Stampede Station | 277.3m | 70s | Truman | NORR

So, there is indeed a land use redesignation application for this one which has been submitted. It will allow up to 19.5 FAR, up from the current 12. The Applicant's Submission mentions that the DP will be concurrent, and also lists the towers as being 63 and 70 storeys in height (but no actual building height in metres listed, unfortunately). So the DP, not in yet, should be in very soon, based on this.
 
I cannot understand how Truman has the amount of projects they have on the go right now. I seriously hope they make it through this cycle. Tariffs and global recession are a significant risk I would think. Toronto’s got a dozen condos being put on hold or cancelled by developers I saw in the Star yesterday. That could mean the same is headed our way, or maybe they’ll flee to prop up the Calgary market instead? In any case I hope for the best but won’t count on this happening until it’s well under construction.
 
manshakesfistatcloud said:
Calgary Tower will do just fine. The city had 350,000 people when it was built and we’ll have 2 million people soon. It’s retro, fun and a bit quirky. The views are still really good from it. Any city would be lucky to have it.
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And it only takes up a tiny bit of land
 
O-tac said:
I cannot understand how Truman has the amount of projects they have on the go right now. I seriously hope they make it through this cycle. Tariffs and global recession are a significant risk I would think. Toronto’s got a dozen condos being put on hold or cancelled by developers I saw in the Star yesterday. That could mean the same is headed our way, or maybe they’ll flee to prop up the Calgary market instead? In any case I hope for the best but won’t count on this happening until it’s well under construction.
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a lot developer from BC and ON are switching to AB especially Calgary. you should come and look at it, YYC is changing.
 
O-tac said:
I cannot understand how Truman has the amount of projects they have on the go right now. I seriously hope they make it through this cycle. Tariffs and global recession are a significant risk I would think. Toronto’s got a dozen condos being put on hold or cancelled by developers I saw in the Star yesterday. That could mean the same is headed our way, or maybe they’ll flee to prop up the Calgary market instead? In any case I hope for the best but won’t count on this happening until it’s well under construction.
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Fair point, and condo markets in particular are taking a hit across Canada, most acutely in the GTA and Vancouver. But this is first and foremost a hotel, in a market that is lacking high end hotels, presumably already with an agreement with Marriott which gives me greater hope that this one will proceed. Truman's other (condo) projects have already secured substantial presales (First & Tenth sold out, Imperia and Lincoln over 50% if I recall correctly) so hopefully they have the financial ability to make all their developments happen (and based on the fact that they appear to have had no problem whatsoever securing capital, I'm optimistic). I'm much more worried about Vesta's Broadway on 17th, which is all condo and will need to rely on presales to be able to move ahead.

Some developers have already repositioned from weaker markets to Calgary (Vesta being a prime example) and while I don't see signs of impending condo collapse here, I have heard the market is softening so we may not see any more big proposals for a while until the market rebalances itself.
 
Albertasaurus said:
Fair point, and condo markets in particular are taking a hit across Canada, most acutely in the GTA and Vancouver. But this is first and foremost a hotel, in a market that is lacking high end hotels, presumably already with an agreement with Marriott which gives me greater hope that this one will proceed. Truman's other (condo) projects have already secured substantial presales (First & Tenth sold out, Imperia and Lincoln over 50% if I recall correctly) so hopefully they have the financial ability to make all their developments happen (and based on the fact that they appear to have had no problem whatsoever securing capital, I'm optimistic). I'm much more worried about Vesta's Broadway on 17th, which is all condo and will need to rely on presales to be able to move ahead.

Some developers have already repositioned from weaker markets to Calgary (Vesta being a prime example) and while I don't see signs of impending condo collapse here, I have heard the market is softening so we may not see any more big proposals for a while until the market rebalances itself.
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Agreed, the success that Truman has had in condo sales makes me feel better about their finances despite how many projects they have on the go and the whole tariff situation.
 
Albertasaurus said:
Fair point, and condo markets in particular are taking a hit across Canada, most acutely in the GTA and Vancouver. But this is first and foremost a hotel, in a market that is lacking high end hotels, presumably already with an agreement with Marriott which gives me greater hope that this one will proceed. Truman's other (condo) projects have already secured substantial presales (First & Tenth sold out, Imperia and Lincoln over 50% if I recall correctly) so hopefully they have the financial ability to make all their developments happen (and based on the fact that they appear to have had no problem whatsoever securing capital, I'm optimistic). I'm much more worried about Vesta's Broadway on 17th, which is all condo and will need to rely on presales to be able to move ahead.

Some developers have already repositioned from weaker markets to Calgary (Vesta being a prime example) and while I don't see signs of impending condo collapse here, I have heard the market is softening so we may not see any more big proposals for a while until the market rebalances itself.
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Developers don't usually fail because of one project or even buildings not selling. It's a tight cashflow business with pre-sales on one, funding construction on the other. If business slows, if they don't plan properly, you run into a cashflow crunch pretty quickly. Sometimes it's not even the developer. In Toronto, some people are backing out of deals and developers can't always sue them (legal costs, potentially affect other owner's confidence, etc.) that they try to work with them which reduces their cashflow.

Without insider knowledge, Truman's strategy seems to be 1. reduce costs by bringing trades in house or use their negotiating power to push costs down. Even before this boom they were known as a developer that was very stringent on their trades. and 2. diversify their projects so if condos slow, they got single family (West District), if single family slows, they got hotels, if hotels slow, they got other retail. And lastly, by being the developer for these "city building" type projects, if a crunch comes, it's easier to negotiate their way out. Not necessarily a bailout, but developers usually have cashflow issues, not revenue issues. So maybe they renegotiate payment terms on some of their land purchases because of their scale/size that lenders wouldn't want to bankrupt them.
 
CalgaryTiger said:
Don't Truman own a lot (all) of what they develop, can't that be liquidated to help with any cash flow?
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They might own it but it's all financed or with third party investors (like how this one is with Louson and unnamed banks that did the debt). It's like people "owning" their homes, but really they only own their equity portion and the rest is owned by the lender. And the problem with real estate is that it's not easy to liquidate. Developers liquidate by selling properties to buyers. It's exactly when the market slows and the buildings become less valuable, it's hard to sell and recoup costs.
 
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