“The condo prices will range from $350 thousand to $800 thousand dollars each. Rod McLeod who is the principle financial backer for the project, says he anticipates the condos will be sold within 2 to 3 weeks.”

I’m doing a serious double take here.

Is this a done deal or will this be dead in the water when the condos don’t sell? Didn’t Giah (or whatever his name is) try to do the same thing, but then couldn’t get the largest, most successful real estate office to move any condos?

btw, the condo’s won’t sell… http://www.greaterfool.ca

Dream come true? I guess we’ll have to wait and see. Lot of coin for a condo next to a cop shop (that we don’t need) Dream on dudes.

Wasn’t there supposed to be some sort of magnificent condo complex built on or near where CKPG used to be built… with tax exemptions… not built, I believe the promoter in that instance asked for an extension but still the condo’s did not sell…

Sorry, but they are dreaming if they think folks are going to fork over 350 – 800K to live down there. Also not sure how economic an extra 150 hotel rooms would be in Prince George as well…

As for selling them in 2-3 weeks… I hope they mean that they will be selling them in about 2-3 weeks… as in they will be available in that time frame… they are dreaming if they thing people are going to fork out that kinda cash for something that won’t be available for several years…

Just saying’

2 to 3 weeks to sell out? Must be smoking pot.

First of all why would anyone spend 350,000 to 800,000 on a condo in Prince George? If I had that kind of money to drop on real estate it wouldn’t be here. You might get the odd drug dealer to fork over that kind of cash or maybe some bargain hunters from China. Floors 8-12 should give them a nice scenic view of the Pulp Mills. Alot of rich people live in PG but I think they already have places.

I had to take a double look at the calendar to make sure it wasn’t April 1st.

“2 to 3 weeks to sell out? Must be smoking pot.”

Maybe the city has agreed to buy them all?

Awesome news. Thank God the developers don’t read the bloggers comments…and don’t care that arm chair critics delight in shooting down anything and anyone who makes efforts to progress our fine City.

I’m a bit skeptical of the condo prices too, but PG needs this development. Its one of the first steps towards fixing downtown. Kudos to the developers.

Kudos to Mr. McLeod for investing in Prince George – an ambitious project but its gotta start somewhere. I hope that it is very successful – it deserves positive support.

I think they already have them sold to rich asian students who have no where to go to school in thier own country. Western education is at a premium to the asians and they will send thier kids here at any cost.

@Buzz – not against progress, but there’s issues of practicability.

I suspect the average asking price of the condos is $600,000, multiplied by 34 units, is just over $20 million, or HALF of the development in dollar terms.

So when $600,000 condos in downtown PG don’t sell, what developer would move ahead?

Consider also the recent survey by RBC, an annual poll of Canadian homeowners, where 73 per cent of respondents said they are unlikely to buy within the next two years.

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/despite-low-rates-many-canadians-holding-off-home-purchases-survey/article2392749/

As anything to do with downtown development, I’ll believe it when I see it. Still waiting for that Wood Innovation Centre….

Is Mr. McLeod smoking crack? $350-800,000 for a CONDO in this city???? He wishes he will get that much for those condos because you better believe he is going to get a very nice percentage of the selling price….any anybody who buys at those prices is smoking crack too because you can buy a very nice new/near new home for in the lower range of those condos (and no monthly strata fees!!!)

Mayor Shari Green offered thanks to McLeod, “This to me is a dream come true, if we could push people to build downtown and live downtown, we could build the downtown we deserve”.
We have the downtown we deserve. Also, I would like to know if Shari Green lives downtown?

Who in there rite mind will live in that stinky toilet bowl??Puff,puff pass..I think he needs a session or 2!

I guess they will be asking the welfare office across the street to move away from their hi-end condos and hotel.

“Any anybody who buys at those prices is smoking crack too because you can buy a very nice new/near new home for in the lower range of those condos”

I think it’s important for people to remember that your typical condo purchaser is buying a condo not because they can’t afford a house, but because they don’t want a house. Most people I know who purchase a condo, especially in a downtown location, do it because they DON’T want the hassle of a house. They don’t want to upkeep the yard, they don’t want to have to drive everywhere they need to go, they would prefer to be able to walk to work, they want to live near restaurants and entertainment, they don’t need or want a yard, etc.

