archited
Senior Member
They also designed the ICE District hotel
- Thread starter Daveography
- Start date
ThatRealestateguy
New Member
It’s about 30 % leased and the owner of the building has it listed for sale with an Ontario brokerage
Kosy123
Senior Member
Is that good or bad that it's listed for sale this soon?
The_Cat
Senior Member
It could be the need to free up cash for the next phase of The Parks.
MacLac
Senior Member
This is when Ian would "touch" his nose. Akin to why Autograph is selling the Mercury and Cobalt - to free up cash for the Clifton and the Shift.
Garceyues
Active Member
30% leasing does not seem bad considering that move-in only started like 3 months ago or so.
NicolBolas
New Member
I would assume it's slower then expected given comparables in the downtown area.
Developers want to clear off WIP cash as quickly as possible to make the asset a tangible sale to investment firms and of course to have some positive cash flow to secure loans for the next one.
IanO
Superstar
For reference - 30-40 units a month is a very good number to try and hit.
Kosy123
Senior Member
The Parks also has like 363 units, the highest compared to the rest of the new downtown projects that range from 234 (Falcon) to 285 (Switch).
So 30% of 360 = 108.9/109 units. That's more than the Phipps-McKinnnon conversion (100 units) for comparison.
So 30% of 360 = 108.9/109 units. That's more than the Phipps-McKinnnon conversion (100 units) for comparison.
thommyjo
Senior Member
In 3 months I'd be surprised if they weren't 70%+ as back to school/fall shifts happen. Nothing new coming online in the year either for DT, right? The Parks caught the end of a handful of big new projects finishing.
MacLac
Senior Member
It sounds like Ian is attempting to downplay the popularity of Parks so that his company can benefit.....all good...don't blame him one bit, since he will have 4 new buildings to fill downtown....
IanO
Superstar
Not at all and let me be VERY clear about that. I like the project and have promoted it on some LinkedIn posts.
I'm simply reporting what I am hearing across the central market.
We benefit if they do well; stronger together.
Kosy123
Senior Member
Yup. The only thing I can think of opening this year is Phipps-Mckinnon but that's only 100 units in total. I don't think we're getting anything new till next year with Lotus Park from Westrich downtown at least.
We're probably going to be faced with an availability crunch downtown next year based on how fast units are renting out, and then we might get a scramble to build either from people who want to beat Ice District 2 or to compete with it.
The rules of economic agglomeration always apply. The more units, the more people, more services to cater them, more employment opportunities to come and the more momentum.
MetroEd
Active Member
I would think new units are very much needed with apparently 42,000 people making their way to Edmonton in 2024?
NicolBolas
New Member
I think alot of these people want single family homes, particularly if they are transplants from GTA or the Lower Mainland. I don't know about you but I wouldn't want to go from downtown Toronto or Vancouver and end up on 104st and Jasper.I would think new units are very much needed with apparently 42,000 people making their way to Edmonton in 2024?