Condodude
New Member
Are you able to share the screenshot of what the email said? I want to see Menkes statement
- Thread starter ProjectEnd
- Start date
innsertnamehere
Superstar
Yup. I smell a shift to rental here.
HousingNowTO
Senior Member
A massive 48-storey condo tower planned where a once iconic Toronto landmark stood for decades has been cancelled by a major developer.
Located in the heart of downtown Toronto at Dundas Street East and Jarvis Street, Menkes Developments’ 520-unit condo project, called Elektra Condos, was set to replace Filmores Gentlemen’s Club, according to the project’s website.
Menkes Developments confirmed to the Star that the project was cancelled due to insufficient funds.
This decision was not made lightly, but we believe it is in the best interests of all parties not to unrealistically prolong matters in the face of continuing market uncertainty,” Jared Menkes, president, highrise residential, said in a written statement on Tuesday night.
Deposits are being returned to buyers with interest, Menkes said.
Menkes said they are going to pivot to creating a purpose-built rental building.
“We expect to be in a position to commence construction in the near future as we continue to work through obtaining final approvals from the various levels of government helping us facilitate this housing project,” he said.
“As in our past projects, updates will be provided to the various stakeholders, as appropriate.”
The Star obtained an email that appears to be from Menkes to brokers, outlining the reasoning behind the cancellation, which said that sales were insufficient to meet the requirements for project financing.
Massive condo tower set to replace Filmores hotel cancelled by developer
Menkes Developments says the project was cancelled due to insufficient funds.
www.thestar.com
Application Details
www.toronto.ca
44-storey / 542-unit rental proposal submitted to the SPA file now designed by Rafel + Bigauskas. Updated renderings:
Original Demolition and New Build permits from 2023 still open and pending
Northern Light
Superstar
UT heard this first..... ^^ :
8 months ago.
Just sayin.
8 months ago.
Just sayin.
Northern Light
Superstar
Not much I can add to that Thunder-stealer @Paclo 's post. LOL
Lets see, here's the sample board for materials:
Ground Floor Plan:
Note that this iteration removes all retail.
Elevator Ratio is 4 elevators 552 units or 1 elevator per 138 units
Comments: Mostly fine, but too many units, units are too small on average. This will impact rental viability. While the market will likely tighten a bit the by the time this comes online, this is not a competitive offering and will have to have discounted rents relative to better laid out competitors.
Removing all retail is unacceptable and will adversely effect the area, and the building.
Lets see, here's the sample board for materials:
Ground Floor Plan:
Note that this iteration removes all retail.
Elevator Ratio is 4 elevators 552 units or 1 elevator per 138 units
Comments: Mostly fine, but too many units, units are too small on average. This will impact rental viability. While the market will likely tighten a bit the by the time this comes online, this is not a competitive offering and will have to have discounted rents relative to better laid out competitors.
Removing all retail is unacceptable and will adversely effect the area, and the building.
AlbertC
Superstar
The red vertical core on the southwest corner being a homage for all the poles that were previously swung on here?
ShonTron
Moderator
Is that fitness centre on the ground floor a tenant amenity, or a proposed commercial tenant (i.e. Planet Fitness or Goodlife)? It's unusual to have it on a main floor like that if it was only for resident use.
Northern Light
Superstar
As there is no current Cover Letter or Planning Addendum in the Docs..... not sure.
It is indeed a commercial "Fitness Club" which is listed as retail in our database
ShonTron
Moderator
Fences are up now.
Northern Light
Superstar
Does Bikeshare Toronto know that their dock is behind the fast fence here? Just sayin.
Koops65
Senior Member
HousingNowTO
Senior Member
There's a surplus of street retail in that area, rentals are likely targeting student-market overflow given the proximity to TMU and George Brown.
Northern Light
Superstar
Why do you say that?
There is virtually no retail at all on the north side of Dundas east of Church, all the way to Parliament. There is little on the south side east of George, there is limited retail on Jarvis in this area, Church isn't retail heavy either, nor is Sherbourne.
I will have to differ with you on this one.
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