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adma
Guest
...or for that matter, one of those rare 50s-style parabolic-arch-roof Dominions. Which despite the cheap Pomo up front, remains quite delightfully airy inside.
Ah well, the Vic Park + Ellesmere one remains (I think)
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Ah well, the Vic Park + Ellesmere one remains (I think)
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Observer Walt
Guest
The sale at York and Bremner is on the SW corner, extending south to Lakeshore / Gardiner. This is directly across York Street from the Maple Leaf Square site, and across the street the other way (east of) the Infinity site. It's a pretty large property (3.320 acres), and sold at a rate of $257 per square foot. Don't know what will go there; it will be interesting to see. The purchaser is Cadillac Fairview. The vendor is affiliated with CP, and this is one of the last remaining blocks of the old railway lands.
As a direct comparison, the sale of the Maple Leaf Square site of 2.094 acres was registered in March (although no doubt negotiated a year or so earlier), at $29,280,000 or $321 per square foot. MLS will be built to a fairly high density (12.5 times coverage) and the comparison indicates that this recent sale likely would be as well.
1815 Yonge Street: This is the old Milnes fuel oil office building on the SE corner of Yonge and Merton, probably familiar to many people as it can be seen from the subway just south of Davisville. The reported sale price is a bit misleading because it also included another property in Etobicoke. The purchaser is Cresford, and this will almost certainly be a condo site.
Another recent big downtown sale is 181 Richmond Street West, between Simcoe and Duncan, currently a parking lot, sold for $27,000,000. The price is equivalent to $593 per square foot, an incredibly high price IMO. Again, they will have to get a high density approved to justify that. The purchaser is Aspen Ridge.
As a direct comparison, the sale of the Maple Leaf Square site of 2.094 acres was registered in March (although no doubt negotiated a year or so earlier), at $29,280,000 or $321 per square foot. MLS will be built to a fairly high density (12.5 times coverage) and the comparison indicates that this recent sale likely would be as well.
1815 Yonge Street: This is the old Milnes fuel oil office building on the SE corner of Yonge and Merton, probably familiar to many people as it can be seen from the subway just south of Davisville. The reported sale price is a bit misleading because it also included another property in Etobicoke. The purchaser is Cresford, and this will almost certainly be a condo site.
Another recent big downtown sale is 181 Richmond Street West, between Simcoe and Duncan, currently a parking lot, sold for $27,000,000. The price is equivalent to $593 per square foot, an incredibly high price IMO. Again, they will have to get a high density approved to justify that. The purchaser is Aspen Ridge.
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fiendishlibrarian
Guest
Richmond, between Simcoe and Duncan? How on earth is a condo going to be approved there since that is ground zero in the club district?
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beaconer
Guest
No love for this site?
I hope it is a condo they build there. Anyone know?
Added to Context's proposed 288 King which has frontage on Adelaide as well, and that part of Adelaide is looking much better, much denser.
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beaconer
Guest
I believe it is this lot:
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Observer Walt
Guest
Beaconer: I believe your photos are correct. The purchaser of this property (Adelaide, east of Sherbourne) is Plazacorp Investments. Word is that they plan a building of 29 storeys with 262 units. This has not yet been approved by the City.
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beaconer
Guest
OW:
Thanks much for that info.
29 stories seems beyond the 'new' height restrictions for that area. I hope it is just a proposed height, and it get scaled down.
I think I read it in the Regeneration of the Kings doc, but isn't the current height restriction somewhere around 13-16 stories(from the previous 4-5 stories) for that particular area?
East Lofts, 288 king and Rezen are all around that height, not to mention all the other ones that have already been newly constructed (mozo, kc, and I guess you can include SAS).
The new Plazacorp building would be twice the height of any building around it.
Thanks much for that info.
29 stories seems beyond the 'new' height restrictions for that area. I hope it is just a proposed height, and it get scaled down.
I think I read it in the Regeneration of the Kings doc, but isn't the current height restriction somewhere around 13-16 stories(from the previous 4-5 stories) for that particular area?
East Lofts, 288 king and Rezen are all around that height, not to mention all the other ones that have already been newly constructed (mozo, kc, and I guess you can include SAS).
The new Plazacorp building would be twice the height of any building around it.
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District
Guest
Hey OW, you seem to be a wealth of info....apart from 288King would you know of any other land Context Developments may own in the city....any recent purchaces which you are aware of?
Thnx
Thnx
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Observer Walt
Guest
Hey District, welcome to the forum.
I follow this stuff to some extent, partly for business reasons and partly because I just find it interesting.
