They're making good progress on this one.
Last edited:
- Thread starter Surrealplaces
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Oddball
Senior Member
It'll probably warm up by the end of the month, but will still be colder than Texas. Time to try winter cycling, it's really catching on. 
AJX
Active Member
Even though they haven't started excavating yet, I think the fact they are clearing out the basement is probably good, as I would expect them to leave that part if they were only going to leave the lot empty.
JonnyCanuck
Senior Member
All indications from Ellis Don is that this is a go. No doubt they are happy as the other large purpose rental project that they were involved with, and has been stalled for years now, is Eau Claire West.
I guess Hines Management are more bullish and better financed than GWL Realty.
I guess Hines Management are more bullish and better financed than GWL Realty.
maestro
Senior Member
GWL is developing the Marriott rental tower. They develop for large pension funds that don't have their own real estate development companies. Financing is a non issue.
BCIMC owns Eau Claire West and they have been very active in Calgary. It's strange that this and everything else of theirs has stalled out. The sale of Bentall to Sun Life which they also used and BCIMC launching their own real estate company, QuadReal, may have had an impact.
BCIMC owns Eau Claire West and they have been very active in Calgary. It's strange that this and everything else of theirs has stalled out. The sale of Bentall to Sun Life which they also used and BCIMC launching their own real estate company, QuadReal, may have had an impact.
JonnyCanuck
Senior Member
BCIMC owns the Eau Claire properties however GWL Realty was the developer & adviser for the project. It was supposed to start in late 2015/early 2016 but according to Ellis Don, GWL Realty shelved the Eau Claire project for two reasons 1) economic conditions 2) their own company's restructuring & reprioritizing of projects.
MichaelS
Senior Member
Did the formation of Quadreal, BCIMC's inhouse real estate company, play much of a part? Or, is that implicit in your second point? Looking at all three of those companies websites, there is no mention of the Eau Claire project at all.
JonnyCanuck
Senior Member
Don't know if it did or not. All I know is when GWL dropped out for an indefinite period of time, there has been no word/rumour since. Not a peep.
I thought for sure, what could be easier than developing rental residential on parking lots in a very desirable neighbourhood? Since then ..... Portfolio, Royal View East, Underwood, West Village, The Hat, 1215, and now 500 Block ...all purpose rentals as Eau Claire West was supposed to be.
I thought for sure, what could be easier than developing rental residential on parking lots in a very desirable neighbourhood? Since then ..... Portfolio, Royal View East, Underwood, West Village, The Hat, 1215, and now 500 Block ...all purpose rentals as Eau Claire West was supposed to be.
Makes you wonder, as Eau Claire is definitely a desired location. I wouldn't be surprised if we still see another rental tower or two break ground in the next couple of years. Maybe GWL felt the land was better for a higher end condos?
FCC1982
Active Member
That is what I'm wondering as well. Makes some sense, just need to wait for the condo market to come back.
maestro
Senior Member
Condos doesn't make much sense for a pension fund investment. It's going to sit a long time before they can build as well. They have been pretty aggressive in expanding rental inventory in Calgary. They still have the Marriott rental tower under construction. They could be holding off to see how resilient the rental market is in Calgary or exploring beyond real estate with the pending interest rate increase.
MichaelS
Senior Member
I had the same thoughts as you, and I think I looked forward to this project the most. It would transform Eau Claire into our best downtown neighbourhood (in my opinion), especially in conjunction with the mall redevelopment. I am surprised they haven't at least started on one of the blocks. Hopefully it isn't fully dead, and we don't continue to see parking lots for another decade.
UrbanWarrior
Senior Member
I figured at least the hotel at the West Eau Claire site would have went through by now. It was a fancy hotel brand signed on too, the brand escapes me now though.