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Thread: Ice District for Sale

  1. #1
    Last edited by fifty_in39; 12-02-2018 at 05:49 PM.

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    Looks like only Stantec Tower and Edmonton Tower.

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    Rumoured for a while now.

    Curious more about who picks up ECC.
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    link somthing thats not behind a paywall thanks

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    Quote Originally Posted by Dark Magnus View Post
    link somthing thats not behind a paywall thanks
    You should consider subscribing to the Globe and Mail. Its a great paper.


    However, I do find that this article takes a usual 'surprised' tone about Edmonton. The article seems rather unsure what to make of the fact that the two towers are priced at around a billion dollars. In fact it very very good news for the City. Quite brilliant for Katz and partners to unlock capital this way while also simultaneously boosting the value of their development to come.

    The $$$$$ valuation will cause quite a few people in Toronto to gasp. Shows us what kind of City we are becoming. Only good news for YEG I think.

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    Stop the loading of the full page before it hits the paywall.
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    Quote Originally Posted by Dark Magnus View Post
    link somthing thats not behind a paywall thanks
    There's no paywall on the mobile app where I shared the link from.

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    The Edmonton Journal does that too. I have a paid subscription and they have very large inviting icons to share a story. When I share it I just get complaints that people can't open it because they don't have a subscription. Someday newspapers will learn that they should either make it difficult to share, or making sharing easy to people like it and want to subscribe.

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    Not sure what to make of that article. Why would Katz Group/One want to sell Stantec already? What does that say for future development by them? Wikipedia states that Stantec will cost 500 million to build and they want to sell it for that much . I'm puzzled by the reasoning for this.
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    Quote Originally Posted by cpnfantstk View Post
    Not sure what to make of that article. Why would Katz Group/One want to sell Stantec already? What does that say for future development by them? Wikipedia states that Stantec will cost 500 million to build and they want to sell it for that much . I'm puzzled by the reasoning for this.
    why would they sell it - and/or the edmonton tower - now? because if you’re not going to keep it in your portfolio, you sell it now because it will never be worth more than it is now. it’s new, it’s virtually fully leased, both cap rates and mortgage rates are as low as they’re ever going to be, there’s little other similar trophy product available not only here but anywhere else else in the country, the canadian dollar is relatively low... selling it now isn’t even necessarily a lack of faith in this market - it may be an opportunity for the existing owners to reset relationships and/or it may be an opportunity to repatriate capital for additional investment either in this market or elsewhere either in real estate or elsewhere. as for stantec costing 500 million, that probably includes the cost of building the sky residences which isn’t likely part of this sale. the condo sales proceeds should still accrue to katz/one in addition to the office sale. the office sale probably includes enough parking for the office space but not the rest of the parkade even though that’s also likely in the construction cost. edmonton tower being standalone including parking is probably a cleaner deal and attractive to a larger set of purchasers which - along with the total value of both also excluding some purchasers - is why there would be a willingness to sell them separately as well as together.
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    ^awesome insight and thoughts. Thank you. That makes a lot of sense.

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    Re. the "paywall," open the link in an incognito page. Right click on the link and press "open link in incognito." This only works if you're using Chrome. Firefox has this feature as well, but I can't remember what it's called on Firefox.

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    Still get a paywall even in incognito

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    Posting an entire article gets C2E in trouble with publishing companies. They have bigger lawyers than I do. Post unapproved.

