daptive
Active Member
Never noticed the two old hand painted billboards on the Storey’s building north of the site.
- Thread starter golodhendil
- Start date
Never noticed the two old hand painted billboards on the Storey’s building north of the site.
khaldoon
Active Member
Today.
ImmenselyMental
Active Member
As can be seen in previous posts, they have installed scaffolding for eventually pouring the third floor on the King Street side; here are photos from last night:
WalkieScorchie
New Member
Unless this is implied when you are saying the third floor is being set up, I'm pretty sure this scaffolding is for the second floor and the need for the scaffolding in the middle is because it's a vaulted ground floor.
Skyhighzz
Active Member
There must be a second tower. Not that I trust Toronto & the powers that be, but I do trust Frank Gehry Inc. w their drive & iconic vision.
stevedean
New Member
Not sure you understand how condos are built... Frank Gehry & his company do not have the ability to just build a condo without financing - and in Canada you need to sell 70% of the units during the preconstruction phase before financing can even obtained. And with new condo sales down 80% YoY that's going to be difficult.
Skyhighzz
Active Member
I was definitely being more an optimist. So save the condo development & financing lesson-I’m well aware. And I strongly believe both Gehry towers will be built in his hometown. The nostalgia legacy thing is real; Lotta smart wealthy people appreciate iconic architects- 50% of the suites sold quickly in first 6 week period. Just getting the first tower above ground now is both brilliant & honestly surprising.
It’s Gehry’s vision: A masterpiece? There should be 2 towers in the next 8-10 yrs.
travis3000
Active Member
One thing about real estate, it never stays the same. With interest rates dropping, financing will become more affordable which will impact condo sales in 2025/2026 likely in a positive way. This is an iconic project from an iconic artist. My bet is that the second tower WILL be built. It might just be delayed a couple years compared to the original timeline.
stevedean
New Member
I hope so - and I think you're probably right.
But my point is that Frank Gehry and Co have no power to push it to happen on their own. It's not a question of "drive & iconic vision" as the original comment said - it's a question of market dynamics.
toronto647
Active Member
The second tower will not be on sale anytime soon, there is no appetite for the next few years at the least. Who in their right mind will pay $2K = 1 Mil + for a 1 bedroom 500 sqf + closing fees. Frank Gehry has 0 power in this.
Skyhighzz
Active Member
When real estate bros w blinders on enter the chat. Other big factors are at play w this huge development. Yes, market dynamics (of course) + iconic vision of a legendary hometown architect-there’s a lot of pull in that. And sales have been surprisingly impressive w Forma. So?
Wealthy big city Toronto will always be fine & should be very healthy by the time the 1st tower is built, w market forces/ supply & demand. Getting that 1st tower going was the hardest part. We’ll just have to check back in 6-8 yrs to see who had a better understanding of it all.
stevedean
New Member
Very nice of you to refer to us as "real estate bros w blinders".
I'd argue that your optimism and reliance on "vision" and "drive" make you the one with the blinders!
Yes, it's an iconic architect. Yes, everyone in this forum wants it to be built. But your point that it "must" be built or that Gehry's vision can make it happen, is simply silly.
ImmenselyMental
Active Member
From lunchtime today; construction here is really picking up the pace:
RCEO
New Member
2nd Forma Tower will get built. Sales process will likely be around 2026-2027.
New completions of Condos fall to almost nothing in 2028. All this excess supply right now peaks 2025, while rates are falling fast. The supply/demand imbalance will flip by the end of next year or early 2026 into a seller's market, especially on Condos people want to actually live in, not buy to rent.
The Condos that are completing do not satisfy the needs of higher net worth individuals (yes, the demand is still there). The first tower sold quicker and at higher prices than originally projected.
Dream Impact (MPCT-UN.TO), which owns part of this development, added recently in their projections occupancy of the 2nd tower is 2032, meaning there are plans happening to start the sales process of the 2nd tower. You can find this in their Financials.
.
New completions of Condos fall to almost nothing in 2028. All this excess supply right now peaks 2025, while rates are falling fast. The supply/demand imbalance will flip by the end of next year or early 2026 into a seller's market, especially on Condos people want to actually live in, not buy to rent.
The Condos that are completing do not satisfy the needs of higher net worth individuals (yes, the demand is still there). The first tower sold quicker and at higher prices than originally projected.
Dream Impact (MPCT-UN.TO), which owns part of this development, added recently in their projections occupancy of the 2nd tower is 2032, meaning there are plans happening to start the sales process of the 2nd tower. You can find this in their Financials.
.
toronto647
Active Member
You do realize a lot of these projects will be pushed to following years? so until end of a decade we will see above average rate of completion compared to the 2014-2023 period. If they are smart, they won't even put Forma onto the market until at least 2028 if not later.