River City Condos (Urban Capital) - Real Estate -

kondoz said:
Does anyone know the exact location of the river city condos?
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You can see the location here on the BBH map, along with other projects in the area that you might be interested in.

If you want a visual, click here for the Google Street View.

It is a "minutes" drive to Yonge street, but not a "minutes" walk (at least not at my pace). Maybe 20 minute walk.
 
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im a bit confused...the affordable housing is separate from the 5 river city phases, correct? Or are some units in the various phases affordable housing units?
 
I'm looking here for investment purposes. Unfortunately there's not too much information available yet.
 
By the time the project is built out in 10 to 15 years, it will also see the construction of several residential projects offering about 6,000 units. The first of those, River City, (tentative occupancy, 2012; see rivercitytoronto.com)on a 3.8-acre site fronting the Don River, has just launched after a several months' delay due to the economy. Response has been so great, though, that developer Urban Capital has rolled the first two phases together to avoid "several thousand pre-registered buyers having to line up for one building with about 100 units," says David Wex, a partner.
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I think it holds a lot of promise to rejuvenate this desolate site and I admire the developer's approach and ambition. However, I wouldn't touch this project unless the developer and the City could demonstrate that they are going to clean up the Don River surrounding it. Right now it's in horrible condition and emits a very noxious odor. That would be a huge impediment to anyone looking to live here. I also believe buying a condo unit pre-construction always holds significant risks at the best of times and is risky, but particularly at this location where one cannot really determine an accurate picture of what the finished product will look like considering the enormous extent of the proposal. One Million square feet of employment space! It's really taking a chance that this less experienced developer can execute on a very ambitious plan. Also consider that if you are a Phase I buyer you will be living in the centre of a giant construction zone for 10 to 15 years. You have to ask yourself what benefit that holds when there are thousands of other very desirable existing condo options around the City and probably hundreds currently for sale within walking distance to this site.
 
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safeashouses said:
I think it holds a lot of promise to rejuvenate this desolate site and I admire the developer's approach and ambition. However, I wouldn't touch this project unless the developer and the City could demonstrate that they are going to clean up the Don River surrounding it. Right now it's in horrible condition and emits a very noxious odor. That would be a huge impediment to anyone looking to live here. I also believe buying a condo unit pre-construction always holds significant risks at the best of times and is risky, but particularly at this location where one cannot really determine an accurate picture of what the finished product will look like considering the enormous extent of the proposal. One Million square feet of employment space! It's really taking a chance that this less experienced developer can execute on a very ambitious plan. Also consider that if you are a Phase I buyer you will be living in the centre of a giant construction zone for 10 to 15 years. You have to ask yourself what benefit that holds when there are thousands of other very desirable existing condo options around the City and probably hundreds currently for sale within walking distance to this site.
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What you say also makes sense.
 
safeashouses said:
However, I wouldn't touch this project unless the developer and the City could demonstrate that they are going to clean up the Don River surrounding it. Right now it's in horrible condition and emits a very noxious odor.
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- I live here and, while the Don river isn't for swimming, it does not smell. Non issue.
- A plan to restore the Don's flow pattern is part of the Waterfront Toronto initiative (government body overseeing West Don Lands, East Bayfront, Portlands, etc). Full details on waterfronttoronto.com.

safeashouses said:
I also believe buying a condo unit pre-construction always holds significant risks at the best of times and is risky, but particularly at this location where one cannot really determine an accurate picture of what the finished product will look like considering the enormous extent of the proposal.
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- Totally. Preconstruction is always a risk. The best you can do is check out the plans and keep up to date in the papers. The Globe & Mail, National Post etc. are covering the Waterfront Toronto developments closely, and for the most part have positive things to say.

safeashouses said:
Also consider that if you are a Phase I buyer you will be living in the centre of a giant construction zone for 10 to 15 years.
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- We just got the Pan Am Games for 2015. West Don Lands will serve as the principal site for the Athletes Village. So, there will be tons of construction until 2015, but since there's a deadline (can't postpone the games!) after 2015 we all know it will be complete. No fear of a 15 year buildout. Also, note that River City fronts on Corktown, which is an established neighborhood, not a brownfield like the rest of WDL currently.
 
safeashouses said:
I think it holds a lot of promise to rejuvenate this desolate site and I admire the developer's approach and ambition. However, I wouldn't touch this project unless the developer and the City could demonstrate that they are going to clean up the Don River surrounding it. Right now it's in horrible condition and emits a very noxious odor. That would be a huge impediment to anyone looking to live here. I also believe buying a condo unit pre-construction always holds significant risks at the best of times and is risky, but particularly at this location where one cannot really determine an accurate picture of what the finished product will look like considering the enormous extent of the proposal. One Million square feet of employment space! It's really taking a chance that this less experienced developer can execute on a very ambitious plan. Also consider that if you are a Phase I buyer you will be living in the centre of a giant construction zone for 10 to 15 years. You have to ask yourself what benefit that holds when there are thousands of other very desirable existing condo options around the City and probably hundreds currently for sale within walking distance to this site.
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If per square foot pricing in Toronto reaches the $1000 mark in 10-15 years, as some predict it may....the benefits will be enormous!
 
MadMax said:
If per square foot pricing in Toronto reaches the $1000 mark in 10-15 years, as some predict it may....the benefits will be enormous!
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Sure! And if gold doubles to $2000/onze, oil doubles to $150/barrel and the TSX climbs to 20,000 then everybody wins!

Unfortunately all of the above, just as condo prices climbing above inflation, let alone keeping pace, are mere speculative guesses, ie bets.

With enormous speculative supply, rising unemployment, huge budget deficits and probably most importantly, a govt induced housing bubble, odds are real estate prices in Toronto are more likely to fall from here than climb.
 
MadMax said:
If per square foot pricing in Toronto reaches the $1000 mark in 10-15 years, as some predict it may....the benefits will be enormous!
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10-15 years, no .... 25 years, yes.

RE values typically go in stride with business cycles ... RE values have yet to correct.

the mass media, gov't, Bank of Canada historic low rates and the 'it's a good time to buy' advertising monopolistic juggernaut called CREA have been very effective in their pump and dump.
 
cdr108 said:
10-15 years, no .... 25 years, yes.

RE values typically go in stride with business cycles ... RE values have yet to correct.

the mass media, gov't, Bank of Canada historic low rates and the 'it's a good time to buy' advertising monopolistic juggernaut called CREA have been very effective in their pump and dump.
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But I thought there was a correction....last year and the first half of this year? No?
 
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