West Village Towers - Page 5

Chadillaccc · #81 Posted **Aug 24, 2014, 11:55 PM**

Yay no more arguing. Excited to hear that this has been approved. Looking forward to a speedy start. A 150 meter rental... that has to be a record at least in the west!

Tills13 · #82 Posted **Aug 25, 2014, 12:23 AM**

Quote:

Originally Posted by WhipperSnapper

Lol. I shouldn't respond to this hyperbole that would make the Montreal trolls you all love so much so proud. I'm sorry you can't see the unfortunate choice of cladding that has turn something that could of being extraordinary to being just ordinary. Same can be said that you are inspired by a completely out of scale superfluous crown over the subtleties of KPMB's Southcore.

I have no idea where you live but I'm sure it's not Calgary because if you've stood at the base of EAP and looked up it's nothing short of breath-taking. There are no "unfortunate choice of cladding" there.

Trans Canada · #83 Posted **Aug 25, 2014, 1:16 AM**

This is the wrong place for this discussion, but…

I can understand "unfortunate choice of cladding" - I was hoping EAP would turn out more smooth and reflective, which would emphasize the jagged, angular design. The current cladding gives EAP a grey/white powdery look which gets stronger at sharper angles from the surface (e.g. as you get closer to the building). The following is what I was hoping for:

Source Michael W Murphy, https://www.flickr.com/photos/michaelwm25/2523941399/

Source Jonathan & Jill, https://www.flickr.com/photos/helloooo/246095274/

(Cira Centre in Philadelphia by Cesar Pelli)

MichaelS · #84 Posted **Aug 25, 2014, 5:22 AM**

Quote:

Originally Posted by Chadillaccc

Yay no more arguing. Excited to hear that this has been approved. Looking forward to a speedy start. A 150 meter rental... that has to be a record at least in the west!

It is not approved yet. It goes before planning commission next thursday. They decide if it is to be approved or not. Then could still be subject to appeal (but haven't heard of any major opposition).

Canucklehead · #85 Posted **Aug 25, 2014, 4:01 PM**

Takes some balls (and big money / financial covenants) to build this on spec. Not many banks are willing to lend to developers for rental. Probably why this is a joint venture.

Calgarian · #86 Posted **Aug 25, 2014, 4:22 PM**

Quote:

Originally Posted by Canucklehead

Takes some balls (and big money / financial covenants) to build this on spec. Not many banks are willing to lend to developers for rental. Probably why this is a joint venture.

There are a ton of rental buildings going up right now, definitely something favourable in the market.

Chadillaccc · #87 Posted **Aug 25, 2014, 5:43 PM**

Quote:

Originally Posted by Canucklehead

Takes some balls (and big money / financial covenants) to build this on spec. Not many banks are willing to lend to developers for rental. Probably why this is a joint venture.

Usually this is true, but few cities have as low a vacancy as Calgary does. I don't know the updated figure, but last time I saw, the rental vacancy was like 0.5%. So that is probably why they aren't seeing this, at least the first phase, as such a huge risk.

MasterG · #88 Posted **Aug 25, 2014, 6:04 PM**

Quote:

Originally Posted by Chadillaccc

Usually this is true, but few cities have as low a vacancy as Calgary does. I don't know the updated figure, but last time I saw, the rental vacancy was like 0.5%. So that is probably why they aren't seeing this, at least the first phase, as such a huge risk.

Big piles of cash in large investment organizations looking to change their risk portfolio is another reason. Pension funds and others are always looking to manage a portfolio within a certain boundary and property is one way of doing that. Rentals are a logical choice due to some parameters in the property market, some of these Calgary specific , others generally:

- larger market at over 1 million people
- low vacancy
- high level of employment
- high level of income
- strong economic forecast
- cheap financing for the larger institutions
- Strong stock performance of the past few years means there is some diversity that is lacking in many portfolios as stocks increased in value
- Rentals are a good source of guaranteed, relatively low-risk income for many years, a good way to reduce the volatility of cash-flows for big funds and pension programs

It is why you see ideas like the 7 Tower proposal. "I have 100 Billion in assets, I need to reduce my risk. Oh Calgary? Hmm, checks all the boxes, let's invest 500 million there."

Spring2008 · #89 Posted **Aug 28, 2014, 12:02 AM**

Plans for towers in Calgary's west downtown on the way up 3
BY SHAWN LOGAN, CALGARY SUN
FIRST POSTED: TUESDAY, AUGUST 26, 2014 08:31 PM MDT | UPDATED: TUESDAY, AUGUST 26, 2014 08:56 PM MDT

West Village Towers is a condo project proposed in downtown Calgary's west end. Supplied Photo
Article

The future of downtown Calgary’s long stagnant west side is looking up — way up.

Thursday, a development permit for a three-tower residential complex — dubbed West Village Towers — will go before the Calgary Planning Commission for approval.

Boasting 584 residential units along with two stories of commercial space, including an urban supermarket, the area councillor said it will become an anchor for a long neglected part of the downtown core.

“Right off the bat it’s super beautiful — it’s a gateway project,” said inner city Coun. Evan Woolley of the project along 9 Ave. S.W. between 10 St. and 11 St.

“The downtown west end is a struggling neighbourhood.

“But there’s a whole bunch of things percolating on the horizon.”

Long the home of Metro Ford, the glass panelled high rises are proposed to range in height from 29 stories to 41 stories with several public plazas.

The Calgary Downtown Association also endorsed the proposed development, noting in a letter to the planning commission it will help fill a large rental void in the core’s west end.

“We believe this project to be an exciting addition to the west side of downtown, plus a much needed addition to Calgary’s severely restricted rental accommodation inventory,” wrote CDA executive director Maggie Schofield.

