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iSlutsky

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From: http://www.marketwire.com/press-release/Urbanfund-Corp-TSX-VENTURE-UFC-1045658.html

Urbanfund Corp. Announces Acquisition of Interest in Signature Redevelopment Site at Yonge & Bloor


TORONTO, ONTARIO--(Marketwire - Sept. 16, 2009) - Mitchell Cohen, President and Chief Executive Officer of Urbanfund Corp. (TSX VENTURE:UFC) (the "Company"), announced today that the Company completed the acquisition of an interest in the high density residential/commercial re-development site located at the southeast corner of Yonge and Bloor Streets in Toronto, Ontario (the "Property").

Urbanfund invested alongside Westdale Construction Co. Limited ("Westdale"), Urbanfund's largest shareholder, to form Bloor East Holdings Inc., which holds a 33.33% in the Property. Urbanfund purchased a 10% interest in Bloor East Holdings Inc., resulting in Urbanfund indirectly holding an approximately 3.33% interest in the Property.

"The Property is arguably one of the best mixed-use sites available in Canada today and we moved quickly to be part of this acquisition" said Mitchell Cohen. "To hold an interest in a signature project of this size and magnitude at the crossroads of the Bloor and Yonge subway lines is a strategic acquisition for Urbanfund; and we will continue to look for more of these transactions. Our relationship with Westdale provided us with access to this investment opportunity. Without Westdale's prominence in the real estate market, such an opportunity may not have presented itself to Urbanfund".

This 50,400 square foot vacant development site was previously slated to be the 80 storey "One Bloor Street East" condominium site that saw prospective purchasers of condominiums line up for weeks to own a piece of this corner. "With land prices down dramatically, we viewed the opportunity to have Urbanfund involved in the re-design and re-marketing of the site as an opportunistic transaction" said Cohen.

Distinguished home and condominium builder, Great Gulf Homes, will be the developer of the Property. More information on Great Gulf Homes can be found at www.greatgulfhomes.com.

On closing, Urbanfund advanced its pro rata portion of the purchase price and anticipated pro rata portion of closing and pre-development costs, in the aggregate amount of $2,000,000, which was funded out of the Company's cash on hand.

Urbanfund Corp. is a Toronto-based real estate development and operating company. The Company's common shares trade under the symbol UFC on the TSX Venture Exchange. Urbanfund's focus is to identify, evaluate and invest in real estate and real estate related projects. The Company's assets are located in Toronto, Belleville and London, Ontario. The Company's strategy going forward remains committed to seek accretive real estate or real estate-related opportunities.
 
From: http://www.businesswire.com/portal/...d=news_view&newsId=20090916005940&newsLang=en

Number One Bloor, Canada’s Most Prestigious Real Estate Development is Now in Trusted Hands

TORONTO--(BUSINESS WIRE)--The acquisition of Number One Bloor by Tuscany Ridge Developments Inc. -- an affiliate of Toronto-based Great Gulf Group of Companies—becomes official today, paving the way for Toronto’s most prestigious address to soon boast a new landmark building.

“We are very excited that we are able to bring our expertise in developing iconic structures encompassing the highest standards of design to this superb location,” said Jerry Patava, President and CEO of Great Gulf.

At the heart of Bloor-Yorkville’s upscale shops, fine dining and entertainment district, Number One Bloor will be a mixed use project consisting of luxury condominium residences anchored by high-end retail uses at street level. Further details regarding this exciting development from one of the industry’s most trusted builders will be released this fall, as they become available.

Great Gulf Group is a fully integrated real estate organization with an established history of creating distinctive communities in the GTA and beyond. High-rise developments of note include 18 Yorkville, the “X” condos and “Charlie”.
 
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So Great Gulf is now in charge.

Its now in better hands.
 
New plan for Yonge & Bloor: Shorter tower, no hotel
By Megan O’Toole, National Post

The new condo tower set to rise at the famed One Bloor site will be shorter than the previous developer planned, but observers predict the demand will be high as buyers flock to secure a piece of one of Toronto’s hottest addresses.

Developer Great Gulf Group, which acquired the property at the corner of Yonge and Bloor streets after Bazis International failed to get its much-hyped 80-storey condo tower off the ground, officially closed the deal today.

Details of the building’s final design and pricing are still being hammered out, company president Jerry Patava said, but he confirmed the high-rise tower will be a mix of luxury condos and high-end retail space.