    Sorry.
    Ow

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    Quote Originally Posted by kcantor View Post
    Quote Originally Posted by cpnfantstk View Post
    Not sure what to make of that article. Why would Katz Group/One want to sell Stantec already? What does that say for future development by them? Wikipedia states that Stantec will cost 500 million to build and they want to sell it for that much . I'm puzzled by the reasoning for this.
    why would they sell it - and/or the edmonton tower - now? because if you’re not going to keep it in your portfolio, you sell it now because it will never be worth more than it is now. it’s new, it’s virtually fully leased, both cap rates and mortgage rates are as low as they’re ever going to be, there’s little other similar trophy product available not only here but anywhere else else in the country, the canadian dollar is relatively low... selling it now isn’t even necessarily a lack of faith in this market - it may be an opportunity for the existing owners to reset relationships and/or it may be an opportunity to repatriate capital for additional investment either in this market or elsewhere either in real estate or elsewhere. as for stantec costing 500 million, that probably includes the cost of building the sky residences which isn’t likely part of this sale. the condo sales proceeds should still accrue to katz/one in addition to the office sale. the office sale probably includes enough parking for the office space but not the rest of the parkade even though that’s also likely in the construction cost. edmonton tower being standalone including parking is probably a cleaner deal and attractive to a larger set of purchasers which - along with the total value of both also excluding some purchasers - is why there would be a willingness to sell them separately as well as together.
    Exactly what Ken said. Add in the fact that the tenant profile in these buildings come with some strong covenants, and you have a good opportunity to purchase a brand new, premier building that's producing a solid income for the next several years.

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    Quote Originally Posted by kcantor View Post
    Quote Originally Posted by cpnfantstk View Post
    Not sure what to make of that article. Why would Katz Group/One want to sell Stantec already? What does that say for future development by them? Wikipedia states that Stantec will cost 500 million to build and they want to sell it for that much . I'm puzzled by the reasoning for this.
    why would they sell it - and/or the edmonton tower - now? because if you’re not going to keep it in your portfolio, you sell it now because it will never be worth more than it is now. it’s new, it’s virtually fully leased, both cap rates and mortgage rates are as low as they’re ever going to be, there’s little other similar trophy product available not only here but anywhere else else in the country, the canadian dollar is relatively low... selling it now isn’t even necessarily a lack of faith in this market - it may be an opportunity for the existing owners to reset relationships and/or it may be an opportunity to repatriate capital for additional investment either in this market or elsewhere either in real estate or elsewhere. as for stantec costing 500 million, that probably includes the cost of building the sky residences which isn’t likely part of this sale. the condo sales proceeds should still accrue to katz/one in addition to the office sale. the office sale probably includes enough parking for the office space but not the rest of the parkade even though that’s also likely in the construction cost. edmonton tower being standalone including parking is probably a cleaner deal and attractive to a larger set of purchasers which - along with the total value of both also excluding some purchasers - is why there would be a willingness to sell them separately as well as together.
    Thanks Ken, very insightful indeed.
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    If anyone has trouble getting through the paywall, just a reminder that you can read all Globe and Mail articles (and many other newspapers) for free online through your Edmonton Public Library account.

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    @ kcantor, thanks for your thorough response. Clears things up for me.
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    I would imagine the price tag includes the constructing/assembling process that procured long term tenants as well. They branded a product and that is their term for that value.
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    If only he would sell his hockey team.

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    Quote Originally Posted by chinpokomon View Post
    If anyone has trouble getting through the paywall, just a reminder that you can read all Globe and Mail articles (and many other newspapers) for free online through your Edmonton Public Library account.
    Interesting. What are the steps to do so?

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    Quote Originally Posted by PunjabiOil View Post
    Quote Originally Posted by chinpokomon View Post
    If anyone has trouble getting through the paywall, just a reminder that you can read all Globe and Mail articles (and many other newspapers) for free online through your Edmonton Public Library account.
    Interesting. What are the steps to do so?

    I'll buy it. Do they accept Litecoin and Aurora stocks?
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    Quote Originally Posted by PunjabiOil View Post
    Quote Originally Posted by chinpokomon View Post
    If anyone has trouble getting through the paywall, just a reminder that you can read all Globe and Mail articles (and many other newspapers) for free online through your Edmonton Public Library account.
    Interesting. What are the steps to do so?

    1. If you don't have an EPL account, sign-up for free here: https://www2.epl.ca/signup/
    2. Log-in to your EPL account.
    3. Select "Digital Content" at the top, then "Newspapers & Magazines".
    4. Click on "PressReader".
    5. Select The Globe And Mail or any other publication that you'd like to read.

  24. #24

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    More he makes on real estate the more he builds .

