khris
Senior Member
Probably something to do with the fact that Ryerson pays to use the space for lectures.
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MetroMan
Senior Member
They don't pay. Ryerson owns the space the theatres were built on. They have an agreement that allows them to use the theatres during the day.
khris
Senior Member
Oh. Well I guess they're just selling lots of concession items.
MetroMan
Senior Member
"Metropolis" name may return, redevelopment coming, possible theme park addition
The same source that provided me with the information on the ongoing sale and breaking news about the new owner (Entertainment Properties Trust) has told me that EPR is conducting a preliminary report for the redevelopment and renaming of 10 Dundas East. They'll be selling naming rights to the building but if nobody is willing to put down the "huge asking price", EPR will revert the building's name to Metropolis.
Some very exciting tidbits of info:
- EPR is having informal discussions with theme park operators Cedar Fair and Six Flags and is interested in approaching Disney (who was an early investor at the root of the Metropolis development in 1998).
This isn't a new idea. PenEquity intended to do this before multiple tenants abandoned the project. The building was constructed with provisions for a theme park on the roof.
- The price of the naming rights is said to be so substantial that EPR doesn't expect to sell them right away, but believes they're "priced according to the exposure of the location" and will eventually find a buyer.
- Research is ongoing to determine a better fit for fully taking advantage of "the biggest revenue generator" of the property: the "amazing wall" that is currently "not exploring even 1/10th" of its potential.
- Somebody at EPR is calling the building's visual appeal (or lack thereof) "abhorrent, gross" and it needs to be addressed if the property is to be respected.
I don't think we'll see any changes this year but by early 2011, we'll probably hear more about EPR's plans for the property.
This is likely the last bit of info that I'll get from this source unfortunately. The party he's representing is ending its ties to 10 Dundas East. Nonetheless, I'm sure that we'll get regular information since EPR is a publicly traded company.
The same source that provided me with the information on the ongoing sale and breaking news about the new owner (Entertainment Properties Trust) has told me that EPR is conducting a preliminary report for the redevelopment and renaming of 10 Dundas East. They'll be selling naming rights to the building but if nobody is willing to put down the "huge asking price", EPR will revert the building's name to Metropolis.
Some very exciting tidbits of info:
- EPR is having informal discussions with theme park operators Cedar Fair and Six Flags and is interested in approaching Disney (who was an early investor at the root of the Metropolis development in 1998).
This isn't a new idea. PenEquity intended to do this before multiple tenants abandoned the project. The building was constructed with provisions for a theme park on the roof.
- The price of the naming rights is said to be so substantial that EPR doesn't expect to sell them right away, but believes they're "priced according to the exposure of the location" and will eventually find a buyer.
- Research is ongoing to determine a better fit for fully taking advantage of "the biggest revenue generator" of the property: the "amazing wall" that is currently "not exploring even 1/10th" of its potential.
- Somebody at EPR is calling the building's visual appeal (or lack thereof) "abhorrent, gross" and it needs to be addressed if the property is to be respected.
I don't think we'll see any changes this year but by early 2011, we'll probably hear more about EPR's plans for the property.
This is likely the last bit of info that I'll get from this source unfortunately. The party he's representing is ending its ties to 10 Dundas East. Nonetheless, I'm sure that we'll get regular information since EPR is a publicly traded company.
urbandreamer
recession proof
Wal-Mart Square? That would be brilliant.
grey
Senior Member
EPR is obviously a front for a cabal of UT forum members.
MetroMan
Senior Member
Man I hope not. The scary thing is they're one of the companies that could afford the naming rights. "Toronto Life" was a perfect fit but St.Joseph Media are so relieved they got out of this mess that they're unlikely to get even close.
Speculating on companies closely associated with the project that could possibly want (and afford) their name on the building:
- Sharp
- Panasonic
- AMC
- FutureShop
MetroMan
Senior Member
Actually, you're not far off. Some investors in the property are quiet members here. I'm not surprised: UT has been covering Metropolis for 10 years and is prominent in the Google search results for this development.
cassius
Active Member
Well if there's even a slight chance that ERP will be looking at changes to the outside of the building in the future that's great news! The entire building is full of potential in that almost no matter what changes you make you'll end up improving it.
MetroMan
Senior Member
Cassius, I'd love to see what you could come up with to update the exterior, considering your excellent rendering design abilities.
From the info I've heard, we can expect better use of the 25,000 square feet of media wall space, better signage and rides on the roof that should be visible from the square.
From the info I've heard, we can expect better use of the 25,000 square feet of media wall space, better signage and rides on the roof that should be visible from the square.
urbandreamer
recession proof
I predict the latest owner's venture ends in bankruptcy. The only real solution is to implode it and start over with a highrise of some sort.
Torontovibe
Senior Member
Finally
Finally some good news about this disaster. I knew it was just a matter of time before this half-finised, eye sore got some serious improvements. That location is just too good to let it stay that way. This news makes me happy.
Finally some good news about this disaster. I knew it was just a matter of time before this half-finised, eye sore got some serious improvements. That location is just too good to let it stay that way. This news makes me happy.
MetroMan
Senior Member
urbandreamer: as somebody pointed out, they can't demolish the building without consulting Ryerson who owns the garage that this building was constructed around. It is indeed this workaround that created the messy layout that this building has to deal with. I think that substantial improvements can be made if attention is paid to the finishings. The interior could use a total remake and the exterior could be improved with more creative signage and maybe a recladding. I wouldn't count on the building being demolished for a tower although, some of the properties on the block such as the HMV could be purchased and a tower connected to Metropolis built.
Torontovibe: as good as this sounds, it's still in the very early stages. At least the new owner is realizing that it can make money with this property and that before it can do that, an investment in redevelopment must occur.
Torontovibe: as good as this sounds, it's still in the very early stages. At least the new owner is realizing that it can make money with this property and that before it can do that, an investment in redevelopment must occur.
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khris
Senior Member
Wow a theme park on the roof. Maybe a la Stratosphere in Las Vegas? http://en.wikipedia.org/wiki/Stratosphere_Las_Vegas
That would be seriously amazing!
Even signage would be great to tell you the name of the building.
Also reverting back to Metropolis would be great.
That would be seriously amazing!
Even signage would be great to tell you the name of the building.
Also reverting back to Metropolis would be great.
whatever
Senior Member
I still think the best solution is to demolish the Ryerson parking garage, excavate under that lot, put the parking underground, and open up new retail space above grade (up to the underside of the AMC theatres). It's the only way I can see to fix the internal layout of the mall. It would be a massive undertaking and would require a lot of disruption to the existing tenants, but long-term its either that or tear down the entire complex and start over