[MacLac]

Now it’s worth it then……at least this gives the Open Sky contingent to confirm construction or not……is the dress business casual?

 

[Guy 1]

Any updates from the tour? I am happy to be proven wrong, but I'll be absolutely astounded if this moves forward under current ownership. 2 years of carrying costs on an empty hole, while construction costs have skyrocketed in the meantime? Pardon the pun, but it seems like a deep hole to dig oneself out of.

 

[IanO]

'while construction costs have skyrocketed in the meantime?'

According to Statscan, construction costs in Edmonton have decreased 1.2% y/y and were up ~53% since 2020 and not much different than the rest of Canada.

HOWEVER, market $/sqft that's achievable has gone from over $400sqft to $300-325.

(https://www150.statcan.gc.ca/t1/tbl...dYear=2023&referencePeriods=20200401,20230401)

 

[MacLac]

Any updates from the tour? I am happy to be proven wrong, but I'll be absolutely astounded if this moves forward under current ownership. 2 years of carrying costs on an empty hole, while construction costs have skyrocketed in the meantime? Pardon the pun, but it seems like a deep hole to dig oneself out of.

Tour is Oct 12th....

 

[Guy 1]

'while construction costs have skyrocketed in the meantime?'

According to Statscan, construction costs in Edmonton have decreased 1.2% y/y and were up ~53% since 2020 and not much different than the rest of Canada.

HOWEVER, market $/sqft that's achievable has gone from over $400sqft to $300-325.

(https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810027601&pickMembers[0]=2.1&pickMembers[1]=3.1&cubeTimeFrame.startMonth=04&cubeTimeFrame.startYear=2020&cubeTimeFrame.endMonth=04&cubeTimeFrame.endYear=2023&referencePeriods=20200401,20230401)

I'm not entirely sure what you're trying to say here? If anyone's getting concrete highrise done at $300 psf, they're a miracle worker.

 

[IanO]

Saleable, not buildable.

 

[SMayo]

similar builds are going up in the neighborhood and its a desirable part of town with demand, makes me wonder why they can't get any movement going on that pit.

 

[IanO]

Those appear to all be purpose built rentals, not condos.

 

[Vacs]

'while construction costs have skyrocketed in the meantime?'

According to Statscan, construction costs in Edmonton have decreased 1.2% y/y and were up ~53% since 2020 and not much different than the rest of Canada.

HOWEVER, market $/sqft that's achievable has gone from over $400sqft to $300-325.

(https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1810027601&pickMembers[0]=2.1&pickMembers[1]=3.1&cubeTimeFrame.startMonth=04&cubeTimeFrame.startYear=2020&cubeTimeFrame.endMonth=04&cubeTimeFrame.endYear=2023&referencePeriods=20200401,20230401)

$300-325 is not possible in the current market

 

[northlands]

Those appear to all be purpose built rentals, not condos.

This one is also purpose built rental, no?

 

[IanO]

I thought that it started out as condos, but then maybe converted?

 

[northlands]

I thought that it started out as condos, but then maybe converted?

Not sure... been rental since it broke ground

"The Jameson may be one of the latest purpose-built rental projects to get underway in Edmonton in recent months, but the 140-unit concrete project aims to stand out from the pack by being more than just a place to rent."

New Oliver development among slate of new rental offerings for urban professionals

Amenities include gyms, rooftops patios, lounges, communal kitchens and shared work spaces

edmontonjournal.com

 

[strata]

I was just walking by at 5pm as the sign was being updated from 2024 to 2025.

I said to the guy, "so it's going ahead?"

He said, Apparently, but I'm just the sign guy."

Close enough confirmation for me!

View attachment 493678

I will call your 2025 and raise you to a 2026

 

[northlands]

^ had to get it updated for the tour

 

[cmd uw]

^Exactly. I honestly don't know how in the hell they will make any money on this.