Quote:
Originally Posted by Snark
Lots of substance there now. Full court sales press. I love the top penthouse. Anyone here thinking of buying it? 
On a more serious side, the rate of sales with this project is key to determining the potential for future developments of a similar nature. It's an excellent canary. |
Related to this, I had a lecture a few days ago from the man who initiated Kitchener's brownfield redevelopment strategy. He said it took him a lot of time and energy canvassing developers to find someone interested in developing condos in downtown Kitchener - most developers thought that condos would never fly in Kitchener-Waterloo since everyone wanted single-family homes. But once they found a developer willing to convert the Kaufmann Building downtown to condos, and once it became apparent that project had been successful, they got the ball rolling on a whole number of downtown projects (not just brownfields).
All it takes was for one developer to take a risk and show that something can turn a profit, and the rest will follow.