You guys really think Menkes would go to the expense of setting this site up as a staging area for the Telus construction without a contract? A contract that would allow them to stay until Telus is complete at that. There's no way 18 York will start until Menkes is done with the site.
 
down on the upside said:
there hasn't been any news release on cnw nor any major tenant anounced. i really doubt this project is a go.
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Thanks Bob,

Actually, there is a tenant: Great-West Life Financial. Furthermore, as ahmed explained, they are unloading shoring equipment which, as I'm sure you know, happens right before excavation. I really doubt that this project isn't a go.
 
ProjectEnd said:
Actually, there is a tenant: Great-West Life Financial. Furthermore, as ahmed explained, they are unloading shoring equipment which, as I'm sure you know, happens right before excavation. I really doubt that this project isn't a go.
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Are you sure, because Great-West Life (GWL) is the developer. I would imagine that they are going after a bank or an audit firm as a lead tenant. GWL owns their own major complex at Queen & University.
 
Nope. I'm pretty sure GWL Realty Advisors [sic] is the developer, as listed on the 18 York site. GWL is the tenant I believe.
 
A BC pension fund is the developer. GWLRA is doing the leasing/marketing
 
Perhaps this is how it goes:

Great-West Life (GWL) is an insurance company that places some of its money in real estate as an investor. GWL also owns a real estate development & asset management company called GWL Realty Advisors (GWLRA). GWLRA does their development work for its own "internal" client, GWL, but also for other third-parties. In the case of 18 York, that would be the BC Investment Management Corporation (BCIMC) - a pension fund - who have invested in the land and potential building.

So, BCIMC is the investor that has hired GWLRA as its developer and asset manager (leasing, etc.) and GWLRA will earn fees from BCIMC if the project is successful.

While it is possible that GWL, the insurance company, is the tenant it is more likely that GWLRA is looking for a tenant to start the building. It is also possible that they have a tenant, have started construction but not yet announced who that tenant actually is.
 
Is there supposed to be a hotel component to this property or the Fairmont owned section just west of this lot (currently used to store equipment for the many other projects in this area)?
 
CSW2424 said:
Is there supposed to be a hotel component to this property or the Fairmont owned section just west of this lot (currently used to store equipment for the many other projects in this area)?
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Someone told me that this portion of the site at the west end is zoned a mix of residential and hotel. That is what Fairmont would have done, but if there is a new owner they could always apply to change it all to residential or even office use. I doubt there would be much objection to a change.
 
I have heard from someone involved in the negotiations that PriceWaterhouseCoopers has now been signed on as the anchor tenant for this development, so it looks like it will be the fourth office tower to go ahead in the downtown core.
 
I have heard from someone involved in the negotiations that PriceWaterhouseCoopers has now been signed on as the anchor tenant for this development, so it looks like it will be the fourth office tower to go ahead in the downtown core.
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Very good news, if true...and the beat goes on....:D
 
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