strata said:
Yup, fair enough.

And the previous posts could also be correct that the initial pricing was above market, and this is just an adjacent that should just take it where it should be (assuming it still works with their proforma).

I think this is why you are seeing for calls from the private sector to see municipal investments to spur residential development downtown (like we have seen in Calgary with their investment to subsidize office conversions). If the way to attract the market downtown is through more favorable lease rates, and the construction costs are the way they are, there needs to be some way to fill the delta so these projects are financeable.
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Oh there are always industries looking for a handout and given the close relationship between municipal politicians and this group that tends to be major donors, this is not surprising.

I am all for more housing downtown and I am ok with subsidizing particularly so lower income people can afford it, but I would prefer new builds rather than old office space that needs a lot changes and still may not work well.

Edmonton isn't a city that has overbuilt office space like some other places, our problem is more over the last several decades the city has not made enough effort to attract companies downtown to fill these spaces.
 
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