From David Parker, Calgary Herald December 14
Although there is a huge need for downtown office space, the tremendous escalation in construction costs has a lot of people speculating as to whether some announced towers will be built. I can tell you that the owners of Penny Lane have worked hard with estimators and are rethinking the scope of the project, and Gibbs Gage Architects has been charged with revisiting the design. There will be a delay in the demolition and start of construction -- but hopefully not a long one. Meanwhile, the retailers that have not found other venues can stay for awhile.
For more on the Penny Lane saga, go here:
http://calgaryheritage.org/CHIForum/viewtopic.php?t=123
In other news, kudos to Penny Lane developer Ron Mathison, who is behind a $1.2 million donation to St. Mary's University College to restore the historic Lacombe buildings. Here is a link to the news release:
http://www.stmc.ab.ca/News&Events/News& ... ngs_06.pdf