General rating of the project

  • Great

    Votes: 11 28.9%

  • Very Good

    Votes: 18 47.4%

  • Good

    Votes: 6 15.8%

  • So So

    Votes: 0 0.0%

  • Not Very Good

    Votes: 3 7.9%

  • Terrible

    Votes: 0 0.0%
  • Total voters
    38
Site Area: +/- 40,729 Square Feet

Current Status:
Site has active building permits in place as well as a partially built parkade structure. Opportunity exists to inherit and complete current building.

Land Use:
DC 41Z2022 Site 14 (Direct Control)


Located just blocks from the Bow River, the Steps Bridgeland Development Site provides a rare opportunity to construct a mid-rise multi-family project in the heart of one of Calgary's most sought-after neighbourhoods.

The area boasts many levels of services within walking distance including grocery, medical, fitness, beauty, and over 10 restaurants. The site is minutes away from the downtown core via Memorial Drive, as well as one block north of the Bridgeland-Memorial LRT Station.​

Source: CBRE

IMHO, it needs a redesign. Not a value-engineering for this neighbourhood. But I don't think this product resonates well with its market. Any idea of what presales were for the property?
 
Last I heard pre-sales were well below expectation. I think people were spooked that this project had at least 3 're-incarnations' in the last 10 years. You would think that this project would be one that Bucci or Truman might be interested in completing. They must have been approached or inquired and decided not to pursue.
 
Sticker shock is pretty intense. $19.5 million, so based on 122 units $160,000 per unit. Fucking crazy. Even for land + U/G (assuming it is completed and no repairs required).

Land at $50 - 65k / unit for this area sure.
U/G should be $50k / stall, rough numbers.

Where is the extra $45k / unit? (I haven't been through the site closely here though)

Lender may be taking a haircut on this one.
 
This is out for tender again for the umpteenth time. Looks like Scott Construction is back involved. So is a mortgage company, Centurion, who sued Guistini. It looks to me like another budgeting exercise and/or a waste of time.
 
JonnyCanuck said:
This is out for tender again for the umpteenth time. Looks like Scott Construction is back involved. So is a mortgage company, Centurion, who sued Guistini. It looks to me like another budgeting exercise and/or a waste of time.
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Could be a waste of time, but at some point the numbers will work and it'll go ahead again.
 
Yeah, I mean look at how many projects in this small area have been proposed in the past year. This one has a leg up in that it's already at grade.
 
This is dead. Someone will probably come in and make this is a rental because market has spoken at its height that it doesn't really want this product. It's back out to market for sale but prices not close to penciling for us at least.
 
MJC said:
This is dead. Someone will probably come in and make this is a rental because market has spoken at its height that it doesn't really want this product. It's back out to market for sale but prices not close to penciling for us at least.
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Makes the most sense.
 
MJC said:
This is dead. Someone will probably come in and make this is a rental because market has spoken at its height that it doesn't really want this product. It's back out to market for sale but prices not close to penciling for us at least.
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Please god let this be under construction again, I promise to be good for the rest of my life.
Nealios said:
I was just by this lot and it looks like there's some fresh new fencing with what looks to be a new Scott Construction sign. Perhaps it's just maintenance of the site, but maybe there's been some renewed interest with the action around the Jemm Properties proposal next door.
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