What do you think of this project?

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archited said:
I spoke with Deana in the condo sales end of things re this development. I am genuinely interested in locating an Edmonton office + residence here. Sales office for condos will open in spring of 2019; construction of the tower expected to begin in late 2019 with completion anticipated 2 1/2 to 3 years after start -- late 2022.
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Any news on the hotel or which hotelier?
 
Deana didn't add much on that subject, @MichaelC. She only said that Alldritt Land was in discussions with a first-class group (then, again, what else would she say?)
 
Should I still be hopeful this'll be the full 80 Storeys? Because today when I signed up on the website to receive updates, when I got the conformation email it said "receive updates about Edmonton's 80 Storey Tower". Also on the website under "work", it says "set up shop in Edmonton's newest and tallest landmark", meaning taller than Stantec? On the home page of the website it also says "THIS DEVELOPMENT WILL BE A MONUMENT", so... fingers crossed
 
Alldritt is one of those companies that is under the radar from a PR perspective, yet, they were one of the top donors in the municipal campaign. Not that $25k is much money. Not even a rounding error in the grand scheme of things.

https://edmontonjournal.com/news/lo...ayers-the-ndp-wants-out-of-edmonton-elections

I mean, even the website - https://talltoweredmonton.com/ - is pretty basic. No third party adverts. You wouldn't know they have the stability to undertake a project of this magnitude by looking at their public footprint.
 
I think they can pull it off. I don't think they have ever done a tower, but they have over 74 years of experience in Edmonton. On Alldritt's website they say the own "a variety of other business interests across Canada" so they must have some money too. I think they are very committed, Stan Alldritt Sr stood on that land with Stan Alldritt Jr 45 years ago looking over the valley and said “Son, one day this will be an iconic structure shaping Edmonton’s skyline.” Apparently they've also been collecting tens of thousands of historic bricks for use around the central, structural core of the building and in the elevator lobbies throughout, to honour Edmonton's past. It seem's like they are very motivated...We'll see if they can pull it off.
 
MichaelC said:
I think they can pull it off. I don't think they have ever done a tower, but they have over 74 years of experience in Edmonton. On Alldritt's website they say the own "a variety of other business interests across Canada" so they must have some money too. I think they are very committed, Stan Alldritt Sr stood on that land with Stan Alldritt Jr 45 years ago looking over the valley and said “Son, one day this will be an iconic structure shaping Edmonton’s skyline.” Apparently they've also been collecting tens of thousands of historic bricks for use around the central, structural core of the building and in the elevator lobbies throughout, to honour Edmonton's past. It seem's like they are very motivated...We'll see if they can pull it off.
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My point was it is unclear what type of assets and capital they have. There isn't a lot of known facts about them.

From a realism perspective, it is tough to gauge if it is a pipe dream or not. Remember the Edmontonian that had renderings that looked just as good as these renders? I would say Alldritt has more credibility than BCM ever did, but it is still not clear just how realistic this project is. Collecting bricks and have a dream of building an iconic structure is one thing, but actually carrying it out is another. The taller you go, the more a tower costs and at a certain point, goes up exponentially. Stantec cost $500M? This will well exceed that.

Depending on their fiscal situation, we may be looking at a situation like Symphony where they were stuck in pre-sales for almost a decade before construction began.
 
I agree that we don't know much about Alldritt, I am also skeptical if they can do it or not, but that doesn't mean they can't do it. Wasn't the ICE District the Katz Groups first project? This tower has a maximum of 550 unit's. In comparison Sky Residence's and the Legends have a combined total of 742 unit's, and that isn't including tower B. So selling enough units may not be a problem. This tower probably won't cost as much as Stantec tower as office's cost more to build, this is needle thin so the height doesn't mean it has more floor space, and we don't know if this will be LEED gold or not. Being on a hill will raise the cost, but that is why they want to have so many units to spread it out. I agree it's hard to say if it could happen, but if you would have asked me back in 2010 if ICE District will happen, I would've giggled.
 
MichaelC said:
I agree that we don't know much about Alldritt, I am also skeptical if they can do it or not, but that doesn't mean they can't do it. Wasn't the ICE District the Katz Groups first project? This tower has a maximum of 550 unit's. In comparison Sky Residence's and the Legends have a combined total of 742 unit's, and that isn't including tower B. So selling enough units may not be a problem. This tower probably won't cost as much as Stantec tower as office's cost more to build, this is needle thin so the height doesn't mean it has more floor space, and we don't know if this will be LEED gold or not. Being on a hill will raise the cost, but that is why they want to have so many units to spread it out. I agree it's hard to say if it could happen, but if you would have asked me back in 2010 if ICE District will happen, I would've giggled.
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True. However, Katz partnered with WAM/ONE pretty early on in the process. It will be interesting to see who Alldritt partners with - you'd like to see some of those types of announcements sooner than later to know they are serious.
 
MichaelC said:
Should I still be hopeful this'll be the full 80 Storeys? Because today when I signed up on the website to receive updates, when I got the conformation email it said "receive updates about Edmonton's 80 Storey Tower". Also on the website under "work", it says "set up shop in Edmonton's newest and tallest landmark", meaning taller than Stantec? On the home page of the website it also says "THIS DEVELOPMENT WILL BE A MONUMENT", so... fingers crossed
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I certainly hope so as well. The renderings of this building look phenomenal. I don't mean to knock Stantec but this will be the icon the city needs. Stantec is just a rectangular box... kind of lacking some character in my opinion. I love it's height but there's not much else going for it by way of appearance.
 
I agree with you guys. From what I understand, the height is mainly because of economics, as the tower is right on the edge of the valley and they need to drill deeper pillings to secure the bank, just to make sure the tower doesn't fall of the cliff :D. So they made the tower really tall to include more units so they could make their money back.

Also, Is construction starting in October of this year or late next year?
 
@Platinum107 makes sense. How unfortunate that they have to go that tall just to compensate for a strong foundation and to make the investment worth while :p. If only there were more situations like this to boost the appearance of our skyline :).
 
By Contract, Alldritt Land Corp. has up to 10 years to build, @MichaelC; they must either start within 2 years or build a temporary park in the interim. All indications are that they are going to build beginning in 2019 (late summer or fall). In the spring of 2019 (8 or 9 months from now) they are going to have on site a modular trailer that will showcase their condominiums. The tower structure is going to take a year to plan and develop construction documents (already being worked on). They may have already located interested hotel operators (perhaps more than one in the same structure). This is going to be a landmark building for Edmonton on a very visible site -- a great addition to the skyline.
 
archited said:
By Contract, Alldritt Land Corp. has up to 10 years to build, @MichaelC; they must either start within 2 years or build a temporary park in the interim. All indications are that they are going to build beginning in 2019 (late summer or fall). In the spring of 2019 (8 or 9 months from now) they are going to have on site a modular trailer that will showcase their condominiums. The tower structure is going to take a year to plan and develop construction documents (already being worked on). They may have already located interested hotel operators (perhaps more than one in the same structure). This is going to be a landmark building for Edmonton on a very visible site -- a great addition to the skyline.
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According to Wikipedia they have it slated for construction to begin in October of this year, 2018.
https://en.wikipedia.org/wiki/List_of_tallest_buildings_in_Edmonton
 
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