Red Star said:
I think moving the station farther east would be a better option. The future population center of Aspen Springs is closer to the east and a pedestrian crossing at 17th Ave would connect to the shopping area very nicely.

The city needs to start planning this station and access points ASAP. Worst case scenario is that the new multi-family developments boxes in potential pedestrian connections south of the station.

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I think they should run the train through Aspen Landing in an Eau Claire-like expropriation and redevelop it.
 
Truman is finally starting to release some marketing around The Quarters, or as they are now calling it, The HQ. It will be rentals, and you can get a good view of the interior finishings in this link. There is also one new rendering (very few renderings of this building released to date, and it is pretty moot, given it is nearly finished now):

The HQ – Truman Rentals

renttruman.com renttruman.com

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MichaelS said:
Truman is finally starting to release some marketing around The Quarters, or as they are now calling it, The HQ. It will be rentals, and you can get a good view of the interior finishings in this link. There is also one new rendering (very few renderings of this building released to date, and it is pretty moot, given it is nearly finished now):

The HQ – Truman Rentals

renttruman.com renttruman.com

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It does seam that the Punched windows was Swapped out for Curtainwall
 
Is this technically a private park? I assume Truman footed most of the bill to build it. But for long term maintenance, is that a city job? Or privately funded by the HOA (if there is one) in West District?
 
It is a public park anyone can use it (and I can personally attest to the fact the ziplines in the playground will hold the weight of a fully grown adult..... ;-)). Truman foot the bill to build it, as is standard for any developer to do in a new greenfield community, Truman just chose to go a little higher end/innovative than normal. And that took a LOT of convincing at the City to be allowed to do that from what I understand. There is an HOA for West District, but I am not sure how much of the parks maintenance is covered by those fees, vs. just normal City operations.
 
MichaelS said:
It is a public park anyone can use it (and I can personally attest to the fact the ziplines in the playground will hold the weight of a fully grown adult..... ;-)). Truman foot the bill to build it, as is standard for any developer to do in a new greenfield community, Truman just chose to go a little higher end/innovative than normal. And that took a LOT of convincing at the City to be allowed to do that from what I understand. There is an HOA for West District, but I am not sure how much of the parks maintenance is covered by those fees, vs. just normal City operations.
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Thanks for the info! These newer communities seem to have HOA, while older communities have Community Associations. Curious what difference it makes. The whole CA model in Calgary was very odd for me having lived in Vancouver and Toronto where recreation is primarily city-run.
 
I wonder how the amenities in Currie Barracks work? They opened nice washrooms and splash park this summer. The washrooms seem to be cleaned frequently and the splash park seemed to be staffed most of the time (though it just seemed like somebody sitting in the back room...not sure what they even do?). I presume this is coordinated by the city, but I really don't know?
 
Globalyyc said:
The crane is up for the Wellington, and the excavation is progressing.
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Great picture! Impressive momentum to keep on building.

This might be a dumb question, which factor drives development velocity: Is it based on units already sold out/rented out already? or is Truman using the large multi-family rental building subsidies from CMHC that must get build to get the subsidy? or is it just adhering to a pre-defined business plan?

I've heard about crazy good incentive plans from CMHC that may have been overly generous that drove a spike development cross Canada. Since I see a lot of 'for rent' and 'for sale' signs around West District & online, I'd have thought regular 'organic' development would slow down to absorb inventory before adding new units.
 
jacketsniffer said:
Great picture! Impressive momentum to keep on building.

This might be a dumb question, which factor drives development velocity: Is it based on units already sold out/rented out already? or is Truman using the large multi-family rental building subsidies from CMHC that must get build to get the subsidy? or is it just adhering to a pre-defined business plan?

I've heard about crazy good incentive plans from CMHC that may have been overly generous that drove a spike development cross Canada. Since I see a lot of 'for rent' and 'for sale' signs around West District & online, I'd have thought regular 'organic' development would slow down to absorb inventory before adding new units.
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The program you're likely talking about is MLI Select, basically insuring a 95% Loan-to-Value mortgage for purpose built rentals. If there is a significant slowdown, the risk likely isn't with big developers like Truman, but the smaller rental operators. If they go bankrupt or insolvent, CMHC is left holding a bunch of apartments with questionable economics. They likely won't operate them and will sell at a discount. The losses at CMHC eventually flow to the Government of Canada and the rest of us taxpayers.

Most Truman projects aren't using MLI Select because it has to be 100% rentals, and I think most Truman properties are a mix, with more condos and a small rental component. It's also hard to do rentals at the scale they are building, because they'd need a huge amount of capital to hold all that asset, vs as a condo, they build it and sell and wipe it off their balance sheet.
It's rare for a project already started to stop mid stream unless something really bad happened. We might see a slowdown in new proposals, but in progress ones will usually finish because there's already a decent amount of pre-sales and not finishing means there's no revenue coming in to offset any sunk costs. It's why The ONE project in Toronto is being finished despite it being for sure a money loser and millions in debt. If they don't finish, it's all cost, no revenue. If they finish, still a net loss but a smaller one since there will be some revenue.
 
There are a handful of purpose built rentals in West District. All of the apartments fronting 77th Street for instance as well as Adelaide. And the Quarters as well.

Just a different line of business for them to diversify I to. And I am not 100% certain but once a building is finished and stable with occupancy, you can typically get a loan for it at a lower rate, allowing you to draw capital from it as the stabilized rents will cashflow the loan.
 
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