Let's just assume that the bands are going to be fritted glass so as to dampen the inevitable cries of "the Cheapening!" when it occurs.
 
Fritted glass makes a lot more sense. I don't know why so many people here see that as a big letdown since it would mean we'd get curtain-wall.

The Cheapening(TM) would mean them using metal beams to create the diagonal bands and using a really cheap or crappy looking cladding over top. Fritted glass is a sensible design consideration, not The Cheapening(TM).
 
surrounding heritage buildings

From Blog TO:
http://www.blogto.com/city/2010/11/condo_set_to_tower_47_storeys_over_the_royal_alex/

The major issue was the development's effect on the surrounding buildings. Because of the way property tax is assessed, putting an enormous, expensive condominium next to small heritage buildings is devastating: the property values of the nearby heritage buildings - and consequently, their property tax - shoot up. Adam Vaughan, the councillor for the ward, has illustrated this clearly: "Assessments in this area have jumped from $8 - to $23-million overnight ... It's literally bankrupting landowners in this area." When owners are sitting on an aging heritage property that has seen its value and tax bill quadruple, it's not surprising that they would want to sell to a developer.
Click to expand...
The city did get some minor concessions from the negotiations, such as a drop in height, and some section 37 money. But the bigger issue for Vaughan was that the negotiations and delay enabled the city to designate the surrounding buildings - 212 King Street West to 322 King Street West - as heritage before the application for Theatre Park was approved. As well, funding was established for a study to establish a Heritage Conservation District for the King West area.
Click to expand...
 
So does this mean that the land owners next to it if they can't pay a tripling of taxes as is implied and now probably can't sell to a developer because of the difficulty developing a heritage site and because it is heritage have to triple the rents to people renting it or using it or if self use pay the city themselves triple the tax if assessed or would they get some sort of break? I realize taxes are "phased in with large increases but still or am I incoreect in this assumption?
 
I think the quotes are confusing.

I believe that properties protected under the Heritage Act are subject to special tax assessments that relieve them from the pressures of fair market value, which would otherwise force owners of unprotected heritage properties to sell for revelopment.

Please correct me if I am the one who is confused.
 
Last edited:
The heritage designation helps relieve some market pressures through discounting, but doesn't get rid of them. You can only counteract a quadrupled municipal tax bill by discounting it by 75% - a much higher discount than the 40% currently offered. And the values are only going to keep rising. I think the designation is more due to the fact that Vaughan just wants to throw as many roadblocks in the way of development as possible, including the Heritage Conservation District apparatus. Vaughan's a realist - he knows that he can't stop the tide, he can only slow it so that it doesn't sweep away everything immediately.
 
I'm glad we have someone who knows how to work the broken policy apparatus available to him, particularly in this district full of heritage buildings.
 
This is the one project I expect to sell really well. The building is nice though I don't care for alot of the floor plans.
That said, from a location point of view, it doesn't get much better than this.
So if pricing is correct, it will sell and sell quickly.
My own view is that all of TO is overpriced at present and this is not out of line with current pricing.
My suspicion is this will appeal to foreign investors (again location).
 
Location commands a premium. At $675, it is in the realm of other comparable projects or slightly higher. That said, it and everything else is too high priced in my view. However, if I were BJL, I would price there too if I thought I could sell it.
My suspicion is it will do very well.
 
i would kill for a southeast view.... i reckon its the nicest one despite the fact your so close to the financial district...in my opinion thats what makes it awesome :D urban living at its finest
 
yyzer said:
Urbanation is reporting there was a large crowd at last night's VIP opening for Theatre Park.......

http://twitpic.com/39he0f
Click to expand...


There was, I was there. There were about 200 agent/broker numbers handed out. The presentation (5 minute video and speach by B. Lamb/P. Clews) was quick in the Theatre and then there was a stampede (literally) to the Red room in the basement where the model and plans were set up, and Lamb employees were filling out Agreement of Purchase and Sales. within 5 minutes it was announced that all studios and one bedrooms were sold (everything under $400 000). Prices averaged $725-$750/ square foot.

Lamb said on stage that some of the building was sold before this date to purchasers of the previous incarnation of this project that was not approved by the city.

This is an amazing building.
 
You must log in or register to post here.

Back
Top