I don't really understand it! Cresford sold the property to Mayfair in June 2008 as the site was too tight for a condo project and now they are buying it back??

A developer told me Cresford was buying it and I told them that it couldn't be true!

Interesting.
 
BMyers said:
I don't really understand it! Cresford sold the property to Mayfair in June 2008 as the site was too tight for a condo project and now they are buying it back??
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To tight,:confused: that site looks like it could easily accommodate two elegant 40-45 storey towers.
 
The 1000 Bay site is only 100' by 112' feet (12,365 sf). Not even twice the size of a standard house lot in the suburbs.

If Cresford was able to acquire 990 and 984 Bay this time around, then the site would be much easier to develop.

Not sure why you would think they could get two towers on the (1000 Bay only) site? The Murano site has two towers but it was nearly three times the size at 34,000 sf, Lanterra only put one tower on the Burano site and it is twice the size at 27,000 sf.

By comparison, similiar lot sizes to 1000 Bay would be Theatre Park, Peter St Condos and Eleven Charlotte, all very slim single towers with limited parking.
 
BMyers said:
The 1000 Bay site is only 100' by 112' feet (12,365 sf). Not even twice the size of a standard house lot in the suburbs.

If Cresford was able to acquire 990 and 984 Bay this time around, then the site would be much easier to develop.

Not sure why you would think they could get two towers on the (1000 Bay only) site? The Murano site has two towers but it was nearly three times the size at 34,000 sf, Lanterra only put one tower on the Burano site and it is twice the size at 27,000 sf.

By comparison, similiar lot sizes to 1000 Bay would be Theatre Park, Peter St Condos and Eleven Charlotte, all very slim single towers with limited parking.
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It states that 990 Bay street is part of the deal...


yyzer said:
This just in....
990 Bay Street, and the parking lot next door, was just bought by Cresford.
And, want to hear something crazy.... launching September 2011. Yes. Launching before 42 Charles
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990 Bay is a sliver sized lot, still not a two tower project.
 
Build the new tower right up against 990 and use the main floor as the entrance to the underground parking and the top 2 floors for amenities. Or is that too harsh.

b990.jpg
 
I don't think I have seen this mentioned here yet. The sale of this property was recently reported. It is a small but pretty recognizable property, on the west side of Bay one block north of Wellesley. It includes a two-storey restaurant, which used to be recognized mainly as an unofficial "headquarters" for many of the celebrities in town for the film festival each fall. I suspect this role has become less important as the festival has moved more down to King Street.

The purchaser is Cresford. The price was $5,250,000 ($1,946 per square foot, at 2,697 square feet). That's one of the highest prices, per square foot, I have seen. I would expect it will be combined with a parking lot to create a larger site, intended to accommodate an addition to the upper Bay Street condo canyon.
 
Observer Walt said:
I don't think I have seen this mentioned here yet. The sale of this property was recently reported. It is a small but pretty recognizable property, on the west side of Bay one block north of Wellesley. It includes a two-storey restaurant, which used to be recognized mainly as an unofficial "headquarters" for many of the celebrities in town for the film festival each fall. I suspect this role has become less important as the festival has moved more down to King Street.

The purchaser is Cresford. The price was $5,250,000 ($1,946 per square foot, at 2,697 square feet). That's one of the highest prices, per square foot, I have seen. I would expect it will be combined with a parking lot to create a larger site, intended to accommodate an addition to the upper Bay Street condo canyon.
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Wow..for 5.2 million bucks that building is history, unless they wheel-it somewhere to the back.
 
Now, when it comes to the derision Urban Shocker etc pitch at Ridpaths, it'd be much more usefully directed at anyone who'd seek to save the Bistro 990 facade...
 
990 Bay street is - or was - owned by a numbered company and is only 3,100 square feet.
The parking lot next door (1000 Bay street) is 12,800 square feet.
Combined they could put together a 30 storey condo more or less. great location but no indication if they are same ownership
 
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