  25. #25

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    That describes the term "developer" which he has ventured to.
    As per selling the team, i dont want foreign owners. Local will always ensure the team remains in the city. Furthermore, entrepreneurs that own prestige sports franchises would be perceived to have higher leverages or values imo.

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    Katz isn't local and hasn't been for years. You don't call yourself a local of a place you only spend a couple of weeks a year at.

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    Quote Originally Posted by ctzn-Ed View Post
    That describes the term "developer" which he has ventured to.
    As per selling the team, i dont want foreign owners. Local will always ensure the team remains in the city. Furthermore, entrepreneurs that own prestige sports franchises would be perceived to have higher leverages or values imo.
    I agree. An Edmontonian owning the team is best. An outside owner might be tempted to move the team one day. Katz will not, ever. He is a fan at heart.

    As much as I admired the Oilers’ investors group, all their wealth combined was a tiny fraction to what Katz has. They were operating at their financial limit.

    Like him or not, Katz ensures we remain an NHL city. For me that is important.

  28. #28

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    Quote Originally Posted by kkozoriz View Post
    Katz isn't local and hasn't been for years. You don't call yourself a local of a place you only spend a couple of weeks a year at.
    He still has a home here; he was born here; he studied here... He is not local? If you want to play kindergarden tit for tat. Sure! He is not local despite mom, dad, memories and all.

  29. #29

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    This is slightly a **** off, he cried and complained when he couldnt get money from the city to fund his arena. (IMO) the only reason why those towers are worth anything. Now that the city paid, he cuts his profits and f***s off. I think the city should be entitled to at least a small portion of his profits.

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    Quote Originally Posted by S3RI3S View Post
    This is slightly a **** off, he cried and complained when he couldnt get money from the city to fund his arena. (IMO) the only reason why those towers are worth anything. Now that the city paid, he cuts his profits and f***s off. I think the city should be entitled to at least a small portion of his profits.
    it doesn't work that way... the city collects property taxes from those buildings regardless of who owns them.

    besides, unless you're going to call for the city to pay a small portion of any losses on this sale or any subsequent sale, the city shouldn't be entitled to a small portion of any profits either.
    "If you did not want much, there was plenty." Harper Lee

  31. #31

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    Quote Originally Posted by kcantor View Post
    Quote Originally Posted by S3RI3S View Post
    This is slightly a **** off, he cried and complained when he couldnt get money from the city to fund his arena. (IMO) the only reason why those towers are worth anything. Now that the city paid, he cuts his profits and f***s off. I think the city should be entitled to at least a small portion of his profits.
    it doesn't work that way... the city collects property taxes from those buildings regardless of who owns them.

    besides, unless you're going to call for the city to pay a small portion of any losses on this sale or any subsequent sale, the city shouldn't be entitled to a small portion of any profits either.
    for better or worse, but in this case i expect ice wont lose money for him.

    im just getting the feeling, as a city - as tax paying residents. Katz used us , our passion for hockey and love for the city to make a profit for himself.

    If he stays in edmonton when this is all said and done.. it wont be as bad, but if i see that mansion of his go for sale. Im sure a few people will be upset.

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    Quote Originally Posted by S3RI3S View Post
    Quote Originally Posted by kcantor View Post
    Quote Originally Posted by S3RI3S View Post
    This is slightly a **** off, he cried and complained when he couldnt get money from the city to fund his arena. (IMO) the only reason why those towers are worth anything. Now that the city paid, he cuts his profits and f***s off. I think the city should be entitled to at least a small portion of his profits.
    it doesn't work that way... the city collects property taxes from those buildings regardless of who owns them.

    besides, unless you're going to call for the city to pay a small portion of any losses on this sale or any subsequent sale, the city shouldn't be entitled to a small portion of any profits either.
    for better or worse, but in this case i expect ice wont lose money for him.

    im just getting the feeling, as a city - as tax paying residents. Katz used us , our passion for hockey and love for the city to make a profit for himself.

