Stumps

[migtree]

Does anyone on this site forsee any current tower projects ending up like the original Bay Adelaide centre? If so, which project is most likely to finish it's basement and then go no further?

 

[Hydrogen]

Why don't you reveal which one you think will be the stump?

 

[migtree]

I have serious concerns about Bazis international, specifally with 1 Bloor and Emerald. They just seem so fly-by-night, and if there are problems, will said problems actually follow them back to Kazakhstan? (BTW, i have a friend who bough a unit at Emerald, and I still have doubts)

 

[Sir Novelty Fashion]

Here we go again...

 

[khris]

Oh god. What's with these newbies?

This isn't a discussion of a development. So it's not even in the right forum first of all.
Grow up and learn how to use a forum you newbs.

 

[EnviroTO]

With the meltdown primarily in the US market why would an award winning Kazakhstan developer be high risk?

 

[migtree]

Oh god. What's with these newbies?

This isn't a discussion of a development. So it's not even in the right forum first of all.
Grow up and learn how to use a forum you newbs.

I've been visiting and posting in Urban Toronto Forum since about 2001.

As this phenomenon has already taken place in a Toronto development past, I believe the possibility of it taking place again in a new development is not something to be ignored, and something quite interesting to ponder.

Regarding my personal suspects of projects that may stall, It just seems more likely that a new player, especially one based in a distant land, may have more issues delivering as promised then established players in this industry.

 

[Hydrogen]

You can be assured that the developer from a "distant land" has hired locals who understand something about the market here.

 

[grey]

Regarding my personal suspects of projects that may stall, It just seems more likely that a new player, especially one based in a distant land, may have more issues delivering as promised then established players in this industry.

Are you sure you're not just a xenophobic isolationist?

 

[CityPlaceN1]

There's no way a condo will ever become a stump. Maybe a parking lot but not a stump. The money to build it has to be in the bank before they can start working on it.

The Bay Adelaide stump was a totally different story. They started to build it without tenants committed to it. With the economy crashing and vacancy rates spiking in the early 90s the developer realized it was better to stop rather than to put up a 50 storey building that would be empty when completed. They may have also gone bankrupt (I can't remember who the developer was) meaning there was no money in the bank to finish it.

 

[grey]

Yeah, if we experience a sharp, sudden recession, expect to see a LOT of stumps on the horizon.

migtree, Bazis is a large multinational company with more experience than most of our puny domestic developers. Where did you get the impression that they are a confused little foreign operation who could be crushed by the almighty Toronto market? Make no mistake, this city is an insignificant speck, and they're just here to make a buck while the market is hot. They've done their research, and they know what they're doing.

 

[alklay]

And what exactly seems so "fly-by-night" about Bazis? They have certainly done a better job marketing and selling and even designing condos than most of the developers who have been in town for decades.

 

[Solaris]

while I agree Bazis is probably big internationally ... or specifically in Kazakhstan ... and they do a AMAZING job in the marketing and selling of condo .... I will hardly ever agree with the fact they do a better job designing condos that your trusty local developers (judging from floorplans of 1BE + Emearld, as well as the exterior of 1BE, but nonetheless Emerald's architecture is stunning)

 

[grey]

Bazis didn't design 1 Bloor. In fact, you can thank local Toronto architect, Roy Varacalli

 

[migtree]

Yeah, if we experience a sharp, sudden recession, expect to see a LOT of stumps on the horizon.

migtree, Bazis is a large multinational company with more experience than most of our puny domestic developers. Where did you get the impression that they are a confused little foreign operation who could be crushed by the almighty Toronto market? Make no mistake, this city is an insignificant speck, and they're just here to make a buck while the market is hot. They've done their research, and they know what they're doing.

Exactly... A looming recession could definitely stall any project if the money dries up. As for Bazis, they are just one example I thought of... any developer could have such problems, as proven with Brookfield's Bay Adelaide.