mcr
Active Member
J+S Architects fills me with dread on those renders, to be honest. They don't exactly inspire the quality a site like that should get
- Thread starter Daveography
- Start date
ChazYEG
Senior Member
I feel like the difference was bigger in the past, when most purpose-built rentals were built on the cheap side (and cheaper to operate) and wouldn't have in suite laundry, and lots wouldn't be prepared to have some appliances installed (like dishwashers or those fridges with water feeding directly into it). One also would see slightly larger units in condos and higher quality finishes and materials used, better cabinetry, etc, while rentals would usually have flooring and countertops that were either cheap to replace, or not as nice, but more durable. I feel like the gap has closed substantially and most newer rentals have a relatively high standard, which reflects a lot of things that have changed in recent years.
David A
Senior Member
I agree the difference was bigger in the past and can see how some people, especially younger ones, will find new stylish rentals more appealing than the mostly older condos downtown here.
Ultimately the real difference is more permanence and a sense of ownership. People who own their places can upgrade and customize them and will likely take good care of them.
Some of those new rentals buildings may not look so shiny in 5 or 10 years when styles change and they have wear and tear from some tenants who don't take care of them and move out after their one year lease is up.
Ultimately the real difference is more permanence and a sense of ownership. People who own their places can upgrade and customize them and will likely take good care of them.
Some of those new rentals buildings may not look so shiny in 5 or 10 years when styles change and they have wear and tear from some tenants who don't take care of them and move out after their one year lease is up.
bsebastian99
New Member
My fiancé and I had the chance to tour the Parks over the long weekend, thought I'd share some photos of their remarkable views from the rooftop amenity space!
The leasing agent also provided some nuggets of information along the way. They're current occupancy is sitting around 22%, expected to rise to 50-70% by the Fall when students return to the classrooms. A typical 2 bedroom, 2 bathroom will cost anywhere from $2,500 - $3,000 depending on the direction you face, the floor you're on, and of course the floorplan. They have a temporary amenity room on the 13th floor that will eventually be the walkway to the connector tower. I asked when the connector tower and second tower would be built, he said 5+ years at minimum. The temporary gym will be relocated to this connector tower and will feature a full-sized basketball court, and other high-end gym features. Other than that they're really leaning on the O'Day Min Park as being a key selling feature of this building, with outdoor events being hosted by the Parks and the in-suite views of course. Very excited this building lease up!
The leasing agent also provided some nuggets of information along the way. They're current occupancy is sitting around 22%, expected to rise to 50-70% by the Fall when students return to the classrooms. A typical 2 bedroom, 2 bathroom will cost anywhere from $2,500 - $3,000 depending on the direction you face, the floor you're on, and of course the floorplan. They have a temporary amenity room on the 13th floor that will eventually be the walkway to the connector tower. I asked when the connector tower and second tower would be built, he said 5+ years at minimum. The temporary gym will be relocated to this connector tower and will feature a full-sized basketball court, and other high-end gym features. Other than that they're really leaning on the O'Day Min Park as being a key selling feature of this building, with outdoor events being hosted by the Parks and the in-suite views of course. Very excited this building lease up!
bodsbods9090
Senior Member
5+ years for the connector and second tower...wow.
Friendmonton
Active Member
Ouch, surely when Warehouse Park is done, leasing will shore up. I feel their pricing might be a tad high compared to the competition, hence the student incentive.
On the other hand, if true, “5 years” might be a nice way to say never.
On the other hand, if true, “5 years” might be a nice way to say never.
northlands
Senior Member
Which is very possibly true, but it's in the leasing agents best interest to go with longer predicted timelines, rather than saying "Please rent in this building! Oh btw starting next year there's going to be years of 6-7 days a week, 7 AM to 10 PM construction literally 20' away from you"
MacLac
Senior Member
Plus 3 years to build and if they start in 2026 - they're pushing 5 years without fudging about the numbers - close enough....lol
NicolBolas
Active Member
That's what I'm thinking as well, maybe they will wait and see what happens with the general perception of downtown in a few years with the hopes that a new city council will actually do something about the state of downtown..
Kosy123
Senior Member
It is funny seeing the differing information we get from people on this forum and what leasing agents have been saying.
I'm still leaning on it getting built faster than expected. The moment the Westrich projects start and the park and 106 streetscape finishes, the area's going to be much more desirable imo.
I'm still leaning on it getting built faster than expected. The moment the Westrich projects start and the park and 106 streetscape finishes, the area's going to be much more desirable imo.
itom987
Senior Member
I am not surprised at all, the building itself looks to be complete, by itself. I'm not sure how serious the developer is in building the second phase but it does look like they set it up to walk away if necessary.
From my experience, this is never a good sign in the Edmonton market.
From my experience, this is never a good sign in the Edmonton market.
Gus Haynes
Active Member
That was exactly my guess, as well. A lot of prospective tenants are not going to be thrilled at the prospect of having to live near a noisy construction site, or to have their views be blocked by another tower, etc. For all we know, the leasing agent could be right on the money, but I wouldn't trust someone who is essentially in a sales or promotional role to give the totally unvarnished truth here.
HelpEd
New Member
A few months ago, I had a quick chat with the selling agent. My understanding is he was told the entire project build-out would take about 5 years. However, based on leasing progress, he doubts that timeline will hold. Instead, he predicts it might take up to 5 years just to break ground, meaning completion would be even further out. Not sure if his correct or not but only time will tell.
Logged in specifically to share this update. Heading back to lurker mode now!
Logged in specifically to share this update. Heading back to lurker mode now!
MacLac
Senior Member
You're not off the hook yet...lol. "5 years just to break ground..." refers to "what" exactly?
HelpEd
New Member
Based on poor leasing and market condition, he estimated a 5-year delay before breaking ground on the second tower. He personally guessed that after 5 years, favorable market conditions would allow Tower 2 to move forward, potentially followed later by the connector building (also market-dependent). Despite being told that both remaining buildings would be completed within 5 years, he remained skeptical.