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Old Posted Dec 22, 2014, 5:34 PM
Simplicity Simplicity is offline
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Quote:
Originally Posted by esquire View Post
^ I would agree with rypinion. The location is not spectacular, but it's not terrible either. I don't think the economics of this project make it likely to take shape as advertised, but I'm not sure that it would be all that much different if it were located somewhere else downtown. The problems probably have to do with the building vis a vis the market, not the location specifically.
Yeah, these are fair points. I never really considered the transit issue, but I feel like living on Waterfront is probably still seen as more desirable.

My honest opinion is that we get nothing here. I'm hearing a lot of 'well, we'll get something, but it'll be scaled down' or 'not as advertised', but that's not accounting for the $9.5MM purchase price of the land. At most we're going to get some marketed window dressing as they attempt to bring this impossible project forward. We'll likely get a sales center and that'll probably be it. Anything else is an acknowledgment of overpayment and they'll have to take a loss.

The unfortunate part is that Sabino probably doesn't part with the land for less than a valuation that makes no sense, so it's probably not a scenario where somebody else could have done something with it. But I think Fortress and their investors are about to find out why surface parking is such a dominant land usage in downtown Winnipeg.
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