Looks like there's no enough room for third glass at the corner. Half size? That's not apple style.
 
rbt said:
Retail leases make half the value of this building, so opening the retail early would take massive pressure off loans.

Perhaps they intend to finish the space over Winter/Spring for a Summer 2022 opening. The south podium is also progressing quickly and has the other pieces required for an early retail opening (freight elevator, etc.)
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I believe there were a good number of murmurings suggesting they'd go the route of Aura and open up retail before the tower was complete. Given the structure is so much different than Aura's pretty run-of-the-mill concrete construction it's hard to compare "readiness" so they may very well be at the same "stage". In any case, glass looks nice!
 
Contra said:
I believe there were a good number of murmurings suggesting they'd go the route of Aura and open up retail before the tower was complete. Given the structure is so much different than Aura's pretty run-of-the-mill concrete construction it's hard to compare "readiness" so they may very well be at the same "stage". In any case, glass looks nice!
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I think they'd have been fools not to consider it. It's 168,000 sqft of retail @ around $500/sqft/year, or $7 million/month. Opening even 2 years early is $160M in bonus income; well worth a few headaches during the rest of construction.
 
rbt said:
I think they'd have been fools not to consider it. 168,000 sqft of retail @ $500/sqft/year is $84 million/year. Opening even 2 years early is $160M in bonus income; well worth a few headaches during the rest of construction.
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I wonder if the terms of the lease allow the lead tenant say in this.

AoD
 
AlvinofDiaspar said:
I wonder if the terms of the lease allow the lead tenant say in this.
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Ultimately, it's whatever they negotiated. There is a lot of variation in commercial lease terms. There will no doubt be penalties for late delivery but unless the tenant specified the earliest date they would accept delivery then it'll be up to the developer.

In short, the tenant would have said their piece years ago while negotiating.
 
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rbt said:
I think they'd have been fools not to consider it. It's 168,000 sqft of retail @ around $500/sqft/year, or $7 million/month. Opening even 2 years early is $160M in bonus income; well worth a few headaches during the rest of construction.
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$500 / ft? Where is that rate coming from? ~5-7x what other 'high street' retail offerings go for?
 
This story gives a number of $400/sqft.

storeys.com

Downtown Toronto Spot May Be Most Expensive Retail Space Ever Leased In Canada

This could be record-breaking for Canadian retail real estate.One of downtown Toronto's most iconic intersections is asking a record rental rate of $400-per-square-foot.The property at 2 Bloor West, marketed by Cushman & Wakefield, is looking to lease the space at this high rate, according to co...
storeys.com storeys.com
 
ProjectEnd said:
$500 / ft? Where is that rate coming from? ~5-7x what other 'high street' retail offerings go for?
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In 2019, Bloor Street rent (Yorkville section) was 430 per ft2 as per JLL.

Though my info says, a lot of the existing inventory is trading closer to 310-330 in recent months.

But, I do expect that to head upwards; and 1 Bloor West will certainly be a premium location.
 
Probably dipped a bit in the pandemic.

This location is arguably outside of the core section of Bloor-Yorkville though. I remember hearing Great Gulf discussing how they had a hell of a time finding tenants for 1Bloor E because it wasn't deemed to be "on" the main Bloor Street strip.

I mean things change, and I argue if anything can change it it's this building, but Bloor-Yonge doesn't command as much as Bloor-Bay.

I wonder if Apple paid a premium for their space to get specific finishings they wanted too - if these mega-glass panels do indeed cost what they are claiming, it's almost certainly a specification from Apple. Same with the columnless retail space I'm sure, which likely had a similarly absurd cost. How much of that Mizrahi is eating and how much of it Apple is paying for would be interesting to see. Half the design decisions on this building from the architect to the structural configuration seem to have been made with the primary retail tenant in mind - I imagine they are paying a pretty penny for those items.
 
ProjectEnd said:
$500 / ft? Where is that rate coming from? ~5-7x what other 'high street' retail offerings go for?
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I took a guess that that corner with an expensive custom constructed open-space would have a 25% premium over typical Yorkville retail rates from several years ago; this contract was signed before construction began and long before the pandemic.

I don't have any inside information but project ROI will be terrible if they didn't obtain a large premium over 1 Bloor East rates. 1BE retail was quite cheap to construct by comparison.
 
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