Television city condos | 109 m | 32 & 32 fl | Under Construction

[Zmonkey]

Originally Posted by Innsertnamehere

Lamb seems to do that with most of his projects these days, so it won’t surprise me. I don’t know why anyone buys from him on his first launch of a project any more, he always launches years before getting zoning approvals and by the time he gets them (since he always goes to the LPAT which takes forever), the financials don’t work anymore and he has to reset. It makes no sense.

Which developer sells after they get zoning? The correct answer is no one.
All the big guys sell before they get zoning.

[lachlanholmes]

Brad Lamb the personality aside - the project is not cancelled.

As Innsert said, Lamb has a history with selling his pre-construction units basically as soon as he has the idea of a building and then cancelling those pre-sale contracts once he’s getting closer to actually constructing the building, at which time the project launches under a new name with higher pricing.

As much as I have problems with the City and their attitude to development, including this site, they don’t share any blame here.

The Site Plan Application was submitted a while back now and they are hopefully close to approving that. I would imagine he starts to sell units again as we move closer to CHCH leaving the building.

[TheHonestMaple]

Was there some concern that this project has been cancelled? I haven't heard that at all. Last we heard was they are waiting for CHCH to move out and then construction will start.

[escolt45]

What I heard echoes what lachlanhomes described.

The overall project (two condo towers) has not been cancelled, just the "Television City" condo development. Those initial units were sold at around $500psf but now that Hamilton is booming and places like Kiwi and 1 Jarvis sold for $700-800+ psf Brad Lamb sees $$$$$$.

He has simply terminated all the existing contracts and refunded the original purchasers so that he can re-sell under a new project name at a much higher price. Well probably be getting the new marketing package soon.

It sucks for any locals that purchased there, but I would bet that 99% of the buyers were Toronto and foreign investors so it's hard to feel bad for them.

The major downside is that this once again raises the condo price floor and further makes housing unaffordable in the city.

[TheHonestMaple]

Interesting, that is a little sleazy. But, I can't really blame him. If he can make 20-30% more, why wouldn't he.

[King&James]

When does CHCH move out, it has been quite some time since they announced there new shop up at 5 and 6.

[lachlanholmes]

Originally Posted by King&James

When does CHCH move out, it has been quite some time since they announced there new shop up at 5 and 6.

In August of 2020, they said “next spring” - so hopefully shortly. I don’t get out to the area of their new studio so I’m not sure how far along it is and whether it’s on schedule.

Perhaps someone who heads out that way could check in and report back?

[Markus83]

Originally Posted by escolt45

What I heard echoes what lachlanhomes described.

The overall project (two condo towers) has not been cancelled, just the "Television City" condo development. Those initial units were sold at around $500psf but now that Hamilton is booming and places like Kiwi and 1 Jarvis sold for $700-800+ psf Brad Lamb sees $$$$$$.

He has simply terminated all the existing contracts and refunded the original purchasers so that he can re-sell under a new project name at a much higher price. Well probably be getting the new marketing package soon.

It sucks for any locals that purchased there, but I would bet that 99% of the buyers were Toronto and foreign investors so it's hard to feel bad for them.

The major downside is that this once again raises the condo price floor and further makes housing unaffordable in the city.

Exactly, Exactly, Exactly...Complete bollocks to this mate!

[Wigs]

Lamb sounds like a scoundrel lol
Where is the new CH studios located?

[TheHonestMaple]

Originally Posted by Wigs

Lamb sounds like a scoundrel lol
Where is the new CH studios located?

Waterdown, highway 6 and 5.

[ScreamingViking]

Originally Posted by Wigs

Lamb sounds like a scoundrel lol
Where is the new CH studios located?

Scoundrel? Scoundrel!... unfortunately there *have* been enough scoundrels in the life of the City of Hamilton.

• Video Link

[mattgrande]

Originally Posted by matt602

Haha thanks but that was a different Matt (Grande), I loved that video too though.

Thanks guys, I appreciate it!

[Wigs]

Originally Posted by mattgrande

Thanks guys, I appreciate it!

Yes please make more videos

[johnnyhamont]

Originally Posted by mattgrande

Thanks guys, I appreciate it!

It was highly entertaining and highly educational! Very well done. Looking forward to round 2

[StEC]

Looks like the building is being completely repriced for the current market.

Ward 2 councillor Jason Farr says he thinks the building may be repriced

The controversial twin-tower Television City plan is in "reset mode," according to downtown councillor Jason Farr.

Farr said he posed questions to the city's planning staff recently after hearing people who bought a spot in the two 32-storey towers at the CHCH-TV property in Durand were getting refunds.

"What they shared with my office [on Monday] was Television City has recently told them they're not planning on cancelling the project. But they told our staff they're in a reset mode," Farr said in a phone interview on Tuesday.

He said it doesn't happen often, but that generally means developers can readjust their prices based on their proforma and the market.

https://www.cbc.ca/news/canada/hamil...eset-1.5971232

[TheHonestMaple]

interesting

[King&James]

An interesting tactic for sure, but honestly I think the playing field is significantly more competitive from , say, what 5 years ago when Lamb came to town with the plan. Maybe enough room in market to suck up more dollars on a highest psf basis, but would you trust that this would get built. Having a developer kick the can further down the path, versus others who actually build, take their profits and move to the next project and so on. Coletara, RC - Silvestri, Vrancor - all making it happen, and so many more that can market their sites now.

[Innsertnamehere]

This is probably the 5th project Lamb has done this for over the last 2-3 years - it’s not a surprise. He always sells his projects so far in advance of being able to actually start construction that he has to relaunch them every time.

[davidcappi]

Yup - I live right around the corner from Bauhaus - another project that was sold pre approval, went through the OMB and is now reselling. I know that Lamb has said he's done selling units before approval is granted, but I guess that doesn't account for stuff that's already in motion. This isn't just a Lamb thing though - it happened with all of the Cresford projects that went up for sale because of their insolvency. Projects get canned and relaunched all the time. Doesn't make it right, but it's not a uniquely lamb thing.

I would imagine he still intends to build though. East 55 was just recently completed and the James seems to be almost finished construction. Not sure what the status of the Bread Factory is but I believe it has approvals. Lamb dev has also submitted new applications for projects in the junction and on queen east.

[TheHonestMaple]

I mean is it at all surprising he has to do this? The city intentionally delayed his project by two years. Housing prices have increased in that period, and costs have added up due to the delay. It's no wonder he's re-pricing the project.

This is entirely the city's fault. If they want more reasonably prices homes in this city, stop putting barriers in place to their construction.