UpwithOlives
Active Member
Makes sense. And the next slab should be the first floor of hotel rooms, which is a lower ceiling height (3m vs. 9m)? Looking forward to seeing how this transitions over the next couple of months...
- Thread starter urbandreamer
- Start date
Tommy2342
New Member
I hate to break this to you, but it's unlikely that this gets built by the current developer IMO. I suspect that another developer may take it over at some point a couple years from now, and cancel pre-orders. I can't imagine that they, as they currently stand, can make any money since they've charged prices from years ago that don't make sense in today's economy.
Koops65
Senior Member
Almost all towers U/C now are charging prices from years ago... what's your point?
Easy Peasy
New Member
They were charging around $1500-$1700 psf back in 2017 when they launched. Isn’t that on par with today’s prices in the core?
UtakataNoAnnex
Senior Member
Glad that's your opinion. Most of us are free to take it for a grain of salt then.
Undead
Senior Member
Sure, for a Concord econobox. Recent Centrecourts were going for 1950 psf for the smallest studios. Released today, I could see The One asking well over 2 grand.
Tommy2342
New Member
Not for a great location like this. I think any new owner could easily get $2,200 to $2,400 per square foot. I don't see how current ownership can make any money anymore, so why would anyone lend them money to finish the project? If there is a sale and ownership change, we could be looking at 2028 or so for completion, in which case they might be able to get closer to $3,000 per sq. ft. And honestly, a new owner would be a massive bailout for the current company, so why wouldn't they take it?
innsertnamehere
Superstar
prices always escalate after construction starts.
Mizrahi likely couldn't make this work at those prices if he was just starting construction now, but remember that this building is probably roughly half-way in terms of total costs spent on the project already and those costs weren't spent at future year escalated construction prices. All his soft costs were done back in 2016 or 2017, and his excavation and parking garage was built pre-pandemic before costs spiraled out of control.
I doubt he's rolling in profit here, but his costs' won't be the same as a project launching sales today either.
Mizrahi likely couldn't make this work at those prices if he was just starting construction now, but remember that this building is probably roughly half-way in terms of total costs spent on the project already and those costs weren't spent at future year escalated construction prices. All his soft costs were done back in 2016 or 2017, and his excavation and parking garage was built pre-pandemic before costs spiraled out of control.
I doubt he's rolling in profit here, but his costs' won't be the same as a project launching sales today either.
Easy Peasy
New Member
Good point on construction costs being much lower compared to now. Also I believe there are still some unsold units that could presumably demand today’s outrageous prices.
I think this building is just too important to Mizrahi to let it fail. If he bails on the project he will be finished as a developer in this city. However if he succeeds on completing such an iconic feat of engineering in one of the most important locations in the city, the notoriety and potential future revenues alone is priceless compared to the small profit he may or may not earn when all is said and done.
I think this building is just too important to Mizrahi to let it fail. If he bails on the project he will be finished as a developer in this city. However if he succeeds on completing such an iconic feat of engineering in one of the most important locations in the city, the notoriety and potential future revenues alone is priceless compared to the small profit he may or may not earn when all is said and done.
steveve
Senior Member
I dug up the launch prices from 2017. The cheapest units (591 SF) were actually starting at $789,900 ~ $1336/PSF, relatively modest by today's resale prices, and under your average pre-construction launch today, let alone at this location. Maintenance/parking fees for this type of product will come in much higher than your typical build, but this is certainly a higher-end product than what you would be getting compared to a project like Concord Sky, selling for a much higher PSF at launch.
Interestingly, occupancy was estimated for Spring 2023.
dodgeram
Active Member
Not all of these sold out, high rise units were still available for sale last year for around $2000psf. Mizrahi is also probably hoping for the height increase so those additional units can be sold as well, surely above $2000psf.
Tommy2342
New Member
Wow. Now I'm almost 100% sure they'll be resold at a higher price. That's crazy low.
Koops65
Senior Member
338 metre tall version in tilt/shift:
thaivic
Active Member
Price per sq ft is very misleading. Tower Suites started at $1335, Upper Tower Suites started at $1597-$1997 , Hi Rise Suites started at $2095-$2410 , Sub Penthouse suites started at $3005, i believe there are also 4 Penthouse suites that are around $31,000,000, there are also premiums per floor as you go up.
The Hotel component and the Commercial component is worth a lot of money, i believe 1 Bloor East commercial component sold for around $200,000,000 years ago if my memory serves me correct.I believe the original budget for the build was 1Billion.
The Hotel component and the Commercial component is worth a lot of money, i believe 1 Bloor East commercial component sold for around $200,000,000 years ago if my memory serves me correct.I believe the original budget for the build was 1Billion.
allengeorge
Senior Member
Well - I for one would love to see this building completed. It’s unique, really pushes the boundaries here, and would be a great addition to Toronto.
Here’s hoping.
Here’s hoping.