[_urbanite]

Hearing Hillside Estates (Tower North and South) condo board has voted to sell the building to a company that intends to renovate into rentals. Apparently they have been courted for about 2 years, and things are not good financially with the whole parkade renovation debacle.

Friend of mine owns units in those buildings + one of the CRUs. Things are indeed grim there. Many long time owners didn't want to sell because they're not getting very much for their units. Company basically said "sell to us now for xx, or don't and you'll get even less later if we get enough unit factors to buy the building". The sale is still waiting for court approval. Company behind this is run by a local land realtor

 

[_urbanite]

Well that didn't last very long!
107 St south of Jasper Ave

View attachment 693979

That spot is a restaurant grave yard

 

[Didama]

Friend of mine owns units in those buildings + one of the CRUs. Things are indeed grim there. Many long time owners didn't want to sell because they're not getting very much for their units. Company basically said "sell to us now for xx, or don't and you'll get even less later if we get enough unit factors to buy the building". The sale is still waiting for court approval. Company behind this is run by a local land realtor

I believe it is Leston. A similar thing was tried in a building we have a unit in. These guys must have very deep pockets

 

[johnnyboy]

I believe it is Leston. A similar thing was tried in a building we have a unit in. These guys must have very deep pockets

Or very good friends in our Bank District

 

[_urbanite]

I believe it is Leston. A similar thing was tried in a building we have a unit in. These guys must have very deep pockets

This is the company that's purchasing it. Twenty8capital
It's possible that Leston is also involved

 

[buildings]

happened to my daughter. if she didn't sell, they threatened to raise the monthly condo fee to astronomical amounts. not a fan.

 

[johnnyboy]

This is the company that's purchasing it. Twenty8capital
It's possible that Leston is also involved

Forgive my naivete, but they seem fairly young, no?: https://www.twenty8capital.com/who-we-are
Family money/connections?

 

[inclusion]

Forgive my naivete, but they seem fairly young, no?: https://www.twenty8capital.com/who-we-are
Family money/connections?

Dylan used to be involved (or is?) with his dad in land transactions. He is probably in his mid-thirties now, though, so not that young. The rest of them look pretty fresh, though. Perhaps where you go after car sales?

 

[Greenspace]

Basketball court anyone?

https://www.realtor.ca/real-estate/29066027/1001-10179-105-st-nw-edmonton-downtown-edmonton

 

[ADob]

Eeek, I don't think I'd be interested in having stairs inside a bathroom. I already manage to trip over my own feet on a flat surface. Add wet tiles to the mix? Emergency room visits guaranteed!

 

[IanO]

Plumbing retrofits!

 

[bodsbods9090]

Basketball court anyone?

https://www.realtor.ca/real-estate/29066027/1001-10179-105-st-nw-edmonton-downtown-edmonton

If I was a single guy looking for a place, this would be at the top of my list!

 

[David A]

Dylan used to be involved (or is?) with his dad in land transactions. He is probably in his mid-thirties now, though, so not that young. The rest of them look pretty fresh, though. Perhaps where you go after car sales?

It has to take some money and work for a project like this, but I suppose buying up a building and converting it (back?) to rental is not rocket science.

 

[Gronk!]

North of O-day’min Park on 106 St

 

[constance_chlore]

I happened to stumble upon this random video by a French Youtube channel that criticizes (along predictable lines) the design of Canadian cities. I was gloating over the narrator's long rant about how downtown Calgary's high vacancy is putting it in danger of becoming useless (and talking about residental conversions, etc.)—but then (around 3:45) he goes on to say that Edmonton is even worse. (Not endorsing this video—it has some weird biases—but interesting to see ourselves talked about overseas.)