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Famous Players closed the Palace when it opened Bankers Hall.
The food court was always there. The theatres became the drug store and optician office. Esso Plaza theatres were tiny, probably the worst in Calgary.
I don't remember a theatre at Watermark (nee Western Gas Tower).
Yeah, it was tiny. Some people today have projectors in their basements about as large as those screens. You couldn't beat $1 or $2 for a movie, though.
Southland was almost as bad
Yup, saw Titanic there.
renx.ca
Judging by this mentioning the West as having the highest vacancy I assume we're going to continue to see conversions in that section of downtown which actually bodes pretty well for the city's investment in street scaping and the riverfront improvements that should be coming at some point in the next five years.Calgary's office market is looking up, for a lot of reasons
Calgary’s long-challenged office market is seeing a glimmer of hope these days with tightening availability and steadily rising rental rates, according to a new report by Savills.
Or another full tower renovation. At some point Western Canadian Place will be back in the mix, as will Nova/NEXEN. I think Nova/NEXEN would work as a huge conference hotel.
The Q2 2024 Avison Young vacancy report adds a bit more colour here to what's going on. https://www.avisonyoung.ca/documents/d/calgary/calgary-office-market-report-q2-2024-final
There were transactions in the last 10 in Edmonton that were in that boat.
globalnews.ca
Fascinating, thanks for sharing. I don't think I will ever wrap my head around property real estate at this scale though lolThere were transactions in the last 10 in Edmonton that were in that boat.
4 downtown Edmonton office towers sold for $160M less than their value 7 years ago - Edmonton | Globalnews.ca
In March, a single firm sold four downtown office towers facing vacancy problems at steep discounts in Alberta's capital city.
"Last month, HSBC Bank Place on 101 Street sold for $35 million. Enbridge Place on 104 Street sold for $25 million. The HSBC building on 106 Street went for just over $12 million. The Milner Building just off Jasper Avenue at 104 Street sold for $7.5 million."
Combined, the four buildings dropped in value by more than $160 million in less than a decade."
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Trying to catch the falling knife is gambling, that's for sure. Those may have been fair prices given land costs and leases in place or there may have been some gambling going on.Fascinating, thanks for sharing. I don't think I will ever wrap my head around property real estate at this scale though lol
Seller: hey I got this office building - it hasn't made money for a decade and will lose millions in the future. Can I get $90M for it?
Buyer: no way - your useless, obsolete and permanent money losing properties are worth only $25M, tops.It seems to me that these buildings are destined to end up being priced for their land, discounted by their conversion or demolition costs.
That might play out well in the long-term if the west end of downtown can add a number of residents to the point it actually becomes more residential than commercial. It also might create a decently dense residential swath from the Beltline via 8th street though DT continuing on through to Kensington. We almost have that now, and with proper pedestrian upgrades along 8th street through DT to the river it could be a game changer for DT.
