One Cole - Regent Park Phase One (Daniels Corporation)

[Peepers]

I could not find a thread for this project so I created this one.

Today in the Toronto SUN it was revealed that the local councilor - Pam O'Connell - was sold a 1200 sq/ft Condo in One Cole for $418,000. This works out to just $348 sq/ft.!

Does anyone remember what One Cole was selling for when it FIRST went on sale? I remember it was a very unique project in that Daniels built it on spec (did they get city financing to make that possible? ) so that when it first went on sale the building was already complete and it of course sold out immediately.

Somehow I suspect these units sold for way more than $348 sq/ft - if so - I think Pammie O'Connell is in a lot of hot water!

http://www.torontosun.com/2012/03/24/high-hopes-at-regent-park

 

[cdr108]

i can't recall when this project hit the ground but in 2008/2009, X condos at Jarvis and Bloor were going for ~$400 psf.
according to the article, it 'went to market in May of 2009, in the midst of the “worst economic meltdown” since the Great Depression.'

RP is much less desirable so $348 doesn't sound like it was under market.
the Daniels rep alludes that the suites were bought “at full market value.”

 

[cdr108]

love this comment by a reader in the article:

MeetintheMiddleCollapse



Sun Editorial Board meeting:

"Ok guys. Our man Ford is tanking. We need a plan."

"Ferris wheels on the waterfront?" "Nope. Tried that."

"Councillor caught getting a massage?" "We gave that one to the feds last year."

"I know! Let's pick apart Regent Park. So what if they took a slum and made it attractive. I bet someone made a buck off of it."

"Great idea! We can distract from Ford's f@#$-ups, and work to prevent the Lawrence Heights redevelopment at the same time. Make it all look like a scam."

"And we can pick at a lefty councillor - McConnell - all at the same time."

"Perfect. Get on it Sue-Ann!"

 

[Peepers]

i can't recall when this project hit the ground but in 2008/2009, X condos at Jarvis and Bloor were going for ~$400 psf.
according to the article, it 'went to market in May of 2009, in the midst of the “worst economic meltdown†since the Great Depression.'

RP is much less desirable so $348 doesn't sound like it was under market.
the Daniels rep alludes that the suites were bought “at full market value.â€

Thanks for the reply. I was researching on this site and it seems One Cole was selling for ~$400 sq/ft so it my well be that the price paid by McConnell was market level in which case no scandal involved.