Well yes. Cenovus was the lead tenant. Then they asked for a year’s grace on occupancy and I don’t think Brookfield is in the giving mood for another extension.

Still... that tower is almost empty. Brookfield took it on the chin in 2018.

Does it matter if there are office workers in the spaces or not? Cenovus IS the lead tenant. They are locked into a long term deal at boomtime pricing. They also paid to have occupancy pushed back a year. Brookfield should be fine. They certainly won't be surpassing the Eighth Avenue Place boondoggle by Ivanhoe Cambridge.
 
Getting close to an anchor lease here. Name is not yet public but it was confirmed at the IMIT deputations today.

I thought the remaining eligibility of IMIT for offices in the Financial District was eliminated? Or has that not been approved/effected yet?

PS, thanks for the update! :)
 
Wow that was very interesting to watch !

I'm pretty surprised they turned down the majority of the applications for the IMIT given they all seem to meet the guidelines ... but you can see the committee didn't really sound in favour of the report (i.e. to reject all but 2, The Well site and Sanofi on Steeles) and instead will likely recommend to council they approval most or all.


With that said it seems like the longer term intentions here are to introduce much more stringent guidelines in order to qualify for IMIT.


There's a lot of talk of competitive advantages but one thing I've always wondered about is how does IMIT impact existing office buildings which of course don't benefit from the tax breaks and how that is fair. I also wonder if IMID were just to disappear how much less office development would we see ? No difference ? Very few projects ? It's hard to say, of course when you hear the presenters from the various stakeholders they paint the picture that no buildings will be built without this ...
 
The tenants in 357 Bay St, which is on this block, receved six-month eviction notices yesterday.

Hmmm.

Dream Reit shows the building as 100% leased, I see no indications of a major application moving forward.

375 Bay St. just to the north appears more suitable to something, but I didn't see any indication of that.

As per @ChesterCopperpot it doesn't appear to be tied to B-A North either way. But perhaps something is up......

If they are turfing tenants from a fully leased property that merits investigation!
 
Hmmm.

Dream Reit shows the building as 100% leased, I see no indications of a major application moving forward.

375 Bay St. just to the north appears more suitable to something, but I didn't see any indication of that.

As per @ChesterCopperpot it doesn't appear to be tied to B-A North either way. But perhaps something is up......

If they are turfing tenants from a fully leased property that merits investigation!

Remember this?

https://urbantoronto.ca/forum/threads/357-bay-st-renovations-dream-11s-partisans.26111/

News regarding 357 Bay moved to above thread.

MoD
 

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