Glenco
Senior Member
I thought IanO said building high rises didn’t pencil out in this economic environment. Am I missing something here?
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- Thread starter fromyeg
- Start date
Glenco
Senior Member
What ever happened to three point perspectives?^ha. I took that photo.
We were promoting a few projects over the last few days... including this one. If you like this, please email your councillor to help support it. Share more here:
View attachment 628401View attachment 628402
| LDA24-0200 Windsor Park 87 Ave & 117 St Rezoning and Road Closure
Share your thoughts on the proposed Land Development Application. Please refer to Learn More tab for more information and materials pertaining to the discussion topic.engaged.edmonton.ca
David A
Senior Member
It was designed many years ago as a enclave for single family homes, a bit odd in my opinion given it borders on such a large university and of course it makes less and less sense as time goes on.
But like any neighbourhood, the people who live here were attracted to it as it is and are not necessarily not keen on change.
_urbanite
Senior Member
Yes yes, we heard you the first 2 times
David A
Senior Member
Really didn't mean to be so repetitive, there was some glitch when I tried to post the reply it did not seem to work as it normally does, so I tried again ... and again!
archited
Senior Member
^ You can simply delete 2 of them.
IanO
Superstar
Proposed residential tower near U of A would rise 27 storeys
A residential tower will rise close to the main University of Alberta campus if a proposal by a local developer is approved by the City of Edmonton.
www.ctvnews.ca
Oilguy
Active Member
Nooooo, not Dukes Donairs!!
channing76
New Member
I like a nice high rise taking the place of a little strip mall and those CRUs moving into the main floor. Progress.
IanO
Superstar
Rents are moving closer to support. Eleanor are $3.05+/sqft, One12 $3.15+sqft.
archited
Senior Member
^ You mean someone whipped up that concept in the last 10 days? You can fool some of the people some of the time...
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Whattagame
Active Member
Do renders only occur when economic feasibillty is guaranteed?
archited
Senior Member
^ Economic feasibility is never "guaranteed"; but when a company is willing to spend thousands of dollars on preliminary design and prepare data sufficient to convince PTBs that they would like to change the zoning, they are not thinking that they are wasting their money because the design they are proposing "doesn't pencil out".
Whattagame
Active Member
But based on the threads for proposed projects on this site, that seems to be exactly what happens quite regularly, often because "doesn't pencil out" doesn't mean "will never pencil out". Market conditions change, and provided they have the resources to do it, a smart company is prepared to act fast when those changes occur (i.e. already have at least preliminary design work completed).
archited
Senior Member
^ in my experience working with developers over the years, there are many reasons why projects don't proceed -- financing falls through, partners break up, one opportunity supersedes another, a key piece of a pro forma falls out, a prospective lessee backs out, company is overextended in terms of project load, and corporate leadership changes to name a few -- and this happens in every City, not just Edmonton (in my own experience about 10% of projects fall through for one reason or another). I have not yet heard of a company developing a concept proposal for a major development banking it for some future opportunity. The RAIC recommends that an architect charge 20% minimum of a percentage-based BIM fee for "schematic design" and for a large project like Windsor Heights the total percentage fee would be 6% of say an $80 Million project (about where this would pencil out -- my guesstimate) -- or about $4.8 Million dollars. 20% of that for schematic design would then be $960,000.00 -- that underscores the RAIC recommended fee. Now Westrich may have negotiating power with whatever architect they are using (promise of future work, etc.) so perhaps their fee might be half of that (outside RAIC recommendations) but even at $1/2 a Million some deep thought had better be put into "outcomes" and a design such as the one presented here in rendered form will have had data collection and coordination completed, program and budget evaluation determined, potential alternate designs reviewed, architectural schematic design developed and rendered, schematic design drawings completed (site plan, floor plans, elevations and sections (at a minimum), and a general work-up of projected construction costs for the schematic design concept. This is not completed in days, nor weeks. This project had to have been consigned 4 to 6 months ago and hatched as an idea some time before that. Renderings of a project are the result of a fairly intense design effort and developers are tuned into that fact.