The Hat | 88.08m | 28s | Cidex Group | NORR

[maestro]

The Embassy Bosa towers (RioCan) might be a suprise. Someone here on the forum that works on the project has said they are going up.

FWIW, I wouldn't call EV's lightning fast development rhetoric. The evolution of EV has in fact been very fast. It was only a few years ago that EV was devoid of any life except for the Salvation Army men's shelter, and now only a few years later it's bustling. whatever the reasons behind it, one thing nobody can argue is that it's rise has been rapid.

It's two fold. The evolution has been fast backed by an economic boom that contributed to developments in many neighbourhoods. The many references across several threads that the East Village is recession prove is indeed fanboy rhetoric.

That's good news about the Riocan towers . Bosa has the connections to make a serious push in a declining market.

 

[Always_Biking]

It's two fold. The evolution has been fast backed by an economic boom that contributed to developments in many neighbourhoods. The many references across several threads that the East Village is recession prove is indeed fanboy rhetoric.

That's good news about the Riocan towers . Bosa has the connections to make a serious push in a declining market.

I agree with you that EV isn't recession proof, but at the same time has done well in a tough market. IMO it speaks to the location and good work done by CMLC on getting the vision out there and marketing it well.

Don't get me wrong, I'm not saying the RioCan towers will get built for sure, but hearing someone say the are is good news. I had figured they were on the backburner for sure. I'm not as surprised about M2 (if it goes ahead) being that it is a small project with lots of retail. That area by the Simmons building is a busy little area, and retail should do well there.

 

[Alex_YYC]

Hey guys the progress of East Village is somewhere in the middle between lightning fast and headed for a downturn.
It has been very successful, but going forward it will be slower.... At least until the economy picks up. The whole market everywhere in Calgary and even in other parts of the of the The whole market everywhere in Calgary and even in other parts of the country is slowing down.

 

[UrbanWarrior]

Again, I never said or insinuated that the EV was recession proof. I merely remarked on how insane it is that 4 projects have started in the past 5 months, which is of course in my opinion a lightning fast pace, considering we're in a major recession.

 

[AJX]

Very true, I guess it depends on how you look at it, but either way East Village has been on a pace unmatched by any other neighborhood in the city.

 

[UrbanWarrior]

Exactly my point

 

[maestro]

Very true, I guess it depends on how you look at it, but either way East Village has been on a pace unmatched by any other neighborhood in the city.

I still think there are parts of the Beltline that have seen as rapid a change as the East Village has during the boom years. It's more visible in the East Village as it started out largely vacant like the area along Macleod which is also much bigger.

 

[AJX]

I still think there are parts of the Beltline that have seen as rapid a change as the East Village has during the boom years. It's more visible in the East Village as it started out largely vacant like the area along Macleod which is also much bigger.

The east side of the Beltline has seen more change, but over a longer period and in a larger area. If going by change as a percentage of the area, nothing beat EV of course because it's more or less started from scratch. East Village is only 15 blocks in total, and has seen over 11 projects built or u/c in only a few short years. But if looking at the Beltline by total numbers it crushes ever neighborhood between Vancouver and Toronto.

 

[maestro]

You don't think the area around Sasso/Vetro hasn't seen an equal amount of change in a short time? There are more and taller towers built there. I acknowledge the public builds in the East Village but, I don't count them. They have nothing to do with the economic state of the market. The were built in the East Village out of convenience with respects to the public ownership and as marketing for the overall plan.

 

[BKha]

You don't think the area around Sasso/Vetro hasn't seen an equal amount of change in a short time? There are more and taller towers built there. I acknowledge the public builds in the East Village but, I don't count them. They have nothing to do with the economic state of the market. The were built in the East Village out of convenience with respects to the public ownership and as marketing for the overall plan.

If not counting the public builds then East Beltline and EV are very similar in growth. Actually more development in that part of the Beltline but over a longer period. If looking only at development over last two years (the period since the price of oil plunged) then EV would be more, as there have been no starts in East Beltline since that time, but there have been construction starts in EV, and still continue to be.

My own thoughts are that EV isn't recession proof, but is an easier sell than East Beltline, and largely for one reason - The Bow River. In the last downturn cycle of 2009, Anthem's Waterfront was still selling well, and even had a tower break ground in the middle of it all. IMO, EV does have a location advantage over East Beltline. I believe it's also be attributed to the whole master marketing plan (as you mentioned) as well. It's easier to sell in a developing area if there is a master plan and other developments that you can show the potential buyers. I know people who are not downtown people at all, and would never buy in the core, but have warmed up to the whole EV plan.

My two cents.

 

[AJX]

East Village does have the advantage of the river and the river walk for sure. And I agree, the whole master-plan does help when marketing the neighborhood.

 

[UrbanWarrior]

That doesn't change the fact that it's developing at a lightning fast pace though, despite the recession. Which is incredible

 

[Cyric]

No change from the start of the month, the equipment is on site but the drilling hasn't started.

 

[Alex_YYC]

Thanks Cyric. I third piece of equipment has arrived, since the last photo and even a but of digging!

 

[Cyric]

No idea what's going on here, they have now removed the drill from the site.

Edit: Apparently I spoke too soon, according to Fisher on SSP the excavator is up and running this morning.