Toronto 241 Church | 170.7m | 53s | Graywood | Turner Fleischer

New bright red fence up around the lot today. If the building is cancelled, I'm surprised they aren't keeping the lot open for paid parking/a showroom for other properties.

Wonder what they are up to.
 
djb said:
New bright red fence up around the lot today. If the building is cancelled, I'm surprised they aren't keeping the lot open for paid parking/a showroom for other properties.

Wonder what they are up to.
Click to expand...
They have applied to CMHC to convert this to an MLI project. This means they'll get 95% financing for all the construction and the project is now going to become rental buildings.
 
djb said:
Would that require a whole new design, etc?
Click to expand...
They may, but I doubt it. The units weren't "large" in nature to begin with. They just made the decision recently to go that way, and if there's movement now, they more than likely did not change designs in order to get going. Probably scaled down finishes.
 
TSCMS said:
They may, but I doubt it. The units weren't "large" in nature to begin with. They just made the decision recently to go that way, and if there's movement now, they more than likely did not change designs in order to get going. Probably scaled down finishes.
Click to expand...
Interesting. If it gets the project made vs being an empty parking lot I'm all for it + the area needs some purpose-built rentals with that student housing cancelled.
 
IMG_3071.jpeg

Demo on the gas station!
 
TSCMS said:
They have applied to CMHC to convert this to an MLI project. This means they'll get 95% financing for all the construction and the project is now going to become rental buildings.
Click to expand...
They're not going to get anywhere close to 95% LTC on this project. They bought the land for $200 PSF and have incurred substantial cost to rezone, sell condos, etc. Affordable points for MLI Select certainly do not pencil here, so they're likely going for a 50-point score on energy efficiency. 40-year amortizations won't get close to 95% on an income basis.

I would be surprised if they are even 100bps above cap rate on yields given the cost basis. I hope this gets out of the ground though.
 
I spoke with the demo guys yesterday, and they are fully knocking the gas station down. While they didn't know exactly when construction would start, they suggested it would be soon.

Considering the demo started yesterday, it is pretty impressive how quickly it is all getting going.
 
djb said:
I spoke with the demo guys yesterday, and they are fully knocking the gas station down. While they didn't know exactly when construction would start, they suggested it would be soon.

Considering the demo started yesterday, it is pretty impressive how quickly it is all getting going.
Click to expand...

It’s all down this afternoon.

IMG_0202.jpeg
 
Hello UrbanToronto!

I live in the ground floor corner unit in Merchandise Building across the street (see picture), and am the President of the Board of Directors for Phase 5 (TSCC 1565). I've lived in the building 12 years.

I've obviously been taking a keen interest in the development of this property, both as a board member and a close neighbour to it. I figured I'd introduce myself here as I'll be monitoring this closely and contributing what I can! Appreciate all the great insights on this and many other developments nearby - this neighbourhood has changed DRASTICALLY in the last decade.

IMG_0202.jpeg
 
You must log in or register to post here.

Back
Top