What do you think of this project?

  • I like it a lot

    Votes: 70 80.5%

  • I like it

    Votes: 13 14.9%

  • I neither like nor dislike it

    Votes: 4 4.6%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    87
In three to four years one could end up with 10 huge projects coming on strea at the same time. Any savings from paying taxes could be eaten up from not being able to move the product.
 
Glenco said:
This could be the downside when all this product comes on the market at once. Who would want to risk more than project and will it delay any other development for years to come?
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As @archited and @cmd uw pointed out, the combination of factors is much favorable to this project coming off of the drawing board into real life.
I'd add that there might be an interest, by the city, in having it move to help push for the construction of the central park sooner, also as a way of injecting fuel in the economy. I wouldn't be surprised if we saw the park project be fast-tracked this year and more projects were announced in the surroundings in the next few months.
 
Add to that the fact that Canada will, as announced, pursue a way to close the immigration gap created by the pandemic, we might have an even bigger influx of people, in a year-round metric, than we had in the past few years and we'll need both jobs and residences for these people.
Don't fall for that article that said the Downtown is dead and immigration will slow down. The old crone who published it doesn't know s**t about development (either urban or.economic) and ANY city in the past few decades, around the planet, that overcame a big crisis to come out on top again, invested in walkable, dense, pedestrian, bike and transit friendly downtowns, with innovative economic development.
 
There's a saying, or not much of a saying, but a truth, in the financial markets, that goes basically like this: if you want to make real money, you need to take real risks.
I believe this project (as any real estate, right now) falls under this. It might be a short-term gamble, but in the mid-to-long term it will make a ton of money.
 
archited said:
No downside -- the economy needs fuel especially in the COVID world. The City (for once) has the right idea in creating a tax credit for development -- development leads to jobs (hopefully a lot of them) boosting economic activity -- each job has an economic multiplier of 2.5 which means more jobs. More jobs puts a demand on immigration (from other Provinces and from outside the Country) -- an influx of people causes even more jobs -- and so the wheel turns. The Province is the stumbling block in this case. By defunding education (primary and post-secondary, the fools have caused/propelled an economic slump (especially in a City that has so many quality schools at the senior level) at just the time when the opposite should have occurred. Construction is one industry that -- with key precautions -- could progress through the COVID crisis -- kudos to the City for getting that; boo on the Province for not. IMHO the City gets it right about 30% of the time (a failing grade); the Province gets it right about 10% of the time (a worse failing grade)
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Hold on.. this development is also the result of tax breaks?
 
dunno said:
Hold on.. this development is also the result of tax breaks?
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Not specifically. We're just speculating that it might take advantage of the tax break that the CoE announced recently for big projects in the downtown area, as a way to light up the job market and fight economic effects of Covid
 
Saw this on LinkedIn. Might it signal an announcement for groundbreaking soon? Hope so!
Screenshot_20210303-233436_LinkedIn.jpg
 
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