Quote:
Originally Posted by Spocket
This will be one of the easier projects. No soil samples to take. No drilling piles. No foundation work to do at all. Garry's not that busy along that particular stretch either. Main Street may be a pickle but I suspect that Graham will be avoided for the most part with most deliveries taking place along Garry or Main. I could be wrong of course. Overall, this is about as easy it gets.
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Artis was the benefit of some significant cost savings in terms of an existing foundation designed for a office tower on that pad site.
They did technically "pay" for it when they purchased the complex, but they certainly didn't pay extra for it.
Assuming they can simply "bolt" into the existing structure there, this is a huge cost savings. I can't say for sure how much, but I would think somewhere in the 20 to 25% range versus building from scratch.
All this does is lower the capital required by Artis to build this thing, and makes renting that much more attractive, given the subsidies available, plus the lowered debt required to pay off.
They maintain control and ownership, and in the future, can decide to convert to condos if the market dictates it - after the renters have paid off their debt.
It's really a wonder it took this long to do this - HELLO PORTAGE PLACE!