Jeezus help us. This site had so much promise too.

There are certain development firms that just need to find a way to bankrupt themselves for the betterment of this city. Canderel is one of them.
 
Yeah, I've had to come to terms with all projects by KingSett currently and reserve my expectations. With their record of flipping properties, there's a fair chance that many won't end up fulfilled as they were originally proposed, as the new developer can take it in a different direction altogether.
 
I thought this was a JV rental project for KingSett/Bentall Kennedy/BC Pension Fund since day 1? What has changed?
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I would imagine St. Mike's College (the vendor) wouldn't allow for a flip in their purchase agreement as they have over 100 underground parking stalls (and I think a few other items) tied to the proposal as well.
 
Canderel acquires prime corner of Bathurst and St. Clair, expanding their neighbourhood-focused approach for Toronto

Master-planned block to include new public park and daycare
May 19, 2021 (Toronto, ON) – Building off the momentum of Canderel’s St.Clair Village, currently under construction at 900 St. Clair West, Canderel is pleased to announce the purchase of 490 St. Clair Avenue West, an 1.91 acre site located at the northeast intersection of St Clair Avenue West and Bathurst Street in mid-town Toronto. Development plans include three residential towers, retail at-grade, a new public park and a daycare.

490 St. Clair West is a transit-oriented location adjacent to a major Loblaw’s supermarket and St. Clair West Subway, connecting commuters to the Financial District in less than 12 minutes. With an east-west dedicated streetcar route right outside its door, it is also a gateway intersection to many of Toronto’s most coveted ravine trails and neighbourhoods, such as Forest Hill, Cedarvale, and Wychwood. Locally run businesses on St. Clair West, including retail, restaurants and cafés, are also within walking distance.
“The acquisition of 490 St. Clair West is a fantastic opportunity to revitalize a prominent corner that has been vacant for many years,” says Ben Rogowski, COO, Canderel. “We are excited about the potential of this site because we will be able to build a complete community in a part of the city we are already working in and know quite well. With increasing demand for public outdoor spaces and childcare, we look forward to working with the city and agency partners to create amenities that support the evolving needs of this neighbourhood.”

In addition to Canderel’s hyperlocal awareness of community needs, they bring proven expertise with multi-phased mixed-use projects in tight urban pockets. This includes DNA on King West, award-winning Residences of College Park at Bay and College, which includes a 1.9-acre park, and the master planned Tour des Canadiens in downtown Montreal.

“The look and feel of the retail and public spaces, and how they are integrated into the urban fabric is going to be a very exciting improvement to this vital intersection. Our vision for this site is that it becomes a new community hub, serving the needs of the communities that live in and around St. Clair West,” says Rogowski.

With the site already zoned, Canderel will be working on updated designs for the residential buildings and retail in the coming months. KingSett Canadian Real Estate Income Fund LP will contribute a portion of the debt financing to the project, continuing its long-standing relationship with Canderel bringing some of Toronto’s most exciting projects to life.
 
Dont even get me started:

"Canderel’s hyperlocal awareness of community needs, they bring proven expertise with multi-phased mixed-use projects in tight urban pockets"

Yes sure why not and if we're coming up with hyperbole, i'm richer than Elon Musk at the moment😂
 
someMidTowner said:
​
Canderel acquires prime corner of Bathurst and St. Clair, expanding their neighbourhood-focused approach for Toronto

Master-planned block to include new public park and daycare
​
​
“The acquisition of 490 St. Clair West is a fantastic opportunity to revitalize a prominent corner that has been vacant for many years,” says Ben Rogowski, COO, Canderel. “We are excited about the potential of this site because we will be able to build a complete community in a part of the city we are already working in and know quite well. With increasing demand for public outdoor spaces and childcare, we look forward to working with the city and agency partners to create amenities that support the evolving needs of this neighbourhood.”

In addition to Canderel’s hyperlocal awareness of community needs, they bring proven expertise with multi-phased mixed-use projects in tight urban pockets. This includes DNA on King West, award-winning Residences of College Park at Bay and College............
Click to expand...

To the bolded above..................Ahem? From who? How much did Canderel pay for the award? LOL
 
ProjectEnd said:
KS and Bentall. ~$102m.
Click to expand...
Well, with a land cost like that, while in a good, but not downtown location - there may not be much budget left for anything other than a minimally functional design, with little funding for any esthetic quality in the building.
 
renx.ca

Canderel buys $102M stake in 3-tower St. Clair condo project

Canderel is in, BentallGreenOak is out, and KingSett Capital has transitioned to a lending partner for a three-building condominium project in midtown Toronto. KingSett and BentallGreenOak had plans for a three-tower development on a 1.91-acre site at the northeast corner
renx.ca renx.ca
KingSett and BentallGreenOak had plans for a three-tower development on a 1.91-acre site at the northeast corner of St. Clair Avenue West and Bathurst Street, beside St. Michael’s College School, but Canderel recently paid $102.43 million for a 50 per cent stake in the property. The deal took BentallGreenOak out of the picture and left KingSett remaining involved as a lender for the project, Canderel vice-president and chief operating officer Ben Rogowski told RENX in an exclusive interview.
Click to expand...
A site plan application will be submitted within a month and it’s anticipated sales will start in the first quarter of 2022. Canderel would prefer to start construction as soon as possible after that, but it will depend on the project’s sales success.
Click to expand...
 
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Already a downgrade. Not as significant as I thought, but still a downgrade. The golden tower looked really nice, especially under the sunlight, and now it's gone.
 
Commentary from Matlow and Canderel's COO:

trnto.com

Prominent St. Clair and Bathurst condo site changes hands

the community ended up supporting three taller towers, in exchange for more public amenities at ground level
trnto.com trnto.com

“The site had actually already received an approval back in 1998 from the Ontario Municipal Board for, I believe, two 25-storey buildings, but then a massive podium that took over virtually every inch of the property. It was just this huge brutalist blob and it was a terrible development,” said Coun. Josh Matlow, who established a working group of residents and renewed consultation for the development.

“The realistic question at that point wasn’t, in 2019, whether or not a massive development was going to be approved because that answer [that it would be] had already come in 1998,” said Matlow. “The question was what will this look like and how can we make this better to improve the quality of life in the neighbourhood.”

Matlow said that, after consultation, the community ended up supporting three taller towers, in exchange for more public amenities at ground level.

“By having three towers, we ended up doing something extraordinary in that something like 44 per cent of the property ended up as open space,” he said.

Matlow explained that the site will now include a public park, an affordable child care centre and a seniors’ centre. He added that he could see future community consultation regarding the actual design of the park.

“Zoning is in place. It was secured by the vendors of the property, so we’ll go through the normal process moving forward in terms of working with the city and the community on more of the specific details of the property that come with the site plan approval process,” said Ben Rogowski, executive vice- president and COO of Canderel. “I would expect that to take nine to 12 months give or take.”
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