Quote:
Originally Posted by Gresto
I don't think the two additional supertalls will fly with the city. With the presumed eventual completion of the One Yonge and Sugar Wharf collections, this area will already be one of the densest couple of blocks on the planet. Imagine adding two more supertalls to the mix. Crazy!
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I agree the city will likely have issues with the density, but they'll also likely get overruled on that matter by the OLT.
Not replacing the office space will be a far more difficult fight for Pinnacle. AAA/A vacancy rates within walking distance of Union is ~6% and lease rates for those spaces started climbing in 2024, so saying it's not in demand at any point in the future (zoning is forever) won't fly with either the city or OLT. If they propose a substantial increase in residential it'll likely sit on a hefty office podium with some additional commercial on the PATH level.
Some Class B/C buildings are 50% vacant but demand for shiny new feature-filled office space is still fairly high.