I'm actually not aware of any recent purchases by Context. They are currently involved in building "Spire" at Church and Adelaide, and the conversion of the former Loretto College building on Brunswick north of Bloor. They also have a partial interest in the Tip Top building on Lakeshore, being converted into condos, but I think someone else is actually taking the lead on that project. Going back a bit farther, they were involved in some way (partial owners or maybe full owners) in Radio City, on Jarvis Street, which was built in conjunction with the new National Ballet School.
I follow this stuff to some extent, partly for business reasons and partly because I just find it interesting.
I'm actually not aware of any recent purchases by Context. They are currently involved in building "Spire" at Church and Adelaide, and the conversion of the former Loretto College building on Brunswick north of Bloor. They also have a partial interest in the Tip Top building on Lakeshore, being converted into condos, but I think someone else is actually taking the lead on that project. Going back a bit farther, they were involved in some way (partial owners or maybe full owners) in Radio City, on Jarvis Street, which was built in conjunction with the new National Ballet School.
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scarberiankhatru
Guest
"Ah well, the Vic Park + Ellesmere one remains (I think)"
I'm pretty sure it's still there. The Sheppard & Yonge Dominion is much better than the new Northtown Dominion.
I wonder if that corner has any zoning restrictions as I think the other two corners do? Unless it's a multi-mega-condo like Minto Midtown or ROCP, office + retail would be better.
I'm pretty sure it's still there. The Sheppard & Yonge Dominion is much better than the new Northtown Dominion.
I wonder if that corner has any zoning restrictions as I think the other two corners do? Unless it's a multi-mega-condo like Minto Midtown or ROCP, office + retail would be better.
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unimaginative2
Guest
Are you sure it's the SW corner of Bremner and York? In another thread, people were saying it was owned by H&R. Either way, a parking lot is under construction right now. Could it be the NW corner? Last I heard, it was owned by Fairmont (a CP successor company) and they wanted to unload it.
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gbelan
Guest
they sold it to menkes^
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Observer Walt
Guest
The recent sale at $37 million and change was definitely at the SW corner of York and Bremner. (Not to get all technical, but for anyone who has access to online Land Registry data, this property can be found under Property Identifier Numbers 21395-0150, 0151, and 0152.) It was sold by FHR Properties Inc., affiliated with Fairmont Hotels & Resorts. Fairmont was previously part of the CP group of companies. Although now spun off from CP, they appear to still have the job of disposing of the surplus railway lands, for some reason which I am not aware of.
Two other properties at York and Bremner, the SE corner (Maple Leaf Square site), and the NE corner (Menkes site) were also both sold within the past year, also by FHR Properties. They have sold off three of the four corners.
Look forward to cranes in the future on all three of these corners, wow! You won't be able to move for the concrete trucks lining up. :\
I am not aware of any sale at the NW corner of York / Bremner. I don't know for sure who owns it, but suspect it is still under the ownership of CP alias FHR, or someone related to them.
Two other properties at York and Bremner, the SE corner (Maple Leaf Square site), and the NE corner (Menkes site) were also both sold within the past year, also by FHR Properties. They have sold off three of the four corners.
Look forward to cranes in the future on all three of these corners, wow! You won't be able to move for the concrete trucks lining up. :\
I am not aware of any sale at the NW corner of York / Bremner. I don't know for sure who owns it, but suspect it is still under the ownership of CP alias FHR, or someone related to them.
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Ed007Toronto
Guest
There was some talk in the past that Fairmont would use this lot for an expansion of the Royal York Hotel.
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unimaginative2
Guest
Thanks very much for the registry searches, Observer Walt!
I guess somebody had to take over the residual property assets, but it seems particularly strange that Fairmont would hold it since they sold off most of the hard assets already to the Legacy REIT. Whoever it is, they've been doing an abysmal job of managing those lands. They're right in between two of the biggest parking demand generators in the city and they just let them lie fallow.
So Cadillac Fairview owns the SW corner now, apparently in contradiction to another thread which said it was H&R. That'sr pretty good news, since I'd much rather see a Cadillac office tower than another condo on that site. I didn't think the city was going to allow more condos in that area anyway, since they seemed very hesitant to approve Maple Leaf Square.
I guess somebody had to take over the residual property assets, but it seems particularly strange that Fairmont would hold it since they sold off most of the hard assets already to the Legacy REIT. Whoever it is, they've been doing an abysmal job of managing those lands. They're right in between two of the biggest parking demand generators in the city and they just let them lie fallow.
So Cadillac Fairview owns the SW corner now, apparently in contradiction to another thread which said it was H&R. That'sr pretty good news, since I'd much rather see a Cadillac office tower than another condo on that site. I didn't think the city was going to allow more condos in that area anyway, since they seemed very hesitant to approve Maple Leaf Square.