I saw a few guys there last week reinforcing and re painting the billboards on site with the development advertised. We will see if they hit their targets
 
ojloaf said:
I saw a few guys there last week reinforcing and re painting the billboards on site with the development advertised. We will see if they hit their targets
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I was wondering why the snow was disturbed within tbe property.
 
Ive noticed on the past few marketing emails they've included an occupancy date of 2030. This is a recent addition. Im not sure with that information anyone can decipher a possible start date for construction. Its be great to see this completed. Things at the park have improved the past year. This would help with that feeling.
 
FF407 said:
Ive noticed on the past few marketing emails they've included an occupancy date of 2030. This is a recent addition. Im not sure with that information anyone can decipher a possible start date for construction. Its be great to see this completed. Things at the park have improved the past year. This would help with that feeling.
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Interesting for sure. There is a lot of construction activity all around the viscinity of this site. I wonder if that will spur them on or deter them from starting. A 2030 occupancy would probably mean 2027 start
 
FF407 said:
As per this article the height has been reduced to a sad 23 floors.

www.thespec.com

Developer offers ‘extended deposit’ option to lure buyers for planned downtown Hamilton highrise

The goal is to reduce upfront cost for aspiring buyers at the Rebecca Street project, Rosehaven Homes says
www.thespec.com www.thespec.com
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I think this just goes to show that the idea that developers "need" to build taller to make their developments profitable is nonsense. Sometimes 30 stories, sometimes 40, sometimes 23 or sometimes 11 are profitable to build. Developers refusing to build to sit and land speculate are doing just that, not building housing and land speculating.

Core Urban has shown buildings don't need to be built to the max height, and I'm glad this developer chooses to build something at a height that makes sense rather than wait for maximum profitability allowed by the height limit in some potential future where demand for condos comes back in a reasonable amount of time, which is seeming less and less likely.

This is also a super interesting development structure and I'm curious to see if it's successful. It may encourage other developers to get building even if at a slower pace.
 
right now the way the market is height just doesn't matter as much. It's all about absorption.

There is generally a minimum building size where things make sense, but this one benefits from a mega podium that it in itself the size of a lot of other buildings. Provided that they didn't overpay for the land there is no reason 23 storeys doesn't work. It's still nearly a 400 unit project even at 23 storeys.

What matters is land input costs too - a 20 storey building may work on one site but not on another as the land cost was too high.

Also - this developer may be taking a haircut here and doing this for very little profit or no profit at all just to protect their sunk investment at this point.
 
Chris R. said:
condos comes back in a reasonable amount of time, which is seeming less and less likely.
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We might only be 2-3 years away from a balanced market.

Undead said:
The Star recently reported that there's 29 months of newly built units at present based on current sales. New supply is indeed projected to dry up completely in 2028.

However, that's also the year when a lot of PBR is planned to start hitting the market and new PBR supply will remain elevated until the early 2030s (aka reduce demand for new and resales as renting makes more sense than $1100 psf precons).

And there's still a lot of unwanted new supply coming online this year (though less than the peak in 2025 after four back to back record years) and yet a bit more in 2027.

The only silver lining is that private equity is poised to buy up a few thousand newly built units this year, and perhaps next year. Along with gradual absorption, I could see the new unit market reaching "balance" in 2028.
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If it does, that marks two 30-storey starts this year downtown. Pretty solid considering where the market is and the number of completions coming online downtown right now.
 
innsertnamehere said:
If it does, that marks two 30-storey starts this year downtown. Pretty solid considering where the market is and the number of completions coming online downtown right now.
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It seems that despite the down market, Hamilton seems to be holding its own among the housing starts. Certainly downturn, but it seems investment sees potential and wants things to keep moving forward. Lots of rentals too.
 
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