Saskatoon Construction III

[Crisis]

While I was among the first to criticize the design of Baydo's 25th street rendering and would say the tower portion of 880 Broadway is OK at best, we shouldn't be too critical of Baydo. While we might like to see more attractive designs, one should focus on the fact that Baydo is spending the money to build these projects.

It's easy to criticize how other people spend their money. Things take a different perspective when it's your money getting spent. One can say "well, it would only cost another 4% to make it prettier", but when you only have a 7% return, that 4% is pretty damned important

[Echoes]

Baydo banking on rising demand for new rental units
The company expects to charge between $1,200 and $2,200 per month for units in its new Broadway Avenue apartment building.

Alex MacPherson, Saskatoon StarPhoenix
Updated: June 12, 2019

A Saskatoon-based developer is banking on demand for new rental units in the city’s core to continue growing as more people seek to avoid the costs and hassle of owning houses or condominiums.

While multiplehigh-endcondo developments are underway in Nutana and nearby Varsity View, Baydo Development Corp. believes its money is best spent on a new 10-storey apartment tower on Broadway Avenue.

“You look at a comparable condo, you’re paying property taxes, you’re paying condo fees. Add mortgage interest into that and you’re in the same spot where you are with rent,” said Chris Luczka, Baydo’s vice-president of finance.

“Add that to the fact that the (Canada Mortgage and Housing Corp.) is tightening up how you can qualify for a mortgage, the banks are getting harder to get money from, and it makes a lot more sense to rent.”
​
Baydo’s plan to build on the site of the former RBC building emerged in a City of Saskatoon report last fall. On Tuesday, the company unveiled more detailed plans and said construction could begin as soon as this month.

Based on a 24-month construction timeline, that means the building — which is expected to contain units ranging in size from 460-square-foot one-bedrooms to 970-square-foot two-bedrooms — would be ready for leasing in the summer of 2021.

Luczka said the company already has a waiting list of people interested in paying rental rates currently estimated at between $1,200 and $2,200 per month for the units, as well as unnamed commercial tenants lined up for the building’s first two floors.

While those are higher than the city’s average rental rates — $870 per month for a one-bedroom and $1,040 for a two-bedroom, according to PadMapper — Luczka noted 880 Broadway will be the first new apartment tower in the area since the 1970s.

“It’s not even comparable,” he said, adding that everything from construction materials to finishings have improved dramatically since the last large apartment buildings went up in Nutana 40-odd years ago.

And because the property is already zoned to allow apartment buildings, Baydo can expect to avoid the lengthy and often contentious public consultation process that has frustrated some of the city’s most prominent infill developers.

He declined to say how much building the tower is expected to cost.

Luczka on Tuesday again declined to comment on a proposal, outlined in a separate city report, to build a pair of apartment towers containing a total of 364 rental units on a parking lot at the corner of Fifth Avenue and 25th Street East.

Baydo bought the property for $4 million last year. The towers, each of which is envisioned to rise 23 stories above City Park, would likely become the city’s single largest residential development project.

amacpherson@postmedia.com
twitter.com/macphersona

https://thestarphoenix.com/news/loca...w-rental-units

[NotToScale]

That's some high rent for a 'meh' place. If they think they can get that then good on them.

[mmx]

https://news.usask.ca/articles/gener...ure-school.php

Is there anything new?

[justabusinessstudent]

Love the "Canada's Diversity Gardens" video - if the conservatory could become something along those lines (albeit on a smaller scale), I could see that becoming a frequent place to visit as a student to study.

In terms of the Baydo buildings downtown, the architectural and emotional feel is a no-go for me. As a young person, buildings that look like that would actively keep me from moving downtown. We need modern looking, sleek, functional buildings that align with the proposed architectural/street guidelines. I hope Baydo can work on that.

Cheers from Sweden!

[alt_center]

When a building could figure prominently into the cityscape for 100 years or more, I think the developers, and indeed the community at large, are obligated to consider its impact on the public realm. It is not good enough to throw something up as cheaply as possible. We do not deserve and should no longer expect the depressing mediocrity that we have put up with for so long in this town.

[Ricopedra]

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[YXE]

https://saskatoon.ctvnews.ca/develop...rket-1.4455750

[The Bess]

yes lets all rush to buy those cardboard condo's miles from downtown. Maybe NP didn't realize Saskatoon's changing market and pent up demand for more housing closer to downtown. They put up the Shangri-la so that should have been an indication. But they are more of a regular house developer so maybe not.

[YXE]

Originally Posted by The Bess

yes lets all rush to buy those cardboard condo's miles from downtown. Maybe NP didn't realize Saskatoon's changing market and pent up demand for more housing closer to downtown. They put up the Shangri-la so that should have been an indication. But they are more of a regular house developer so maybe not.

I don't disagree... this article explains their lack-of action towards building on College. I suspect we won't hear anything about it until next spring at best.

[Echoes]

I hate to nitpick, but the article is about North Ridge, not North Prairie.

[The Bess]

oops sorry about that Echoes wrong north company

[prairieguy]

I get them mixed up all the time!

[Ricopedra]

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[Crisis]

Originally Posted by Ricopedra

Boy, am I out of it. Why would anyone ever buy a condo out in the sticks, where everyone has a yard? Am I missing something? That's why you move out to the boonies, to have more space than you can fill, mowing lawns to the horizons.

The answer to your query, along with so many others posed on this site, is the same as with many things - MONEY.

It's far less expensive to build a low-rise wood-framed apartment-style condo in the burbs than it is to build a highrise concrete or steel condo downtown. In turn, they get sold for far lower prices. You can make the argument that people would pay more for a highrise condo downtown and that is certainly true. However, obviously not in the quantity to make it financially viable. Project costs get scrutinized very carefully in the proforma and pre-construction phases where $5 per square foot can make the difference between a project proceeding or not proceeding. The additional $50 - $100 per square foot to build highrise vs. lowrise makes a huge difference in the prices at which those units sell or rent.

Many posters seem to think that most developers are morons and if they would just build downtown highrsies, the masses would flock to them. Simply because the market demand is not what you would like to see is not the developers' fault. Developers are not morons - they build what they think they can sell - simple as that.

[Ricopedra]

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[Ricopedra]

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[Stormer]

Originally Posted by Ricopedra

Boy, am I out of it. Why would anyone ever buy a condo out in the sticks, where everyone has a yard? Am I missing something? That's why you move out to the boonies, to have more space than you can fill, mowing lawns to the horizons.

If you want a condo, you want security, centrality and convenience. You want the ability to leave your place with the piece of mind knowing it's secure for however long you're gone. You've just got to get someone to water your plants! Haha.

Anyway, I heard some developer is complaining about 400 units or something in the burbs being built like afterthoughts. That's already 2 big skyscrapers downtown lost. North ridge prairie sandwich is whoever's right. Exactly. It doesn't make sense.

My thought is let them build their townhouses, axe the condos and get the other units downtown, on the North Ridge of downtown, near the city yards. A way better neighbourhood just waiting to happen. See what I did there? And NR can pay a tax for changing their suburban plan to kick things off in the core.

Unfortunately many people, especially older people are scared to live downtown. They also never walk anywhere.

[Ricopedra]

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[Ricopedra]

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