What do you think of this project?

  • Total voters
    46
Yes and no.

There are a ton of highly paid government workers, supporting organizations and decent density in the area. Pair that with successful destinations such as The Marc, Viphalay, The Common and it clearly can work.
 
It's probably more accurate to say that a restaurant can survive and thrive in this area, just not at the psf rates that Augustana is asking. No chance The Marc or Viphalay pay anywhere close on a square foot basis in their current spaces.
 
I definitely think something can work in this space. As someone who works near this area and deals a lot of with GoA/bureaucrats and the stakeholders that go along with that, I can say that there are precious few options in the area for business lunches and private meetings. If someone designed a space that offered speedy (but tasty) breakfast options for the 'crats to grab, some nice private tables for lunch (and ideally some private rooms) that alone would already bring in a ton of business. There are hardly any breakfast joints in the area offering good coffee and tasty, quick meals. There are hardly and good 'business lunch' places outside of the Marc and it, although delicious, doesn't offer a lot of privacy for conversations you don't want overheard.
You could also make a killing during certain parts of the year hosting receptions related to GoA business. Currently virtually all of that goes to the Matrix and they're charging an arm and a leg.
And finally I think if you have a nice space you could also attract general dinners to this space. If you offer quality meals in a beautiful space, people will go pretty far. And this isn't far, or in a dodgy area.
I think all this space needs is someone with a bit of a vision (and of course a reasonable lease rate!)
 
^I can definitely confirm that sentiment. There's not a lot of business lunch options in the area, and there's enough GOA and Legislative employees (plus a genuinely larger than expected visitor population) that can support one.
 
Looks like they are switching brokers. Here's hoping this leads to some activity:
--

Paul RaimundoPaul Raimundo• 1st• 1stI lease and sell retail propertiesI lease and sell retail properties
now • now •

NEW LISITING ANNOUNCEMENT - THE AUGUSTANA

Avison Young | Canada is please to offer on behalf of Hazelview Properties #FORLEASE the Augustana.

Highlights are below:
240 Residential units in the building
Demising options from 1,200 sf to 6,100 sf
Floor to ceiling glass
Excellent Natural light to all units

We are offering two exceptional incentives for this property

Tenant Incentive
First retail transaction of 1,200 sf or greater firm by end of Fall 2024, will receive an additional 6 months free of Net Rent & $10.00 PSF, over the inducement package offered.

Augustana Broker Incentive
Gift Card of your choice in the amount of $2,000 with a minimum 5 years firm deal the broker representing the tenant.

Screen Shot 2023-10-17 at 8.42.18 AM.png
 
So the building is just recently for sale? Or it has been for sale for quite some time now and it has switched brokers? And that you’re hoping it spurns interest leasing the empty retail space? Most posters on here use the acronym “CRU,” in lieu of “retail space” it appears. I won’t pretend I know what it means, as I am not in the retail business. To me it refers to really good French vino.
 
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