UrbanWarrior
Senior Member
I really look forward to this. It'll keep the city on top of the next boom as well. Plus a new 5 star hotel is nothing to scoff at.
- Thread starter Surrealplaces
- Start date
UrbanWarrior
Senior Member
It's been about a month since we heard anything about this. I wonder when it will be announced. Surreal, do you have any further information you may be willing to share?
O
October
Guest
Only downside will be that i cant see the lights on top of the current tower from my house anymore...
Beltline_B
Senior Member
They are really planning to build more office space in today's market?? The hotel I can understand, but the office space?
O
October
Guest
Pretty sure the building was proposed before the recession but I'm almost certain it work go up for a year or 2
They will be building the tower even thought the office market is bad right now.
I haven't heard an ETA other than it being finished in 3-4 years, so yeah probably about 18 months - 2 years before it starts. If they time it to be finished in 3-4 years it might not be bad for office space, as even if the vacancy rate is high the market could easily be on the upswing, and also they'll be the newest space on the block.
maestro
Senior Member
Don't get me wrong, there are perks to being the first out of the gate after a down cycle however, it's not just about filling space. It's also about getting the most money for the space. You don't get that with high vacancy rates. You probably have to go back 30 years since the vacancy rate were remotely this high. It's going to take a while for it go down. Also, the current situation may result in fundamental changes among the major leaseholders who are now being hit hard by the massive reserves they were maintaining. That could have a significant impact on the recovery.
UrbanWarrior
Senior Member
Earlier in 2016 we were talking about the potential for this one to start in the next year. It's now 2017 and I don't even think the Old Spaghetti Factory has been closed yet.
I wonder how this will go now that the core has one hotel just opening, and two u/c with possible another one going ahead. Also the office space market is maybe looking worse than was expected. The office portion was to sit empty while the hotel was operating, but maybe it's too long of a timeline to sit empty.
maestro
Senior Member
This was meant as a higher end hotel. It's a different market from the Marriott, Hiltons and, Alt brands. I'd say it's the other use keeping it from being built
Alex_YYC
Senior Member
I'm glad to see this one is still in the works. Personally I think the design is pretty blasé but it would be nice to have a five-star hotel right downtown.
UrbanWarrior
Senior Member
Not bad at all. Looks basically the same as City Centre East, just with a bit of a different form. I'd like to see it go ahead.
H.E.Pennypacker
New Member
FWIW this site has had a development permit released (approved last fall) to be used as a parking lot until 2021 ... Sure doesn't seem like it will be developed any time soon.
That's too bad. Not that we needed more office space, but the hotel sure would have been nice.