Stephen Avenue Place Revitalization | 155m | 40s | Slate

renx.ca

Slate's Stephen Avenue Place in Calgary in receivership a second time

The Stephen Avenue Place office and mixed-use complex in downtown Calgary is under receivership for the second time in two years, according to filings in the Court of King’s of Alberta and a release from creditor Timbercreek Mortgage Servicing.
renx.ca renx.ca

Thread bump for (not great) news on this building.
 
MichaelS said:
renx.ca

Slate's Stephen Avenue Place in Calgary in receivership a second time

The Stephen Avenue Place office and mixed-use complex in downtown Calgary is under receivership for the second time in two years, according to filings in the Court of King’s of Alberta and a release from creditor Timbercreek Mortgage Servicing.
renx.ca renx.ca

Thread bump for (not great) news on this building.
Click to expand...
Hopefully a forced sale gets it to more competent ownership. Having your building management threatening to end the contract due to non-payment is not going to attract any tenants. Doesn't sound like a Calgary only issue, they tried selling another real estate play in Burnaby and failed to get any bid above the city bid.
 
If they thought things were bad before, wait until the elevated Green Line cuts this building off. The lower property tax should at least lessen the burden. Now on the other hand if this building and it's +15 is well integrated into a 7th Ave elevated Green Line station and the adjacent 3rd Street station then someone has the opportunity get in on the ground floor of an exciting investment.
 
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