[haltcatchfire]

Idk, it's May and those pics are from October. Pretty sure there has been significant progress since.

Not all projects have the ability to control trade availability like a convention centre either.

 

[CalgaryTiger]

Not all projects have the ability to control trade availability like a convention centre either.

To me, that's the interesting point. Big projects can cannibalize the trades from smaller ones. As a tradesperson you're much more likely to get good consistent work working for a bigger construction company. And it might not just be trades, could be materials too.

 

[Mountain Man]

The developer would also be a factor. Truman for example seem to have a lot of the trades on their sites, which would leave the smaller Rndsqr types looking.

 

[Bill Bumface]

I'm not sure if it's trolling or not. The intent was to show that over a similar time period, we went from ground breaking to a completed half billion dollar convention centre, and saw a 6 story wood frame project make it about half way to completion (I'm estimating that at the current pace, surely this thing can go another 2 years before being move-in ready).

I could have picked any similarly sized project in Bridgeland, or elsewhere in the inner city and made the same point.

This thing has just been mind bogglingly slow, and I'm curious as to why. I don't really care, but I'm sure the developer would rather have hit first revenue on this much earlier as well, so I'm curious what held it up.

 

[Bill Bumface]

Idk, it's May and those pics are from October. Pretty sure there has been significant progress since.

Not all projects have the ability to control trade availability like a convention centre either.

I picked October to go like for like, as the exterior of the convention centre was largely done at that point.

There has been progress on Flyover Block since then, but I'm not sure I'd call it significant. I suspect there was some kind of problem with the exterior mesh and/or sourcing the greige panels. They test fit the mesh structure 4 months ago.

 

[Mountain Man]

This project is likely further along than it looks. I imagine there is some sort of delay with the "mesh" and they have been focusing on the inside.

 

[crisp]

This thing has just been mind bogglingly slow, and I'm curious as to why. I don't really care, but I'm sure the developer would rather have hit first revenue on this much earlier as well, so I'm curious what held it up.

Lack of funding could have been a major issue. I think we saw a lot of small projects stall out as COVID and interest rate increases have made banks risk-averse. Large projects like the convention centre had funding locked in.

 

[Albertasaurus]

Crisp is probably right. I don't get the sense that RNDSQR has deep pockets. I also wonder if the smaller projects are having trouble lining up trades. While there isn't a whole lot of construction going on downtown, it's easy to forget that the suburbs are absolutely exploding with new residential, and those areas are dominated by big, established builders - Shane, Jayman, etc. - who probably gobble up the most experienced and reliable trades. I was shocked when I drove through Belvedere a couple weeks ago, so much construction and it appeared much of it is townhomes and midrise wood frame multi.

 

[Bill Bumface]

Lack of funding could have been a major issue. I think we saw a lot of small projects stall out as COVID and interest rate increases have made banks risk-averse. Large projects like the convention centre had funding locked in.

Do they typically self fund (via debt) or take on external investors? This makes a lot of sense, and now I'm curious if things had stops/starts as the costs and funding situation changed.

Or sometimes you get the fun ones like a structural engineer really screwing the pooch (Bridgeland Long Term Care Facility).

 

[Urb]

RNDSQR was on the brink of bankruptcy and had to exit the majority of their projects, including this one. This was likely the main reason for the extended delay. Eagle Crest is the current developer of this project -

Eagle Crest Construction

Flyover Block is proposed as a six storey building that combines market-affordable apartment living with Main Street-oriented retail.

www.eaglecrestconstruction.ca

 

[crisp]

Do they typically self fund (via debt) or take on external investors?

Having external investors is obviously the cheaper and more favorable form of financing. However, it's not easy to round up investors, and so smaller / not yet well-established companies use more debt financing. To answer your question, every project has a unique form of financing and a tough part of the developer's job (to make it work).

 

[O-tac]

Word from the construction thread is that the mesh is being installed. Anyone nearby wanna do a photo update?

 

[Rollerstud98]

Didn’t get a picture but looked like the west side had something going on this morning when I was leaving downtown.

 

[haltcatchfire]

If you’re ever around there during the evening when the sun is going down and kicking off the brick at just the right angle to create shadows you can see the worst brick installation in history.

 

[DiscoStu]

Quick snap from a red light. Looked sorta bronze-ish.