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Mountain Man said:
Sounds like it just affects their commercial portfolio right now...
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A few of the buildings are mixed use. Cash flow is cash flow. How they can separate not paying their creditors (banks) on the commercial properties, but continuing to spend on construction of new residential buildings, is beyond my comprehension.
 
JonnyCanuck said:
A few of the buildings are mixed use. Cash flow is cash flow. How they can separate not paying their creditors (banks) on the commercial properties, but continuing to spend on construction of new residential buildings, is beyond my comprehension.
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Before I moved to industry I worked in public audit. Typically when a company goes into CCAA they are looking to sell the properties they have declared to keep afloat without creditors seizing the proceeds. During this process they come up with an implementation plan that creditors have to agree and sign off on as they likely take a hair cut on the balance owed
 
JonnyCanuck said:
A few of the buildings are mixed use. Cash flow is cash flow. How they can separate not paying their creditors (banks) on the commercial properties, but continuing to spend on construction of new residential buildings, is beyond my comprehension.
Click to expand...

It sounds like the debt was issued and secured by a subsidiary that only has an interest in and recourse to the operating portfolio. The new construction buildings likely have separate construction financing under a separate subsidiary. Hopefully this is the case and they have not cross-collateralized, so the development arm can continue construction relatively unaffected.
 
zagox said:
It sounds like the debt was issued and secured by a subsidiary that only has an interest in and recourse to the operating portfolio. The new construction buildings likely have separate construction financing under a separate subsidiary. Hopefully this is the case and they have not cross-collateralized, so the development arm can continue construction relatively unaffected.
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From how the filings had each building as a different entity, it looks like Strategic's structure will prevent a contagion collapse. Some of the buildings with long standing debt would likely have really high interest rate debt-I believe they assembled lending compacts for each building, if my memory of advertising a decade plus ago is anywhere near reliable, whether them or someone with a similar model were talking about 10% returns.
 
So, as has been discussed a bit in the past, 24th Avenue NW is undergoing a bit of a resurgence. It is interesting, as this street is not one of the planned "main streets" in the MDP, yet it is quickly developing (in the planning stage at least) into one. 3 of the applications are going to CPC next week (for land use, not DP), but first a bit of an overview:

Here is a map showing the current applications along 24th Avenue NW (it is the 3 Civicworks applications going to CPC):
1576302637282.png


24th Avenue is currently a plain, collector road built decades ago, so not the most inviting streetscape, but there is a proposed new cross-section, seen here:
1576302722409.png


First up at CPC, item 7.2.2, is the project located at 2022 and 2026 24th Avenue NW.
Report is here: https://pub-calgary.escribemeetings.com/filestream.ashx?DocumentId=117331
DP drawings: https://pub-calgary.escribemeetings.com/filestream.ashx?DocumentId=117337
1576302823526.png


Next up, item 7.2.3 , kitty corner to the above location at 2103 and 2107 - 24th Ave NW, is this one:
Report: https://pub-calgary.escribemeetings.com/filestream.ashx?DocumentId=117341
DP Drawings: https://pub-calgary.escribemeetings.com/filestream.ashx?DocumentId=117347
1576302940128.png


And the third one going to CPC, item 7.2.4, is a little further west, located at 2460 to 2468 - 23rd Street NW.
Report: https://pub-calgary.escribemeetings.com/filestream.ashx?DocumentId=117351
DP Drawings: https://pub-calgary.escribemeetings.com/filestream.ashx?DocumentId=117357
1576303106929.png
 
Oh wow these look awesome! I hope we get identical designs during build. Only thing I would tweak is the second one where the plantation barriers would most likely make window shopping less effective. Glad to see more main-streets being developed
 
24th really could use a sprucing up. Glad to see this happening. Some people will complain about one of the parking lanes disappearing, but it will benefit so many others.
 
Another land use item going to CPC next week is for a small office building on 17th Ave SW, at 1867 17th Ave SW. Land use is by Sarina Developments:
It also has a concurrent DP:
1576475646281.png

And yes, before anyone wonders, this property is impacted by my favourite part of the land use bylaw, the road widening setback table. That great front lawn on 17th Avenue (17', or 5.182m) is brought to you by Part 53 of Land Use Bylaw 1P2007. You can see how much the property line shifts as the dedication was taken from the property to the west in the past:
1576476020081.png
 
Surrealplaces said:
24th really could use a sprucing up. Glad to see this happening. Some people will complain about one of the parking lanes disappearing, but it will benefit so many others.
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All (3) of the projects are planned by the same developer .... Eagle Crest Construction. They also have projects in Kensington & Montgomery
 
The third one is RNDSQR, not sure of the others.
 
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