Northern Light
Superstar
That's a remarkable take. I think that you're being very hard on the Planners/Builder and I have to say, when I work the math on the site myself......I think I would have made the same choice they did.
Examining the math, on the site, (I modeled out 2 towers) It's a tight squeeze based on my modelling (the format here would likely require 2 slab towers with an east-west orientation from my perspective)
Assuming they could get that past Planning, and/or the OLT, you obviously lose a lot of floor plate vs the midrise configuration, and you need to get to about 18s to break-even on unit count, but due to higher construction costs in this model, I expect you'd need 22s to break even financially. Assuming I'm correct, the only reason to consider the two tower model would be if you thought you get at least 23s, and probably more. There is no precedent that would justify that gamble in my mind.
Your most recent major approval in the area is the Diamond site a couple blocks south of Mortimer, and it's coming in at 14s.
If you went to the Cosburn based sites you do have the height, barely, but they are adjacent to 'Apartment Neighbourhoods' zoning and plans will see virtually all SFH obliterated within the blocks they are building.
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I'd be genuinely interested in any alternative evaluation of the site's potential as currently configured.
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