Ramako
Moderator
That's good news. I love this design and I think this intersection is appropriate for the density. Do we know whether this project has been approved?
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fedplanner
Active Member
It has not been approved and the local councilor is fiercely opposed to the height of the project. He wants the height reduced to below Minto's north tower.
Cue the OMB...
UrbanAffair
Senior Member
Yep i agree, there is no reason to reduce height here. There is nothing but towers nearby, mostly commercial, no real shadow concerns, and its on the corner with direct subway access.
innsertnamehere
Superstar
And a future major transit hub.
I sure hope I was wrong on the information I heard, though we will see. I really want this to move forward.
I sure hope I was wrong on the information I heard, though we will see. I really want this to move forward.
adeel
Active Member
Thought I'd add what I know.
Indeed the shorter north tower (which was also less expensive) was cut from marketing and IN FACT, buyers in that tower were refunded their deposits. Entire tower was scrapped for a relaunch (for reasons unknown - hard to believe it was due to lack of sales since units were less expensive compared to other well selling tower).
Not sure what the plans are now, but from what I know, the one tower is not the extent of the project - a re launch should be occurring I believe in spring or summer 2013
Johnzz
Active Member
Very dodgy. 
Not surprising when dealing with Bazis. The market has gone up, so let’s scrape all prior sales and resell at higher prices…
Not surprising when dealing with Bazis. The market has gone up, so let’s scrape all prior sales and resell at higher prices…
Xray_Crystal_Junkie
Senior Member
I'm willing to bet it's the case that they had originally intended to build both simultaneously but later decided to make it a phased project. Makes sense since the towers don't share a foundation anyway.
Ramako
Moderator
That's exactly what it sounds like to me. Why nearly double your exposure to the market when you can phase the project, and use the hopeful success of the first phase to build anticipation for the second?
Edward
Senior Member
Eglinton LRT will run to the south so no reason to delay anything.
fedplanner
Active Member
Guys, come on now. It not a bait and switch or something shady being done by the developer. These buildings have not been approved by the city. The local councilor is on record for being vigorously opposed to this development on height and density grounds. Offering to drop the smaller tower from the plans may have been a trade off for approvals for the taller building. That's the most likely scenario IMHO. We won't find out the reason for the change until the final planning report is issued.
(However, I'm amazed to this day that its common practice in Toronto to sell units in a condo building that has yet to receive approvals.)
(However, I'm amazed to this day that its common practice in Toronto to sell units in a condo building that has yet to receive approvals.)
adeel
Active Member
i don't think that it is dropped as a concession, as the builder gave the option of holding buyer deposits until relaunch and then allowing those buyers first crack at newly launched units...but who knows
FutureBuilder
Banned
This is quite possibly the most over priced project in the city. It just will not fly as it is. It just doesn't make any sense unless someone really wants to live at that location.
fedplanner
Active Member
A recent report by Urbanation would refute your statement. E Condos was the 7th best selling new condo development in the GTA last year.
http://homesandcondosblog.com/home/urbanation-announces-the-top-projects-of-2012-10748.html
If you want to be a future builder you should drop the biases. I once had the displeasure of touring a booming Latin American city several years ago. The city was beautiful and the tour was informative and fun. The problem was the redneck planner from rural Florida that was part of the tour. His mind simply could not understand why there was so many condos being built - either from new construction or rehabilitation of older building - along with the prices they were charging. He kept on projecting his understanding of rural life in Florida on a different land and culture without for a second opening his mind to accept something new.
FutureBuilder
Banned
Biases? You don't exactly know me, so it is fair to say your knowledge of my biases is quite low.
Anyhow, I don't care for what urbanation or any other blog, website, or real estate office say. This project is nowhere near enough sold to break ground and the prices are absolutely ridiculous. Anyone that bought - or buys here - without the intention of living in there for a while, will not make money.
Condos and real estate are a numbers game. It doesn't matter how nice a project may look, or who the world class architect is, but if the project doesn't make the person that buys there some cash, then it's a dudd.
The Ritz looks nice, has a "world class" brand name..... and the ppl that bought didn't make a dime and the units will be "released" in the near future there for less than purchasers bought for.
Builders have gotten too greedy. And a lot of them will be out of the game over the next 2-3 years unless they adjust their price structures. 700 bucks a foot, at Yonge/Eglnton? Yeah right.
fedplanner
Active Member
The same can be said for most of the other condo projects in the city. If you basis for declaring a condo project a "dudd" depends on if the purchaser makes some cash, then I suspect a lot of the successful condo projects in the city are in fact dudds, especially if real estate market values were to decline.
I withdraw my biases comment as you're right. I don't know you.