111 Peter (recent sale)

[AHK]

Source @Red Mars

The 111 Peter Street building, good view of it in Red Mars' photo above, sold recently for $185,000,000.

I believe it was originally built as a light industrial / distribution building for the clothing industry, but its use has evolved - as evidenced by the original extensive loading dock facility no longer being required, and the associated loading docks and staging / storage space being redeployed for retail by the new tenant - a City Market neighbourhood grocery store.

I do not know what the current tenant mix of the building would be - but is either something that currently is, or envisioned to become, able to support the $185 million valuation. Presumably good ceiling heights - an attribute shared many of the inner city (Toronto, Montreal, Kitchener Waterloo) former industrial buildings which have been upgraded for technology sector and start-up company use.
Source for the sale information: The weekly Altus advertisement listing recent asset transactions, Globe and Mail, Tuesday, January 21.

 

[Automation Gallery]

A side note - the 111 Peter Street building, good view of it in Red Mars' photo above, sold recently for $185,000,000.

I believe it was originally built as a light industrial / distribution building for the clothing industry, but its use has evolved - as evidenced by the original extensive loading dock facility no longer being required, and the associated loading docks and staging / storage space being redeployed for retail by the new tenant - City Market.

I do not know what the current tenant mix of the building would be - but is either something that currently is, or envisioned to become, able to support the $185 million valuation. Presumably good ceiling heights - an attribute shared many of the inner city (Toronto, Montreal, Kitchener Waterloo) former industrial buildings which have been upgraded for technology sector and start-up company use.
Source for the sale information: The weekly Altus advertisement listing recent asset transactions, Globe and Mail, Tuesday, January 21.

For 185 million dollars a can see them demolishing it for 2 towers, i believe that building goes all the way to Widmer Street

 

[AHK]

For 185 million dollars a can see them demolishing it for 2 towers, i believe that building goes all the way to Widmer Street

No - the 111 Peter building just goes to the laneway between Widmar and Peter Streets. The Plaza two tower development (incorporating the Riu Hotel) is on the west side of Widmar, behind the 111 Peter building.

 

[TheKingEast]

I work in that building lol. Wow, what a price tag for such a crappy building. It’s not the biggest lot.

 

[innsertnamehere]

Indeed, that purchase price makes me think redevelopment.

 

[Jago88]

A side note - the 111 Peter Street building, good view of it in Red Mars' photo above, sold recently for $185,000,000.

I believe it was originally built as a light industrial / distribution building for the clothing industry, but its use has evolved - as evidenced by the original extensive loading dock facility no longer being required, and the associated loading docks and staging / storage space being redeployed for retail by the new tenant - a City Market neighbourhood grocery store.

I do not know what the current tenant mix of the building would be - but is either something that currently is, or envisioned to become, able to support the $185 million valuation. Presumably good ceiling heights - an attribute shared many of the inner city (Toronto, Montreal, Kitchener Waterloo) former industrial buildings which have been upgraded for technology sector and start-up company use.
Source for the sale information: The weekly Altus advertisement listing recent asset transactions, Globe and Mail, Tuesday, January 21.

I work in this building. It seems pretty well occupied. My company is a tech company and I know for sure there are a few other startups in there. There is a cross training place on the ground floor along with a travel agents and obviously the CityMarket too. I know there is a 'breather' space on one of the higher floors too.

They had refurbished the lobby and added disabled access recently. They moved on to the elevators which has been painstaking. There are 3 small ones, 1 down 3 to go. I just walk up to the 4th floor every day as I am not bothered waiting for them.

 

[ushahid]

For that price is it possible to break 157m height mark? Will the city let them?

 

[Automation Gallery]

For that price is it possible to break 157m height mark? Will the city let them?

Most likely not, maybe in the next wave of development in 10-20 years

 

[UrbanAffair]

For 185 million dollars a can see them demolishing it for 2 towers, i believe that building goes all the way to Widmer Street

Unlikely. They have put money in to this building post previous sale, and the new sale is in line with cap rates that we are seeing for this area based on the current improvements.

 

[ADRM]

For that price is it possible to break 157m height mark? Will the city let them?

Depending on your read of the 400 Front LPAT ruling, the 157m mark no longer exists (along with the fact that both 19 Duncan and Mirvish Gehry are in the works at heights greater than 157m); I'll be interested to what degree the City takes into account that ruling in its position on upcoming Entertainment District proposals.

 

[innsertnamehere]

Depending on your read of the 400 Front LPAT ruling, the 157m mark no longer exists (along with the fact that both 19 Duncan and Mirvish Gehry are in the works at heights greater than 157m); I'll be interested to what degree the City takes into account that ruling in its position on upcoming Entertainment District proposals.

And 150 Pearl.

I believe the city still holds the 157m limit themselves, but there is a lot of precedence now for higher limits through LPAT mediation. The 400 Front ruling was especially critical of it, really putting a final nail in the coffin. The problem is that City Staff are still unlikely to support more than 157m which means you need a lengthy LPAT appeal to get it.

 

[ProjectEnd]

A side note - the 111 Peter Street building, good view of it in Red Mars' photo above, sold recently for $185,000,000.

I believe it was originally built as a light industrial / distribution building for the clothing industry, but its use has evolved - as evidenced by the original extensive loading dock facility no longer being required, and the associated loading docks and staging / storage space being redeployed for retail by the new tenant - a City Market neighbourhood grocery store.

I do not know what the current tenant mix of the building would be - but is either something that currently is, or envisioned to become, able to support the $185 million valuation. Presumably good ceiling heights - an attribute shared many of the inner city (Toronto, Montreal, Kitchener Waterloo) former industrial buildings which have been upgraded for technology sector and start-up company use.
Source for the sale information: The weekly Altus advertisement listing recent asset transactions, Globe and Mail, Tuesday, January 21.

It was purchased by iA so it's very likely not a redevelopment play. This thing traded in 2007, 2011, 2017 and 2019 and always increased substantially in value. I'd imagine they'll hold on for a couple of years, suck up the increase, then vend later.

For 185 million dollars a can see them demolishing it for 2 towers, i believe that building goes all the way to Widmer Street

Where are you envision anyone is putting two towers here??

Indeed, that purchase price makes me think redevelopment.

Doubtful, as laid out above.

 

[TheKingEast]

I work in this building. It seems pretty well occupied. My company is a tech company and I know for sure there are a few other startups in there. There is a cross training place on the ground floor along with a travel agents and obviously the CityMarket too. I know there is a 'breather' space on one of the higher floors too.

They had refurbished the lobby and added disabled access recently. They moved on to the elevators which has been painstaking. There are 3 small ones, 1 down 3 to go. I just walk up to the 4th floor every day as I am not bothered waiting for them.

I’m on the 5th floor. We have the worst elevators. 4th floor bathroom is god awful.

 

[Northern Light]

Use to house a collection agency on 1 or 2 floors for a fair bit, but they moved out to the Duncan Mills area, some time ago.

 

[cd concept]

If the property too small to build two towers for the price they purchased it for. Does anyone have any idea how high this building can climb to make this development profitable ? I'm just curious !