Tropical
Active Member
To those who can translate this activity into something folks like me can understand - what is likely going on?
- Thread starter SRC Admin
- Start date
Vijay19
New Member
Filling in this hole would seem reasonable given that the parkade is supposed to be above ground, but then again what do I know.
northlands
Senior Member
My best guess is Westrich/Leston and Regency worked out some sort of deal to allow Westrich to use the Emerald site as a laydown for their project across the alley, and they're using dirt from the parkade excavation as fill for the Emerald.
northlands
Senior Member
_urbanite
Senior Member
FYI - the website for Urban Flats is lestonurban.com
IanO
Superstar
Confirmed that they are just bringing the site back to grade.
CaptainBL
Active Member
So, let me understand. The site has sat empty since 2016. Regency claimed in 2019 that they needed to remediate the site which was holding up development (link) but they have done minimal to no remediation on that site since that time and now they are just filling in the site to grade? If that truly is the case then what a bunch of incompetent boobs over at Regency. Filling in a lot that requires remediation is about as big a red flag indictor that there will be no development activity on this site for the foreseeable future as you can get. Brutal for that lot, downtown, and that section of Jasper.
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IanO
Superstar
As a few on this site can attest to, development is tough gam; with many complexities. Throw in a dirty site, lagging market and exponential interest rate hikes and all of a sudden your risk profile might change a wee bit, let along your proforma.
CaptainBL
Active Member
And that's just their Emerald site, never mind their BMO site...
Bit off more than they could chew and now the city and downtown is paying for it.
Avenuer
Senior Member
And it's clear to see what separates the legitimate, quality developers from the wannabes or has-beens. The last decent project Regency completed was The Pearl nearly a decade ago now. It's by far time for them to sell their remaining development parcels to groups that will actually construct quality projects and not let the sites sit idle and become nuisances for the surrounding community.
MacLac
Senior Member
Seems peculiar that if they are bringing the "site" back to grade....that more steel would be necessary. Wouldn't they want to pull whatever I-beams are in the ground? Why haul out all of the "free dirt." One would figure it would be staying to bring said site "back to grade?"
IanO
Superstar
I'm guessing that the steel is for their neighbour.
David A
Senior Member
Yes, things happen, but at this point it is now several years. They are doing even worse than the city's delay on the new LRT line. If nothing else, that should embarrass them.
Glenco
Senior Member
If and that is a big if they were to starting drilling for the columns they would need a relatively flat site to manoeuvre the equipment around. So at some point in the future they would have to do this anyway.
archited
Senior Member
^^^^ What columns are you referring to?