Quote:
Originally Posted by phesto
So let's see, the City puts out an RFP and gets only one response. The winning group, which incidentally is an experienced developer that knows the New Westminster market very well, decides after spending a considerable amount of time and money on it, that the office tower isn't viable, even with the City sharing the risk. So the logical thing for the City to do would be to take all of the risk and push it forward themselves? Lol.
I'll just say I'm glad I don't live in New West. I know a lot of the office tower fanboys on here love spec development, but how many of you would put your own money in this project?
|
I would if I have the opportunity. I think its a great opportunity for the city and will return big dividends not just to the neighbourhood, but also to the residents and taxpayers of New Westminster.
With regards to Central City, just look at it. It is the cataclyst that is helping revitalize a very run down area of Metro Vancouver, and no one can deny its impact both economically and to the community.
So what if it was empty for a few years, the Empire State Building in NYC was nearly empty for 30 YEARS, so much so it turned the nickname "Empty State Building". But no one is calling that a failed tower, right? Petronas was half empty for years too, but look at it now.
Its a simple fact....if you build it, they will come. I don't think there is a decently built office tower that remained empty forever. As long as there is population growth, as long as there is economic growth, any office tower that is built will get filled up. Its as simple as that.
I'm glad Ivanhoe Cambridge is moving along with MetroTower 3...aren't they the same developer who built this huge 50+ storey office tower in Calgary purely on spec during the time Encana and others were going to flood the market, with millions upon millions of unclaimed office space.....starting during the time of the 2008 financial crisis? Look at them now..