What do you think of this project?

  • I like it a lot

    Votes: 44 75.9%

  • I like it

    Votes: 13 22.4%

  • I neither like nor dislike it

    Votes: 1 1.7%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    58
westcoastjos said:
Heard the remaining units are being marketed as rentals? Any truth to this claim?
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I've heard that the latest intent is to rent out the third floor of the podium as short-term rental suites - apartment/hotel, guest suites, etc. Originally had been thought of as commercial space (as if there isn't enough of that in other condo podiums downtown) and then briefly contemplating selling them as additional loft-type suites.
 
This is a common activity for Westrich Pacific, they will often hold onto a few floors of their projects and use them to lease out as a residual income stream which can also be re-leveraged for start up capital in new projects. This will also be seen in the view where I believe Westrich has held onto more than 5full floors. If I remember correctly they are keeping roughly 8 floors of the view for this purpose. Their rental company is luxury rentals, which can be seen on the south side out by windermere mostly, those projects were rental and condo mix.
 
OverheardatYEG said:
This is a common activity for Westrich Pacific, they will often hold onto a few floors of their projects and use them to lease out as a residual income stream which can also be re-leveraged for start up capital in new projects. This will also be seen in the view where I believe Westrich has held onto more than 5full floors. If I remember correctly they are keeping roughly 8 floors of the view for this purpose. Their rental company is luxury rentals, which can be seen on the south side out by windermere mostly, those projects were rental and condo mix.
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Do you know how they handle this once condo boards are established? Some boards establish rules for rentals, so I assume Westrich would follow those like any other owner and attend condo meetings. Seems like more work for them, but not necessarily a bad practice from an income perspective.
 
They pretty much control the condo board due to the amount of owned units, they also initially establish the board and can maintain control if they so choose. Which I assume they do. This tremendously benefits them in the short to medium term and I expect they progressively sell units over time. Thus reducing their ownership over time and their control. This often becomes the point where reinvestment is needed and they will avoid the increased costs as much as possible.
 
OverheardatYEG said:
They pretty much control the condo board due to the amount of owned units, they also initially establish the board and can maintain control if they so choose. Which I assume they do. This tremendously benefits them in the short to medium term and I expect they progressively sell units over time. Thus reducing their ownership over time and their control. This often becomes the point where reinvestment is needed and they will avoid the increased costs as much as possible.
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Interesting. The bold part seems counter intuitive to the intent of the legislation that governs condo boards. I don't know enough about it to comment though. Wonder if Service Alberta has ever investigated this further or whether they even deem it an issue.
 
according the legislation, a special resolution is needed make any change that would substantially impact all owners, such as the addition, revision, or removal of a bylaw (i.e. one to allow or to restrict rentals). to pass a special resolution, the condo corporation requires a double super majority consisting of at least 75% of people (who are entitled to vote) representing at least 75% of total unit factors. regardless of the number of unit factors the developer still has, he only has one vote under the entitled to vote part so he loses that control as soon as he has sold four units and once he owns less than 25.1% of the unit factors he would lose that control assuming the other owners are unanimous in their desire for change.
 
KreationYEG said:
View attachment 263975
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apologies if this has been answered before but are the greyish/opaque windows in the top-middle still just being worked through and will they eventually have matching glass with the rest of the dev? it looks like that might be the case, seeing as the one on the bottom left appears to have changed to match the rest of the curtain wall glass.
 
2E54294A-3E06-4C11-9A52-20FA1BF8C63A.jpeg
 
Yep, I had brought that up on CTE last year i think when new renders showed the kitchen window being open to the neighbors balcony. I don't like that either, I was looking at possibly buying a unit in the Encore when it was under construction around Q4 of 2017. But bought one in a finished buildling in few months later, glad as the renders on their site do not reflect the openess to neigbouring balconies that some units have.
 
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