The biggest issue I see for these is not the price, it’s the fact that living in downtown PG isn’t really all THAT attractive. It has the worst air quality in the entire city, for the most part it is dead after people go home from work, the city has been very diligent in moving attractions AWAY from the downtown core, the riverfront adjacent to the downtown is industrial and the general population in PG doesn’t even support downtown revitalization. In fact, the case could me made that PG has actually done a fantastic job at working against developments like these.

If there are people in PG willing to pay 300, 400 or 600 for a house, there will be people who will pay the same amount for a condo. The question, IMHO, is whether they see value in living in downtown PG. I question whether the city is “mature” enough as to offer this type of lifestyle for people who desire it. Before you can get to that point, I think the city has to have vision, it has to demonstrate excellence in planning and it has to want to see the downtown area be vibrant and have it succeed. You tell me whether those are characteristics readily found in PG . . .

Ah the old O250 guard is out in force again. Anyone that keeps things the same is crazy. Anyone who tries to make a change is doubly crazy…
Its private investment people – they are not telling you to buy in.

Have to agree with the above comment, if you don’t like it, don’t buy it! House prices right now are on the rise right now. These condo prices are half of Vancouver prices so they are reasonable by that comparison. There is more work here than there are people WILLING to work. The restaurants downtown are becoming better and more varied. These places will be walking distance to the PAC and to George street. George street is to be turned into a pedestrian only area and with the new developments and university down there should attract people who CHOOSE to live a more urban lifestyle. Let the naysaying begin!!

Kudos to Mr. McLeod for investing in Prince George – an ambitious project but its gotta start somewhere. I hope that it is very successful – it deserves positive support—–At last , something [someone]positive. to all the naysayers move the F@#$K out into the woods farther.Now what about the roads.

I’m surprised any of you live in PG you seem to be so bitchy and down on it.

Congratulations. It takes entrepreneurs, such as McLeod to see the Vision and take action. As for all the negative people on this website………..you just can’t win!

I don’t think it’s negative to suggest that $350K-$800K for a condo in downtown PG might be a tad high.

Hopefully the project isn’t hinging on selling those condos at those prices. That’s all I’m saying.

I guess I’m still waiting for the cargo jets to land on the extended runway, don’t mind me.

Exciting news! I look forward to this project. Naysayers move along!

I am not sure about the location for all the above reasons. I think there is a market but not sure there. Another thing some will have a great view of weed infested Connaught hill, the result of only three workers taking care of the parks. City hall what are you thinking, we only have 80 frost free days, maybe.

Why does it cost 40M to build a class 1, four star, 12 storey hotel condo but it costs 75M to build a 3 story police station? I know — I know!!

Congratulations. It takes entrepreneurs, such as McLeod to see the Vision and take action. As for all the negative people on this website………..you just can’t win!

Idiots like DPJ and Noway have not the brains to listen to the news about the huge progress expected here in the future with mining and pipelines and power transmission and logging etc. This town is going to take right off. Just watch. don’t listen to uninformed ill-read fools who can’t keep up with the news. Hey DPJ and Noway, why don’t you start paying attention and come into the 21st century?

Have to agree with the above comment, if you don’t like it, don’t buy it! House prices right now are on the rise right now. These condo prices are half of Vancouver prices so they are reasonable by that comparison. There is more work here than there are people WILLING to work. The restaurants downtown are becoming better and more varied. These places will be walking distance to the PAC and to George street. George street is to be turned into a pedestrian only area and with the new developments and university down there should attract people who CHOOSE to live a more urban lifestyle. Let the naysaying begin!!

I would love to live downtown. It’s ideal for someone who chooses to walk everywhere and values what the downtown has to offer. Unfortunately, even $300,000 for a condo is too expensive in my opinion. I’ll buy somewhere a bit cheaper and continue to walk to downtown. Prices like that just aren’t tenable given the current problems with our downtown. It’s got potential, but I won’t pay prices based on potential.

What PAC? The one after we sign up to pay for our dike?

