Era | 41m | 13s | Minto Group

casanova_2014

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FYI- Phase 1 is the high rise building itself and Phase 2 is the future townhomes on the west side of the high rise condo.

Tentative occupancy for this condo is around December/2023. Final closing will be in Spring/2024.

I’m looking to purchase a unit in this condo for investment, I’m not sure if we need to purchase parking ($30K) in this area. Anyone know how is the public transportation in this area?
 

CBBarnett

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FYI- Phase 1 is the high rise building itself and Phase 2 is the future townhomes on the west side of the high rise condo.

Tentative occupancy for this condo is around December/2023. Final closing will be in Spring/2024.

I’m looking to purchase a unit in this condo for investment, I’m not sure if we need to purchase parking ($30K) in this area. Anyone know how is the public transportation in this area?
Bridgeland pedestrian, bike and transit connectivity are all quite good. Having parking does improve your marketability in Calgary, however it won't be hard to rent either way.
 

DiscoStu

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I’m looking to purchase a unit in this condo for investment, I’m not sure if we need to purchase parking ($30K) in this area. Anyone know how is the public transportation in this area?
As someone who lives in Bridgeland, I think the amount of transportation options are pretty good here, especially if your goal is just to get to Downtown for work. Getting to other inner-city neighbourhoods though can sometimes be a bit trickier with public transit (it's partly why I think we need an inner-city tram loop!).

But regardless, I think you need to think about the type of renter you are looking to attract. Chances are that the type of renter who doesn’t need parking will skew on the younger side, someone who is in school, or someone retired…which limits your pool. I think the vast majority of renters, especially if they are more established in their careers, or part of couples, tend to want some sort of parking (and also indoor over outdoor). We have a rental property in the Beltline, and having indoor secure parking seems to be one of those things that potential renters always mention as being important. Personally, I think having dedicated parking in the inner city is more important than having it in the suburbs, where it's easy to just street park.

Remember, we’re not NYC, Toronto or even Vancouver, where being car fee is often times easier than having a car. Car-free life here is somewhat doable, but for a relatively small niche still. As a landlord, I think you always want to have access to the widest pool of quality renters…and personally I think the pool that doesn’t need parking is somewhat small, and not always in the stage of life that produces quality long-term tenants (not always the case of course, but generally you want to play the odds).

So going with a unit without parking will save you money on the front end, but you are definitely going to limit your pool of renters, you’ll probably have more turnover (which is annoying and costly), and you’ll most likely need to charge a couple hundred bucks less in rent to begin with.

Also, if I wanted the car-free life, personally I'd rather live on the south side of the river...Beltline/Mission/EV. There's just more stuff to do there and is generally easier to access (and is a place where having a car starts being more annoying).
 
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UrbanWarrior

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It's weird how, while Kensington seems to be faltering, Bridgeland and Inglewood are firing on all cylinders.
 

Alex_YYC

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I'm not a retail expert, but I suspect Kensington's rates are too high for the current market. Thew nice thing about supply and demand is that eventually businesses will fill those spots in Kensington again once rates soften.
 

Calgcouver

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I'm not a retail expert, but I suspect Kensington's rates are too high for the current market. Thew nice thing about supply and demand is that eventually businesses will fill those spots in Kensington again once rates soften.
I think you're correct. Rates are too high for the relative amount of foot traffic / walk-in business they receive. 17 Avenue is similar as well.
I recall talking to the owner of The Source when they were dropping the 17 Ave and 10 St locations for the larger space they are in on 11 Ave. If i recall correctly, 17 Ave and 10 St had base rents in the $35-45/psf range, and they did the deal on 11 Ave for base rent at like $12-17/psf. They also said they didn't see a drop in traffic to 11 Ave, parking was easier for customers, better proximity to the train and pretty much the same walk-in traffic.