“It won’t be quite as tall as what was previously suggested for that site,†Mr. Patava said. “It will be a design that people will find very attractive and appealing... We want to have something that will be appropriate to that location and that’s really our goal, to create something that will fit in at Yonge and Bloor.â€

The development will not have a hotel component, something Bazis had planned on including, and condos will be priced “to market,†Mr. Patava said, noting more details will be released in the fall as plans begin to crystallize.

Units in the original One Bloor building were going for between $400,000 and millions of dollars.

The Bazis project created mass hysteria in 2007 as people camped out for days outside the sales office, and even as prices soared, almost all of the units were sold. But after the failure of U.S. investment bank Lehman Brothers, which was helping finance the project, Bazis, facing increasing pressures, sold the property to Great Gulf.

The bulldozed lot remains empty to this day, and Bazis buyers have started getting their deposits back — some for hundreds of thousands of dollars.

Mitchell Cohen, whose Toronto-based real-estate company Urbanfund Corp. teamed up with its largest shareholder to acquire a one-third stake in the Great Gulf project, called it an “iconic corner†and expressed optimism at the site’s prospects.

“It is probably the best crossroads in Canada,†he said.

Garth Juriansz of Re/Max Realtron Realty said he sold more than 20 units at the original Bazis tower, even purchasing one himself. More than half of his clients have indicated they want to try again at the new building, he said, though the sales office will not be opening for awhile yet.

Despite the issues surrounding the Bazis project, Mr. Juriansz says he still expects the new condo tower to be massively popular, though perhaps not to the same fever pitch.

“I don’t think it will create less interest, but I don’t think you’re going to have the hype,†Mr. Juriansz said, noting Bazis developer Michael Gold was a “visionary†whose unique design created a “stampede†among buyers.

“My clients went crazy when they saw that design,†Mr. Juriansz said. “That was all part of the hype of Michael Gold. He created something spectacular that people just did not want to miss. They wanted to be part of it.

http://network.nationalpost.com/np/...r-yonge-amp-bloor-shorter-tower-no-hotel.aspx
 
We want to have something that will be appropriate to that location and that’s really our goal, to create something that will fit in at Yonge and Bloor.â€

Oh Oh..... dont tell me they are going to build just another box.:eek:
 
Automation Gallery said:
Mr. Patava said: “We want to have something that will be appropriate to that location and that’s really our goal, to create something that will fit in at Yonge and Bloor.â€
Click to expand...

Weak. Very weak.

Why wouldn't they want something to oh, I don't know, STAND OUT, SHIMMER, INSPIRE AWE, IMPRESS, rather than fit in?

Sounds like they're already preparing us for a bland, safe, conservative, middle-of-the-road building.
 
“It won’t be quite as tall as what was previously suggested for that site,†Mr. Patava said. “It will be a design that people will find very attractive and appealing... We want to have something that will be appropriate to that location and that’s really our goal, to create something that will fit in at Yonge and Bloor.â€
Click to expand...

What casaguy said...

Fark fitting in - this location demands something that doesn't fit in....

..please keep Diamond Schmitt, and, god forbid, Kirkor, as far away from this as possible......how about an international competition? How about a Jean Nouvel building?
 
This is disappointing. I would have preferred if Bazis could have kept the property and built what was planned. Now we're going to have something shorter, and more typical conservative Toronto built. Lame!
 
Let's not get carried away, for crying out loud. This is merely the first day - day one of Great Gulf's ownership of the site. On the other hand, I do agree that a PR team with chutzpah, would have come up with something better to say. One positive note: They seem to be calling the site "NUMBER ONE BLOOR". This in itself is an improvement over "ONE BLOOR EAST."

And thus, a new thread name was born.:cool:

My wish is for NUMBER ONE BLOOR to be at least 70 floors - topping the Four Seasons as the tallest building in midtown. Hire a top-notch design team (if not orchestrate a competition), attract a classy retail tenant or two, throw in a parkette and I'm sold.

Finally, let's start the prediction game: what will be the starting PSF price for these condos? My guess: $750 per square foot (slightly less than the defunct 1BE).
 
casaguy said:
Weak. Very weak.

Why wouldn't they want something to oh, I don't know, STAND OUT, SHIMMER, INSPIRE AWE, IMPRESS, rather than fit in?

Sounds like they're already preparing us for a bland, safe, conservative, middle-of-the-road building.
Click to expand...

GG has a pretty impressive track record, I wouldn't read too much into the language about "fitting in" to the Y+B area.

Who's willing to go with my prediction that we see two 50's-60's on this site instead of one 50 or 60 storey tower? Financing would be easier, they'd sell like hotcakes at market rates and the size of the site could easily support it.
 
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