The bow cancelled????

[The Cosworth]

I was with my realtor yesterday and she mentioned she is working with a guy who works for Encana, and mentioned they have or are looking at getting out of 'The Bow' project.


anyone back this up?? :dunno:

It wouldn't suprise me if some guy was flapping his mouth pretending to be more connected than he is.

[TheOneAndOnly]

i doubt it man. construction has already started. huge amounts of investment already in there.

[250and3]

EnCana is selling the bow building, but that was always the plan. It'll get built, and EnCana will be the primary tennant.

[The Cosworth]

Originally posted by 250and3
EnCana is selling the bow building, but that was always the plan. It'll get built, and EnCana will be the primary tennant.

I knew that, I thought they had already sold it and signed the lease though

[rmk]

I heard something very similar back in January. The problems were so serious that they were going to build a giant parking lot and not a building....

[DNSRadio]

no
this is the deal
the are going to be selling the building off to i believe its going to be HR and from there EnCana is going to be the prime tennent.
all the other floors will be leased out.
first 2 floors from what i have heard are going to be retail.
3-4 are going to proffesional services .. ie family doc and dentist , etc.
the rest i dont know yet.
they started pourin in concrete over the weekend.. i drove by and there was like 10 trucks lined up waiting to go down.

[Xtrema]

So much false info in this thread.

http://www.encana.com/investors/newsreleases/P1170891602009.html

This is old news BTW.


Originally posted by brendankharris
It wouldn't suprise me if some guy was flapping his mouth pretending to be more connected than he is.

That's exactly what it is. Making public info sound like insider knowledge.

[rmk]

of course they are going to paint a pretty picture for the public.

[teggypimp95]

My gf works for encana. All of Encana will still be working in the new bow building. How ever Encana wont be the owner of the building. I guess this was their plan. Probably sell it to brookfeild or something.

[Crymson]

It's something tax related. They get a break if they sell the building then lease the space, rather than own the building. Not quite sure what it is, but i remeber reading a blurb about it when they were first breaking ground.

[benyl]

This does not look very canceled to me. Live shot taken 60 seconds ago.

[Xtrema]

Originally posted by rmk
of course they are going to paint a pretty picture for the public.

Is my sarcasm detector busted or are you suggesting the rumor of Encana sell the Bow because they are in trouble is true?

Like Crymson said, for tax reasons, leasing is better for a business that owning and running a building.

If you own, you'll owe property taxes and pay the cost of operation which for an energy company, would be at a higher cost. Plus they will accumulate capital gain as the property ages and finding a right year to capitalize that gain is tricky.

Leasing will incur as expenses and they have more flexible way to manage the money and pay less taxes. It's almost the same reason why business lease cars instead of buying them.

This is the same reason many office functions like IT and Accounting are outsourced. Another example is Shell Centre. Shell built it in the 80s and sold to Oxford later on for operation and sign a lease agreement.

[benyl]

Originally posted by Xtrema
Shell built it in the 80s and later sold to Oxford later on for operation and sign a lease agreement.

Up until 2001, TELUS occupied the top 5 floors of that building. One of the nicest offices I have had.

[Xtrema]

Originally posted by benyl


Up until 2001, TELUS occupied the top 5 floors of that building. One of the nicest offices I have had.

Those were the bad times when they can't occupy all floors. Now Shell is spread into 5 different buildings like Encana.

[DTTB_36]

TransCanada did the exact same deal i think to HR
built it then sold it and leased

[Majestic12]

I work at EnCana and I can tell you that that is 100% pure, untainted cow poop.

[blownz]

^ you are right, it isn't cancelled, they are just moving it to FM because that is the new centre of Alberta. lol :D

[01RedDX]

.

[bspot]

Originally posted by 01RedDX
There was an amendment issued, hopefully they relaxed the shadowing bylaw and they will get those extra floors back.

Unless the building design was also amended, the amendment that occured was actually between EnCana and the owner of the project.

There was a loophole in the original agreement that would have let the owner walk away from the project and screw EnCana. A dispute arose over this, and EnCana threatened to walk away if it wasn't amended (hence the rumours it might be canceled). The loophole was closed, and everything is good now.

Anyone know if Penny Lane is still just going to be a parking lot?

I miss you Taco Time *sniff*

[bspot]

Just found out that one tower of Penny Lane is going up for sure. Sweet!

[Godfuader]

Originally posted by Xtrema


Is my sarcasm detector busted or are you suggesting the rumor of Encana sell the Bow because they are in trouble is true?

Like Crymson said, for tax reasons, leasing is better for a business that owning and running a building.

If you own, you'll owe property taxes and pay the cost of operation which for an energy company, would be at a higher cost. Plus they will accumulate capital gain as the property ages and finding a right year to capitalize that gain is tricky.

Leasing will incur as expenses and they have more flexible way to manage the money and pay less taxes. It's almost the same reason why business lease cars instead of buying them.

This is the same reason many office functions like IT and Accounting are outsourced. Another example is Shell Centre. Shell built it in the 80s and sold to Oxford later on for operation and sign a lease agreement.

:werd: The same reason why First Canada Centre (Bank of Montreal building) downtown was sold off a few years back...huge tax break being a tennant vs being an owner.

[Swank]

Originally posted by bspot
I miss you Taco Time *sniff*

There was still a Taco Time in 5th Ave Place last time I was there a few months ago. We should go as it's a short walk and you're buying :D.

Rumors of The Bow getting capped at street level are what the OP probably heard, I hear them every day...

$109 barrel of oil today should help alleviate those concerns.

[mikemechanic]

Originally posted by benyl
This does not look very canceled to me. Live shot taken 60 seconds ago.

Thanks for the picture benyl. I drive by everyday to and from work and can't see the bottom of the hole. How far down did they go?

Mike

[afrotl]

Originally posted by benyl


Up until 2001, TELUS occupied the top 5 floors of that building. One of the nicest offices I have had.

lol oh yes those were the days I did like the offices at the Shell building.

[bspot]

Originally posted by Swank


There was still a Taco Time in 5th Ave Place last time I was there a few months ago. We should go as it's a short walk and you're buying :D.

Rumors of The Bow getting capped at street level are what the OP probably heard, I hear them every day...

$109 barrel of oil today should help alleviate those concerns.

Haha, but it's not licensed so we can't go for beer ;)

After I heard that rumor from you guys I checked with someone at work who is very in the know on the new building (all I can say) and they gave me the details I posted here.

[rmk]

Originally posted by bspot
After I heard that rumor from you guys I checked with someone at work who is very in the know on the new building (all I can say) and they gave me the details I posted here.

They are right.