Canada's 50 Tallest Proposals

[yaletown_fella]

Originally Posted by caltrane74

of course, once the tower has been approved by the city, the value of the land will increase.

Its not rocket science. - The gain has to be accounted for.

Depends if the demand for the new tower is actually there.

If the Star and other major tenants hypothetically relocated elsewhere why couldn't the owner just improve the existing office space so it meets class A standards and lease it straight away? Seems like a more feasible plan to me than the financing and risk factor of building some pie in the sky supertall in such an uncertain climate.

[caltrane74]

Regarding 50 Bloor

If the development application is approved the value of land and air rights would cause the value of Morguards assets to increase. Eventually they will have to account for the gain in the value of the real estate.

I own a company, which makes widgets. I make the widgets in a factory and land bought for $1 dollar. Because of a change in the local development policy my factory and land is now worth $100,000 dollars. At some point I will have to make the adjustment on my books to account for the gain in order that the books reflect the true value of my assets. Otherwise I am misrepresentung my financial position.

Edit:

Accounting rules differ from juriadiction to jurisdiction, however if you record the value of your assets at cost, market or net realizable value an accural will be made in any case to record the gain in from the change in land use policy.

[Andrewjm3D]

Originally Posted by WhipperSnapper

okay there buddy.

99.99% of the Holtz Tower getting built is being conservative. With Holtz involved they will be pushing this until they start digging. They are the Yorkvilles alpha player and will get what they want. Seeing as it's passed through council when it finally does reach sales the Holtz name alone will help this tower sell at break neck speed.

[Innsertnamehere]

Originally Posted by caltrane74

Regarding 50 Bloor

If the development application is approved the value of land and air rights would cause the value of Morguards assets to increase. Eventually they will have to account for the gain in the value of the real estate.

I own a company, which makes widgets. I make the widgets in a factory and land bought for $1 dollar. Because of a change in the local development policy my factory and land is now worth $100,000 dollars. At some point I will have to make the adjustment on my books to account for the gain in order that the books reflect the true value of my assets. Otherwise I am misrepresentung my financial position.

I think Yaletown fella thought that you meant that the value of the completed tower has been added to their books. the increased value of the land now that a 277m tall building has been approved there would have been added, but not the value of the completed tower, as it isn't, well, built yet.

[yaletown_fella]

Originally Posted by Innsertnamehere

I think Yaletown fella thought that you meant that the value of the completed tower has been added to their books. the increased value of the land now that a 277m tall building has been approved there would have been added, but not the value of the completed tower, as it isn't, well, built yet.

Whoops. I mistakenly thought the discussion was about the Toronto Star building site on Yonge.

[WhipperSnapper]

Originally Posted by Andrewjm3D

99.99% of the Holtz Tower getting built is being conservative. With Holtz involved they will be pushing this until they start digging. They are the Yorkvilles alpha player and will get what they want. Seeing as it's passed through council when it finally does reach sales the Holtz name alone will help this tower sell at break neck speed.

Holt Renfrew has absolutely zero contribution in regards to the tower. The new retail compare Holt's will be anchoring is an entirely separate phase. Even Morguard which manages Morguard REIT is unlikely to develop a condominium. REITs buy, sell, develop income properties. They will likely partner and/or sell to a Lanterra, a Great Gulf, or a Cityzen. If you haven't noticed the condo market is underperforming right now.

[WhipperSnapper]

Originally Posted by caltrane74

Regarding 50 Bloor

If the development application is approved the value of land and air rights would cause the value of Morguards assets to increase. Eventually they will have to account for the gain in the value of the real estate.

I own a company, which makes widgets. I make the widgets in a factory and land bought for $1 dollar. Because of a change in the local development policy my factory and land is now worth $100,000 dollars. At some point I will have to make the adjustment on my books to account for the gain in order that the books reflect the true value of my assets. Otherwise I am misrepresentung my financial position.

Edit:

Accounting rules differ from juriadiction to jurisdiction, however if you record the value of your assets at cost, market or net realizable value an accural will be made in any case to record the gain in from the change in land use policy.

That is not even close to what you said in your original post and you know it. Regardless, I think you are grossly overestimated the added value of rezoning the property. The high demand location and current improvements are what make it valuable. Upzoning the site specifics may be desirable but not necessary and the process given the location is relatively easy. Market conditions have a much greater contribution to the value of the property.

[Andrewjm3D]

Originally Posted by WhipperSnapper

Holt Renfrew has absolutely zero contribution in regards to the tower. The new retail compare Holt's will be anchoring is an entirely separate phase. Even Morguard which manages Morguard REIT is unlikely to develop a condominium. REITs buy, sell, develop income properties. They will likely partner and/or sell to a Lanterra, a Great Gulf, or a Cityzen. If you haven't noticed the condo market is underperforming right now.

It's name is not zero contribution sorry to tell you. The fact it's the main feature of the podium makes it a huge factor that will boost the sales of the tower to the Yorkville crowd.

As for the market under -performing that is not the case, it's just leveling off. The same doom a gloom market predictions have been made time and time again. RBC just came out with a report suggesting the market should remain steady in most major Canadian markets. You can't expect record breaking sales every quarter.

Another condo in Yorkville has been proposed, (softening market Oh No!)


