vultur
Active Member
Some developer will come along, pick up St. James towers, gut the buildings and turn them into high value rentals and condos. Lots of new money immediately to the west will pull up the land values to make renewing the buildings worth while.
I think there is even room to put up a couple more towers. Connect some of the buildings with a multi-storey podium extension and call it a day.
Easier said that done friend. There isn't a lot of pricing power in the rental market and SJT, while structurally sound, is demographically not very appealing to higher paying renters. I agree the buildings have good layouts and amazing views, but it would take many, many, years to vacate and rollover all the units there. I know someone who was involved in that building for years (Cadillac Fairview built it btw) and they had a very tough time managing it. Not saying that it's impossible, but it would be extraordinary undertaking as the present owners aren't exactly in a hurry to part with the buildings. And you can forget about ever turning that complex into condos in your lifetime. The city would never allow the loss of such affordable housing.
Great idea, very small likelihood of happening.
CityPlace will be much worse than this complex in the future because it is not in a real neighborhood like SJT. CityPlace will be a total slum within 15 years. Thanks Concord Adex, you've left quite a mark on this city.