I was there a few weeks ago when STARS came in. It’s really close.
Are they planning further projects for Edmonton?
Very interesting. NADG is no joke, but they're not exactly local - nor does this project align with a most of their canadian portfolio. Seems like they mostly do shopping centres and that kind of thing...wonder why they chose this spot to go residential?
There's low vacancy and strong rental growth in this area because of the University and Hospital facilities in the area. Not to mention that the social disorder concerns are mostly absent here, but you still have high density. I.e. desirable high density, transit access, major employers, investor friendly- ticks many boxes.
Exactly, I am surprised more development hasn't happened here years ago, but sometimes people overlook what is right in front of them because they see it all the time, so it takes someone from somewhere else to spot the obvious.
Oh, I see that makes sense. Too bad a local company did not snap this up when it become available, but its better for the site to be developed than have someone continue to sit on it.
Frankly, I disagree with the local company perspective, here. As much as I love the idea of supporting local, I really believe Edmonton would benefit A LOT from having outside developers building here. If we could attract some solid ones from ON and BC, it would be brilliant, considering that they would even have interest in advertising their sales in those provinces. Not to mention that it would likely help raise the bar for new developments (and ether push the likes of Regency up or out, for example).
I suppose there are some good outside developers, but there are also clueless ones like Lamb who come in with great fanfare, take the name of an existing building, don't understand the market here and I am looking right now at the still empty lot they left which continues to languish.
I agree. Hence why I am only in support of developers that actually come and build (like this one), even if it is something smaller and less ambitious in the beginning. If we get some of those developing those nice low and mid-rises in places like Halifax or Vancouver, which are usually lower cost and lower risk, it would be nice.
NADG and Highpoint are partners on this.