dustcollector said:
a question about the use of already allocated section 37 money for the m2m development, appreciate if anybody can answer. i see on this thread that the phase 2 is in limbo, with Aoyuan putting it up for sale. i see also they've already sold units, and the building is designed already. what the surrounding community wants out of it is of course the community center, and park that are committed to being built with phase 2.

but what happens to those commitments if the property is sold? with phase 1 built, there were really zero community benefits (aside from new supermarket, which comes about from demollishing the one that was already there). so, if phase 2 gets sold, are there string attached where the purchase would also have to commit to building the community center and park that have been negotiated for to get approval in the first place?
Click to expand...
Aoyuan M2M Phase 1 is almost done,...
- South Tower occupancy likely start October or November 2023
- North Tower occupancy early in New Year (Feburary?)
- H-Mart likely get Building Permit in Spring, Summer 2024 and opening late 2024?
- Prior to City issuing Building Permits, Section 42 Parkland Dedication and Section 37 Community Benefits are due via Land Conveyance and/or Monetary Deposit of equal value,.... if Developer don't pay, Developer don't play! This is City Policy for all Developments!,..... thus, City has land and renovation cost for half the Park, half the Community Centre and half the Non-Profit Daycare,... as the Project progresses,.... as Developer build the required Section 37 Community Benefit and Section 42 Parkland Dedication amenities, those Deposit money are forwarded back to the Developer in stages to pay for the construction of those amenities when condition/performance are met.
- NOTE: When project starts, all the Financing are in place to ensure the project completes,... so Phase 1 will complete regardless of what happens to Aoyuan China, Aoyuan Canada, M2M!

Aoyuan M2M Phase 2
- Partial Permit issued for Shoring & Foundation - NOT started!
*** Need to watch for digging to start on Phase 2 site
- Building Permit applied for in December 2021 - not issued yet! Why???
*** Once Building Permits are issued, we'll know City have conveyance of all land and monetary deposits for Section 37 Community Benefit and Section 42 Parkland Dedication (Park, Community Centre and Non-Profit Daycare)!

Aoyuan M2M Phase 3
- Development Application that converted SilverCore approved 10-storey with less than 100 units to 34-storey with almost 500 units increasing overall site Density from 3.6 to 4.6FSI. Sec 37 & 42 on the delta to be determined.

Phase 2 & 3 are up for grabs,... new Developer can keep Aoyuan Phase 2 approvals but would have to redesign slightly since original Developer owns the design (as was done with Ellie-Condo when Centrium went belly up and G-Group stepped in),.... Phase 3 is seeking approvals,....
Once sold to New Developer - new Developer could also abandon both Phase 2 & 3 to start from scratch hoping for more height and density,....
- Community would want to keep the approved Phase 2 (New Developer needs to do minor change to exterior & interior design since original belongs to Aoyuan). The original Section 37 Community Benefit and Section 42 Parkland Dedication for Silvercore Newtonbrook Plaza Redevelopment was negotiated by former Cllr David Shiner - who has reputation for getting highest Section 37 Community Benefit rates per unit! Cllr Filion placed Community Centre and Non-Profit Daycare into Phase 2 Podium so open space of Park would be larger. Current rates are lower.
 
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Aoyuan M2M construction made the news yesterday,.... because the yellow excavator hit a gas line causing a gas leak that closed a few block of Yonge St yesterday morning. The most interesting part of this image is Aoyuan M2M Phase 2 site (to the left of Phase 1),... flat as a pancake,... even though Partial Permit issued for Shoring & Foundation - still NOT started,... gee I wonder why,...

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image source: https://www.cp24.com/news/yonge-street-reopens-in-north-york-following-gas-leak-1.6544439
 
Great pic! I am blown away by how many buildings are opening at MCC. Hopefully the area begins to get interesting, urban retail.
 
That's unfortunate. I don't like this development. I appreciate the curtain wall. I mean this is Class AA curtain wall. It's probably the best on a residential tower ever in Toronto.
 
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