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  #7161  
Old Posted Yesterday, 5:36 PM
borkborkbork borkborkbork is offline
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Originally Posted by trueviking View Post
It is very challenging to create a high performance affordable housing project, but it will happen as the hurdles are crossed.

Thanks everyone for clarifying the whole south/north thing. Makes more sense now.

Where does the money come from for affordable housing? Or is the idea that developers will just bid for the land at whatever price will allow them to turn a profit while building something that can be rented at below-market rates?

Edit: Or can the north block just be developed for 100% market-rate rental, condo, etc without restriction, and the affordable housing is being built on the south portion?
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  #7162  
Old Posted Yesterday, 5:59 PM
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What is the waterfront site?
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  #7163  
Old Posted Yesterday, 6:27 PM
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Originally Posted by drew View Post
^ preferably a pitcher in each hand... Rickards Red.
Carling Black Label would be better!
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  #7164  
Old Posted Yesterday, 6:32 PM
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^ it might be, but they didn't have that on tap at the Pemby from what I recall
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  #7165  
Old Posted Yesterday, 7:39 PM
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Quote:
Originally Posted by borkborkbork View Post
Thanks everyone for clarifying the whole south/north thing. Makes more sense now.

Where does the money come from for affordable housing? Or is the idea that developers will just bid for the land at whatever price will allow them to turn a profit while building something that can be rented at below-market rates?

Edit: Or can the north block just be developed for 100% market-rate rental, condo, etc without restriction, and the affordable housing is being built on the south portion?
To my knowledge the north portion of the site has no restrictions other than whatever aesthetics CentreVenture has placed on it.
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  #7166  
Old Posted Yesterday, 7:41 PM
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Quote:
Originally Posted by Labroco View Post
Our understanding is there were a number of proposals but none of them either met CV’s requirements or were too restrictive and the developers chose not to proceed.

As the St Regis site would have had a a development agreement attached to it in the same way Market Lands does, it is surprising nothing has been announced. The same is true for the Waterfront site.

As both sites have been “ sold” it would be interesting to see what the sale price was. If all the proceeds have actually been received by CV that would be great.

If a VTB was involved what we have is really just an offer to purchase with a small refundable deposit / and or a fee for the option to purchase.

Two years is quickly coming up on the St Regis site “sale” and more than three on the Waterfront site. One has to assume CV has offered extensions to both of these purchasers due to “Covid” related issues.

I wish both developers well and hope permits are issued and construction commences. It’s a very difficult climate going forward.
The St Regis owners are still hoping to start this year.
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  #7167  
Old Posted Yesterday, 8:05 PM
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That’s right. The affordable housing is in the south building funded through CMHC. It’s like one of the UW residential buildings. The North has no restrictions other than zoning.
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  #7168  
Old Posted Today, 6:37 PM
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Only The Lonely.. Only The Lonely.. is offline
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Quote:
Originally Posted by Biff View Post
The St Regis owners are still hoping to start this year.
Do you happen to know if the building became better looking?

The original render suggests a 40 story commie block that would become one of the city's more prominent landmarks.
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  #7169  
Old Posted Today, 7:20 PM
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Quote:
Originally Posted by Only The Lonely.. View Post
Do you happen to know if the building became better looking?

The original render suggests a 40 story commie block that would become one of the city's more prominent landmarks.
Of all the developments I would think inflation would hit this one hard considering the developer.
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  #7170  
Old Posted Today, 7:32 PM
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Quote:
Originally Posted by Only The Lonely.. View Post
Do you happen to know if the building became better looking?

The original render suggests a 40 story commie block that would become one of the city's more prominent landmarks.
last time I saw it, it was definitely better than the first thing we saw here. It's not going to win any awards, but it was somewhat improved. Still had the giant parkade base though. Hopefully the budget kills that. I cant imagine anyone making huge investments in downtown parking at this point.
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