When people stop voting with their pocket books and stop buying into these half-assed creations.

The same goes for the size of the units in most condos these days. Since when is it acceptable to have a fridge and stove in your living room? Remember the days when an apartment had a real kitchen? Even one that is open concept, but at least they had a defined space? Now you have a bunch of counters flat against one wall in a 15 foot room and your sofa 2 feet from your kitchen counters.

I know I'll hear from the "dollars-per-square-foot-believers" saying those days are gone... I say, do a search on floor plans of any American condo and you'll see most have real kitchens despite their high dollar per sq/ ft. prices. In Toronto specifically and Canada in general, we have become complacent, accepting what money-grubbing builders can get away with.

OK... Bring the hate.... I can take it. :D

I don't like the linear kitchens either - you can still have a small space with different kitchen lay-out formats. But you're anti-$psf argument doesn't make much sense. Affordability drives the GTA condo market compared to some other jurisdictions where prices are beyond the means of an average citizen (i.e. Vancouver, New York etc). In the GTA the bulk of the market is your average middle class buyers with first-time buyers making up a substantial amount of those sales. Where exactly are these people supposed to come up with the extra money to buy a large unit? A 700sqf condo at $425psf is nearly $300k whereas a nice big 1,000sqf condo is an extra $125,000. Remember these buyers are real people and need to have pretty high incomes to afford $400,000+ condos, especially if they are first time buyers without any equity previously built-up from a re-sale home (first time buyers have been driving sales over the last few months and are taking advantage of historically low interest rates).

Regarding "money-grubbing builders" - obviously there is a profit to be had in real estate development. There is also the high-risk of losses, which many builders have been experiencing over the last year. However the profit is a fairly small component of the overall budget in any of these new condos and not the main driver of prices. We are in a fairly competitive market, which is a good way to keep profits in cheque (although financial lending institutions have specific net-proceed requirements built into financing agreements typically in a 10% - 15% range and the banks are very skittish about these requirements right now which is why some projects are having difficulty getting off the ground as they are being deemed too risky). Other components such at land, materials, labour, softs and impositions (taxes, fees & charges) are what really drive prices/costs. Margins have actually tightened rather significantly over the last 14 months - which is essentially the opposite of what you suggested.
 
^There's no way. Based on every other building of the same height at this stage in the game, I'd add at least one more year onto that.
 
Their is also very little underground parking in this tower, so that should speed up the construction time.
 
Is this under construction??? i dont get it....... whats happining on site?
 
Condo project breathes new life into 50-year-old Sony Centre in Toronto

DAN O’REILLY
correspondent

Two construction teams will soon be working almost cheek-by-jowl on two separate, but interrelated projects that will transform the face of a heritage cultural site in Toronto.

A $30-million renovation and restoration of the nearly 50-year-old Sony Centre for the Performing Arts is being overseen by construction manager Vanbots. The architect is Page + Steele/IBI Group Architects and the structural consultant is Halcrow Yolles.

Only metres away on the centre’s southwest quadrant, construction of a 58-storey 600-unit condominium has just started. Designed by Daniel Libeskind, the $250-million 600,000-square-foot point tower is being built by construction manager Dominus Construction Group. (Page + Steele/IBI Group Architects is the Architect of Record)

Money from the sale of a half-acre of land for the condo is being used to finance the centre’s restoration. The complex transaction is the result of years of negotiations between the city, which owns the site, and a developer consortium.

Opened in 1960 as the O’Keefe Centre and later renamed the Hummingbird Centre, the Sony Centre was closed last year for renovations which were supposed to begin at that time.

“But then there was the credit crunch,†says centre chief executive officer Daniel Brambilla.

However, when it reopens in 2010, the facility will boast a new mechanical building, totally upgraded HVAC systems, a rebuilt lobby, new dressing rooms and terrace area, new washrooms, along with audience seating and flooring upgrades.

While iconic features such as its marquee canopy will be preserved, a number of architectural interventions added to the theatre over the years will be eliminated. That will restore the elegance and grandeur of architect Peter Dickinson’s original design, Brambilla told about 200 participants at a recent sod turning ceremony. The guests included Mayor David Miller and several city councillors.

“We intend to restore, rejuvenate and recreate the centre to keep it going for another 50 years.â€

Although it has struggled with the loss of major tenants a few years ago and at one time faced demolition, the centre is now a designated historic structure, Brambilla pointed out.

While the ceremony partially marked the start of the Sony Centre project, it was basically to herald the construction start of the condominium by joint venture partners Castlepoint Realty Partners Limited, Cityzen Development Group and Fernbrook Homes.

As the condominium won’t be completed until 2012, two years after the Sony Centre reopening, a whole set of code issues and operating procedures had to be established, says Brambilla.

“Patrons won’t have any trouble entering the theatre.â€

While the negotiations with the city over the land purchase were long and detailed, the actual construction of the tower will be fairly straightforward, says Sam Crignano, partner, Cityzen Development. The building is now about 80 per cent sold out.

Source
 
Here's another potential venue for TIFF down the road
 
Hst?

Anybody have any insight as to how the proposed Harmonized Sales Tax will affect closing costs for the unit owners of L?
 
^ People who purchased units after June 19, 2009 will be subject to paying the new tax. The developer would have either adjusted prices for unsold inventory at that time or have internally taken a hit and pay the hst themselves.... there were not many inventory units, so this project hasn't been as adversly affected as others where some developers are taking $10 million plus hits.
 
I can't beleive they thought of tearing this bastard down at one point, I really find it to be a nice building, even if it is acoustically inferior to other halls, it certainly is still a nice gem in this city, and it holds large numbers of people. Can't wait to see the new work completed on it, and its great that it is heritage now!!

Super!
 
I'm not a big fan of this project, hence I haven’t been on this thread in a while. But I am curious, why do we continue to call it the "L" tower?

How about the "shoe horn tower" or "The Chisel" or my favourite "The Tower Formerly Known As L"?
 
I can't beleive they thought of tearing this bastard down at one point, I really find it to be a nice building, even if it is acoustically inferior to other halls, it certainly is still a nice gem in this city, and it holds large numbers of people. Can't wait to see the new work completed on it, and its great that it is heritage now!!

Super!

I agree, and who doesn't have memories at this hall? So many performers, so many tours and performances. It's a big part of the 'entertainment' history of this city. I love the building too, and like others I'm greatful that this project will give it new life.
 
I'm not a big fan of this project, hence I haven’t been on this thread in a while. But I am curious, why do we continue to call it the "L" tower?

How about the "shoe horn tower" or "The Chisel" or my favourite "The Tower Formerly Known As L"?

The shape is still an l, cursive lower case perhaps. It's capitalized either way because that's the formal English way for proper nouns.
 
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I'm not a big fan of this project, hence I haven’t been on this thread in a while. But I am curious, why do we continue to call it the "L" tower?

How about the "shoe horn tower" or "The Chisel" or my favourite "The Tower Formerly Known As L"?

I dunno. Maybe because it's still in the shape of an L?

LTowernew.jpg
 
Has anybody noticed that the X Tower doesn't really look like an 'X'? Why do we keep on calling it that?
 

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