    If he stays in edmonton when this is all said and done.. it wont be as bad, but if i see that mansion of his go for sale. Im sure a few people will be upset.
    At the very least, ICE District brought momentum to the core.I doubt many of the completed or proposed projects would have existed without it. I stated this a different thread, if Katz stops right now, he's left his mark on the city and I'd say it's a real positive one.
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    Quote Originally Posted by S3RI3S View Post
    Quote Originally Posted by kcantor View Post
    Quote Originally Posted by S3RI3S View Post
    This is slightly a **** off, he cried and complained when he couldnt get money from the city to fund his arena. (IMO) the only reason why those towers are worth anything. Now that the city paid, he cuts his profits and f***s off. I think the city should be entitled to at least a small portion of his profits.
    it doesn't work that way... the city collects property taxes from those buildings regardless of who owns them.

    besides, unless you're going to call for the city to pay a small portion of any losses on this sale or any subsequent sale, the city shouldn't be entitled to a small portion of any profits either.
    for better or worse, but in this case i expect ice wont lose money for him.

    im just getting the feeling, as a city - as tax paying residents. Katz used us , our passion for hockey and love for the city to make a profit for himself.

    If he stays in edmonton when this is all said and done.. it wont be as bad, but if i see that mansion of his go for sale. Im sure a few people will be upset.
    Katz has not moved up on the wealth rankings for several years now. I have a feeling he is not making as much money as you think he is on the Ice District.

  34. #34

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    Or he's moving up at the same rate as the rest of the 1%.

    He may have been born here and have family here but his primary residence is in Vancouver. I was born in Europe where my dad was stationed with the RCAF. I don't consider that I'm a resident of that town.

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    Quote Originally Posted by S3RI3S View Post
    This is slightly a **** off, he cried and complained when he couldnt get money from the city to fund his arena. (IMO) the only reason why those towers are worth anything. Now that the city paid, he cuts his profits and f***s off. I think the city should be entitled to at least a small portion of his profits.
    You are sorely mistaken. He is raising capital to develop north of 104th ave.
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    Other than Katz using us, what other entity paraded itself to city council and declare they wanted to charge the city with big development? His involvement eradicated almost 4 blocks of mud lands in the heart of downtown. Between you and I, I prefer the transient Greyhound crowd; the gravel/mud parking lot next door, and that nasty mud field where Roger now sits. It is so world class hence why we have them all over the core. Other cities jyst haven't fought on yet. He went into development not realist holdings, so what do/did you expect?
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    Why are people so upset that a businessman from here is making money in our city? Why is that a bad thing?
    They're going to park their car over there. You're going to park your car over here. Get it?

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    I'm sure that other properties could sell quite well downtown. Also, a $1 B sale in Edmonton is a huge vote of investor confidence for downtown.
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    Quote Originally Posted by kkozoriz View Post
    Or he's moving up at the same rate as the rest of the 1%.

    He may have been born here and have family here but his primary residence is in Vancouver. I was born in Europe where my dad was stationed with the RCAF. I don't consider that I'm a resident of that town.
    - Not sure if he even lives in Vancouver anymore. He did sell his residence there. I believe his kids have now graduated (assuming they went to private school in Vancouver - which Edmonton lacks)
    - Rich people have residences in multiple locations. He probably pays more in Edmonton property taxes than any other resident. Not sure what the issue is if he doesn't live here year-round.
    - That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.
    - Katz wealth has been eroding. It was 4.14B USD in 2016, now down to ~3B per Forbes. After selling Rexall, probably no steady, predictable stream of income. Curious how it fell that much?

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    Quote Originally Posted by Gord Lacey View Post
    Why are people so upset that a businessman from here is making money in our city? Why is that a bad thing?
    How Canadian...
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    '- That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.'

    Not quite.

    Office vacancy is coming down, we are around 13% in the CBD and 15-16% city-wide, down from 17-18%. Things are slowly picking up again.
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    Quote Originally Posted by PunjabiOil View Post
    - Katz wealth has been eroding. It was 4.14B USD in 2016, now down to ~3B per Forbes. After selling Rexall, probably no steady, predictable stream of income. Curious how it fell that much?
    Thanks for getting the numbers. Most likely he is looking to the long term in the Ice District but sure looks like there has been some short term pain for him.

