What do you think of this project?

  • Total voters
    54
Reference ID: Job No 260206500-001
Description: To develop a temporary Publicly Accessible Private Park (from 3 up to 10 years)
Location: 9601 - JASPER AVENUE NW
Plan 226CL Blk 2 Lots 4A,5A
10110 - 96 STREET NW
Plan ND Blk 2 Lots 1-3
9608 - 101 AVENUE NW
Plan ND Blk 2 Lots 1-3
Applicant: CITY OF EDMONTON
Status: New
Create Date: 8/21/2017 3:21:23 PM
Neighbourhood: BOYLE STREET
 
The terms on this are very interesting. So if they can get into the ground with the tower before the 3 years are up then the temporary public park never happens. Otherwise they have a generous amount of time to make the tower building happen. I have to think that these conditions are akin to a developer's dream.
 
Yes, @Das Ponto, they bargained with the City to develop a temporary public park, but they apparently have three years to put it together and then they have to develop their tower before 10 years have expired. If they start the tower sooner than 3 years it seems they do not have to develop the temporary park at all and, instead, they can just build their tower. It will probably take 9-10 months to develop construction documents; it will probably take 4-6 months to go through the design review process, and it will probably take up to 3 months to put pricing together (although Alldritt must be expert at that). In the worst case scenario, if they are working diligently to move the entire process along, they could be in the ground for the tower in early 2019, whereas the temporary park would not be required until late summer 2020. The point is the temporary park may not happen at all -- except perhaps on paper.
 
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archited said:
Yes, @Das Ponto, they bargained with the City to develop a temporary public park, but they apparently have three years to put it together and then they have to develop their tower before 10 years have expired. If they start the tower sooner than 3 years it seems they do not have to develop the temporary park at all and, instead, they can just build their tower. It will probably take 9-10 months to develop construction documents; it will probably take 4-6 months to go through the design review process, and it will probably take up to 3 months to put pricing together (although Alldritt must be expert at that). In the worst case scenario, if they are working diligently to move the entire process along, they could be in the ground for the tower in early 2019, whereas the temporary park would not be required until late summer 2020. The point is the temporary park may not happen at all -- except perhaps on paper.
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So, they could spend 7-8 years building the tower. One manpower per year.
 
LOL @westcoastjos -- yes they could. Actually, by the letter of the agreement they could start the project in 9 years and 11 months from now. I don't expect that would happen because then they would also have to build a public park. Having three years to play with on that front is just a great deal for Alldritt. I expect that they will put minimal effort into designing a park (perhaps one that could be replicated as part of the tower project anyway), buying time to complete all of the preliminaries leading up to construction. The developer has a lot of leeway in this agreement.
 
westcoastjos said:
So, they could spend 7-8 years building the tower. One manpower per year.
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They can do whatever they want, within bylaws. They don't have to build anything. The city didn't *contract* them to build a building, which they would have had to pay for. And the city can't sell some land and force you to develop it on your own dime.

The conditions, re. 10 years etc, seem to be in the form of options and permits, and in fees either would pay to the other in particular situations.

See the city report here: http://sirepub.edmonton.ca/sirepub/view.aspx?cabinet=published_meetings&fileid=607333
(This is from a few months ago and has been revised, but the revisions appear to be confidential.)

Some examples from the report:
Buyer has 10 years from the date of the rezoning to obtain a Development Permit for the development. The Buyer pays the Additional Purchase Price when Development Permit is issued.
...
[If] Developer purchases land and does not proceed with development or obtaining a development permit [then] Buyer would forfeit the performance fee.
...
If Buyer does not complete the development, City has the option to buy back the City lands...
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One manpower per year being 7 or 8 employees building it over the course of 8 years. :eek:

Of course, I'm being facetious here. ;)
 
archited said:
If they start the tower sooner than 3 years it seems they do not have to develop the temporary park at all
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Is there updated public information about this? The report I cite says only, "Buyer to demolish buildings. Provide interim access to interim park space within 1 year." I assume "park space" could mean as little as some grassy area, and wouldn't be a large factor in deciding the timing of Alldritt's plans.
 
The projected start date for construction of the Quarters Hotel and Residences (I hope it gets a better name in the interim) is October of 2018. Since this is projected to be Edmonton's tallest building I thought it might be fun to set a new ranking based on existing, under construction, and announced and confirmed projects. So here goes:
1. QuarHotRes -- 280.0 m/918.6 feet -- 80 floors
2. Stantec/Sky -- 250.9 m/823.2 feet -- 66 floors
3. J.W. Marriott/Legends -- 192.2 m/630.6 feet -- 54 floors
4. Emerald Tower -- 154.0 m/505.2 feet -- 45 floors
5. Massey-Harris-Ferguson Tower 3 -- 150.0 m/492.1 feet 48 floors
6. Epcor Tower -- 149.4 m/490.2 feet -- 28 floors
7. Manulife Place -- 146.4 m/480.3 feet -- 36 floors
8. Ice District Tower B -- 145.0 m/475.7 feet -- 43 floors
9. Massey-Harris-Ferguson Tower 1 -- 140.0 m/459.3 feet -- 45 floors
10. Encore -- 138.0 m/452.8 feet -- 43 floors
11. Massey-Harris Ferguson Tower 2 -- 135.0 m/442.9 feet -- 42 floors
12. Telus House -- 134.4 m/440.9 feet -- 33 floors
13. Bell Tower -- 129.9 m/426.2 feet -- 31 floors
14. Edmonton Tower -- 129.8 m/425.9 feet -- 29 floors
14. Jasper House -- 128.6 m/421.9 feet -- 37 floors
15. North -- 126.0 m/413.4 feet -- 40 floors
16. Commerce Place -- 125.0 m/410.1 feet -- 30 floors
17. Edmonton House -- 121.1 m/397.3 feet -- 45 floors
18. The Pearl -- 121.0 m/397.0 feet -- 36 floors
19. CNIB Tower -- 121.0 m/397.0 feet -- 36 floors
20. Canadian Western Bank -- 120.6 m/395.7 feet -- 30 floors
21. MNP Tower -- 117.6 m/385.8 feet -- 27 floors
22. TD Tower -- 116.7 m/382.9 feet -- 27 floors
23. Scotia Place I -- 113.2 m/371.4 feet -- 28 floors
24. Icon II -- 112.3 m/368.4 feet -- 35 floors
25. CN Tower -- 110.9 m/363.8 feet -- 26 floors
26. Enbridge Centre -- 110.6 m/362.9 feet -- 25 floors
27. Ultima -- 107.9 m/354.0 feet -- 32 floors
28. Sun Life Place -- 107.7 m/353.0 feet -- 25 floors
29. Fox Two -- 107.3 m/352.0 feet -- 33 floors
30. Hendrix -- 103.6 m/340.0 feet -- 29 floors
31. Oxford Tower -- 102.9 m/337.6 feet -- 23 floors
I have not included projects that are not well defined as yet, but, that stated, there are a number of interesting prospects on the horizon. Ice District should be announcing the first development in Phase II this month and a couple of prospects in Grandin/Oliver should soon be better resolved. I found it interesting that Edmonton's first high-rise -- the CN Tower -- is now at #25.
 
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