[DF416604]

Interesting. This isn't the first site they've picked up. They seem to making an aggressive play into the market taking advantage of the financial situation of more challenged players.

Not imprudent.

I wonder what thoughts @ProjectEnd might have.

$189.60 on current, unapproved GFA. Pretty incredible LOL there. Generation have [a lot of] money, but then there's just being stupid with it...

To echo this point;
It's a great time to be buying land no question - is this the site that should have been bought for $35M?

To make the numbers work here, it will almost certainly be luxury condo or luxury rental. There is no setback to the north lot line for the tower, which will create challenging wind conditions for north-facing units as well as a lack of balconies.
In most of the amenity you're getting stared at in the gym with zero lot line setback from the Green P.
Floors 5-15 South Facing Units are 5.5m from future development to the south - not great from a luxury standpoint. 17-32 you're 10m to south, which is less than typical. And you're next to a gas station.

 

[Tormick]

To echo this point;
It's a great time to be buying land no question - is this the site that should have been bought for $35M?

To make the numbers work here, it will almost certainly be luxury condo or luxury rental. There is no setback to the north lot line for the tower, which will create challenging wind conditions for north-facing units as well as a lack of balconies.
In most of the amenity you're getting stared at in the gym with zero lot line setback from the Green P.
Floors 5-15 South Facing Units are 5.5m from future development to the south - not great from a luxury standpoint. 17-32 you're 10m to south, which is less than typical. And you're next to a gas station.

~$190 PSF is expensive for luxury rental... Fitzrovia would even have trouble making those numbers work

 

[1Ć0]

~$190 PSF is expensive for luxury rental... Fitzrovia would even have trouble making those numbers work

That's what they paid for King/Princess and they'd rather move on their Maddox and Sherbourne sites over that...

If you're going to do luxury here, it's not going to be 30+ storeys with a 400m2 tower floor plate, it's going to be in the teens at around 150K sf GFA for $230/buildable. Mind you, parking stackers, tiny little lobby and all the things NL pointed out above are not helping this site as luxury build.

 

[J Martin]

To purchase this at $190/sq ft means the developer expects to get approval for a 50+ storey tower. The choice of architects-Alliance for the promo renders could mean they'll do the final designs. Cheap materials, too-few elevators and cramped units. This has high likelihood it'll be a repeat of ICE towers.

 

[ADRM]

The choice of architects-Alliance for the promo renders could mean they'll do the final designs.

It doesn't really indicate anything other than the seller (Zinc) hired an architect with whom it had worked previously to prepare basic elevations and plans to support an upzoning that the seller felt was required to extract maximum value for the site given the new PMTSA framework and recent approvals.

Cheap materials, too-few elevators and cramped units.

This has nearly nothing to do with the architect, and mostly everything to do with the purchaser/developer. Architects do as they are directed by their clients; aA just happens to have done a lot of work in the city with developers who go for that kind of product.

 

[rbt]

Sleep Country has closed and is boarded up, but not in a way I would expect for demolition. Running Room is closing March 26th.

Something changing here but it's not clear what that is. Perhaps building out a sales centre?

 

[AlbertC]

I'm skeptical about a dedicated sales centre during the current market conditions. Also not convinced by Zinc Developments.

 

[Northern Light]

Something changing here but it's not clear what that is. Perhaps building out a sales centre?

Nope.

New retail.

***

Though there is some action here still behind the scenes; but I'd be as surprised as @AlbertC if Zinc was the one to deliver a result there. The only reason I might believe that is, if there's one thing they're worse at than building its selling. LOL

 

[ProjectEnd]

Nope.

New retail.

View attachment 724004

***

Though there is some action here still behind the scenes; but I'd be as surprised as @AlbertC if Zinc was the one to deliver a result there. The only reason I might believe that is, if there's one thing they're worse at than building its selling. LOL

Zinc is out, as discussed above in December.

 

[Northern Light]

Zinc is out, as discussed above in December.

Right, Albert and I had obviously forgotten...... because the title wasn't updated to reflect that.

Hmmm, you know who could fix that, other than @Paclo? The person who started the thread...... Ahem. LOL

 

[ProjectEnd]

 

[Northern Light]

I'm touched; I think of you too PE.

Though.... ' days I couldn't live without you'.... ...maybe a bit much. LOL

***

Thanks for updating the title.

 

[ProjectEnd]

 

[Northern Light]

View attachment 724397

The hints as to whose moving in are very much visible. I may have to spill....

 

[PrestigeWorldwide]

The hints as to whose moving in are very much visible. I may have to spill....

View attachment 724405

This pretty much confirms redevelopment is not part of the new owner’s long term plans. Moving Sleep Country out that quickly for a new user is typically a tell. Reads like a long-long-long term hold.