I am one of the 250 gang and I as well as many others want to thank Mr. Mc Leod for believing in Prince George. I also think that the UNBC would be a big draw for future tennants. This is what the downtown really needs and it could easily turn the downtown into the destination spot that it once was and better. This is a huge investment and we have a government that tends to do things “to” its voting constituents rather than for us. Keeping this in mind I know that Mr. Harper our prime minister is hell bent on pushing the pipeline through our pristiene watershed. I do hope that the new Hotel and Condominiums aren’t being done on contingent that the pipeline goes through. If this is the case I would suggest that you put off your plans until after the dust settles because there’s going to be nothing but toenails and elbows left after we put an end to the pipeline!
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They anticipate that the condo’s will be ready to sell within two weeks. The key words in the article are **ready to sell**. Dont know why people would read that line as **sold in two weeks**

If they are going to do this project on their own dime, then thats good enough for me. Thats what business and investing is all about. As long as they are not trying to get a free ride, Im in favour of it.

I suspect that they will probably benefit from the 30 year tax break from the City. If so, and I owned the Inn, or the Motel in that area, I would be throughly pissed off.

In any event we will just have to wait and see how it develops.

The PG taxpayer will pick up the tab in any event this project takes a dive. Same old, same old!

At least someone has a vision that they are pursuing. Good for them. Ignore the naysayers and believe in the vision.

Others will also see it and buy in as you continue to develop it. Someone just to have the vision in the first place, or nothing happens.

This looks by all indications to be a privately funded project so I’m all for it.
Given that the developers are long term Real Estate people I’m sure they’ve done some homework on this one and have probably already have been in contact with potential buyers.

Private investors don’t drop 40 mil on a whim. that’s whats Governments are for ;)

I am for private investment and I do agree the city is on a verge of a boom. I think the condo prices are a bit pricey for the current market. I may (and hopefully) wrong about this.

This looks by all indications to be a privately funded project so I’m all for it.
Given that the developers are long term Real Estate people I’m sure they’ve done some homework on this one and have probably already have been in contact with potential buyers.

Private investors don’t drop 40 mil on a whim. that’s whats Governments are for ;)

“They anticipate that the condo’s will be ready to sell within two weeks. The key words in the article are **ready to sell**. Dont know why people would read that line as **sold in two weeks**”

The story has been edited.

PG’s got some great people and they’ve really tried to polish the place up over the years, but sadly the town really is a dump and it would take a lot more then a “pie in the sky” condo/hotel to buff it up. 3 months less winter would be a good start. ;-)

Why the pessimism? For a change no public money is being asked for! The old cop shop may be gone by then if it can’t be sold. Nice location for something new or a park with benches and a fountain!

We don’t know how many 350k units there will be and how many 800k units! The most expensive one (ones) is (are) usually the penthouse unit(s).

I think it’s a great project!

I love the idea.

But the fact is that PG is about a yard or some property. This isnt Vancouver where downtown has a real draw.

If I ever moved back to PG it would be for the yard and the BBQ and the clean air outside the bowl. I am all about living downtown in the City, but I just dont think it has much draw in PG. In fact I think the opposite.

@western2
“listen to the news about the huge progress expected here in the future with mining and pipelines and power transmission and logging etc. This town is going to take right off. Just watch. don’t listen to uninformed ill-read fools who can’t keep up with the news. Hey DPJ and Noway, why don’t you start paying attention and come into the 21st century?”

Logging?
Netherlands Overseas- shutdown
NCP Wasn’t rebuilt.
Upper Fraser Sawmill-shutdown
Clear Lake Sawmill- shutdown
The Pas Lumber- shutdown
Rustad Bros. Sawmill- shutdown
Who is next?

Their isn’t enough green timber to go around to keep the sawmills that are running open once the beetle kill run is done.

Mining I agree! But you don’t have to live in PG to work at a mine. The mining companies gladly fly in people from all over.

Pipeline is going to be tied up in court for along time. Even if it is built the jobs created aren’t long term.

Power Transmission?
The only one I’m familiar with isn’t going anywhere near PG.

You mean Site C then? You don’t have to live in PG to work there either.

Alcan expansion? That would be along commute.

