Edmonton Construction Part 14 (October 2023)

Xelebes · #1 Posted **Oct 20, 2023, 12:53 PM**

This thread is to replace the old thread which has gotten over 10,000 posts.

buildings · #2 Posted **Oct 20, 2023, 1:30 PM**

guess I'll just stick with skyrisecities then.

Coldrsx · #3 Posted **Oct 20, 2023, 2:55 PM**

Manulife Investment Management, Real Estate
5,310 followers
20h • Edited
We are thrilled to announce Canadian Western Bank as our esteemed anchor tenant coming to Manulife Place Edmonton in the second half of 2025. This significant 200,000 square foot lease transaction, including 15,000 square feet of retail, marks a pivotal moment reinvigorating Manulife Place’s retail podium and driving development plans forward. Undoubtedly, this transformative deal holds the potential to redefine Edmonton’s downtown core. Special thank you to Mark Hartum and Arlyn Stoik with Avison Young, and to all those involved in making this monumental leap forward.

Watch this space for more details on the redevelopment of Manulife Place.

Black Star · #4 Posted **Oct 20, 2023, 3:21 PM**

Wow, its pretty exciting to see this happen. Increase traffic at this corner and the new podium will give it a 70s foot traffic vibe in this area. And throw in the BOM site development whenever this happens. You have to wonder if the city will enact more safety enforcement and features because of the LRT at these crossings. Right now I see many people crossing when they want and where they want.

Edmontonguy · #5 Posted **Oct 20, 2023, 3:29 PM**

I wonder what the deal is on why the ICE District tower for CWB fell through?

Black Star · #6 Posted **Oct 20, 2023, 3:32 PM**

Quote:

Originally Posted by Edmontonguy

I wonder what the deal is on why the ICE District tower for CWB fell through?

https://stockhouse.com/news/press-re...manulife-place

Coldrsx · #7 Posted **Oct 20, 2023, 3:32 PM**

Quote:

Originally Posted by Edmontonguy

I wonder what the deal is on why the ICE District tower for CWB fell through?

Construction costs, debt servicing, demand.

Edmontonguy · #8 Posted **Oct 20, 2023, 3:36 PM**

^thanks! It's too bad, though. I was looking forward to the tower being in ICE.

Le sigh. It seems I'll be too old to ever witness a truly revitalized downtown Edmonton.

YEG-Urbanist · #9 Posted **Oct 20, 2023, 3:51 PM**

Quote:

Originally Posted by Black Star

https://stockhouse.com/news/press-re...manulife-place

Hopefully someone can help me understand all of this. Why is CWB leaving its current location? I kind of understand if your are building a new tower. But what is the benefit of essentially moving a couple of blocks and spending millions of dollars to renovate an existing space. Why not just stay in their current location?

Also when they say 15,000 of retail space being included in this new Manulife Place deal, what does that refer to? When they say "retail" are they just referring to public banking space, like tellers, etc. Or is there actual retail coming with this deal?

CMD UW · #10 Posted **Oct 20, 2023, 4:01 PM**

Quote:

Originally Posted by Edmontonguy

I wonder what the deal is on why the ICE District tower for CWB fell through?

Interest rates and costs. You need base rent to be somewhere like $50-60/SF to make the proforma work...and that's for office space!

CMD UW · #11 Posted **Oct 20, 2023, 4:01 PM**

Quote:

Originally Posted by YEG-Urbanist

Hopefully someone can help me understand all of this. Why is CWB leaving its current location? I kind of understand if your are building a new tower. But what is the benefit of essentially moving a couple of blocks and spending millions of dollars to renovate an existing space. Why not just stay in their current location?

Also when they say 15,000 of retail space being included in this new Manulife Place deal, what does that refer to? When they say "retail" are they just referring to public banking space, like tellers, etc. Or is there actual retail coming with this deal?

For their main bank branch...

CMD UW · #12 Posted **Oct 20, 2023, 4:03 PM**

Quote:

Originally Posted by Edmontonguy

^thanks! It's too bad, though. I was looking forward to the tower being in ICE.

Le sigh. It seems I'll be too old to ever witness a truly revitalized downtown Edmonton.

Huh? You really think that office tower was going to 'revitalize' downtown. No. It's likely that tower will move forward as an apartment, as originally planned, which makes absolutely more sense in today's market.

CMD UW · #13 Posted **Oct 20, 2023, 4:04 PM**

Quote:

Originally Posted by Coldrsx

Construction costs, debt servicing, demand.

Fixed. The first two are primarily the biggest reason why you won't see many large office buildings built for awhile...and that goes for all major Canadian cities.

Edmontonguy · #14 Posted **Oct 20, 2023, 4:11 PM**

Quote:

Originally Posted by CMD UW

Huh? You really think that office tower was going to 'revitalize' downtown. No. It's likely that tower will move forward as an apartment, as originally planned, which makes absolutely more sense in today's market.

I wasn't seeking your attitude. I'm not stupid. I know an additional new tower won't 'revitalize' downtown.

I'm talking about revitalization, in general terms.

And, quite frankly, it will be years before a solid, good looking apartment tower goes up in the core. How many proposals have come up, only to fade away?!

Your faux boosterism will not change a thing.

CMD UW · #15 Posted **Oct 20, 2023, 4:15 PM**

Quote:

Originally Posted by Edmontonguy

I wasn't seeking your attitude. I'm not stupid. I know an additional new tower won't 'revitalize' downtown.

I'm talking about revitalization, in general terms.

And, quite frankly, it will be years before a solid, good looking apartment tower goes up in the core. How many proposals have come up, only to fade away?!

Your faux boosterism will not change a thing.

Soooooo Encore wasn't a good tower? The Parks won't be good either?

You do you bud....

Harrison · #16 Posted **Oct 20, 2023, 5:55 PM**

Quote:

Originally Posted by CMD UW

Soooooo Encore wasn't a good tower? The Parks won't be good either?

You do you bud....

Sure, the Falcons are not exactly lookers, but not garbage. I'd also say the Stationlands towers won't be too bad either.

Harrison · #17 Posted **Oct 20, 2023, 5:56 PM**

Quote:

Originally Posted by buildings

guess I'll just stick with skyrisecities then.

See you there, I split my time between here and there.

craner · #18 Posted **Oct 23, 2023, 3:02 PM**

Some more good news on the leasing front:

Edmonton office market breaks leasing record in third quarter
http://https://www.westerninvestor.com/british-columbia/edmonton-office-market-breaks-leasing-record-in-third-quarter-7702254

Coldrsx · #19 Posted **Oct 23, 2023, 3:36 PM**

Nice to see Norquest expanding and some positive news, but APEGA and its ~40k are leaving the core due to safety reasons.

One step forward, one back?

Either way, seeing transactional activity is good.

Rocket252 · #20 Posted **Oct 23, 2023, 4:43 PM**

^

One step forward and two back - APEGA leaving and other groups that may be reconsidering moving downtown upon hearing this news.