Allied's 2014 Annual Report, and in the Fourth Quarter and Year End results conference call, it was stated that Allied and Diamondcorp now intend to sell 57 Spadina property to a condominium developer.
 
AHK said:
Allied's 2014 Annual Report, and in the Fourth Quarter and Year End results conference call, it was stated that Allied and Diamondcorp now intend to sell 57 Spadina property to a condominium developer.
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Any other interesting tibets from the call ? I think this is a good choice, they have so much invetory, and the development timeline for all of it must be decades out in the future, so it makes sense to offload some and just focus.
 
taal said:
Any other interesting tibets from the call ? I think this is a good choice, they have so much invetory, and the development timeline for all of it must be decades out in the future, so it makes sense to offload some and just focus.
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The conference call focused mainly on financial performance - in particular when incremental revenue flows from specific projects would start to show up in the quarterly financial results. Very little, if anything said about development timelines for Union Centre, The Well, 388 King Street West, 620 King Street West etc. Mention was made of the recent acquisitions at 460 King Street West and 485 King Street west. The lease up of the Allied space in 250 Front appears to be going well - the market has changed from what was originally anticipated, with the site is doing good business as a cloud services hosting facility.
 
This location would make sense if they bought the LCBO site, Petro Canada site and town houses to combine the space with Clarence Square Park. The article does make it sound like a single owner, but that could have been done intentionally.
 
grey said:
I wonder if Allied and Diamond are flipping this property to the city?

http://www.cbc.ca/news/canada/toronto/park-richmond-spadina-1.3634076
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I believe that Allied and Diamond sold the 57 Spadina property a number of weeks ago. If I recall correctly, Michael Emery (Allied's President) indicated, either in the Allied First Quarter conference call, or at Allied's AGM, that their gain on the Allied portion in the sale of the property was in the order of $12,000,000 - so already a done deal.
 
400 Front St would be a better fit for this park. If that does happen, what happens to 57 Spadina and 415 King? Will be hard to get a large tower approved there that will block sunlight on this new park.
 
Thread title and dataBase file updated to reflect @ChesterCopperpot's report (in another thread) that this property was sold to Tricon Capital earlier this year.

Could this be Tricon's second residential rental building, following The Selby? (I've heard no indication of any movement on it currently…)

42
 
And here it is in 1949 (on the left):

s0372_ss0058_it1948.jpg


It's really quite incredible how much of the pedestrian realm was clawed away for increased road space in the middle of the century.
 
New renderings from the Dev App site:
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So am I right in saying this is squeezing in between the LCBO building and the gas station?

Are there additional requirements of the builder/developer when the site directly abuts a gas station?
 
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