interchange42

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So its now 20 storeys and rising:confused:
what happened to this?
EpicUrbancorpRend1.jpg

EDIT: That rendering is out of date. Check the ones we have in the dataBase file.

The City's 2012 agreement allows the building to go as high as 60 m/197 ft, or 20 storeys. As the upper floors are all 8 foot ceilings, then 21 storeys is what will fit in that space including mechanical. Thats where construction is now, so barring any Committee of Adjustment changes (I have found none, but they are very difficult to find) it's now about as high as it's going to get.

I have updated the neglected thread title to reflect 20 lived-in storeys.

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maestro

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This is a a forgettable tower but, I don't see how it isn't an improvement on a dilapidated warehouse with piss poor street frontage. 48 Abell had a couple interesting business but, for the most part, it was space for artist. More than a few have now relocated to 38 Abell.
 

Torontovibe

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Again, I think the over abundance of grey, does not help this neighbourhood. In fact, I think it makes the area look quite gloomy, especially in winter. Then again, maybe it's just the cluster of boxes that seem unappealing. Either way, this area does not seem very appealing so far. Hopefully when it's all finished it will not seem so dull.
 

interchange42

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Some hours ago…

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interchange42

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URBANCORP ANNOUNCES RESTRUCTURING PROPOSAL

TORONTO, April 22, 2016 - Urbancorp announced today that five of its subsidiaries, together with the Urbancorp Group and management company (Urbancorp Toronto Management Inc.), Urbancorp Downsview Park Developments Inc., Urbancorp (St. Clair Village) Inc., Urbancorp (Lawrence) Inc., Urbancorp (Mallow) Inc., Urbancorp (Patricia) Inc., have initiated restructuring proceedings under the Bankruptcy and Insolvency Act (Canada).

“We determined, after much consideration and consultation, that a Court-supervised process is the best way to deal with current cash flow issues,” said Alan Saskin, Urbancorp CEO.

The process is intended to provide the companies with a stabilized environment in which to manage their affairs. The companies will follow a restructuring plan, including seeking Court approval of a sale process for certain of their assets. This will support efforts to maximize real estate values for the benefit of creditors and other stakeholders, in an orderly manner.

Mr. Saskin said, “This will allow us to reduce debt in an efficient manner while continuing to focus on our core business. Urbancorp has delivered 1,028 homes in the past two years and currently has 1,058 additional homes under construction. The Court process is intended to ensure that, with our partners, we will be delivering these homes in the next two years.”

The filing companies will work closely with the proposal trustee, KSV Kofman Inc. to stabilize operations, preserve and protect asset value for stakeholders and pursue the sale process.

Additional information will be available on the proposal Trustee’s website: http://www.ksvadvisory.com/insolvency-cases-2/urbancorp/
 

maestro

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Pretty easy to get yourself in that situation or have a project essentially taken away from you. It's so expensive to build anything.
 

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