ojloaf said:
Keep an eye out for activity on tower 3. I didn't think it was in the cards but word around site is that forming will continue in the next few weeks. Material and equipment for forming were dropped off this week as well.
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Do you have any intel for the development across the street (Gary Proctor site)?
 
FF407 said:
Do you have any intel for the development across the street (Gary Proctor site)?
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Not currently no. They demo'd the old house and have un assembled the roof top equipment on Gary Proctor but no real activity there the past week. I was told that was going to go before Tower 3 but maybe there was a change of plans?
 
One option they may have is to build the "Chrome" Tower and sell as many units as possible before occupancy, and then just rent out units unsold into the market rebounds. I know a coworker lives in a rental, that used to be rental building and turned condos. The seller of the condos just rented out units it couldn't sell.
 
They still need a financing arrangement for that - and selling an occupied unit is more difficult than selling an unoccupied unit - you are locked into the existing rents unless you want to owner-occupy (which is a small percentage of sales historically).

ultimately they have already incurred a good chunk of costs relating to the third tower here having built all its parking, amenity, lobby, etc. spaces - this means the remaining work likely has a lower financial trigger before it pays off vs. the status quo.. but we will see.
 
innsertnamehere said:
They still need a financing arrangement for that - and selling an occupied unit is more difficult than selling an unoccupied unit - you are locked into the existing rents unless you want to owner-occupy (which is a small percentage of sales historically).

ultimately they have already incurred a good chunk of costs relating to the third tower here having built all its parking, amenity, lobby, etc. spaces - this means the remaining work likely has a lower financial trigger before it pays off vs. the status quo.. but we will see.
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It is more difficult to sell occupied units, however they often sell for more because they're usually existing. If they have 75 units remaining for example, it would be quite easy to rent 50, and sell the 25, and as rentals become vacant naturally they can simply not find a new tenant as they sell the units. Additionally because this is built after 2018, they could just raise the rents by an insane amount to get tenants out if they desire (not that I condone that, but there's nothing stopping them).

Emblem appears to have deep pockets as well, so I don't think financing is difficult for them. Many other developers would go, and have gone bankrupt after the ongoing condo crash and this far into a project, so the fact that they're starting *another* project tells me they're not struggling financially.
 
Chris R. said:
It is more difficult to sell occupied units, however they often sell for more because they're usually existing. If they have 75 units remaining for example, it would be quite easy to rent 50, and sell the 25, and as rentals become vacant naturally they can simply not find a new tenant as they sell the units. Additionally because this is built after 2018, they could just raise the rents by an insane amount to get tenants out if they desire (not that I condone that, but there's nothing stopping them).

Emblem appears to have deep pockets as well, so I don't think financing is difficult for them. Many other developers would go, and have gone bankrupt after the ongoing condo crash and this far into a project, so the fact that they're starting *another* project tells me they're not struggling financially.
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Have them buy up the church lot on james, that will be the REAL litmus test.. can they handle the curse of God hahaha..
 
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