ProjectEnd
Superstar
20% sold...
- Thread starter Mike in TO
- Start date
Northern Light
Superstar
PE, if this is your project, (it wouldn't be, we know that)....
Do you:
a) Mothball it, refund the deposits and sit on the pit for a few years?
b) Push forward and hope like helll sales pick up?
c) Push forward, but flip to rental; and if the latter, presumably several design changes to layouts would be in order, could that even be done economically at this juncture and w/o punishing impacts to timelines?
ProjectEnd
Superstar
Just remember, Steve has some..."special"...friends here:
I don't know what shenanigans they're involved with here, but there is absolutely no way that everything is above board.From the Gupta Group press release this afternoon (December 9).
The Gupta Group Celebrates Groundbreaking of Yonge City Square with Ontario Premier Doug Ford
TORONTO, Dec. 9, 2024 /CNW/ - In a landmark moment for Toronto's real estate market, The Gupta Group broke ground today on Yonge City Square, the largest new residential project to begin construction in 2024 in the greater Toronto area and the first new development in the Hoggs Hollow neighbourhood in over 20 years. The event, held at the project's site of 4050 Yonge St., marked a significant step in addressing Ontario's housing needs, with Premier Doug Ford and The Gupta Group leadership celebrating this ambitious development.
Reema Balaram, Rashmi Gupta, Dr. Steve Gupta, Ontario Premier Doug Ford, Reetu Gupta, and Suraj Gupta (left to right) Credit: George Pimentel (CNW Group/The Gupta Group)
The Gupta Group's decision to move forward with construction ahead of schedule demonstrates its commitment to delivering 700 new homes to the city. Dr. Steve Gupta, Founder and Chairman of The Gupta Group, reflected on the broader impact of the project, saying, "Today's groundbreaking represents not only the beginning of Yonge City Square but also a testament to Toronto's growth and resilience. This development will transform the Hoggs Hollow neighborhood and inject vitality into the local economy."
Yonge City Square will feature two stunning high-rises at 32 and 14 storeys, boasting over 700 suites, ground-level retail, commercial space, and 36,000 sq. ft. of resort-inspired amenities. Backing onto the scenic Don Valley Golf Course, the development is directly connected to the York Mills subway station, offering residents unparalleled convenience and connectivity. Amenities include an expansive ninth-floor terrace, a fitness center with state-of-the-art facilities, stylish entertainment lounges with golf simulators, an outdoor mini-put golf course, and a luxurious outdoor pool.
During the ceremony, Reetu Gupta, CEO of The Gupta Family Foundation and Ambassadress of The Gupta Group, emphasized a philanthropic initiative that ties Yonge City Square's success to a meaningful cause. For every unit sold, The Gupta Group will donate $1,000 to the Princess Margaret Cancer Foundation, with a commitment to top off the donation at $1 million upon the final closing of all units. "This is more than just a project for us—it's a way to give back to the community while building for the future," said Reetu Gupta.
Dr. Steve Gupta concluded the ceremony with a vision for the project's legacy. "Yonge City Square is a reflection of our belief in Toronto's potential as a world-class city. It's about creating homes, opportunities, and communities that elevate the way people live and connect. We are proud to play a role in shaping the future of our City and the province of Ontario."
Occupancy for Yonge City Square is expected in Spring 2028, marking the beginning of a vibrant new chapter for Toronto's Hoggs Hollow neighborhood.
For more information about Yonge City Square, visit YongeCitySquare.com.
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Application Details
www.toronto.ca
Northern Light
Superstar
This part is fine, well, actually pretty good:
Site Plan Amendment related to file 20 115847 NNY 08 SA proposes to consolidate many of the previously proposed bachelor and one-bedroom units to create more functional two- and three-bedroom layouts. As a result, the overall unit count has been reduced from 704 to 500 units, with two-bedroom units now comprising 63% of the total unit mix and three-bedroom units accounting for 13%. To accommodate these larger unit configurations, localized increases in height have been introduced, driven by architectural design considerations, structural and mechanical coordination requirements, and mandatory code compliance measures necessary to support the revised layouts.
This bit I'm less keen on, but it's understandable with a pivot to higher end buyers.
.An increase in the number of parking spaces from 387 to 458 spaces
****
Curious, in two ways though.
1) They are clearly targeting the high end of market, but the architecture here just doesn't support that to me.
2) They are sticking with condos here, rather than pivoting to rental.
Site Plan Amendment related to file 20 115847 NNY 08 SA proposes to consolidate many of the previously proposed bachelor and one-bedroom units to create more functional two- and three-bedroom layouts. As a result, the overall unit count has been reduced from 704 to 500 units, with two-bedroom units now comprising 63% of the total unit mix and three-bedroom units accounting for 13%. To accommodate these larger unit configurations, localized increases in height have been introduced, driven by architectural design considerations, structural and mechanical coordination requirements, and mandatory code compliance measures necessary to support the revised layouts.
This bit I'm less keen on, but it's understandable with a pivot to higher end buyers.
.An increase in the number of parking spaces from 387 to 458 spaces
****
Curious, in two ways though.
1) They are clearly targeting the high end of market, but the architecture here just doesn't support that to me.
2) They are sticking with condos here, rather than pivoting to rental.
ProjectEnd
Superstar
If successful...28% sold...
Unless they're changing every unit and starting new, in which case: 0% sold...
Unless they're changing every unit and starting new, in which case: 0% sold...
GenerationLee
Senior Member
Definitely not a location I see selling like hotcakes. Of course, it is fairly close to Yonge and Sheppard, and a little less so Yonge and Eglinton but with only a few select shops right outside this site, I see a limited clientele here biting for what's being offered.
Everything is both close and yet, too far. Hence why so many will drive...but, the traffic will be horrendous, as it is already in this area.
Everything is both close and yet, too far. Hence why so many will drive...but, the traffic will be horrendous, as it is already in this area.
innsertnamehere
Superstar
It’s basically a 1:1 parking ratio here - it’s intended that owners drive. Location doesn’t matter as much.
This is in the middle of Hoggs Hollow as well, Gupta is probably looking to try to entice existing homeowners in the area sitting on $3+ million properties to downsize.
This is in the middle of Hoggs Hollow as well, Gupta is probably looking to try to entice existing homeowners in the area sitting on $3+ million properties to downsize.