No machinery have returned and the site remains vacant:

May 30, 2020

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In normal times this would likely have been taken over as an approved, pre-financed premium development opportunity by a financially stable competitor (e.g. One Bloor East).These are not normal times. Toronto downtown may turn out to be already massively overbuilt in underway and and proposed massive buildings - Google withdrawal? Mervish-Gehry, ever?).

This location is not Bloor/Yonge. One Bloor East was and is a flagship for GG. I kind of felt that this project was pushing it. Really really big. There are a lot of reasons to say no right now.

Sensible developers will be working on completing existing projects without taking on more project debt. You have to ask whether the banks will be as willing to finance big projects right now. It's a time to evaluate, not speculate. The viability of this project (and new projects) is probably iffy. I would not doubt that new construction and development will be down for years. There is a need to complete projects, keep the company together, but probably no need to push the risk envelope.
 
Agree. Even if our new daily infections go down to zero and stay there (unlikely) it will take a few years at the minimum for the economy to recover, consumer confidence to return, and the level of development to return to pre-COVID levels. This may end up being a hole in the ground for a long time.
 
Agree. Even if our new daily infections go down to zero and stay there (unlikely) it will take a few years at the minimum for the economy to recover, consumer confidence to return, and the level of development to return to pre-COVID levels. This may end up being a hole in the ground for a long time.
Lake Ryerson, anyone? 🤣
 
Money is dirt cheap right now which is great for high quality borrowers. And by the time this project is finished in 3 to 5 years, all the current problems should be well behind us.
 
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I don't pretend to have my finger on the pulse of every developer that is active in the city, but for the number that I have talked to, none are significantly slowing their development pipeline.

The priority is keeping operations going, sure, but would you go further in debt right now? Even if it is cheap?
 
^Damn and that's with sky high corporate debt (according to Roubini at least) plus the CLO market about to go bust
 
A new construction office right beside YSL. Is that a good news?
 

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Could be an interesting turn of events. Based on reports, Cresford hired GFL to complete shoring work for YSL, which they reportedly also owed money for as well and had a lien placed on it. Speculative theory, if that is resolved now then perhaps Cresford are setting up to move in with their own construction team now. Still not definite as it needs more concrete movement to verify if that's the case, but if the construction office is active then it's showing signs of life.
 
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