“This project represents a very thoughtful addition to the downtown residential market, and its design remains respectful of both existing residential towers and nearby greenspaces.”

Woolley said the towers are the first step in what he hopes will be a spate of new development in the area that faces hurdles from large swaths of contaminated land, which require pricey remediation.

“There are lots of conversations going on right now,” he said, noting developers have another 2,000 residential units on the books within the next five years.

“In this city we’re really good at building out, we’re less good at building up.”

The project’s developers, Wexford and CIDEX Developments, are hoping to begin construction by the end of the year.

shawn.logan@sunmedia.ca

On Twitter: @SUNShawnLogan
http://www.calgarysun.com/2014/08/26...-on-the-way-up

TallBob · #90 Posted **Aug 28, 2014, 12:40 AM**

Well I guess it's pretty much set in stone now.... 3 buildings not two!

RyLucky · #91 Posted **Aug 28, 2014, 5:32 AM**

Quote:

Originally Posted by Spring2008

Plans for towers in Calgary's west downtown on the way up 3
BY SHAWN LOGAN, CALGARY SUN
FIRST POSTED: TUESDAY, AUGUST 26, 2014 08:31 PM MDT | UPDATED: TUESDAY, AUGUST 26, 2014 08:56 PM MDT

West Village Towers is a condo project proposed in downtown Calgary's west end. Supplied Photo
Article

The future of downtown Calgary’s long stagnant west side is looking up — way up.

Thursday, a development permit for a three-tower residential complex — dubbed West Village Towers — will go before the Calgary Planning Commission for approval.

Boasting 584 residential units along with two stories of commercial space, including an urban supermarket, the area councillor said it will become an anchor for a long neglected part of the downtown core.

“Right off the bat it’s super beautiful — it’s a gateway project,” said inner city Coun. Evan Woolley of the project along 9 Ave. S.W. between 10 St. and 11 St.

“The downtown west end is a struggling neighbourhood.

“But there’s a whole bunch of things percolating on the horizon.”

Long the home of Metro Ford, the glass panelled high rises are proposed to range in height from 29 stories to 41 stories with several public plazas.

The Calgary Downtown Association also endorsed the proposed development, noting in a letter to the planning commission it will help fill a large rental void in the core’s west end.

“We believe this project to be an exciting addition to the west side of downtown, plus a much needed addition to Calgary’s severely restricted rental accommodation inventory,” wrote CDA executive director Maggie Schofield.

“This project represents a very thoughtful addition to the downtown residential market, and its design remains respectful of both existing residential towers and nearby greenspaces.”

Woolley said the towers are the first step in what he hopes will be a spate of new development in the area that faces hurdles from large swaths of contaminated land, which require pricey remediation.

“There are lots of conversations going on right now,” he said, noting developers have another 2,000 residential units on the books within the next five years.

“In this city we’re really good at building out, we’re less good at building up.”

The project’s developers, Wexford and CIDEX Developments, are hoping to begin construction by the end of the year.

shawn.logan@sunmedia.ca

On Twitter: @SUNShawnLogan
http://www.calgarysun.com/2014/08/26...-on-the-way-up

I had to bold a couple other parts too.

I wonder if we will perhaps have a name change...(?). Technically, it's not in the West Village. Glad to hear it's moving forward!

Allan83 · #92 Posted **Aug 28, 2014, 7:10 AM**

I’m getting a bit confused. I thought West Village was the area roughly between Crowchild and 14th, and I thought that the west end of downtown was call the West End. I would call the area where these towers are being built the West End, but the towers are going to be called West Village Towers ...

Spring2008 · #93 Posted **Aug 28, 2014, 2:51 PM**

Quote:

Originally Posted by RyLucky

I had to bold a couple other parts too.

I wonder if we will perhaps have a name change...(?). Technically, it's not in the West Village. Glad to hear it's moving forward!

The 2,000 more units is just for that small area of downtown west end and over to 10th av. Crazy how many large scale projects are in the works in almost every inner city neighborhood.

Jimby · #94 Posted **Aug 28, 2014, 4:30 PM**

Shit Maggie sez:

"... its design remains respectful of both existing residential towers and nearby greenspaces.”

What does this even mean? "Respectful of existing residential towers?" How?
What nearby greenspaces? I can't think of any!
Shaw Millenium Park would be closest and it isn't really all that green, mainly pavement.

Trans Canada · #95 Posted **Aug 28, 2014, 5:27 PM**

Quote:

Originally Posted by Allan83

I’m getting a bit confused. I thought West Village was the area roughly between Crowchild and 14th, and I thought that the west end of downtown was call the West End. I would call the area where these towers are being built the West End, but the towers are going to be called West Village Towers ...

You are correct

Tills13 · #96 Posted **Aug 28, 2014, 5:37 PM**

Quote:

Originally Posted by Spring2008

...

“Right off the bat it’s super beautiful — it’s a gateway project,” said inner city Coun. Evan Woolley of the project along 9 Ave. S.W. between 10 St. and 11 St.

“The downtown west end is a struggling neighbourhood.

“But there’s a whole bunch of things percolating on the horizon.”

Long the home of Metro Ford, the glass panelled high rises are proposed to range in height from 29 stories to 41 stories with several public plazas.

The Calgary Downtown Association also endorsed the proposed development, noting in a letter to the planning commission it will help fill a large rental void in the core’s west end.

...

I thought the Metro Ford site was the WAM development... aren't these towers going in across the street from that lot?

Good lord all these towers are getting confusing.

rayne008 · #97 Posted **Aug 28, 2014, 7:51 PM**

Quote:

Originally Posted by Tills13

I thought the Metro Ford site was the WAM development... aren't these towers going in across the street from that lot?

Good lord all these towers are getting confusing.

I agree, I believe they meant to say the old Stampede Pontiac site.