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There was a machine back on site today but I couldn't tell what it was doing behind the hoarding.

I'm going to make a prediction that the next thing we will see on that corner will be a parking lot, although I hope I'm wrong.
 
TOareaFan said:
G&M, though, we're never the owners. Woodbridge (a significant shareholder in the G&M) was developing the offices and would have been charging them rent.
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My guess is it's a "sale, lease back", and it makes perfect sense. It's a common practise where an enterprise would sell is ownership in a property with as agreement to lease space in the new development. G&M doesn’t need to be owners/landlords and RIO needs the corner exposure and the anchor tenant (G&M) for an office tower. The whole site will likely be redesigned - including an office tower - and significant exposure for a major retail tenant. This way the office tower comes with a major tenant (G&M) and they can add extra office space as they see fit. G&M get naming rights on what will likely be a bigger, more impressive tower (and probably additional concessions such as reduced rent, additional renewal options and perhaps a break on additional rent) and a major retail tenant gets great corner exposure - similar to what Holts is proposing. Besides, it gives G&M more flexibility to reduce space as required down the road without it becoming a financial burden.

It's a win for Rio-Can, Woodbridge, G&M and the city.

Optionally - the design stays the same and the sale/lease back is simply a contractual arrangement within the sale. But that wouldn’t require the announced stoppage of construction – so I believe the first scenario is the most likely.
 
18 December 2012: With a bonus Fly Swatter in the background:

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if this project is on hold why they have pinned on the ground piling beams and left without continuation of excavation ?
 
the accountant inside me tells me that we're looking at another box tower. Large podium retail (with grocery chain) and a box tower on top. Low construction cost for maximum GFA = optimum ROI.
 
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ChesterCopperpot said:
I noticed yesterday that the machines are now gone
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Yup. Looks like all work has officially ceased as of December 21st.

Yesterday on December 20th, there was a bulldozer driving around levelling all the dirt perfectly flat. And a dump truck off-loading dirt on to the site. I assume carrying it from one area of the site to another.

So as it stands today we have no machines and a perfectly flat dirt lot.

What the heck is going on? I hope we don't have another Bay-Adelaide Center fiasco.
 
hawc said:
What the heck is going on? I hope we don't have another Bay-Adelaide Center fiasco.
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Naw this won't even come close to that fiasco.

Aside from apparently wasting 500 million dollars (http://skyscraperpage.com/cities/?buildingID=41762) on it, the biggest part of that disgrace was "The Stump". An ignominious monument that was left behind for 15 years! (1991-2006)
 
gristle said:
No new surface parking lots are allowed in the King-Spadina RA.
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No new surface parking lots are allowed in King-Parliament either but the OMB just approved one at 154 Front St East (ex-Greyhound site) so I wouldn't count on this!
 
Can someone catch me up as to what's going on here? I've been combing through the thread, but would appreciate the Coles Notes.
 
hawc said:
Can someone catch me up as to what's going on here? I've been combing through the thread, but would appreciate the Coles Notes.
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Ellis Don started doing some shoring work and told to stop. They have now left site. Not sure of their contractual status.
The land is going to be bought by the RIOCAN/ALLIED group and incorporated into their "mini-Eaton Centre" concept with the lands to the west that did officially close in December.
Rumours are that the Globe will remain as tenants and not leave the site.
No confirmation on what will happen to the current design but a year long delay on construction would not surprise me as they go through new approvals again.

My hunch is that the podium is going to be redesigned to allow a Globe and Mail office but mixed with much higher retail prominence and integration with the lands to the west (think northeast corner of Yonge/Dundas a la AMC, Future Shop etc).

Another rumour is that RIOCAN/Allied are interested in building a pedestrian walk to the south of Front Street from Spadina to Portland to compliment their new development on the north. That makes sense too if they are going to pry some money from the wallets of the Cityplace folks, just a better pedestrian experience.
 
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