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Urban Development and Proposals Discussion

JonnyCanuck

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Hungerford in Inglewood: 907-915 9th Ave SE; 138 units

Looks like they are feeling bullish about this project. ITC have issued a construction tender though it does not appear that a DP application has been approved.
 

UrbanWarrior

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That sounds huge for Inglewood, that's enough units for a 15 to 17 storey building (assuming 8 to 9 units per floor). Do we know anything about this one yet?
 

haltcatchfire

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UrbanWarrior

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🤪 🥳🥴🤤🤤🤤

That is unreal. Didn't realize we were getting a development at the Inglewood gateway any time soon. This neighbourhood is about to transform over the next decade. Like a serious 180. Wow.
 

gsunnyg

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https://www.cbc.ca/news/canada/calgary/kensington-inglewood-business-vacancy-1.5374099 not the most positive article but it does mention Inglewood thriving compared to Kensington and how there may even be a hotel proposal for the area.

The City needs to urgently stop urban sprawl and focus on its inner city communities more. There is something very depressing about retail, public spaces and infrastructure declining near the core of a city all while the bland suburbs contine to grow. Eventually this form of urban development implodes on itself. I still think many of Calgarys current tax issues and infrastructure issues would be resolved had the city took a stronger initiative to build a denser city 10 years ago.
 

Calgcouver

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https://www.cbc.ca/news/canada/calgary/kensington-inglewood-business-vacancy-1.5374099 not the most positive article but it does mention Inglewood thriving compared to Kensington and how there may even be a hotel proposal for the area.

The City needs to urgently stop urban sprawl and focus on its inner city communities more. There is something very depressing about retail, public spaces and infrastructure declining near the core of a city all while the bland suburbs contine to grow. Eventually this form of urban development implodes on itself. I still think many of Calgarys current tax issues and infrastructure issues would be resolved had the city took a stronger initiative to build a denser city 10 years ago.
I think why Inglewood 9 Ave would thrive, and Kensington Road & 10 St would fall apart in a recession is that smaller individuals and groups own most of the storefronts in Inglewood and are more incentivized by having full occupancy/rent roll, that is why when vacancies happen in the Burns Block, etc. they are filled in short order. These are the kind of landlords that take risks and build communities.

Whereas larger landlords and REITs that own most of the buildings in Kensington are too worried about the value of the building (ie. achieve the highest lease rate possible) that they will let it sit vacant forever waiting for a bank or similar tenant to come along and pay them $40/psf base rent. This way they don't devalue the building only to appease shareholders and make the books look good, as it is just one 'currently struggling asset' in a larger portfolio and they frankly don't care and the structure of these companies is to work this way. Sure shows in a recession where the large retail landlords own buildings, as those are the places with persistent and disruptive vacancy.
 

ByeByeBaby

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The article doesn't talk about "Kensington Road & 10 St"; merely - and very specifically - two blocks of Kensington Road. Last time I was there, 10th St was very close to full, if not full (redeveloping buildings aside). If you look at the larger Kensington area, six or eight closed businesses isn't a ton, especially if two of them are because the owners are in their 70s. The BIA has 270 businesses, there are 6 closed businesses in this story and 5 about to open. That sounds more like natural turnover than any sort of crisis; if there are more closed a year from now, that would be different. But "Retail's hard" isn't much of a news story. On the other hand, I was in Inglewood last weekend, and it's vibrant as hell.
 

zagox

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I think why Inglewood 9 Ave would thrive, and Kensington Road & 10 St would fall apart in a recession is that smaller individuals and groups own most of the storefronts in Inglewood and are more incentivized by having full occupancy/rent roll, that is why when vacancies happen in the Burns Block, etc. they are filled in short order. These are the kind of landlords that take risks and build communities.

Whereas larger landlords and REITs that own most of the buildings in Kensington are too worried about the value of the building (ie. achieve the highest lease rate possible) that they will let it sit vacant forever waiting for a bank or similar tenant to come along and pay them $40/psf base rent. This way they don't devalue the building only to appease shareholders and make the books look good, as it is just one 'currently struggling asset' in a larger portfolio and they frankly don't care and the structure of these companies is to work this way. Sure shows in a recession where the large retail landlords own buildings, as those are the places with persistent and disruptive vacancy.
Makes sense - higher property taxes (due to the tax shift) and lower demand (due to the recession) should lead to lower net rents but the market should rebalance just fine, gross rents are still way, way above operating costs. Big landlords / REITs that sit on their hands and wait for a credit tenant are going to gum up this process.

Structurally, Kensington still has a lot of other advantages over Inglewood - a 30 year head start on LRT service, a full-size grocery store, a boutique hotel, better connectivity with the river and downtown. Kensington went through a fairly intense development cycle, now there is a bit of a slowdown, but there are plenty of projects on the horizon.
 

outoftheice

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Some information was tweeted out today by RNDSQR about their upcoming Inglewood project. Looks like the CIBC building will be incorporated somehow but will maintain its historic designation. The car lot/sales building will be gone. There is an open house on the evening of December 10th at Spolumbos where they will be revealing more details.

Project website:
https://www.rndsqrblock.com/rndsqr-block

Rendering:
 

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