CALGARY | 6th & Tenth | FT | 31 FLOORS - Page 4

Surrealplaces · #61 Posted **May 6, 2014, 6:08 PM**

Quote:

Originally Posted by waichuntull

Heard that there is a new in-trust

Sorry...I don't know what that is. Is that good or bad?

TallBob · #62 Posted **May 7, 2014, 6:53 AM**

I'm not sure.... But I think it has something to do with who's in control of the escrow deposits/funds..... Like I said I'm not sure.

Surrealplaces · #63 Posted **May 7, 2014, 5:01 PM**

Quote:

Originally Posted by TallBob

I'm not sure.... But I think it has something to do with who's in control of the escrow deposits/funds..... Like I said I'm not sure.

That would be my guess as well. I wonder what the significance of having a new one means?

Doug_Cgy · #64 Posted **May 7, 2014, 7:42 PM**

My guess is not much, I think they're pretty serious about getting this going.

I also don't think they would be pursuing so hard on The Orchard if they couldn't even make a go of 6th & Tenth. Speaking of the Orchard, Brad Lamb posted this to his Facebook today.

http://vimeo.com/86646736

Chadillaccc · #65 Posted **May 7, 2014, 8:16 PM**

The Orchard sounds very promising. I am excited for that. It could really help to liven the area, and with the inclusion of a large park space, it could help to spur more development in that area.

Deepstar · #66 Posted **May 7, 2014, 9:04 PM**

The fact that he posted a specific date leads me to believe it's going ahead. He said it was a groundbreaking ceremony, so it might not actually start construction right away, but no doubt won't be too long after.

Quote:

Originally Posted by Surrealplaces

That would be my guess as well. I wonder what the significance of having a new one means?

Quote:

Originally Posted by Doug_Cgy

My guess is not much, I think they're pretty serious about getting this going.

I also don't think they would be pursuing so hard on The Orchard if they couldn't even make a go of 6th & Tenth. Speaking of the Orchard, Brad Lamb posted this to his Facebook today.

http://vimeo.com/86646736

waichuntull · #67 Posted **May 9, 2014, 3:30 PM**

From June 2013, Then Nov 2013, Then March 2014, Then May 31 2014

Then ceremony?

Deepstar · #68 Posted **May 9, 2014, 7:56 PM**

Quote:

Originally Posted by waichuntull

From June 2013, Then Nov 2013, Then March 2014, Then May 31 2014

Then ceremony?

I hope that's the case. Given that it's an exact date, I'm expecting there will at least be a groundbreaking ceremony. Whether it starts construction right away is anyone's guess.

waichuntull · #69 Posted **May 9, 2014, 9:29 PM**

Quote:

Originally Posted by Deepstar

I hope that's the case. Given that it's an exact date, I'm expecting there will at least be a groundbreaking ceremony. Whether it starts construction right away is anyone's guess.

That's right. " anyone 's guess"

Construction commencement is different from ground breaking ceremony.

Many condo sales agreements set up deposit structure based upon "beginning construction" rather than "ground breaking" ceremony.

waichuntull · #70 Posted **May 26, 2014, 4:16 PM**

Does anyone know about the most current status of building permit and development permit for this project?

Chadillaccc · #71 Posted **May 26, 2014, 5:41 PM**

I'm also curious about this. Isn't their intended start date in like 5 days?

waichuntull · #72 Posted **May 26, 2014, 7:25 PM**

Quote:

Originally Posted by MichaelS

According to The City's interactive map, DP2012-0285 is still pending release. The only building permit in the past 3 years was for the temporary sales centre.

BP needs DP.

Commencement of construction needs BP.

What is the definition of "commencement of construction"?

Surrealplaces · #73 Posted **May 26, 2014, 8:03 PM**

Quote:

Originally Posted by Chadillaccc

I'm also curious about this. Isn't their intended start date in like 5 days?

May 30th isn't it?

Surrealplaces · #74 Posted **May 26, 2014, 8:04 PM**

I could be wrong here, but I believe that a shoring permit can be given even if the DP hasn't been released. A fill BP would need the DP to be realeased for sure.
The shoring permit covers something like one floor deep, and allows for pile driving..

Quote:

Originally Posted by waichuntull

BP needs DP.

Commencement of construction needs BP.

What is the definition of "commencement of construction"?

PVG-YYC · #75 Posted **May 28, 2014, 5:34 PM**

my friend told me that the government changed policy last year that developer can no longer pre-sell the units to fund the project. not sure what he said is true, is that why this place is on hold for so long?

Chadillaccc · #76 Posted **May 28, 2014, 5:49 PM**

Yes it was May 30 or 31. So weird that they don't have a BP yet...

Habanero · #77 Posted **May 28, 2014, 6:46 PM**

Quote:

Originally Posted by PVG-YYC

my friend told me that the government changed policy last year that developer can no longer pre-sell the units to fund the project. not sure what he said is true, is that why this place is on hold for so long?

I haven't heard of this regulation change. So far all of the new condo projects here in Calgary have been pre-selling units before starting.

Habanero · #78 Posted **May 28, 2014, 6:49 PM**

Quote:

Originally Posted by Chadillaccc

Yes it was May 30 or 31. So weird that they don't have a BP yet...

Yep, the 30th. He tweeted back on May 3rd that it would be May 30th for the ceremony. Let's hope all goes as planned.

PVG-YYC · #79 Posted **May 28, 2014, 7:02 PM**

Quote:

Originally Posted by Habanero

I haven't heard of this regulation change. So far all of the new condo projects here in Calgary have been pre-selling units before starting.

I guess, this friend tells alot BS sometimes. 2 days till ground breaking, we will see how that goes.

waichuntull · #80 Posted **May 28, 2014, 9:18 PM**

Quote:

Originally Posted by fusili

May 28th and the DP isn't even released. If they are starting construction on May 31st, that is the fastest DP release and BP review and approval in the history of Calgary.

Quote:

Originally Posted by H.E.Pennypacker

Regard 6th and 10th I get the feeling there will be an official ground breaking ceremony on the 31st but actual construction won't start for a few weeks after

Quote:

Originally Posted by Canucklehead

Considering 6th and 10th is what, 18 months delayed now? They promised May 31 start date, but still don't have DP? This is always an issue when you have a fee driven developer who puts no equity into the deal and uses other people's money, in this case a really weird structure offered by Fortress in a syndicate mortgage offering that is incredibly fee heavy. Check out this report on how they intend to finance winnipeg. It is incredibly sketchy and I am sure Calgary is similar. http://www.baystreet.ca/articles/res...y-Dec-2013.pdf

I'm not on the Lamb hype train at all.

Quote:

Originally Posted by O-tacular

I'm not really wowed by Lamb's projects so far. 6th and 10th is ok but it's like they didn't push it far enough. This looks really safe and boring. Agreed about the odd orchard plantings. Could be nice but it could also be awful depending how it's done. Also, based on how slow 6th and 10th has been I don't know how anyone who's in need of an actual home would want to wait the next 5 years for it to get built. Maybe Lamb is counting on foreign investors or something like in Toronto?

A very interesting document by Canucklehead. Suggest to read.
This talks about risks related to this kind of project funding with respect to market situation.

What is/are the holding up the DP and BP????????

With several delay incidents, how would the purchasers and potential purchasers response?

What can the purchasers (already signed) do?

It is very interesting to find out.....