sport200 said:
Unreal. So when they buy a site for 20+ million, they must obviously make atleast that in profit to pay off the land. Never new they made so much.
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"Profit" is what's left after they pay all costs, including land, construction, marketing, and financing. They may or may not make that much in profit. Profit doesn't depend so much on land costs, or any of the other costs. It will depend more on what density they are able to build to.

Freed has succeeded by being a real visionary in this neighbourhood, which most people didn't really want to look at up until about five years ago. He got in relatively early, bought some of his land cheap, and has played a big role in transforming this neighbourhood. Even so, the price of this site, at $625 per square foot, is still very much in line with other downtown condo sites. As a bonus, the hotel will produce some holding income while they go through the approvals process.

As someone already mentioned, the long frontage on King Street (240 feet) will be a benefit to this property.
 
Sales - Costs (Marketing, Financing, Construction) = $20 million
Land = $20 million
Profit = 0

Imagine how remarkable it would be if they had the land from 5+ years ago for 5-10 million. I think they are probably going to clear atleast 7-10 million, not a bad profit.
 
It's kind of hip now, but I'm afraid that as more clubs/condos move in, it will just become part of the Entertainment District - which it almost is a de facto extension of now. I have a feeling that these Freed condo's will not gain as much price wise because of this - already on Thurs-Sat nights, it's drunks, fights, and loud. It's too bad because I really love this area - I wish they'd just reign in the club development a bit more.
 
simuls said:
It's kind of hip now, but I'm afraid that as more clubs/condos move in, it will just become part of the Entertainment District - which it almost is a de facto extension of now. I have a feeling that these Freed condo's will not gain as much price wise because of this - already on Thurs-Sat nights, it's drunks, fights, and loud. It's too bad because I really love this area - I wish they'd just reign in the club development a bit more.
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I live in the area and I have to say that the night life in King West is very different to the one in the Entertainment district (Richmond), the people coming to King West are more mature and professional people, very different to the teen agers going to the entertainment district, I would not associate drunks, fights and loud with King west, it is more in the Richmond area. There are beautiful clubs and restaurants in the king west area that match perfectly with the Condos coming up in the area. the area is becoming very expensive $500-$550 psf and I would be surprised if by summer 2010 when 550 Wellington with Thompson Hotel and 75 Portland are ready, the area will reach the $600 figure psf.
 
At one point, Fluid and Plastique where 'upscale & mature' in clientel' lol..

Condo developments destroy nightlife. You see it in the club district, yorkville, and you will now see it on king west. (If brant house did not have well connected owners that knew the ropes, it would have had it's liquor license revoked when the 'quad lofts' where occuppied).

It's only a matter of time when condo owners are closer to their 30s then 20's. and prefer quaint restaurants then lound 'clubs'

if you don't believe me, just see the progression of Yorkville, back in the 80's when it was in it's prime, then club district in the 90's to mid 2000's in it's prime, and now King west, more or less in it's prime.
 
Condos vs. Clubs?

The city controls the clubs by licensing, not the condos. Some people have difficulties understanding the change that a city goes through, and it clearly shows in this forums. Nonetheless imagine this amazing city in 20 years and you won;t miss nasty ugly dirty Richmond st. as it is today. Actually, it's already dead and besides a couple of clubs the entire old club land is a thing of the past.
 
^ Already well known for "after hours" hole-in-the-wall places! Admission is either by knowing someone, or having a gun to wave in their faces :D
 
Yossi Kaplan said:
The city controls the clubs by licensing, not the condos. Some people have difficulties understanding the change that a city goes through, and it clearly shows in this forums. Nonetheless imagine this amazing city in 20 years and you won;t miss nasty ugly dirty Richmond st. as it is today. Actually, it's already dead and besides a couple of clubs the entire old club land is a thing of the past.
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Of course the city controls liquor licenses and not the condos. But you forget that it's the large tax base and voting constituents of those condos that have heavy influence with councillors, that in turn push on city licencing committees etc.


But I hope the old clubland is NOT a thing of the past, cause it caters to the young and trouble and keeps them out of other neighbourhoods.

If you kill clubland, where do you think the 40,000 or so will go? it's inevitable that King west will be filled with young 905ers (already begun) prone to fights and property vandalism.

I rather keep the limos from stoney creek and hamilton in clubland then other places in Toronto.
 
Clubland

I am not sure where the clubs will go but from what I hear from club owners and operators, the city has an agenda to get all clubs off Adelaide and most off Richmond.

Myself as a former club promoter and present producer of social event, has a personal and somewhat nostalgic interest. Nonetheless cities such as New York, Boston, Tel-Aviv and Hong Kong all have amazing pedestrian-only area for nightlife entertainment... it's more fun and safer then what we have here.

Wish we get something like that here.

YK.
 
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