89 Avenue Rd
Freed Developments has bought the 8 storey Howard Johnson Hotel in Yorkville at 89 Avenue Road. The site has a forty-five foot frontage and is sandwiched between the Hazelton Lanes Shopping Mall to the south and the Residences of 99 Avenue Road condominium to the north.

The developer has put in an application to construct on the site a new hotel and residential condominium building of 28 storeys with a 6 storey building at the rear. It will feature 37 residential condominium units and a 3 storey common podium. Also planned is three levels of below grade parking with 53 parking spaces.

[Andrewjm3D]

Some more proposals for the Yorkville area.


Developer Minto is set to erect a new residential condominium located on the north east corner of Cumberland at Bellair.

The project consists of a 26 storey mixed use building containing 105 residential condominium suites - 29 one bedroom units and 76 two bedroom units. The first three levels will be devoted to retail and there will five levels of underground parking with 79 parking spaces. Currently on this site is a nine storey commercial office building which will be demolished.


After consultations with the City and the local community there is a new revised plan for the Ridpath's Fine Furniture Store site at 906 Yonge Street which includes the parking lot at the back of the building accessed from McMurrich Street. Soon to be closed Ridpath's Fine Furniture Store will be replaced by a 23 storey hotel that will incorporate the original 3 storey Tudor Revival style facade of the Ridpath's store. A two storey podium will connect the hotel to the 30 storey residential condominium tower fronting on McMurrich Street.


50 Cumberland Street & 37 Yorkville Avenue

Toronto City Council has approved the sale of the city owned Green P Yorkville Cumberland Parking Garage to Developer Minto. Located directly south of the New Four Seasons Hotel & Private Residences, it started out as a surface parking lot in the mid-1950's and in 1974 was developed into a 1000 space parking garage.

Developer Minto is proposing to build two condominium towers on the site, one 55 storeys and the other 69 storeys high which will house 1166 residential condo units. The 11 storey podium of the project will feature retail space on the first and second floors and then seven levels of above ground parking. Approximately 802 parking spots will be provided for public parking through the Toronto Parking Authority on floors three to nine. Three levels of underground parking, 370 spaces, will be alloted for residents of the condominium towers.

With the sale slated to close in 2015 the design work is in the early stages. Initially as the project goes into the construction phase, the Yorkville neighbourhood will lose 1000 parking spaces and then it will gain back 800 public parking spaces once the project is complete.


The Brit (Currently the Sutton Place Hotel)

Builder Lanterra is redeveloping the Sutton Place Hotel into condominiums called The Britt Residences At Bay & Wellesley. Located on the north east corner of Bay & Wellesley streets, Britt Condominiums plans for redevelopment include the addition of 9 storeys to the existing 32 storey building. The building will also be re-clad and balconies added to the structure.

[yaletown_fella]

"The Britt" Awful name for an even more awful conversion.

Good news about the Howard Johnson. I always knew it was a matter of time for that one.

[steveve]

ya, I'm kinda sad to see Sutton Place go. It's definitely and old building, it's worn down, etc.. but the red signage atop the building "Sutton Place" and it's massing on the Bay st. Canyon is perfect.

The added height of course will look good on the skyline, but it sucks they couldn't just build something like this on an empty parking lot, not on an existing building... Wish they coulda just demolished a low-rise or something

As for the design, I don't like it, the podium looks nasty, the balconies look out of place, and the addition at the top is awkward,

an addition at the top retaining the same floorplan and a complete, simple, glass reclad woulda sat a lot better with me,

[WhipperSnapper]

Originally Posted by Andrewjm3D

It's name is not zero contribution sorry to tell you. The fact it's the main feature of the podium makes it a huge factor that will boost the sales of the tower to the Yorkville crowd.

As for the market under -performing that is not the case, it's just leveling off. The same doom a gloom market predictions have been made time and time again. RBC just came out with a report suggesting the market should remain steady in most major Canadian markets. You can't expect record breaking sales every quarter.

Another condo in Yorkville has been proposed, (softening market Oh No!)

Everything is black and white you. I'm merely suggested that stating 99.9% is ridiculous. That doesn't mean I don't give this tower any chance. Even when the market was at its hottest only about 50 percent made it to sales and subsequently got built.

This tower is designed for investors which are the ones feeling the market in droves. I have many colleagues that make up the "Yorkville crowd" and I can say with absolute certainty that they have zero interest living in a 600+ unit stack of closets and over a store that has some wicked ass parties into the early morning. Now the Freed building is on target.

[Innsertnamehere]

a new render for 27 yorkville: (50 cumberland)

[caltrane74]

Considering it's 240 meters tall, it looks like a punk!

[Chadillaccc]

Looks awesome to me!

[Robertpuant]

That is one big ass podium!

[Ramako]

Originally Posted by Robertpuant

That is one big ass podium!

It's a parking garage. The site right now is a massive public parking garage, so one of the conditions of this project is that the amount of public parking space be maintained.

[caltrane74]

When these projects launch we should get a better idea of the strength of the Toronto Market.

This is the best location to sell condos period.

[caltrane74]

Kris at UT enlarged the render from the pdf.

Originally Posted by kris

heres a closer look at the render

[Ramako]

Meh.