[rbt]

You don't spend $250 million in land cost, plus another $100 million in carrying costs, to build a multi level retail podium.

The expanded retail (it's still 8 floors @ 21,000 sqft per floor right?) at The One has a valuation between of a little over $700M. It has double the retail space of 1 Bloor East, a few years price appreciation, and plenty of ground-level space. Ground level commercial is worth double that of floors above/below.

TD Securities:


The residential condo phase is valued at $500M (again, by TD) and a much higher construction cost. Profit margin on it is pretty thin compared to the retail.

So if the building was cap'd at 8 floors as a mall, nobody involved would be disappointed financially. IMO, the main reason for the residential is a selling point for the retail; captive audience of wealthy customers.

 

[LMVDR]

The expanded retail (it's still 8 floors @ 21,000 sqft per floor right?) at The One has a valuation between $700M and $1.2B. It has double the retail space of 1 Bloor East, several years of price increases, and plenty of ground-level space (which 1 Bloor East was missing). Ground level commercial is worth double that of floors above/below.

TD Securities, lower estimate:

Yes I saw that too. And if you believe that report is anything close to reality then you should be embarrassed.

Those upper floors bare no resemblence to the realities of the marketplace. And $450 is not achievable across 21,000 sq ft either.

 

[maestro]

Ok so deduct $5 million from that price and what do you get?

What is the proposed retail square footage of 1 Bloor West?

deducting $5 million for the parking still put the selling price over $200 million. The One's assemblage cost less. (of course there's always construction costs)

 

[ChesterCopperpot]

Here's the full details of the 1BE retail sale

First Capital Realty has entered into a binding agreement to purchase the 85,000 square foot One Bloor Street East retail podium in Toronto for $189.2 million in cash. The deal also includes 52 commercial parking spaces on-site.

 

[LMVDR]

Here's the full details of the 1BE retail sale

Thanks Chester.

The land costs are were $250 million. Add in another $100 million in carrying costs to date I'm certain.

 

[innsertnamehere]

it has 6 levels of retail now I believe, with the hotel replacing those 2 upper floors.

 

[Benito]

Today, not much different from yesterday.

 

[LNahid2000]

More heavy equipment being moved in this morning:

 

[Benito]

Today from another angle.

 

[Irishmonk]

Methinks that crane looks somewhat more like an art piece than a functioning earth digger upper.

 

[am29]

Maybe they got the fancy equipment so it looks better in the "Start of Construction" PR event

 

[ahmedyusali]

I wish they could also purchase H&M store to extend podium ..

 

[maestro]

No thanks. The larger the podium, the more banal the street interface.

Some weird stuff going on. Pretty sure Michael Bros. and GFL are competitors (unless GFL acquired another excavation/demo company)

 

[am29]

Maybe while they're waiting they chose to create a construction equipment royal rumble ring in the meantime. The two pieces of equipment will now battle to the death.

 

[LNahid2000]

They're digging!!