Toronto 2 St Thomas | 80.46m | 26s | KingSett Capital | Hariri Pontarini

That's annoying, I wish they hadn't destroyed the southern "University Apartments" before canceling the project.

Personally, I think it would have been better to keep the two University Apartments buildings intact, and transfer the density to a taller tower on the rest of the site.

Hope something nice gets built here eventually.
 
It matches that other building across the street from it.

I guess these sites will become parking lots like so many others where projects die after tear down.
 
urbandreamer said:
Minto could sell property to UofT (student residence) or build a luxury rental here aimed at rich students, profs, and yuckville snobs.
Click to expand...

Vic already owns the land under what used to be 6 St. Thomas (and still owns the land under 8 St. Thomas). Vic, however, has leased the land to Minto (not sure how long the lease is).
 
What does "relaunch" typically mean from your experience? I would imagine changing the design would have implications w/r pre-existing buyers meaning they might have an exit.

I would expect some cosmetic changes only, to create some buzz, perhaps more smaller units per floor. But no major changes.
 
^ I don't know, I'm not trying to be technical. What's a better single word?

They most likely won't be changing much cosmetically at the base. I'm pretty sure I remember (from my time at Victoria University) there being some sort of stipulation that the base has the same sort of style as McKinsey & Co next door.
 
This land is too valuable to sit vacant for long. On the other hand, there is no way at all that the developer would have gone "downscale", in this neighbourhood where a million dollar price tag is considered cheap. The market for the really upscale condos died completely for about a year, but the word in real estate circles is that it is back now.


greenleaf said:
Vic already owns the land under what used to be 6 St. Thomas (and still owns the land under 8 St. Thomas). Vic, however, has leased the land to Minto (not sure how long the lease is).
Click to expand...

Part of this site is owned by Minto, and part of it is leased from Victoria University. The boundaries separating the owned and leased parts are difficult to demarcate. The boundaries are not just at ground level; there are also various "strata" levels above grade. The lease apparently expires in 2104.

BTW, slightly off topic, but Vic also owns the land under the McKinsey building immediately next door. I vaguely remember reading somewhere (can't remember where) that the land lease on that property is unusually short. Upon its expiry both the land and the building will become the property of the university.
 
Observer Walt said:
Part of this site is owned by Minto, and part of it is leased from Victoria University. The boundaries separating the owned and leased parts are difficult to demarcate. The boundaries are not just at ground level; there are also various "strata" levels above grade. The lease apparently expires in 2104.
Click to expand...


if part of the property for St. Thomas is also leased from Vic until 2104, then that means any part of the buildings on Vic's property will be returned !?!?!

who would buy here with that potentially looming over their head/heirs and lose $1+MM property?
 
Observer Walt said:
BTW, slightly off topic, but Vic also owns the land under the McKinsey building immediately next door. I vaguely remember reading somewhere (can't remember where) that the land lease on that property is unusually short. Upon its expiry both the land and the building will become the property of the university.
Click to expand...

Indeed - it was a 30 lease starting around when the McKinsey Building opened.
 
Observer Walt said:
Part of this site is owned by Minto, and part of it is leased from Victoria University. The boundaries separating the owned and leased parts are difficult to demarcate. The boundaries are not just at ground level; there are also various "strata" levels above grade. The lease apparently expires in 2104

BTW, slightly off topic, but Vic also owns the land under the McKinsey building immediately next door. I vaguely remember reading somewhere (can't remember where) that the land lease on that property is unusually short. Upon its expiry both the land and the building will become the property of the university.
Click to expand...

greenleaf said:
Indeed - it was a 30 lease starting around when the McKinsey Building opened.
Click to expand...
Yes, it'll be time soon enough for McKinsey to decide if they want to renew. If they decide not to, Vic will either use the building for administrative uses or try to lease it to someone else.
cdr108 said:
if part of the property for St. Thomas is also leased from Vic until 2104, then that means any part of the buildings on Vic's property will be returned !?!?!

who would buy here with that potentially looming over their head/heirs and lose $1+MM property?
Click to expand...
The actual "tower" part of the building, on the corner of St Thomas and Charles IS owned by minto, so there is nothing to worry about investing there.
I believe the section of the project where 4 and 6 St Thomas used to be is meant to be high end rental, which could easily revert back to Victoria's hands when the lease is up.
 
February 1 2010 update

No Activity on Site Yet
Click to Enlarge
 
You must log in or register to post here.

Back
Top