If base rents are that high, and rising commercial property taxes are putting upward pressure on op costs, either base rent has to plummet or spaces will remain unattractive. The hype of Kensington and 17 Ave aren't enough to justify base rents that high as the fundamentals (walk-in traffic) aren't there. Ask any business owner in either location.
 
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Surrealplaces

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Agreed. With a free market economy rents will reflect the demand. At one time 10th street/Kensington RD and 17th ave were about the only decent places for foot traffic and rents were high. You have other corridors and areas evolving and it's changing the dynamic.
I was walking down 9th in Inglewood on the weekend and it was incredibly busy. Even yesterday it was surprisingly busy for a Tuesday. Last time I strolled around Marda Loop on a Saturday it was really busy. Lots of different places are coming on strong. Landlords on 10th street or 17th ave will have to lower their rates to be competitive.
 

UrbanWarrior

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^^ In regard to this conversation, I was a little surprised and delighted to see so many people out on First Street SW tonight on my way home from the gym at midnight. Several large groups out front of three different bars. Wouldn't have seen that on a Wednesday even a couple years ago. To infinity, and beyond!

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maestro

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Agreed. With a free market economy rents will reflect the demand. At one time 10th street/Kensington RD and 17th ave were about the only decent places for foot traffic and rents were high. You have other corridors and areas evolving and it's changing the dynamic.
I was walking down 9th in Inglewood on the weekend and it was incredibly busy. Even yesterday it was surprisingly busy for a Tuesday. Last time I strolled around Marda Loop on a Saturday it was really busy. Lots of different places are coming on strong. Landlords on 10th street or 17th ave will have to lower their rates to be competitive.
Not really. A name brand in a long term lease will greatly enhance the property's value over an unknown at reduced rates. The holding companies on these established corridors are going to sit and wait and wait for the right tenant and the right terms and turn everyone else away. They can do it as they own most of the retail. There's not a lot of competition left on these streets.
 

JonnyCanuck

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^^ In regard to this conversation, I was a little surprised and delighted to see so many people out on First Street SW tonight on my way home from the gym at midnight. Several large groups out front of three different bars. Wouldn't have seen that on a Wednesday even a couple years ago. To infinity, and beyond!
In that block between 12 & 13 Ave is a bar, two pubs and four restaurants plus the added residential of Underwood. That kind of density will most certainly draw people.
 

Silence&Motion

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^^ In regard to this conversation, I was a little surprised and delighted to see so many people out on First Street SW tonight on my way home from the gym at midnight. Several large groups out front of three different bars. Wouldn't have seen that on a Wednesday even a couple years ago. To infinity, and beyond!
1 ST and 13 AVE SW has got to be the best intersection in the entire city. It's got everything: narrow streets, curb extensions, trees, heritage architecture, an iconic view terminus to the south, lots of retail and residential density.
 

CBBarnett

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In that block between 12 & 13 Ave is a bar, two pubs and four restaurants plus the added residential of Underwood. That kind of density will most certainly draw people.
Two intersections (1st and 12th/13th Ave) and everything in between:
  • 2 or 3 cocktail bars (Proof, Shelter and if you count Two Penny's basement)
  • 2 restaurants (10 Foot Henry + Two Penny)
  • 1 hotel
  • 1 24 hour gym
  • 2 coffee shops (Starbucks + Little Henry)
  • 1 night club (Habitat)
  • 3 bars (St James, H&A, Leopolds)
Go one block west along 12th Avenue from 1st Street:
  • 1 hotel
  • 1 breakfast diner (Beltliner)
  • 2 restaurants (Allium, Native Tongues)
  • 1 pub (Hop and Brew)
  • community hub with many services
  • recreation centre
  • dirty pizza slice joint
Combine all that with the best public realm treatment any main street in Calgary has built and about 1,500 new units of development within the past decade and within a block or two, these 2 blocks are probably the best example of actually successful, high-density urbanist redevelopment between Vancouver and Toronto.
 

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