haltcatchfire said:
Going to be a tough sell. Sure they'll sell some as the location is great for amenity convenience but the general condo owner demographic in the area isn't at that price point and like like to live by like. South side sun and views are countered by traffic noise at a busy intersection, and is a hot spot for wingnut protesters.

As a renovation they'll have to offer a square foot advantage over other new units of similar price.

Could be a lot of purchase to rent out situations though considering the rental market and it's a popular area to choose for renters.
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So many cheaper, comparable resale units in Eau Claire, this seems far fetched if they are starting from a mil. You could buy a river front condo in eau claire that’s a little older and Reno it and have the same for less. I think they are not targeting the right demographic that would be attracted to this location. They seem to be using the Graywood Eau Claire building for comps, which i think is a mistake
 
adamyyc said:
Apparently this project is called “The Kenten”

apple.news

Parker: The Kenten will add new glamour to a landmark Kensington corner — Calgary Herald

After earning his international business degree from the University of Calgary, Sam Boguslavsky worked overseas in oil and gas for seven years. On his return home in 1999, he launched Sable Group of Companies and sought real estate opportunities in Calgary’s inner city. His success was such that...
apple.news apple.news
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This intersection naming convention needs to disappear but I guess they felt changing it would help with marketing so it signifies it’s new.
 
I was thinking the prices for this were out of whack, but given it'll be a new build maybe not as much as I thought. Especially after seeing what some of the places around town are now selling for.
 
There are plenty of inner-city rentals being built for those who want them. I doubt this place was particularly cheap to live in as-is, and considering the millions of investment needed to pull of this scale of refurbishment... it was always either going to be for well-to-do renters or well-to-do owners. If all else is equal, I'd much rather be a neighbour to owners.

The current building is a total eyesore considering the high-visibility location. Unless they totally screw it up, or destroy the retail on the Kensington Road side, this will be a positive for the community.
 
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$10 mil for a 3 bedroom “sub-penthouse”? Sounds about right …
 
Interesting article on this project in the Globe. Apparently the first 2 stories of the building will not be demolished but everything above them will be demolished and then rebuilt. I definitely feel bad for tenants who were paying $2k/month getting pushed out onto the street given that there is no hope they'll find anything similar downtown in today's rental market.

www.theglobeandmail.com

Influx of new buyers driving older renters from Calgary city centre

Company that owns and operates apartment building submitted a development application to transform it into a luxury condo with units starting at $1-million
www.theglobeandmail.com www.theglobeandmail.com
 
I don't have a problem with this. If there are people who can afford it and the demand is there, than why not. It also looks 100x better than what it currently is. Not everything needs to be cheap rental stock. Some nicer, higher end buildings are also needed in this city. Diversity is key. I really hope Concorde 2 can get off the ground as it is one of my favourite buildings design/looks wise. If I had the money I'd buy in that building!
 
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