Colinfill
Active Member
Is there a new design now if they are demoing the old tower rather than renovating it?
- Thread starter Surrealplaces
- Start date
artvandelay
Active Member
The project is dead and the site is for sale.
IceCreamMan
Active Member
I doubt that site sits empty for long. Seems too valuable/lucrative of a corner to leave untouched and not generating revenue. Design the right building (and position it as an anchor for east 17th) there and people start migrating there/further east down 17th for sure.
outoftheice
Active Member
I love your optimism but downtown Calgary is riddled with examples of lots that seem too valuable to leave untouched and yet just sit there for years on end
Alex_YYC
Senior Member
I hope it doesn't stay an empty lot. Calgary's a funny place. We'll tear down existing buildings, even old apartment buildings with character, but places like this sit empty for decades.
potatopizzafan
Active Member
That's a weird one, it isnt even used for parking anymore
maestro
Senior Member
There's an over supply of office space. The building may not have been demolished in order to develop the site. It may have come down so that the owner doesn't have to deal with a vacant building. In that regards, it makes sense to create another empty lot until redevelopment
Conversion to residential is not cheap with shaky profitability.
I would expect more demolitions
Conversion to residential is not cheap with shaky profitability.
I would expect more demolitions
There was a plan to develop that site, and there was even a rendering at one time. I'm talking 20 years ago though. Hard to believe a decent location like that would sit empty for so long.
CalgaryTiger
Senior Member
I swear sites like this are forgotten in the owner's portfolio. It's probably such a small line item in all their expenses that it doesn't even register.
IceCreamMan
Active Member
I really, really want to start my own development firm one day and purchase / develop medium density properties like this one, with a niche focus on really creative/elite/modern architecture.
maestro
Senior Member
Cidex is fortunate to be partnered with a 100 billion dollar pension fund with intent to expand their portfolio with 1000s of new units. There's just not many of those around. Others go project to project finding investors to build and follow that with finding a buyer for a majority stake to pay off the investors and make a little managing the property. It doesn't matter how quickly a building rents out. Traditional lenders just aren't giving out mortgages to build $50 plus million rental high rises.
DougB
Active Member
Yeah it was some pomo lowrise residential project - probably from around 1995. The project on the south part of the lot went up in the late 90s.
I might be wrong, but I'm remembering the name "The Janus". Just can't remember for sure it was for that location.
DougB
Active Member
That is correct! It had a sign fronting 17th with a low quality rendering. It looked like to inspired by the Lincoln Memorial in DC
I should remember what was on that site prior to demolition. I went to St Mary's and hung out on 17th all of the time
Yep, that's the one lol.That is correct! It had a sign fronting 17th with a low quality rendering. It looked like to inspired by the Lincoln Memorial in DC
I should remember what was on that site prior to demolition. I went to St Mary's and hung out on 17th all of the time