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    Quote Originally Posted by IanO View Post
    '- That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.'

    Not quite.

    Office vacancy is coming down, we are around 13% in the CBD and 15-16% city-wide, down from 17-18%. Things are slowly picking up again.
    I got the same figures as PunjabiOil in regards to the vacancy rate of 30 percent by 2020. I read that in a recent article although that's one article. There are other articles that state an improvement as you say. One issue of concern mentioned in that particular article is that many of the older office towers are not suitable for conversion to residential so they'll be sitting empty for years or need to be torn down. Thoughts on this Ian ?
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    Quote Originally Posted by cpnfantstk View Post
    Quote Originally Posted by IanO View Post
    '- That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.'

    Not quite.

    Office vacancy is coming down, we are around 13% in the CBD and 15-16% city-wide, down from 17-18%. Things are slowly picking up again.
    There are other articles that state an improvement as you say. One issue of concern mentioned in that particular article is that many of the older office towers are not suitable for conversion to residential so they'll be sitting empty for years or need to be torn down. Thoughts on this Ian ?
    Then they tear down the old office building and build a modern, tall skyscraper in its place, like we're seeing with the BMO building.

  45. #45

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    Quote Originally Posted by PunjabiOil View Post
    Quote Originally Posted by kkozoriz View Post
    Or he's moving up at the same rate as the rest of the 1%.

    He may have been born here and have family here but his primary residence is in Vancouver. I was born in Europe where my dad was stationed with the RCAF. I don't consider that I'm a resident of that town.
    - Not sure if he even lives in Vancouver anymore. He did sell his residence there. I believe his kids have now graduated (assuming they went to private school in Vancouver - which Edmonton lacks)
    - Rich people have residences in multiple locations. He probably pays more in Edmonton property taxes than any other resident. Not sure what the issue is if he doesn't live here year-round.
    - That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.
    - Katz wealth has been eroding. It was 4.14B USD in 2016, now down to ~3B per Forbes. After selling Rexall, probably no steady, predictable stream of income. Curious how it fell that much?
    The deal he struck with McKesson for Rexall did not erode any wealth nor lose his stream of income. He sold the business and kept the real estate (with long term leases in place). He has a private business, Forbes cannot accurately predict his wealth.

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    Quote Originally Posted by cpnfantstk View Post
    Quote Originally Posted by IanO View Post
    '- That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.'

    Not quite.

    Office vacancy is coming down, we are around 13% in the CBD and 15-16% city-wide, down from 17-18%. Things are slowly picking up again.
    I got the same figures as PunjabiOil in regards to the vacancy rate of 30 percent by 2020. I read that in a recent article although that's one article. There are other articles that state an improvement as you say. One issue of concern mentioned in that particular article is that many of the older office towers are not suitable for conversion to residential so they'll be sitting empty for years or need to be torn down. Thoughts on this Ian ?
    A few will be converted, a few will be renovated, but I do not see anything else coming down.
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    Quote Originally Posted by S3RI3S View Post
    Quote Originally Posted by kcantor View Post
    Quote Originally Posted by S3RI3S View Post
    This is slightly a **** off, he cried and complained when he couldnt get money from the city to fund his arena. (IMO) the only reason why those towers are worth anything. Now that the city paid, he cuts his profits and f***s off. I think the city should be entitled to at least a small portion of his profits.
    it doesn't work that way... the city collects property taxes from those buildings regardless of who owns them.

    besides, unless you're going to call for the city to pay a small portion of any losses on this sale or any subsequent sale, the city shouldn't be entitled to a small portion of any profits either.
    for better or worse, but in this case i expect ice wont lose money for him.

    im just getting the feeling, as a city - as tax paying residents. Katz used us , our passion for hockey and love for the city to make a profit for himself.

