Broken bling
bdpavd5.jpg
 
Lenser said:
Plenty of wealthy people in Toronto who could afford the prices this tower will command. I'm not terribly worried. Nor do I think this is very risky; it is, after all, one of the premier intersections in the city, right on top of a major transit hub. What's risky about that? The market for luxury condos is already a demonstrable fact.
Click to expand...

There's always risk. Bazis lost the prime 1 Bloor East lot due to the bankruptcy of Lehman Brothers during the recession.
 
Lenser said:
Nah, I just don't think the process is going fast enough for you. Patience is required for projects of this scale - something often in short supply here at UT.
Click to expand...

Granted Mirvish owns the property so he can sit on his ass for perpetuity. I do strongly disagree that capital investors are as understanding or more patient than those on UT should he decide to move forward. Only need to look at Mirvish's mentor who ended up booted from just about every project he actually got off the ground. Talking about hundreds of millions. No one has that in a bank account to simply withdraw.
 
Edward Skira said:
There's always risk. Bazis lost the prime 1 Bloor East lot due to the bankruptcy of Lehman Brothers during the recession.
Click to expand...

And that was a blessing in disguise - considering how H+P's 1BE turned out. Or on that matter, how Scotia refusing to sell was ultimately what allowed a development of that scale.

AoD
 
Get use to that view, it will be there for years to come.

This is not a question of whether the building is viable or not..............that's the developers risk. The issue is that they have turned one quarter of the city's most important and prestigious corner into a parking lot. There is no guarantee this building will go ahead. My point was they should not be able to destroy the streetscape of such and important corner when the damn building hasn't even been approved yet to say nothing of sales.
 
ssiguy2 said:
Get use to that view, it will be there for years to come.

This is not a question of whether the building is viable or not..............that's the developers risk. The issue is that they have turned one quarter of the city's most important and prestigious corner into a parking lot. There is no guarantee this building will go ahead. My point was they should not be able to destroy the streetscape of such and important corner when the damn building hasn't even been approved yet to say nothing of sales.
Click to expand...

Exactly right. It's worse than what was there in that now there is nothing and will be nothing for years. (Also my personal opinion, the risk is extremely high here. It's hard to fathom how they will reach the paid land value (+improvement estimate of cost to build) based on current rates/GFA in this area, unless the retail is really something special. That said, I am hopeful they have things lined up that we don't know about.)
 
Oddly enough I am not overly hung up on not having anything at that corner - that intersection is transitional between the Yonge strip and the Bloor office cluster - the site is it's already kind of out of place to start off with. I think it will be missed about as much as one missed the Hakim/Harvey's corner- which isn't much. There was relatively little cry over how it "damaged" the street even though 1BE was a lot for years.

AoD
 
Can't say it upsets me. I never thought it was an attractive corner and have grown to expect it atleast partially under construction at all times. If anything I think the demo and hoarding make this intersection feel more exciting and alive.

I also really don't understand everyone's fear, obviously the developer is pushing things hard and wants to keep active on this site. Isn't that a good sign? You don't just demolish a row of buildings and pay Foster to design you something you don't intend to build. Worse case scenario and there are financial issues don't you think someone else would happily swoop in on this? I know things took awhile at 1BE but that was early into the boom and it has all turned out great so far.
 
I wonder if the hoarding here will become as infamous as the hoarding at Dundas Square/Toronto Life?
 
I'm hoping not. The Dundas Square hoarding became painfully depressing. But I agree with some other posters here, albeit perhaps only weakly: I'm surprised by how quickly Mizrahi has moved on this, and though that might suggest this building will come sooner rather than later, something about it seems off-putting.
 
You must log in or register to post here.

Back
Top