[Airboy]

Went by this morning. Most of the fence is down but there is a section set up with a new ne on it. Can't remember, but will check it again later today.

 

[Filip.Nowak]

Looks like it’s Novesta. Here’s their website:
Novesta.ca

 

[EdmTrekker]

Zero experience in residential high-rise but their restaurant work looks good. I wonder of the property was sold to a restaurant chain?

 

[Airboy]

Only 3story residential at most. A big step up to highrise.

 

[archited]

^^^^ You mean with repetitive floor plans from Floor 3 to Floor "X"?

 

[IanO]

I would not read too much into that sign at this point.

 

[EdmTrekker]

^^^^ You mean with repetitive floor plans from Floor 3 to Floor "X"?

Thank goodness engineering stamps will be required.

 

[Vacs]

^^^^ You mean with repetitive floor plans from Floor 3 to Floor "X"?

right, I mean if you've built a 3 story building before, you've basically built a high rise

 

[Clearshades]

Three story is wood or possibly metal studs, but that does not mean one has experience with concrete. It is not hard to learn, but the experienced knowledges and nuances of concrete allows a fuller and concrete decision making that can prevent delays, mishaps or possibly dilapidated lots that resemble 5th or 4th world- like Regency as an example. Experience requires multiple variables such as time or astuteness to learn...

 

[David A]

Well its already an empty lot, so perhaps the worst case is it remains so. The company that previously was going to build on it (from Toronto?) presumably had experience, but that didn't result in any progress.

Hopefully Novesta will bring in people or partner with someone to compensate for the experience they do not have. It is a good location and it is a shame to see it not developed, hopefully it will be soon.

 

[IanO]

Reason being the market fundamentals were not there and costs were/are incredibly high.

 

[David A]

This is where companies from farther away sometimes get into trouble perhaps regardless of their experience and resources, if they imagine Edmonton to just be a smaller version of Toronto or something like that.

You can propose a nice project, maybe even based on something you previously built elsewhere, but you have to really understand the local market and what works here.

Its not like no other projects are going ahead in Edmonton, several are and some of those are by local companies or companies that have more knowledge or experience in our market that have that advantage.

 

[IanO]

Something similar happened to Toronto developers on the MacKenzie Tower site on 104st and with Great Gulf on the lot next to the Mac.

I had meetings with both and they literally could not make sense of this market.

 

[Clearshades]

In what aspects may I ask? Cost?

 

[occidentalcapital]

Something similar happened to Toronto developers on the MacKenzie Tower site on 104st and with Great Gulf on the lot next to the Mac.

I had meetings with both and they literally could not make sense of this market.

We are pretty good (as a market) at turning the screws on developers. Has led to some really strong competitive developers and real estate players emerging out of the Edmonton market. Oxford started here as did many others.