    If he stays in edmonton when this is all said and done.. it wont be as bad, but if i see that mansion of his go for sale. Im sure a few people will be upset.
    "Used us", in what manner? He stood by his word to Council that he would develop the lands around the arena. This was done with "private" money. He was successful in leasing up the buildings and selling condos, which in turn generates a "significant" amount of property taxes. Katz also assembled land north of the arena, again, with "private" money and has plans to develop that. So is Katz entitled to "profit" by taking the risk to develop the real estate around the arena, I see no reason why not.

  48. #48
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    Quote Originally Posted by kkozoriz View Post
    Or he's moving up at the same rate as the rest of the 1%.

    He may have been born here and have family here but his primary residence is in Vancouver. I was born in Europe where my dad was stationed with the RCAF. I don't consider that I'm a resident of that town.
    Do you own real estate in that town either personal or investment? If no then your comment carries zero weight.

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    Quote Originally Posted by IanO View Post
    '- That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.'

    Not quite.

    Office vacancy is coming down, we are around 13% in the CBD and 15-16% city-wide, down from 17-18%. Things are slowly picking up again.
    Yes it is. Barring any unforeseen correction in the economy that results in the price of oil dropping the consensus on the street is that vacancy rates are stabilizing and dropping. You also have to look at what makes up that vacancy rate and the type of asset. There are a number of older Class B and C office buildings that are simply outdated and will struggle to find tenants without a significant amount of reinvestment. Newer Class A assets continue to perform quite well with the newer product commanding higher rates and interest from 'blue chip' tenants.

  50. #50

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    Quote Originally Posted by Oilers99 View Post
    Quote Originally Posted by PunjabiOil View Post
    Quote Originally Posted by kkozoriz View Post
    Or he's moving up at the same rate as the rest of the 1%.

    He may have been born here and have family here but his primary residence is in Vancouver. I was born in Europe where my dad was stationed with the RCAF. I don't consider that I'm a resident of that town.
    - Not sure if he even lives in Vancouver anymore. He did sell his residence there. I believe his kids have now graduated (assuming they went to private school in Vancouver - which Edmonton lacks)
    - Rich people have residences in multiple locations. He probably pays more in Edmonton property taxes than any other resident. Not sure what the issue is if he doesn't live here year-round.
    - That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.
    - Katz wealth has been eroding. It was 4.14B USD in 2016, now down to ~3B per Forbes. After selling Rexall, probably no steady, predictable stream of income. Curious how it fell that much?
    The deal he struck with McKesson for Rexall did not erode any wealth nor lose his stream of income. He sold the business and kept the real estate (with long term leases in place). He has a private business, Forbes cannot accurately predict his wealth.
    Would be curious how Forbes calculates wealth in their lists - most of the people on the list do have private businesses.

    The other possibility of his wealth decline may be foreign exchange - the decline of the loonie.

  51. #51

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    Quote Originally Posted by IanO View Post
    '- That said, he took the city to the cleaners in the arena negotiations. Mayor/Council gave him a sweetheart deal, and the city took on the risk. With office vacancy projected to push 30% by 2020, the CRL may result in a reallocation of wealth from one area of the city to another (at least in the short term) as opposed to marginal economic benefits.'

    Not quite.

    Office vacancy is coming down, we are around 13% in the CBD and 15-16% city-wide, down from 17-18%. Things are slowly picking up again.
    There may be short term stabilization - but there has been, and continues to be, and increase in supply. The Globe and Mail article referenced in the original post highlights this and projects office space vacancy will hit 30%.

    Of course it's only a projection - but there are some concerns due to absorption.

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    I don’t know why we have this “haterness” about a guy who has and continues to invest about $1.5 Billion in our downtown. Hehis has changed the perception of Edmonton and I for one am happy that the city invested the $250million in the building. I was in favour from day one and am ecstatic about my city’s investment.

    Who the fu** else was willing to invest this much in our downtown? Maybe I missed the Toronto or Calgary or New York investors that were all lining up to put a Billion plus in our city. I hope he tripled his money and keeps on investing.

    Signed,
    Extremely proud of an Edmontonian doing well and improving the city!

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