What do you think of this project?

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CaptainBL said:
Tried to hit that Alchemy patio a couple of weeks ago and it still has not opened. The server mentioned they wanted to open it this summer but it has stayed closed due to the incidents with windows falling out of Stantec.
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"Head injuries build character." ~Calvin's dad, probably.
 
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Aw man, that’s the perfect first date getaway scenario though :(

“listen I had a ton of fun so far but I just realized this is the patio where glass windows falls down from above on let’s end this now to be safe”
 
To get this 3rd tower built i fear we need to see sky residences hit 80+% rented/sold. From my understanding they are still way off from this? Anyone know their numbers?

My guess is 3 years they start construction, finished by 2028...
 
thommyjo said:
To get this 3rd tower built i fear we need to see sky residences hit 80+% rented/sold. From my understanding they are still way off from this? Anyone know their numbers?

My guess is 3 years they start construction, finished by 2028...
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My predictions are not too far off from yours. I'm a little more optimistic, though.
Last I heard of, they were about 15% sold and less than 10% rented, but that was the peak of Covid last year, so no idea where they stand now, but the numbers don't seem good, when you look at how many lit windows we can see at night.
I would say that they'd be okay, financially, to break ground on the tower with 60-70% of Sky Residences sold/rented, and I would bet on construction being faster, as the podium/foundations are the slowest parts to build and are already done.
My guess: construction starts fall 2023, with a spring 2026 finish.
 
ChazYEG said:
My predictions are not too far off from yours. I'm a little more optimistic, though.
Last I heard of, they were about 15% sold and less than 10% rented, but that was the peak of Covid last year, so no idea where they stand now, but the numbers don't seem good, when you look at how many lit windows we can see at night.
I would say that they'd be okay, financially, to break ground on the tower with 60-70% of Sky Residences sold/rented, and I would bet on construction being faster, as the podium/foundations are the slowest parts to build and are already done.
My guess: construction starts fall 2023, with a spring 2026 finish.
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Yeah, having toured their units, they are the same as Toronto new builds. And priced almost the same it felt. The 2bdrms in the 700+ price point felt crazy when they were under 800sqft. The building and amenities are awesome. Really top notch. But when encore is 500-550 for bigger 2bdrm units and good amenities too, idk how you compete. We don't have enough jobs paying 120-200k a year downtown for people in their 20s and 30s to sell so many units above 700k. Get a few offices for Microsoft and shopify and they'd fill up, but we aren't there. And sadly, thousands of our city employees, who are paid quite generously for their work (don't get me started on what my friends tell me who have worked at the city...), don't even choose to live DT. So all of that demographic making 100k+ a year is still buying houses in the burbs and commuting. Cause they'd be one of our best groupings to move some higher priced units.
 
thommyjo said:
Yeah, having toured their units, they are the same as Toronto new builds. And priced almost the same it felt. The 2bdrms in the 700+ price point felt crazy when they were under 800sqft. The building and amenities are awesome. Really top notch. But when encore is 500-550 for bigger 2bdrm units and good amenities too, idk how you compete. We don't have enough jobs paying 120-200k a year downtown for people in their 20s and 30s to sell so many units above 700k. Get a few offices for Microsoft and shopify and they'd fill up, but we aren't there. And sadly, thousands of our city employees, who are paid quite generously for their work (don't get me started on what my friends tell me who have worked at the city...), don't even choose to live DT. So all of that demographic making 100k+ a year is still buying houses in the burbs and commuting. Cause they'd be one of our best groupings to move some higher priced units.
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100%!! We need to land some major offices, get some of the younger, more urban demographics with higher income, in order to start pricing 800sqft condos at $700K+ (even if you consider the price premium of living in "the tallest building in Western Canada).
The rentals are a little bit better priced, with 700sqft, 2bdrms starting at $1800 + parking ($300). It's not cheap, but a young couple making $40k each could afford that, especially if the work within LRT range.
The biggest units, with about 1000sqft, in the top rental floors (roughly floor 45) go for about $3300 for 3 bdrm with 2 parking stalls. Again, pricey, but maybe a $200-$300 cut could be enough to get it rolling.
 
IanO said:
Well aware that a glazing unit fell, but I find it hard to believe that that specific patio is closed as a result. If that was the case then the entire area below would also be hoarded and/or closed off.
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Obviously they are avoiding potential injury for patrons and the potential for being held liable for allowing seating in a known risk area. They are going to need formal assurance and insurance coverage from the Owners of the building before they open.
 
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