He is definitely talking about Apple. They're patient. I don't think they're going to walk away from this prime location if the city delays construction even by a year. They've waited this long.

I was impressed with Mizrahi. I hadn't heard him speak before and didn't know much about him. He definitely seems like he can pull this off.

The transparent video wall sandwiched between the retail glass facade sounds incredible! I've got my fingers crossed that that makes it through the city's signage scrutiny.
 
MetroMan said:
I was impressed with Mizrahi. I hadn't heard him speak before and didn't know much about him. He definitely seems like he can pull this off.

The transparent video wall sandwiched between the retail glass facade sounds incredible! I've got my fingers crossed that that makes it through the city's signage scrutiny.
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Agreed, I was surprised at his demeanor. He was intelligent, quick on his feet, down to earth and charismatic.

The glass sounds amazing.
 
So he talks about the construction phases. And a video of it showing just how it will be achieved and put together. Anyone know of it? Or where to find it? Sounds exciting the whole project.
 
How many times does he say "very unique" in that video? Something is either unique or not, the intensifier "very" does not change that.

The most interesting fact to me was that virtually 100% of potential buyers are local professionals, with no or almost no overseas investors.
 
Mongo said:
The most interesting fact to me was that virtually 100% of potential buyers are local professionals, with no or almost no overseas investors.
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Interesting. Perhaps it's a sign of the oft-predicted condo bust? If foreign owners start losing interest, supply for locals suddenly shoots up.

Not that I have anything against the growth, gentrification and increased density of the city; but I'll be happy when the market represents people who want to *live* here. Right now it seems to be profit-seeking suburban landlords who, because of ever-increasing property values, don't mind that their exorbitant rent means the place is vacant for years on end—Or it's rich foreign business people who need a 350sqft flop house for the eight times a year they visit the city.

Bring on affordable condos downtown, big enough for a family and within reach of the middle class. As it is now, those are few and far between.
 
zang said:
Interesting. Perhaps it's a sign of the oft-predicted condo bust? If foreign owners start losing interest, supply for locals suddenly shoots up.
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Wow, you're a glass-half-empty type guy!

I believe that Mizrahi states in the interview that he has always preferred local buyers, and his previous condo projects have also had almost 100% local buyers. He does not explicitly say so, but I expect that he has been targeting local applicants from the start.
 
I'm pretty sure the idea that landlords are sitting on empty apartments is a bogeyman. It's not a scenario that makes much sense from any angle.
 
Still clearing debris from the last building taken down.
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P23 said:
I'm pretty sure the idea that landlords are sitting on empty apartments is a bogeyman. It's not a scenario that makes much sense from any angle.
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There were several articles written last year about how the condo vacancy rate is far higher (6-10%) than what the CHMC actually admits.

Property values have increased every year between 5-10% (avg. about 7%) since 2008.

In a simplified example:
A guy buys a mediocre investment 550SQFT 1BR condo unit for $400,000. Sets rent at $2300. Over the course of the year, the value of that property goes up 28,000 (7%). $2300 x 12 months = 27,600. The landlord will ultimately "make" $400 that year on the value of the property, even though he takes a loss at the unit remaining vacant for an entire year. Tack on renting out the free parking spot to a commuter out-parker and it's worth it.

There is of course, the incentive of getting it rented out, but a landlord's no worse for wear keeping it vacant either. High rental prices keep people away, but when landlords are seeing a purpose-built vacancy rate of barely more than 1%, they'll always believe that they're a day away from getting someone to pay what they want—even if it's false hope based on flawed numbers.

While it's also purely anecdotal, I know someone who did just that. She sat on a never-used, never rented condo unit for 3 years and sold for vastly more than she paid for it—to another buyer looking for an investment property.
 
Shoring application status changed to Under Review now:




Application: Building Additions/Alterations Status: Under Review

Location: 1 BLOOR ST W
TORONTO ON M4W 1A3

Ward 27: Toronto Centre-Rosedale

Application#: 15 260226 BLD 00 BA Accepted Date: Dec 3, 2015

Project: Other Shoring

Description: Proposal for stand-alone shoring


BA Zoning Review May 24, 2016 Open
Zone 3 Tamondong, Ray
 
I've seen enough to conclude that the city isn't acting in good faith and that this is one instance where the city proves that they're not mature enough to go without the OMB.

I hope that Mizrahi drops some of his own measures of good faith and goes to the OMB asking for the original height. Fix the lane issue by providing a Yonge Street driveway but that's the only issue I see that needs a resolution. The height and density are fine. If this intersection can't handle height and density, then no other intersecton in Toronto can — or in any city in Canada for that matter.
 
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