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 it's 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 it's 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 of 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 of 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..
 
So what are the chances that both Tower 3 and the building across the street are both actively moving forward?
 
BCTed said:
So what are the chances that both Tower 3 and the building across the street are both actively moving forward?
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Tower 3 is almost a guarantee as there was somebody just a few posts ago mentioning forms being dropped off but I can't see anything that isn't rental breaking ground for at least another 2 years
 
Collingwoodbuildinglover said:
Tower 3 is almost a guarantee as there was somebody just a few posts ago mentioning forms being dropped off but I can't see anything that isn't rental breaking ground for at least another 2 years
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The building across the street on the north east corner is Emblem owned as well. Demo has started but there are still 2 buildings to come down before footing prep even begins. It is a rental building as well. I think there is a chance they both commence at the same time - Skygrid will be the builder for the rental building as well so it would be simple to have them manage both projects at once. Time will tell though. I will provide updates as I become aware but things change by the week in construction
 
IMG_7114.jpeg
IMG_7110.jpeg
IMG_7106.jpeg
 
Chronamut said:
What is that thirds roasting collective" building? Is it a coffee place?

Also have to admit the glass finishes are spot on. Now we'll see how many birds fly into them lol...
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letmegooglethat.com

Thirds Roast Collective

For those who think it's easier to annoy you than to Google 'Thirds roast collective ' themselves.
letmegooglethat.com letmegooglethat.com
 
Great shots. The failure to bring that brick column down to grade is a hilarious design oversight that I will shake my head about for years to come. It's such a no-brainer that I have to assume it was an error that nobody caught, as opposed to an intentional design choice. Innsertnamehere, I edited your image to illustrate what might have been.

IMG_7179 fixed.png

Source image prior to editing: innsertnamehere

None the less, these are a couple of great buildings and I'm thrilled at the bar they set for future area redevelopment.
 
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