33 Bloor isn't; or at least wasn't. There were for lease signs up for years after Purolator and (I think) the Print House vacated the street-side spots.

There was good interest in the retail at 33 Bloor, but the owners were weighing those offers against the potential upside of going for a full reno which would command higher rents from more premium retailers. The vacancies weren't due to lack of demand. The fact that they ultimately decided to go for the reno indicates to me that they saw sufficient interest from premium retailers.
 
There was good interest in the retail at 33 Bloor, but the owners were weighing those offers against the upside of going for a full reno. The vacancies weren't due to lack of demand.
So why were they up for lease then? I easily found a brochure dating back to May 2015 trying to lease the west-side retail spot. 4+ years of vacancy seems a bit much if you're just mulling a decision. https://s3.amazonaws.com/spacelist-.../original/33_Bloor_Street_East.pdf?1434887490

Current information put the lease for the renovated street-side as "negotiable", which doesn't give me any assurance they're confident it'll go quickly:
https://www.commerciallistings.cbre...or-street-east-toronto-m4w-3h1?view=isLetting
 
So why were they up for lease then? I easily found a brochure dating back to May 2015 trying to lease the west-side retail spot. 4+ years of vacancy seems a bit much if you're just mulling a decision. https://s3.amazonaws.com/spacelist-.../original/33_Bloor_Street_East.pdf?1434887490

Current information put the lease for the renovated street-side as "negotiable", which doesn't give me any assurance they're confident it'll go quickly:
https://www.commerciallistings.cbre...or-street-east-toronto-m4w-3h1?view=isLetting

I imagine they were just keeping all their options open. You need to know what the market is yielding for the existing space before deciding whether it's worthwhile to forgo those offers in favour of undertaking a costly renovation. The plan to renovate had been on the table since at least 2015, so they were indeed very slow in coming to a decision which leads me to think that there were a lot of decision-makers involved here.

Lots of brokerages list retail space (especially premium space) as being "negotiable", as there are a lot of other business-related factors that can affect how much rent the landlord is willing to accept for a given space. I see this all the time for premium and newly build retail space. This is a way of inviting a deeper conversation with brokers and prospective retailers.
 
This discussion is completely irrelevant to this thread

Given the large amount of retail space in this project, the viability of high-end retail in this neighbourhood is very relevant to the discussion of whether this project can obtain the financing it requires.
 
Retail Landlords need to take into account that their tenants are now having to compete with Amazon, (among others), who don’t have to pay huge rent or rent of any kind. This applies to Canada as well. If you are planning a retail project you have to factor that in or risk drowning your tenants and floundering your project. Look at what’s happening to our malls.
 
Our malls aren't exactly floundering - there's just been two large tenants going under that are forcing malls to innovate. Sears and Target operated a huge percentage of mall space in the province - and they were set to fail long before amazon came around.

amazon is a new, big competitor in the retail world - but it's far from a retail extinction event.
 
Our malls aren't exactly floundering - there's just been two large tenants going under that are forcing malls to innovate. Sears and Target operated a huge percentage of mall space in the province - and they were set to fail long before amazon came around.

amazon is a new, big competitor in the retail world - but it's far from a retail extinction event.
Malls in secondary and tertiary markets are in serious trouble.
Major companies have pulled out of Canada in the past several years and others have significantly reduced their footprints.
Future Shop, Big Lots, Town Shoes, Bowring/Bombay, Gymboree are all examples of retail across various sectors that have pulled out or gone bankrupt.
The other major part that the casual bystander may not know is that retailers are pushing back hard on rents. In many cases, retailers are offering % of sales (6 or 8) to mitigate their costs. It's a bloodbath.
Bloor street has its share of world class retailers but they are mostly one-offs with 2 or 3 stores in the whole country. Yorkdale, Eaton Centre are outliers. The majority of shopping malls are at serious risk of becoming too expensive to operate due to Common Area Maintenance and capex costs that the landlords face.
10 years ago Reitmans - Canada's largest female fashion store by storecount - had over 1000 stores, while Dollarama had a few hundred. Now Reitmans has 620 stores and Dollarama over 1000. (By the way, Reitmans has no debt, so it has nothing to do with mismanagement).
The country is generally poor and middle class people have less disposable income.
Payday loan and EasyFinancial locations are littering every plaza.
Amazon has little to do with this and most companies lose money selling online due to the last mile cost.
 
Seems the sky ain't falling. At least not for those who wish to reside in the stratosphere.

National Post. 01.24.19:

"Just days after buying one of the most expensive residential properties in London, the Citadel founder (Ken Griffin) set a U.S. record with the $238 million penthouse at 220 Central Park South. The approximately 24,000 square feet apartment will give him a place to stay when he’s working in New York, a Citadel spokeswoman said. The price makes it America’s most expensive home"

"(Griffin's) Acquisitions over the past few years included $30 million for two floors of the Waldorf Astoria hotel in Chicago and a Miami Beach penthouse for $60 million. In 2017, Griffin set the record for the most-expensive Chicago home, paying $58.75 million for a four-level penthouse atop the Gold Coast’s No. 9 Walton apartment tower, according to Crain’s. He’s also acquired about $230 million of property in Palm Beach, Florida, according to the Palm Beach Daily News. "
 
Today. They are still working.
EED1284F-8691-4B3F-83C2-1D41860EADB5.jpeg
545D14C3-77DC-41EC-9265-A74502736F69.jpeg
5F7C3333-986A-4934-8668-B5B48CCC705C.jpeg
1A93506C-90BF-402E-89A8-F3864534F820.jpeg
F3FD9ACC-4BF8-465C-8AF5-6494FADF7B87.jpeg
79078817-453B-4932-9165-A792C0590274.jpeg
 
Hard to believe but it's been under construction for a year and half already.

Hi, yes it is. I'm looking forward to it getting to grade level and then it should really pick up the pace. These towers usually do at this point. I am wondering if it will stay at this exact height, or if The One will want a few extra metres depending on if 1 Yonge asks for a few extra metres in height.? :)
 

Back
Top