Wednesday, July 4, 2012
36 Million Dollar Deal Downtown Deal
The Calgary Board of Education has sold the former education centre to an institutional investor in Western Canada for $36.5M.
The sale of the building, located at 515 MacLeod Trail S.E., was approved as part of the development plan for the modernization and addition to the historic Dr. Carl Safran Centre and construction of the new Education Centre at 1221 8 St. S.W.
The CBE completed the move into the new centre last year.
In a release, the CBE says that all stages of the sale process required by the Province of Alberta and the CBE Board of Trustees were followed.
“The sale of the old education centre is part of a long-term, integrated facilities strategy for the CBE,” said Naomi Johnson, chief superintendent of schools. “Finalization of this sale puts in place the last component of the complex and lengthy development of the new Education Centre.”
The proceeds of the sale will be placed in reserve and used to repay approximately $20M of interim financing for the Dr. Carl Safran Centre and the Connaught School.
Tuesday, June 21, 2011
Calgary Downtown Project a Go
MASSIVE Downtown project is still moving forward. Great to see our downtown will be looking even more World Class.
CALGARY — The second phase of the massive Eighth Avenue Place downtown office development is moving closer to reality.
Having weathered the project’s difficult start, its owners celebrated the official opening of Eighth Avenue Place on Monday and confirmed work on a planned second tower could begin next year.
Construction of the project’s first phase — a 1.1-million-square-foot, 49-storey office tower on 8th Avenue S.W. — began in December 2007. The next phase will add a second tower of 38 storeys and 785,000 square feet of office space to the complex, located at the former site of the Penny Lane block.
Friday, April 29, 2011
Downtown Calgary Office Space at 2008 levels
CALGARY — Occupied office space in downtown Calgary has surpassed the level reached during the height of the real estate market in the second quarter of 2008.
A report by Colliers International says that occupied space has reached 33.7 million square feet in the first quarter of this year.
The overall vacancy rate declined one percentage point to 10.92 per cent which equated to about 393,000 square feet of positive absorption in the first three months of 2011.
“Much like in the latter half of 2010, oilsands companies continued to grow, with numerous new projects on the horizon creating additional office space requirements,” said the report. “Most of the activity can be attributed to the strong oil prices and resultant higher levels of activity in the sector.”
The recently-completed Eighth Avenue Place office tower absorbed 50,000 square feet last quarter. It is currently 88 per cent leased.
Development of the 49-storey, 1.1 million-square-foot EAP began totally on speculation with no leasing deals in place.
“With oil trading above $100 a barrel, leasing activity in the Calgary downtown office market is expected to remain strong throughout 2011,” said Colliers. “As more companies take on additional projects, the highly active oil sector will continue to recapture most of the jobs lost during the recessionary period.
“As employment increases, vacancy numbers will continue to decline. Good quality space is leasing quickly in the current market, as shown by the strong absorption numbers for the upper classes of office buildings ... Large contiguous blocks of vacancy in all classes of buildings have become short in supply.”
Meanwhile, the Calgary Board of Education has officially put the downtown Education Centre building up for sale. The building at 515 Macleod Trail S.E. has been put for sale by public tender with a minimum bid price of $40 million.
The five-storey building is close to 91,000 square feet on 1.08 hectares of land.
“The final bid and sale price will ultimately be determined by prevailing market conditions,” said the CBE.
The board said the Armengol sculptures, commonly known as the Family of Man statues, are not within the scope of the sale. The future of the sculptures will be determined by the City of Calgary, the sculpture’s owners.
The offer for sale by tender will expire May 4.
The CBE said the building will be vacant by June this year as staff moves into the new Education Centre at 1221 8th St. S.W.
Monday, November 29, 2010
Calgary Housing Update
Categories:Buy a House In Calgary,Calgary Buyers,Calgary Downtown Core,Calgary Economy,Calgary Market Trends,Calgary Real Estate
Wednesday, November 10, 2010
Re-Inventing Downtown Calgary
Categories:Calgary Commercial Real Estate,Calgary Downtown Core,Calgary Economy,Calgary Market Trends
I have an idea - look at Chicago, protect and preserve some of the old buildings and for the others, lets incorprate new architecture into the existing shell.
What do you think?
#103, 11012 Macleod Trail South, Calgary, AB, T2J 6A5
Cell: 403-852-6583, Email: denis@MyHomeAgent.ca
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