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
ChazYEG said:
That it has been vacant for a really long time and still asking for an unreasonable lease rate, even though no one seems interested, right now (the same goes for 90% of the CRUs in the Downtown core).
I totally understand the businesses reluctance in leasing CRUs at such a premium, in the core, with the low foot traffic, construction all around, safety issues and much easier and cheaper options to lease in outer neighborhoods, I'd probably follow the same path of I were to start a business.
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The cruelest irony given that one of the biggest contributors to urban blight is empty CRUs. If these developers would just lower their lease rates and fill the units, the whole area would become considerably more appealing allowing them to creep the prices up.

Instead they’re all just in a stalemate, waiting for someone else to be responsible for revitalization.
 
ChazYEG said:
That it has been vacant for a really long time and still asking for an unreasonable lease rate, even though no one seems interested, right now (the same goes for 90% of the CRUs in the Downtown core).
I totally understand the businesses reluctance in leasing CRUs at such a premium, in the core, with the low foot traffic, construction all around, safety issues and much easier and cheaper options to lease in outer neighborhoods, I'd probably follow the same path of I were to start a business.
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Encore CRUs have only been ready for maybe less than a year? Covid certainly hasn't helped with leasing them up though.

The CRUs that really should be begging for tenants is the Fox 2 CRUs on the NW corner of 104 and 102 Ave. Those ones have never been occupied once
 
CRUs need tenants and tenants need financing and foot traffic... both of which are difficult to obtain right now.
 
If they could get the first tenant at a favourable rate to that business - the domino effect should happen. Then another business will open and then another ... all subject to favourable rates and businesses that are complimentary. I don't think a bar there is a smart move and I bet the developer and condo owners agree with me. It needs to be quiet but vibrant retail or services like a Hair Salon, Medical, Coffee, FedEx Office, Spa recognizing the vast majority of customers are pedestrian as parking is limited to the street unless they have a parkade that can manage public parking. I bet they are asking too much or they would have these spaces rented out. Better to take a partial rent write off for 3-5 years and fill them than get nothing.
 
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This does a great job of shedding some light on all these empty CRUs: https://thewalrus.ca/how-empty-storefronts-are-killing-our-neighbourhoods/

To many, it makes no sense to leave a building vacant. Shouldn’t a landlord prefer rental income to nothing at all? “There are many ways to generate profit from commercial properties,” says Glenn Castanheira, executive director of a downtown Montreal business association. “Rent is only one of them.” Another way is speculation: wealthy players buy property because its value is on the rise or soon will be. Once it’s worth a hefty chunk, the property is either sold or rented to a deep-pocketed tenant (often a chain) willing to pay an inflated cost. If no buyer or tenant arrives quickly, waiting it out is usually the appealing choice for landlords able to absorb losses as part of an extensive real estate portfolio.
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I would be very curious to see what the vacancy % is for retail CRUs in Downtown.
 
Grandinite said:
Encore CRUs have only been ready for maybe less than a year? Covid certainly hasn't helped with leasing them up though.

The CRUs that really should be begging for tenants is the Fox 2 CRUs on the NW corner of 104 and 102 Ave. Those ones have never been occupied once
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It's been rumored in another thread that Rogers media (radio, TV) may be moving from the hubcap district to the Fox 2 CRUs.
 
Kinda sorta.

While it would be nice to have those filled and having more media/broadcasting Downtown is a positive thing... to fill those spaces, on THAT street with those uses is not not exactly a step forward for our urban spaces.
 
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IanO said:
Kinda sorta.

While it would be nice to have those filled and having more media/broadcasting Downtown is a positive thing... to fill those spaces, on THAT street with those uses is not not exactly a step forward for our urban spaces.
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I would prefer to have Rogers media in Fox 2 instead of a mega-bar.
Or have it filled with more pharmacies/medical/dental clinics.
 
I would rather see anything that could generate a healthy, constant stream of foot traffic so it would spur a movement of more businesses opening in the area.
Right now, we cannot be too picky. We're done with pharmacies and clinics, but either the media broadcaster or a bar could work, for all I know.
 
I would think the Rogers Group in Edmonton would have at least 100 employees (maybe 200?) with radio stations, tv stations and regional offices. That is a nice increase in people coming and going grabbing a coffee, lunch and dinner options for these 24 hour media broadcasters. Also the likely locale for NHL broadcast teams while in Edmonton. I like the idea that the media could be part of the vibe downtown and not out in suburbia. Having CBC downtown has been positive for Edmonton.
 
Agreed but would love for that to be on 2nd and 3rd floors of that podium.

But yes, picky-level down a bit.
 
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