Recent content by AdamS

I suspect they have overextended. Condos aren't selling.

All good - here's the structure which is almost as complicated as the building design.

This is old news.

I don't disagree although if you're in the trades or anything related to construction it's not pleasant news. The question is what is Canada pivoting toward if not real estate? (We tried cannabis and that didn't work out so well)

This isn't new news. The assignment market is a shambles. The recent string of condos failing to launch is solid proof that the flippers are either drowning or sitting on the bleachers. You may say "great I hope the flippers get busted they're all greedy etc" and that's fine. But real estate is...

Good for you

The general rule in retail is to have a GROC Gross Rent to Occupancy Cost of 10% or less. So if we assume the Gross rent is $200 PSF on 20K SF, that's ~$4M per year in rent. So a healthy operator would need to do at least $40M in revenue to support that cost. For Grocery, the target GROC is sub...

I'm pretty sure most forum readers aren't particularly interested in the ethics or virtues of the Canadian real estate business. Nor do they worry about vacant suites or cashflow models on development proformas. They come to view the progress of cool and unique buildings as well as learn...

Totally agree. At this point they may need to demise the space as there are very few world class or even regional tenants able to absorb this size/rental cost. Maybe they can turn it into a 30K SF vaccination location for the 13th booster.

But this is the opposite of cutting losses. Going to 91 at this point is essentially building 70 spec luxury condos in a market full of luxury product. I'm sure they'll at least consider it because at this point, with this much drama, who is going to pay premium pricing for units at this project?

The issue now is that the real estate market is in decline. The higher rates are thinning the buyer pool. It will be hard to see how subordinated debt/unprotected lenders will agree to see this project to completion if prices continue to drop and they will continue to drop. I suggested they cap...

This doesn't have to be a polarized choice of 91 floors or bankruptcy. They could construct 10 or 15 more floors and call it a day. Bottom line this whole story is disappointing. I do raise an eyebrow seeing Mizrahi driving a Ferrari with spouse in a Rolls. If he owns them great, if they're...

But what about the 4pm shadows?

Maybe they apply for 30 more floors to be added....