The Victoria on 5th | 19.81m | 6s | Hive Developments | Casola Koppe

General rating for this project

  • Great

    Votes: 0 0.0%
  • Very Good

    Votes: 0 0.0%
  • Good

    Votes: 15 51.7%
  • So So

    Votes: 10 34.5%
  • Not Very Good

    Votes: 4 13.8%
  • Terrible

    Votes: 0 0.0%

  • Total voters
    29

Cowtown

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It's too bad the new building is replacing older apartments, but on the plus side it will be a net gain of new units.
 

zagox

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It's too bad the new building is replacing older apartments, but on the plus side it will be a net gain of new units.
It is surprising to me that there are apartments getting torn down given the alternative sites available. A 50 year old building with 10x1bdr apartments on a 50x120' lot should sell for $1.6-$2M in this area, whereas a 50' lot with a couple bungalows will sell for $0.8-$1.2M. At a FAR of 4.0 that increases the cost per buildable sqft by ~$30, which is not insignificant.
 

Surrealplaces

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It's much the same situation as when those apartment in Mission (along 26th ave) got torn down to make way for The River. Parcels of land on rivers or parks sell very well in Calgary.
It is a shame a couple of multifamily buildings had to go. At least there is an upgrade in # of units. There was a proposal for mission a while back that would have actually decreased the number of units, for less but more expensive units.
It is surprising to me that there are apartments getting torn down given the alternative sites available. A 50 year old building with 10x1bdr apartments on a 50x120' lot should sell for $1.6-$2M in this area, whereas a 50' lot with a couple bungalows will sell for $0.8-$1.2M. At a FAR of 4.0 that increases the cost per buildable sqft by ~$30, which is not insignificant.
 

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