The 2 lowrise buildings on Cumberland just east of the parking garage are for sale--either will be sold to the garage owner or another project next door imo.... Actually within 20 years all the lowrises in the area will be highrise.
 
hawc said:
So which area are we talking about getting developed here? I'm getting confused. Are the two towers going to sit in the Red Area or the Green Area?

6275431379_59de89509f_b.jpg
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The little brown brick building at the top-left (south-east) of the red-outlined area is also part of the parking garage, correct? It has the elevators for the garage and some office space.
 
scrappyTO said:
The little brown brick building at the top-left (south-east) of the red-outlined area is also part of the parking garage, correct? It has the elevators for the garage and some office space.
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Yeah...and i think it also includes the lot behind and east of the garage.
 
drum118 said:
I was told that the garage is closing beginning 2012.

A 56 and 46 story towers are plan for the site.

That garage was used for many photo shots of various projects in the area.

Now for the next one, 2 blocks west.
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why would the garage close beginning 2012? If permits take years and there has not been application for the permits posted?
 
downtowntoronto said:
why would the garage close beginning 2012? If permits take years and there has not been application for the permits posted?
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That was what I was told and thought it was odd too at the time, considering the tenants of the 2 buildings still have years remaining on their lease at this time.

It going to take sometime to tear this structure down. Some core drilling has taken place to date.

The building to the east that is a walkway with retail and elevator for the garage as well the small office building are part of this development. That is just to the left of the orange line.
 
drum118 said:
I was told that the garage is closing beginning 2012.
A 56 and 46 story towers are plan for the site.
Click to expand...

I would assume DCN is talking about this location.


CONDOMINIUM APARTMENT BUILDING
Proj: 9146984-1
Toronto, Metro Toronto Reg ON
CONTEMPLATED
Yorkville & Bay St, M5R 3V6
$100,000,000 est
Note:
This project is very preliminary. Owner has not yet submitted any applications for approval. Further update spring 2012.
Project:
proposed construction of two condominium buildings; 46-storeys and 56-storeys.
Scope:
56 storeys; 2 structures
Development:..New
Category:..Apartment bldgs

http://www.dailycommercialnews.com/...0dc21d658f82&projectid=9146984&region=ontario
 
A report to be considered at the February 23rd Government Management Committee recommends that council approve a deal between the TPA and MUC Properties Inc. to sell a stratified interest in city-owned surplus lands at 50 Cumberland Street and 37 Yorkville Avenue (parking garage) - the transaction has a value of $76-million. The Toronto Parking Authority will incorporate a 800-space parking garage in the future redevelopment of the site and will retain ownership of the new integrated garage at a value of $32-million.
 
So does that mean they would pay $44 million, but then build a massive parking structure and hand it over to TPA when it's all done? Or does that mean they would pay $76 million upfront and TPA still gets a $32 million garage (valuing the whole thing at $108 million)? Either way.. wow.
 
Mike in TO said:
A report to be considered at the February 23rd Government Management Committee recommends that council approve a deal between the TPA and MUC Properties Inc. to sell a stratified interest in city-owned surplus lands at 50 Cumberland Street and 37 Yorkville Avenue (parking garage) - the transaction has a value of $76-million. The Toronto Parking Authority will incorporate a 800-space parking garage in the future redevelopment of the site and will retain ownership of the new integrated garage at a value of $32-million.
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When will the deal close? When does the lot go down? Thought it was suppose to close sometime this year (2012)
 
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