What do you think of this project?

  • Total voters
    31
MacLac said:
Confused.....they spent $2M on the building and really have no clue what they want to do with it? Must have some deep pockets to NOT have a business plan already created....good luck to them.
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Its like when you go shopping and see something really nice for a fantastic price. You may snap it up and figure out what occasion to wear it later.

It is Whyte Ave and there are a number of things that could do well there, so its not a bad idea to take a moment to figure out which you would like to pursue.
 
David A said:
Its like when you go shopping and see something really nice for a fantastic price. You may snap it up and figure out what occasion to wear it later.

It is Whyte Ave and there are a number of things that could do well there, so its not a bad idea to take a moment to figure out which you would like to pursue.
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Typically before the actual sale you 'tie up' (AKA get it under contract) the property for a period of time so you can complete the necessary due diligence (commission reports such as Environmental Site Assessments, Hazardous Building Materials Assessments, figure out the development programme, etc.). This period of time can be as short as 30-45 days or extend for many months if not years depending on the complexity of the site/building. By the time you're ready to remove conditions you may not have the full development programme 'baked in' but you at least have a general idea of what you plan to do. You also have to understand what, if any, financing you'll need and will work with a prospective lender to understand the specific financing terms associated with your proposed programme. So in this case knowing Kevin and that this isn't the first rodeo for Leder they likely tied up the property and completed their necessary due diligence and have a general idea as to what they want to do.
 
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