I wonder if extending the line would help NYCC's office growth in any way. It certainly needs help today.
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AlvinofDiaspar
Moderator
Sandpit
Active Member
Plus redevelopment opportunities for that stretch. We're already seeing condos creep up north of Finch station.
Sandpit
Active Member
What NYCC and Yonge-Eglinton need (for office growth) is prestige. Facebook used to have its Toronto office at Yonge-Eglinton, which helped quite a bit.
sunnyraytoronto
Senior Member
No.
Office development along Yonge Subway Line get boost when it's at or near the terminus station,...
- Yonge & Eglinton - most offices towers built around 1952 (Eglinton Terminus) - 1973 (Wilson Terminus)
- NYCC (Yonge & Sheppard to Finch) - most office towers built 1974 (Sheppard & Finch Terminus) to 1993 (Office market crash) - is there a 20 years sweet spot for office development? But here at around this time, North York City allowed EmpressWalk (first residential condo on Yonge whereas before only office allowed on Yonge), Then new North York Center Secondary Plan came around amalgamation (Result: North York Centre Secondary Plan area saw 60 new residential towers VS 1 new office tower (5000 Yonge) built since amalgamation)
Say Yonge Line 1 extended only to Steeles as Terminus station,.... then we might see Office tower hub forming at Yonge & Steeles
Amare
Senior Member
What Toronto needs to do, and has been looking into doing, is putting an end to the Imagination, Manufacturing, Innovation and Technology (IMIT) property-tax incentive program that gives corporations a tax break for locating their offices inside the downtown core. Why would any business locate themselves at NYCC or Midtown, when they can get the same tax break for locating downtown?
One way of attracting more office development in Toronto's other city centres is by putting an end to the incentive of locating downtown, but increasing the incentive of doing so outside the downtown core. That alone would stimulate demand for the Midtown area and potentially, but less likely, for North York City Centre.
Here's some more info on the program:
https://www.theglobeandmail.com/new...s-for-downtown-office-towers/article37714373/
One way of attracting more office development in Toronto's other city centres is by putting an end to the incentive of locating downtown, but increasing the incentive of doing so outside the downtown core. That alone would stimulate demand for the Midtown area and potentially, but less likely, for North York City Centre.
Here's some more info on the program:
https://www.theglobeandmail.com/new...s-for-downtown-office-towers/article37714373/
Streety McCarface
Senior Member
Except having office space in NYCC, and along Sheppard and Finch is better for the city because it means reverse commuting is a possibility, putting less stress on the Yonge line and making other lines (Crosstown, Line 4) extremely valuable.
AlvinofDiaspar
Moderator
The city council has already voted to cancel that incentive program for the core. Having said that, what made downtown attractive isn't the tax incentive at this point - but critical mass and amenities.
AoD
We're looking for NYCC office space right now. Not a lot to choose from for a small company like us. Lot of expensive full floors but nothing much for sub 1000 sq ft. I imagine we're not the only ones in this situation. Not sure how this issue would be solved.
sunnyraytoronto
Senior Member
Are you kidding me,.... lots of sub 1000 sq ft offices to choose from,..... 2/3 of the Office-Condos at HullmarkCentre and EmeraldPark are still empty,.... many still just shell that's never been renovated,... some renovated and waiting for tenants,.... some of them like EmeraldPark you just walk around the 3rd floor office floor and find all the doors with for sale/lease signage,....
http://www.hullmarkcentreoffice.com/
Sure. Then they quote you 30-50k on top of rent to get them fixed up because they are shells. From my agent:
Big companies can afford this. Not realistic for a company like ours or most little companies. A lot easier to be small or a startup downtown.
W. K. Lis
Superstar
Should the DRL reach Sheppard, only then could they construction intermediate stations on Line 1 along Yonge Street at Blythwood and Glen Echo. Not before.
Amare
Senior Member
I had no idea, appreciate the update on that. Downtown definitely has the amenities, which is something Yonge-Eglinton is more than capable of providing to an extent. Y-E will always remain a mystery to me as to why it hasn't been able to attract more office development over the past 10-20 years notwithstanding what's been going in the downtown core.
I would think Yonge-Eglinton would have some office space around that size. The only thing is that they may not be the most attractive spaces, and more attractive spaces over there wont come online until at least 2020 at the earliest.
AlvinofDiaspar
Moderator
Correction - they didn't. Council deferred the decision to a later date:
https://www.bisnow.com/toronto/news...ers-tax-break-to-downtown-office-towers-84879
AoD
Amare
Senior Member
^Ugh, typical Toronto City council deferring everything and anything. I really dont see what Smarttrack has to do with the IMIT, especially since there's only going to be two new stations, one of which wont spur any office development whatsoever.