape either. There's probably room for up to 300 to 400 units in a year which is not going to get developers reconsidering their options.
 
maestro said:
Unlikely. Residential is not in that great shape either. There's probably room for up to 300 to 400 units in a year which is not going to get developers reconsidering their options.
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Residential isn't great, but if office stays high vacancy for a while, it's possible residential might look like an option. Of course, nobody can say, as in the end it all comes down to $$. Personally, I would love to see it turn into a residential project. Here's hoping.
 
Surrealplaces said:
Residential isn't great, but if office stays high vacancy for a while, it's possible residential might look like an option. Of course, nobody can say, as in the end it all comes down to $$. Personally, I would love to see it turn into a residential project. Here's hoping.
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A large REIT or pension fund could sit on it for decades. A smaller developer doesn't really have that option. Chances are they will sell at a reduced price and cut their losses rather than built residential if recovery doesn't come soon for either office or residential. I don't know who is developing Place 10.
 
maestro said:
A large REIT or pension fund could sit on it for decades. A smaller developer doesn't really have that option. Chances are they will sell at a reduced price and cut their losses rather than built residential if recovery doesn't come soon for either office or residential. I don't know who is developing Place 10.
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Centron is the developer. They've done both residential and office. They were the developers who did the building across the steet that was originally supposed to be residential.
I'm not holding out hope for residential, but I wouldn't say it's out of the question.
 
It has been a while this thread saw an update, not a whole lot of progress unfortunately:

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There's literally been no progress. That's why there's been no updates.
 
Purely observational and in no way objective, I feel like we scraped through this past recession with fewer orphaned foundations than the last one. Of course this one seems to have come with it's own issues around the glut of office space. Perhaps the future isn't quite as dim for this one as it was a few months ago. The Conference Board of Canada is calling for Alberta to return to it's familiar place as the national leader in economic growth this year. I don't think that means we'll see it go ahead any time soon, but back in January, I might have said never. It reminds me of the building across the street in many ways. It'll probably come about in a low key fashion at some point in the future after many years of laying idle.

Here's hoping the projected economic growth leads to some job growth. There's been a transition from part time to full for the province which is a good thing, but the overall number has been pretty flat since February. I'll have to update my tables with next month's labour force statistics.
 
evolv said:
Any chance this is turned into a residential building?

Would be the opposite fate of the building across the street which was originally proposed as residential, built the foundation and subsequently halted and completed as office.
Click to expand...

6 months ago I would have said neither office or residential, but given some of the projects starting since then, I wouldn't rule out residential just yet. I would be thrilled to see if go to residential instead of office. Time will tell.
 
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