FCC1982
Active Member
Hmmm - so Lamb is opening a sales center to sell what I wonder ?
- Thread starter Surrealplaces
- Start date
Habanero
Active Member
Legalized marijuana...infused with snake oil
maestro
Senior Member
Barbecue Lamb chops on a bun. All proceeds go in pockets.
JonnyCanuck
Senior Member
Yes. If the new 'arena' is located around there, then this project will have life again.
I have to smile though. I remember reading an interview with Brad Lamb from a magazine 2-3 years ago. He was talking about how bullish he was about Alberta. He was in the midst of starting construction on 6 & 10th. Just launched The Orchard and two projects up in Edmonton. The interviewer asked him if he was concerned about the state of oil & gas industry which starting its turbulent decline. He smugly replied that he didn't worry or pay attention to things like that ... something to that effect. Well ... fast forward to today .. Orchard and the two in Edmonton have been cancelled.
UrbanRED
Active Member
He also spoke to The Globe and Mail only last year with some pretty bullish optimism...
https://www.theglobeandmail.com/rea...r-an-alberta-real-estateboom/article34109117/
What a goon - bigger ego than the condos he builds.
MJC
New Member
I really like the design and it's something unique - I think guys are a bit too hard on Lamb. He is trying to bring something unique. The location for this makes me scratch my head though. 75% presales is surprising goal... you can usually get off the ground with 35% with a good track record, using the land as equity and pulling in a mezz piece... so I have to say I'm not totally convinced about some claims made. Construction debt is relatively cheap, and you buy into a delivery that is in a growing market so late released units are at a premium. On top of that GC's out there will be willing to finance some of their construction work for an equity slice down the road so a solid business plan can usually get the go-ahead. Getting 5% deposits is thin though, and increasing the equity you need to put in up front.
It is almost comical how totally terrible the location is though. I am honestly scratching my head with what makes sense there right now. Who owns that piece of land to the north by the tracks? Plan for those lands?
It is almost comical how totally terrible the location is though. I am honestly scratching my head with what makes sense there right now. Who owns that piece of land to the north by the tracks? Plan for those lands?
MichaelS
Senior Member
I think Remington owns the lands to the north. They had a comprehensive, mixed use village called "rail town" that was in the preliminary stages, but I think it is on the back burner for now. Google gives me a couple of old links:
http://beltline.ca/condos/east-victoria/railtown
https://twitter.com/ian_meredith/status/454745728254898176
http://beltline.ca/condos/east-victoria/railtown
https://twitter.com/ian_meredith/status/454745728254898176
DiscoStu
Active Member
I remember when people were saying 6th and 10th was a terrible location because of the tracks and recycling depot next door. Now with the existing redevelopment around it, I think it's actually one of the best condo locations in the Beltline because of it's central nature.
The Orchard location is clearly not as good, and the area is a currently bit of a wasteland, but I don't think it's a lost cause by any means. The area could change pretty rapidly depending on what happens with CSEC's plans for the area, possible Olympic development, and with the new Green line being constructed close by. All of these could be a catalyst for those few blocks and in 10 years, I imagine it will be quite a change. Obviously though it requires a leap of faith from condo buyers and probably doesn't help sales.
The Orchard location is clearly not as good, and the area is a currently bit of a wasteland, but I don't think it's a lost cause by any means. The area could change pretty rapidly depending on what happens with CSEC's plans for the area, possible Olympic development, and with the new Green line being constructed close by. All of these could be a catalyst for those few blocks and in 10 years, I imagine it will be quite a change. Obviously though it requires a leap of faith from condo buyers and probably doesn't help sales.
Morshed
Active Member
Fortress Real Developments office, in Toronto, was raided by the RCMP because of a mortgage fraud...this is the company that's funding this project and that funded 6th and TENTH!
http://business.financialpost.com/n...ocial&utm_source=Twitter#link_time=1523640205
http://business.financialpost.com/n...ocial&utm_source=Twitter#link_time=1523640205
MJC
New Member
Yeah those guys are goofballs.
Nimbus
Active Member
With the yes vote on the arena I wonder if this project will see life again soon? You'd think there'd be lots of speculators buying into this area (including those outstanding units still at The Guardian). Green line getting the yes to continue helps too.
JonnyCanuck
Senior Member
Brad Lamb might re-launch but he could also be looking to sell the property. I don't think his first couple of experiences with Calgary were all that pleasant. I still remember when he was interviewed back in 2014/5 and was asked whether he had any concerns about the state of oil & gas and the negative impact it might have on condo demand. His response was that he had no concern and that he had a proven track record (in Ontario mind you) ... something to that effect.
1875
Senior Member
if nothing else it was probably a good investment. guessing the consensus is everyone would like to see him sell it to another developer.
MK436
New Member
I'd prefer to see it sold to another developer. 6th and Tenth looks nice, but its an awful building to live in.
