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General Construction Updates

MichaelS said:
Looks like Bronconnier is pitching something in Sunalta:
http://www.cbc.ca/news/canada/calga...condos-tenth-avenue-bronconnier-lrt-1.4713847

I think it is this site:
https://developmentmap.calgary.ca/#property/LOC2018-0116
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Apparently called Housing One

Another open house for that land use change and the 17th Avenue project at the corner of 14th St and 17th Ave (Condon Building) is on June 26th: http://calgary.ca/sunalta

I'm a bit confused how that plays with the fact there's a DP to change the building to house a brewery on that 10th Ave site as well but I am cautiously optimistic to see something start happening on 10th Avenue.
 
What is the big ugly building to the south of Bronco's site? looks like a data centre or something...

Bronconnier is his own developer IIRC, he did that little 3 storey commercial building on 17ave and 33st SW. I think he hired Cidex as GC for the construction though, so that's probably what he will do here.
 
Mountain Man said:
What is the big ugly building to the south of Bronco's site? looks like a data centre or something...

Bronconnier is his own developer IIRC, he did that little 3 storey commercial building on 17ave and 33st SW. I think he hired Cidex as GC for the construction though, so that's probably what he will do here.
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TELUS data centre.
 
Rogers is just down the street at 1313 10th Ave. I believe one used to be the TransCanada Pipelines data centre, and the other the Nova Gas Transmission data centre. Both from back when controlling valves, pumps and sensors at a distance required huge infrastructure.
 
AccUnit said:
Hey guys,

I work for a large multifamily owner. We need to consider what each type of ownership group wants.

1. Large asset holders (typically backed by institutional money): When these guys enter a market either through buying existing product or developing new it's simply because in their view, usually long term, the investment meets their requirements of return. For these guys keeping units empty is a matter of managing market pricing. Although it may cost you a month of vacancy it's worth it to hold onto the unit and maintain your market rents. If you're empty for the next year or two that doesn't bust you, but accepting much less than anticipated in the long term will. For these assets holders the buildings are viewed like any other income generating asset, and in that mindset average rents are more important that current vacancy.

2. Accidental landlords: Usually this includes multifamily developers who don't sellout projects. In most cases (hopefully), when they get down to the last unsold units the actual cost of that unit to them is very low if not nil. For these guys it's a tough decision. You can rent for a period of time and make some cash at the expense of wear and tear or you keep it open as inventory hoping for a sale sooner than later. In my experience these companies are not great landlords, their business is to build, sell and move on. We've seen more of these units enter the rental pool recently as guys are hoping the damage and issues of managing rentals are outweighed by future price appreciation.

3. Small time owners: These are the guys we think of most, and you're right for the most part they cannot afford vacancy and don't really care about managing market rents as long as they are full and have decent tenants. Usually this type of owner has older product and will be more flexible when it comes to rates and lease terms.

In terms of affordability Calgary is fairly affordable however one argument for building new affordable is product mix, not all units are equal and in a lot of cases the new inventory fills holes.

final note - the above comments are based on "the rational manager", there are some terrible managers and great managers who will get much different results from the same assets.

Anyway, I've written too much.
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Managing market pricing is also good for the exit strategy. Time and time again, we've seen portfolios that have taken years to amass put to market when the price is right and the price has been right.
 
Anyone know what's going on at Sunridge Mall? I believe they're putting in a Marks in the top floor of the old Target, but they have the construction area fenced off beyond that, and for the whole parking lot in front of the southern mall entrance.
 
Joborule said:
Anyone know what's going on at Sunridge Mall? I believe they're putting in a Marks in the top floor of the old Target, but they have the construction area fenced off beyond that, and for the whole parking lot in front of the southern mall entrance.
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That mall and Marlborough really need to be torn down and revitalized soon. I got great memories from my teenage years but they're both sinking ships that are well past their primes. I think even H and M bailed out of sunridge recently. They're both on the LRT line so it would be awesome for a new high density shopping mall concept instead of the vast empty parking lots with shady people lurking around.
 
gsunnyg said:
That mall and Marlborough really need to be torn down and revitalized soon. I got great memories from my teenage years but they're both sinking ships that are well past their primes. I think even H and M bailed out of sunridge recently. They're both on the LRT line so it would be awesome for a new high density shopping mall concept instead of the vast empty parking lots with shady people lurking around.
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My urban design fantasy for 36 Street NE is for the malls to be built right out to the sidewalk and then seamlessly integrated with the bridges to the LRT stations, just like you see in many Asian cities and increasingly in Vancouver.
 
I know there is the height restriction to contend with, but the whole corridor from Memorial to TransCanada is ripe for intensification, and I believe they can still easily go up to 12 storeys for the whole corridor.
 
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