One Young (née Mayfair Hotel) | 5 fl | Complete

[danbrotherston]

I'd rather have the offices there than empty space (we do have many available streetfront retail units in DTK).

While the pandemic is entirely unprecedented and predicting it's outcomes isn't easy, my best guess is that between an increase in work from home, and a resurgence in retail activity by people who have spent >1 year abstaining, plus the huge increase in people living downtown from the dozen or so condo buildings going up, that going forward, demand for retail space downtown will be growing much faster than demand for office space. There are clearly still people with money willing to bet on office demand (and I'm sure it won't be zero), but if I were betting, it would be on retail.

[tomh009]

I'd rather have the offices there than empty space (we do have many available streetfront retail units in DTK).

While the pandemic is entirely unprecedented and predicting it's outcomes isn't easy, my best guess is that between an increase in work from home, and a resurgence in retail activity by people who have spent >1 year abstaining, plus the huge increase in people living downtown from the dozen or so condo buildings going up, that going forward, demand for retail space downtown will be growing much faster than demand for office space. There are clearly still people with money willing to bet on office demand (and I'm sure it won't be zero), but if I were betting, it would be on retail.

I do agree, but there is a substantial amount of high-quality street-level retail space available already, and more on the way -- so I'm not worried about a bank signing up for some of that.

[danbrotherston]

While the pandemic is entirely unprecedented and predicting it's outcomes isn't easy, my best guess is that between an increase in work from home, and a resurgence in retail activity by people who have spent >1 year abstaining, plus the huge increase in people living downtown from the dozen or so condo buildings going up, that going forward, demand for retail space downtown will be growing much faster than demand for office space. There are clearly still people with money willing to bet on office demand (and I'm sure it won't be zero), but if I were betting, it would be on retail.

I do agree, but there is a substantial amount of high-quality street-level retail space available already, and more on the way -- so I'm not worried about a bank signing up for some of that.

Fair enough, I don't object to the bank either (although it's kind of the most boring possible option IMO). I was thinking more of the apparently no more rooftop restaurant.

[tomh009]

I do agree, but there is a substantial amount of high-quality street-level retail space available already, and more on the way -- so I'm not worried about a bank signing up for some of that.

Fair enough, I don't object to the bank either (although it's kind of the most boring possible option IMO). I was thinking more of the apparently no more rooftop restaurant.

That is indeed a bigger loss, and not easily replaced.

[taylortbb]

The RBC is now open here. Still no sign of any leasing activity in the upper floors. I heard a rumour they were looking in to the feasibility of converting the upper floors to residential.

   

[Spokes]

Residential here is intriguing.

I'll admit, I was sour on this one but it has definitely exceeded my expectations

[ac3r]

Adding residential to the upper floors doesn't sound feasible. They'd have to do a lot of work installing things like structural changes, plumbing, waste, electrical, HVAC...not to mention any changes with the zoning applications.

It's a shame the ground floor is a bank, but to quote someone I recently overheard on the bus, "gentrification drove out all the mom and pop shops, now the only things moving in downtown are wealthy chain businesses that can afford the rent".

[catarctica]

Adding residential to the upper floors doesn't sound feasible. They'd have to do a lot of work installing things like structural changes, plumbing, waste, electrical, HVAC...not to mention any changes with the zoning applications.

It's a shame the ground floor is a bank, but to quote someone I recently overheard on the bus, "gentrification drove out all the mom and pop shops, now the only things moving in downtown are wealthy chain businesses that can afford the rent".

I'm honestly not sure what's the best solution on this. If gentrification brings people from Conestoga Mall to shop in Downtown instead I see that as a win too. Maybe we can oversupply to the point where properties have to get cheaper.

[tomh009]

Adding residential to the upper floors doesn't sound feasible. They'd have to do a lot of work installing things like structural changes, plumbing, waste, electrical, HVAC...not to mention any changes with the zoning applications.

Why would they need structural changes? Many condo/apartment buildings use only drywall on the floor plates. And electrical would need work even for a commercial tenants. Individual HVAC control would be more challenging, and potentially the plumbing/waste.

On the other hand, those would be fantastic-looking lofts and would surely merit a premium price tag.

[Bytor]

Adding residential to the upper floors doesn't sound feasible. They'd have to do a lot of work installing things like structural changes, plumbing, waste, electrical, HVAC...not to mention any changes with the zoning applications.

Isn't downtown already zone multi-use, rather than strictly commercial? After all, there's plenty of apartments on upper floors in downtown. As such, i don't think any zoning changes would be necessary.

[Lens]

MSP 20210617-IMG_8844 by Matt, on Flickr

The Mayfair Hotel by Matt, on Flickr

[Spokes]

That end of that block has changed so dramatically over the last number of years

[DK519]

Cool looking building at night.

       

[ac3r]

I would love to live in a wood building like that, it looks great. Though the faux historical building on the glass looks really lame.

[Acitta]

I would love to live in a wood building like that, it looks great. Though the faux historical building on the glass looks really lame.

I really like the fritted glass. It gives the building a distinctive look and is very attractive. Anyhow, I don't think anyone misses the Mayfair anymore.