Orchard | ?m | 31s | Lamb Development | aA

General rating of the project

  • Great

    Votes: 1 7.1%
  • Good

    Votes: 6 42.9%
  • So So

    Votes: 7 50.0%
  • Not Very Good

    Votes: 0 0.0%
  • Terrible

    Votes: 0 0.0%

  • Total voters
    14

JonnyCanuck

Active Member
Member Bio
Joined
Feb 15, 2017
Messages
782
Reaction score
981
With all the construction going on around the property for the next 5 years, better to sit on it me thinks.
Yes. If the new 'arena' is located around there, then this project will have life again.

I have to smile though. I remember reading an interview with Brad Lamb from a magazine 2-3 years ago. He was talking about how bullish he was about Alberta. He was in the midst of starting construction on 6 & 10th. Just launched The Orchard and two projects up in Edmonton. The interviewer asked him if he was concerned about the state of oil & gas industry which starting its turbulent decline. He smugly replied that he didn't worry or pay attention to things like that ... something to that effect. Well ... fast forward to today .. Orchard and the two in Edmonton have been cancelled.
 

UrbanRED

Active Member
Member Bio
Joined
Jun 29, 2017
Messages
160
Reaction score
265
Yes. If the new 'arena' is located around there, then this project will have life again.

I have to smile though. I remember reading an interview with Brad Lamb from a magazine 2-3 years ago. He was talking about how bullish he was about Alberta. He was in the midst of starting construction on 6 & 10th. Just launched The Orchard and two projects up in Edmonton. The interviewer asked him if he was concerned about the state of oil & gas industry which starting its turbulent decline. He smugly replied that he didn't worry or pay attention to things like that ... something to that effect. Well ... fast forward to today .. Orchard and the two in Edmonton have been cancelled.
He also spoke to The Globe and Mail only last year with some pretty bullish optimism...

https://www.theglobeandmail.com/rea...r-an-alberta-real-estateboom/article34109117/

What a goon - bigger ego than the condos he builds.
 

MJC

New Member
Member Bio
Joined
Mar 8, 2018
Messages
73
Reaction score
95
I really like the design and it's something unique - I think guys are a bit too hard on Lamb. He is trying to bring something unique. The location for this makes me scratch my head though. 75% presales is surprising goal... you can usually get off the ground with 35% with a good track record, using the land as equity and pulling in a mezz piece... so I have to say I'm not totally convinced about some claims made. Construction debt is relatively cheap, and you buy into a delivery that is in a growing market so late released units are at a premium. On top of that GC's out there will be willing to finance some of their construction work for an equity slice down the road so a solid business plan can usually get the go-ahead. Getting 5% deposits is thin though, and increasing the equity you need to put in up front.

It is almost comical how totally terrible the location is though. I am honestly scratching my head with what makes sense there right now. Who owns that piece of land to the north by the tracks? Plan for those lands?
 

DiscoStu

Active Member
Member Bio
Joined
Apr 13, 2016
Messages
270
Reaction score
374
I remember when people were saying 6th and 10th was a terrible location because of the tracks and recycling depot next door. Now with the existing redevelopment around it, I think it's actually one of the best condo locations in the Beltline because of it's central nature.

The Orchard location is clearly not as good, and the area is a currently bit of a wasteland, but I don't think it's a lost cause by any means. The area could change pretty rapidly depending on what happens with CSEC's plans for the area, possible Olympic development, and with the new Green line being constructed close by. All of these could be a catalyst for those few blocks and in 10 years, I imagine it will be quite a change. Obviously though it requires a leap of faith from condo buyers and probably doesn't help sales.
 

Nimbus

Active Member
Member Bio
Joined
Mar 8, 2017
Messages
343
Reaction score
546
With the yes vote on the arena I wonder if this project will see life again soon? You'd think there'd be lots of speculators buying into this area (including those outstanding units still at The Guardian). Green line getting the yes to continue helps too.
 

JonnyCanuck

Active Member
Member Bio
Joined
Feb 15, 2017
Messages
782
Reaction score
981
Brad Lamb might re-launch but he could also be looking to sell the property. I don't think his first couple of experiences with Calgary were all that pleasant. I still remember when he was interviewed back in 2014/5 and was asked whether he had any concerns about the state of oil & gas and the negative impact it might have on condo demand. His response was that he had no concern and that he had a proven track record (in Ontario mind you) ... something to that effect.
 

1875

Senior Member
Member Bio
Joined
Aug 30, 2018
Messages
1,245
Reaction score
7,180
if nothing else it was probably a good investment. guessing the consensus is everyone would like to see him sell it to another developer.
 

MK436

New Member
Member Bio
Joined
Jan 4, 2019
Messages
19
Reaction score
43
if nothing else it was probably a good investment. guessing the consensus is everyone would like to see him sell it to another developer.
I'd prefer to see it sold to another developer. 6th and Tenth looks nice, but its an awful building to live in.
 

Surrealplaces

Administrator
Staff member
Member Bio
Joined
Sep 24, 2015
Messages
7,510
Reaction score
17,676
Location
Calgary
I would probably prefer it go to another developer as well....I haven't any experience in 6th and Tenth myself, but going but what @MK436 ans some others have said, it would be great if one of the other guys ended up buying that one.
 

Top