Thanks for the plans Alvin. Cheers.
You're welcome. Unfortunately I didn't have the architectural plans archived which would have provided more details (my main interest in this project is the clock tower). In any event, I consider this a temporary issue given the corner is probably just waiting to get redeveloped.
I'd say it's more likely happening because QuadReal is owned by a pension fund, for which they want sustained income, which is why rentals make generally more sense for them than a one time payment from condo sales. If this was a dedicated condo developer, I'd be more skeptical, but QuadReal already has a huge rental portfolio they probably saw an opportunity to expand further here.I wonder if the move to rental is a way to get around the former pre-construction deals. The court order says that the former purchasers are entitled to a $150/sqft discount on new purchases should the development convert back to condos within 24 months of the development's sale. So call it a rental for 24 months, and then start offering units for sale in late 2022? Really, by the time the building is ready for occupancy they'll just be a couple months away from that cutoff date anyway.
Possibly helps for this project that the materials may have been ordered by Cresford before the bankruptcy (not sure though, but it's possible), who actually put money into things like cladding. Plus QuadReal actually has an interest in sustaining their buildings (and therefore not being absurdly cheap) since it's a rental, rather than selling it off quickly and never caring again like most condo developers.The fact that the cladding on here is looking this good while what has been observed so far at Nobu is so bad is concerning. I'll wait for the laneway treatment here before casting full judgement but clearly a project doesn't have to be "luxury" for us to expect some minimum standard of design / execution.