Yes B.C. is going to be booming and PG will get some of the action but maybe not as much as you think.

If I was a young family looking for a place to relocate I sure as heck wouldn’t settle here.

Are they builing it out of wood?

I have to agree with many of the ‘positive’ posters, this is private money, regardless of what we think about the location, condo prices, etc.

They apparently think it’s worth the risk, who are we to say otherwise?

I just hope that it all works out, and they don’t change their minds in six months.

I’m guardedly optimistic about this project.

It’s easy to make an announcement, complete with architectural renderings. It’s hard to sell premium condos in the downtown area of Prince George, especially at those prices.

When 1) we’ve seen this before (Metropolis), 2) There is no hotel operator in place (red flag) and 3) condo sales represent about HALF the dollar value of the project (big red flag), there’s a good reason for healthy skepticism.

I suggest we don’t get too excited and wait until they make a big hole in the ground and start pouring concrete. Until then, it’s vapour-development….

This is good news as it is private money being used for once.Bohemian has it exactly right as we have seen this before only to see it fail.I think back to alot of announcements this city has seen over the years only to see no foundations being poured.I am reminded of a big travel centre at the top of highway 97 south,an ethanol plant in the BCR industrial site,Metropolis,a travel centre across from the Art Knapps at the intersection of highway 97 south and the old cariboo highway,and many others that have slipped my mind at this time.So while I am excited to hear this great news,I will not totally believe that it is a done deal until it is under construction.

Here is the reason why they made the public announcement at this time:
[ur]http://www.princegeorge.ca/cityhall/mayorcouncil/councilagendasminutes/agendas/2012/2012_04_16/documents/BL8397_rpt.pdf[/url]out on the net

A road closure is required for the project to move to the next phase. The documents became available to the press and the public today. So, they neede to pre-empt speculation as much as they could.

It takes a long time to put something like this together. The last time this happened in this community as far as I am aware was the assembly of land by Gordon Bryant on behalf of the City for the Plaza 400 project which was a Private, Public Project, although the term P3 was not used in those days.

As I wrote elsewhere (the problem with having 3 or 4 places that talk about the same topic) the financial and owneershio dtrcture of the deal has obviously not been revealed. The hotel can be purchasing the strata or it can be leasing from the developers. In either case, a deal may not have been signed yet, otherwise the name may be able to be revealed, unless the client may not wish it to be revealed just yet.

As I mentioned about the $40million, that is very light, to seay the least, of the cost of such a project if one considers all the tenant/owner improvements that have to be made by the hotel operator for them to accept guests to rooms, restaurants, banquet facilities, etc.

BTW, at the moment the banquet fcilities appear to be less than that available at the Inn.

The name of the chain they are dealing with is out there, but who knows. Deals fall through in the development game. That is half the excitement.

If it comes off, it will be great for Prince George.

The Parkwood Shopping Centre reno and expansion was larger than this project. It is about 370,000 sf in building area. It was primarily a shell with tenants spending another $50+/sf in mid 1990s dollars beyond the shell cost.

Previosuly the major downtown private projects were completed over a 10 year period between the mid 1960s and 1970s – Inn of the North (Delta), Royal Bank, BC Tel, Oxford, Scotia Bank, Canada Permanent (HSBC) “tower” and the original Parkwood Mall. There were no major private developments until the building of the Holliday Inn (Ramada) about a decade later and then the expansion of Parkwood.

http://www.princegeorge.ca/cityhall/mayorcouncil/councilagendasminutes/agendas/2012/2012_04_16/documents/BL8397_rpt.pdf

http://www.tfai.com

That is the firm of Architects working on the project. Toronto based with an office in Vancouver from the looks of it. Nothing really inspirational from my point of view, but good, credible, middle of the road designs that are probably relatively functional.

Will fit right in with downtown PG … :-)

I am going to be looking forward to a more inspirational design from those chosen to do the WIDC.

The idea for a new development of this size for PG is great – along with the hope that it actually happens. I do have a question though on access to the library parking lot which is currently off 10th. Will the sellling price of $30,000 for the closed roadway be enough to cover the costs of building a new access road to the library parking lot???