[skycandy]

Morning pics…

 

[ProjectEnd]

Do they need to? Could they be like Pinnacle, and start on a largely self-funded basis?

When Freed Developments brought Broccolini in as joint development partner for their buildings on Redpath a number of years ago, I asked about the joint venture rational, as Freed had previously used private investors to help finance his projects. The answer was that Broccolini was being of financial assistance in these projects - presumably better terms than the private investors, due to Broccolini just starting to get themselves established in the Toronto market at the time.

So the need for a stipulated level of pre-sales to secure bank financing may not be an issue for Broccolini.

35% sold as of today...

 

[Northern Light]

How the hell did Broccolini get to 70%?????

They were trying to get demo permits here for ages, irrespective of moving ahead; do we know that they didn't just manage to finagle the demo permits and they're engaging in liability control?

 

[UrbanAffair]

Vacant zoned multi-res land gets a different tax class, with a lower rate, iirc. I haven't done assessment for a while, but I we got a lot of tax applications to seek relief for newly vacated (vacant) land.
Could be this as well.

 

[Northern Light]

They've actually had the demo permit since Nov '23:

While they are at 'Issuance Pending' on a few of the needed build permits, others are only 'under review'; the key shoring permit doesn't seem to have any recent activity:

 

[rdaner]

Taken 11 May.

 

[Northern Light]

Broccolini is considering shifting this project to rental, as per the following from Renx:

From: https://renx.ca/broccolini-consider-return-roots-rental-housing-development

 

[Paclo]

Application Details

www.toronto.ca

Minor Variance application requesting an increase from 34 to 37-storeys, additional changes below:

• Height increased from 113 to 127.81m
• Total residential units increased from 388 to 427 (remains inclusive of 7 rental replacement)
• Total bicycle parking increased from 390 to 429

One updated rendering of the 37-storey design in black & white:

CoA hearing scheduled for August 14th.

 

[Paclo]

Application Details

www.toronto.ca

Minor Variance application requesting an increase from 34 to 37-storeys, additional changes below:

• Height increased from 113 to 127.81m
• Total residential units increased from 388 to 427 (remains inclusive of 7 rental replacement)
• Total bicycle parking increased from 390 to 429

One updated rendering of the 37-storey design in black & white:
View attachment 581645

CoA hearing scheduled for August 14th.

This Minor Variance has been approved at the CoA with the following conditions: $315,300 cash contribution + potential $66,450 + inflation cash contribution should they include residential space in the mechanical penthouse for 38-storeys. Details below:

+ Metrolinx proximity clause:

Updated renderings of the 37-storey design: