No, per the renderings they were going to be extruding from the north facade.
 
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I wish this project received better coverage -- its what downtown needs and what other B and C class operator/owners should be looking to for inspiration. Kudos to Strategic for lateral moves. Cube in the beltline, while not my cup of tea on the exterior, is a great project too!
 
By better coverage, do you mean media? It will get more attention once it starts to take shape. Right now it is more or less a shell of the old building. There will be final rendering coming now that balconies have been removed. Strategic have been very methodical with this one. They want it to be the address to live in in the heart of downtown.
 
Looks like they are expanding the parking garage, must be why things are taking so long. This is the best view I could get, but it looks like it goes down 2-ish storeys.



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JonnyCanuck said:
By better coverage, do you mean media? It will get more attention once it starts to take shape. Right now it is more or less a shell of the old building. There will be final rendering coming now that balconies have been removed. Strategic have been very methodical with this one. They want it to be the address to live in in the heart of downtown.
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Yes, like a globe & mail feature. It's one of the coolest projects going on and we need more. Happy to hear they are approaching this with a quality perspective.
 
Under the current circumstances, I have to believe that progress on this project is going to be severely hampered. Cash flow is cash flow. Financing is financing. Both are needed to build and complete any project. Who is going to lend Strategic money without some ironclad payment terms?
 
Mountain Man said:
I would think their financing is already in place for this one given the state of construction.
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They likely have a construction loan in place that allows for a certain percentage of contingency. If they blow the budget, they will likely have to cover the additional costs with equity. Assuming they have no additional equity left, they won't be able to pay their contractors, then liens hit the building and everything unravels.
 
JonnyCanuck said:
Under the current circumstances, I have to believe that progress on this project is going to be severely hampered. Cash flow is cash flow. Financing is financing. Both are needed to build and complete any project. Who is going to lend Strategic money without some ironclad payment terms?
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Given how the company is structured, they would have been paying at least a 1-2% risk premium over the years. Worth it IMO to prevent your company from going full Torode during the financial crisis.
 
This is conjecture and based on hearsay, but as I am aware they will likely have enough in trust to finish this, regardless of Strategic's garbage assets being put in receivership. The reason for the current delay and state of the Barron Building is workload at Strategic hasn't really allowed them to focus on this project as readily with everything going on, but it will likely see renewed focus in the spring. Again, this is what i've heard, I really hope this one finishes up as I want to live in this one.
 
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