Forma | 308m | 84s | Great Gulf | Gehry Partners

Big Daddy

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Does anyone have any feelers out there that they can see if this property is possibly being marketed (looking for a buyer)? The carrying cost of the $300,000,000 purchase price has to exceed $30 million by now. Who can afford to do this? or better, why?

Searching Gehry online no longer finds any information about this project.
 
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Edward Skira

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The carrying cost of the $300,000,000 purchase price has to exceed $30 million by now. Who can afford to do this? or better, why?

Great Gulf is not hurting for cash. They sold East Harbour for how much again?
 

westtoeast

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A little more complicated than that. It was +/- $50m and it took them 8 years to put all the pieces together. Still, +/- $640m minus commissions, etc. is nothing to scoff at.

The optimistic side of me hopes that they will use some of that windfall to give this project the attention it deserves.

I actually emailed the planner on file about this one recently too - it seems odd to me that there hasn't been a preliminary report or anything filed in response to the resubmission...it's been over a year now. I figured we could use Union Centre as a bit of a proxy for timing, but it's rezoning got much quicker feedback than this one. Feels bad checking each month's city council agenda to see no mention of this project.
 

ADRM

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This isn't a standard resubmission (if there is such a thing) given, among other things, an especially complex arrangement for servicing/utilities, and some aspects of the below-grade reconfiguration that is part of the resub are directly affected by that complexity (along with a whole new spate of easements arrangement with the City). Some of the pipes in this area are still wood.
 

Star Fox

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Someone posted earlier in this thread (probably about mid-2019) that during a shareholder call with one of the developers/investors/something that they said their next project, which was presumed to be M+G, would be developed in "1-2 years". According to that timeline I don't think anything seems wrong, as we shouldn't be hearing anything until mid-2020 at earliest and potentially as late as mid/late 2021.
 

Big Daddy

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bmiller

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There has to be a lot of money tied up in this project to this point. Land, architects, lawyers etc. It would be a big hit to someones pocket book if it was cancelled. I expect this will happen in some iteration, maybe just one tower, who knows.
 

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