ProjectEnd said:
Slow sales, not COVID, are preventing this one from moving quicker. Existing tenants have been asked if they want to extend their current leases.
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Any notion why that is/was?

I think many here view this as one of the nicer proposals to make it to market; and at a pretty prime location too.

Is marketing the problem? Price? Suite layouts?
 
Not necessarily. Seems there are plenty of people willing to take advantage of record-low interest rates in order to get into the market. Despite the virus, real estate in the GTA is experiencing something of a frenzy.
 
I'm not sure why this building is priced so high compared to the market. It is at $1600 to $1700 psf while not adding anything unique about it as compared to the ones either around or in the market. That area isn't Yorkville (11 YV at $1400 psf) or King West (King TO $1600 psf) so who knows what their strategy or target market is
 
Heard rumours that this project might be cancelled? Anyone have any insight? I doubt such a monumental project would get cancelled? The effects of COVID-19 can be drastic to any developer right now though... they can’t get construction loans if they don’t meet their sales quota and from what I know from realtors, sales have been very slow since Jan 2020 for this project and they have not reached 80%.
 
Cryptopreneur said:
Heard rumours that this project might be cancelled? Anyone have any insight? I doubt such a monumental project would get cancelled? The effects of COVID-19 can be drastic to any developer right now though... they can’t get construction loans if they don’t meet their sales quota and from what I know from realtors, sales have been very slow since Jan 2020 for this project and they have not reached 80%.
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Where did you hear these rumours?
The prices were raised in 2019 q4. One would think that they would try to lower the prices back or provide more incentives to try and sell the remaining units.
 
CondoTenant416 said:
Where did you hear these rumours?
The prices were raised in 2019 q4. One would think that they would try to lower the prices back or provide more incentives to try and sell the remaining units.
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I think the bigger issue now is can they get financing. I don't know the answer, but lenders are likely not keen on lending riskier developments at these lower rates (assuming the banks have passed the rate cuts to the borrower). Plus banks are under liquidity issues with existing borrowers all drawing down to shield from recession - they're not keen on providing more credit right now and more focused on managing their own liquidity as well as getting their existing loans repaid.
 
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