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Originally Posted by buzzg
Glasshouse took quite some time but is mostly full now - although I do believe Urban Capital is using some unsold units as apartments. 300 Assiniboine is close to full as well. 390 Assiniboine has a ton of unsold units - this case is a little unique though as it’s owned by SCU as Sandhu went bankrupt on it, so because the owner is the bank, they aren’t really paying interest, so they’re not really offering discounts to rush it off the books.
TNS 2 (225 Carlton) is already almost 50% leased after just 3 months, so that’s pretty good.
All in all it really seems to be a bit of a crapshoot and really dependent on the developer here. Part of me wonders if some of the issues here have more to do with less experienced residential developers as opposed to the market. Like these buildings do work here, but the developers need to be more patient (aka have more liquid cash) with returns.
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It seems like the two buildings that struggled were condo's, D Condo and Glass House. The Apartments appear to be doing quite fine. That makes a lot of sense as the condo market has been fairly saturated for some time now.
As for Artis, this is a REIT valued at over $1.5 billion and in fairly good financial health relative to the industry. It did have a poor year in terms of earning but that could be due to investments in assets.
https://simplywall.st/stocks/ca/real...t-trust-shares
Regardless, with likely 35%ish of the cost of this building already spent, with much of it going to the foundation to support the 40 storeys, why cut it in half to limit your possible returns after construction?