Toronto 245 Queen Street East | 94.3m | 25s | ONE Properties | Graziani + Corazza

^To be fair it's a different developer, so they (One Perperties) wanted to have another go at it to see if they could outdo Pemberton.

It's always cute to see 2 bottom dweller developers get into battles over who can do things the worst.
 
245_Queen.jpg


 
Is this site rental or condo? Pre-selling condos right now is very difficult without massive price cuts.
 
Northern Light said:
Looks like we're close to something here:

View attachment 505188
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I believe this is for the eastern two buildings of this block, which are already under construction:

ROQ City | 113m | 33s | Tricon | Hariri Pontarini

Site Plan Approval application submitted: Development Applications Updated project description: Site Plan Approval for 33 and 24-storey mixed-use buildings having a residential gross floor area of 60,700 square metres, and a non-residential gross floor area of 15,287 square metres. A total...
urbantoronto.ca urbantoronto.ca

This block remains silent. One Properties has done retail in the past, so I wouldn't be surprised if that's the case here as well.

This one has a large office component however, which I imagine is what is holding it up. Nobody wants to spec build 250k of office space in this market right now.
 
C of A application here to slash the amount of office space down to 5,000m2 and substitute residential.

From the Planning Letter:

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In exchange for the above, the proponent proposes to offer some affordable housing for @HousingNowTO to scrutinize.

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www.toronto.ca

Application Details

www.toronto.ca www.toronto.ca
 
Northern Light said:
C of A application here to slash the amount of office space down to 5,000m2 and substitute residential.

From the Planning Letter:

View attachment 514959

In exchange for the above, the proponent proposes to offer some affordable housing for @HousingNowTO to scrutinize.

View attachment 514960
www.toronto.ca

Application Details

www.toronto.ca www.toronto.ca
Click to expand...
Affordability to be provided pursuant to the definition of “affordable rental housing” and “affordable rents” of the Official Plan or 80 percent of the Average Market Rent.
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The "or" there is something. What is "Average Market Rent"? It is a capitalised term, so I assume it is defined somewhere, though I don't see it in this document.
Is this something that is decided now by the City? Like they have a choice to pick one of those two presented options to calculate what "affordable rent" will be implemented for the stated "25 years plus one day" period?
Or is this something the developer and building owners decide themselves on permission from the City to pick one?

Because I think some might say 80% of market rents are not particularly "affordable".
 
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Jonny5 said:
The "or" there is something. What is "Average Market Rent"? It is a capitalised term, so I assume it is defined somewhere, though I don't see it in this document.
Is this something that is decided now by the City?
Click to expand...

www.toronto.ca

Affordable Rental Housing Administration Manual

The Affordable Rental Housing Administration Manual provides an overview and requirements for the administration of affordable rental housing and is intended to be a resource for landlords, housing providers and property managers. This manual covers the following administrative areas...
www.toronto.ca www.toronto.ca

Jonny5 said:
Because I think some might say 80% of market rents are not particularly "affordable".
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It's not. @HousingNowTO may explain further if he ever returns to UT.
 
80% of AMR as of 2023 is equivalent to $1,230 a month right now. So yea - it’s substantially cheaper than a normal apartment unit. $1,230/month is affordable under traditional metrics for someone earning around $42k annually.
 
Northern Light said:
www.toronto.ca

Affordable Rental Housing Administration Manual

The Affordable Rental Housing Administration Manual provides an overview and requirements for the administration of affordable rental housing and is intended to be a resource for landlords, housing providers and property managers. This manual covers the following administrative areas...
www.toronto.ca www.toronto.ca



It's not. @HousingNowTO may explain further if he ever returns to UT.
Click to expand...
Hey, hey, hey, Mark's been up in Ottawa speaking with the feds about affordable policy!: https://x.com/HousingNowTO/status/1713937960540733735?s=20
 
innsertnamehere said:
80% of AMR as of 2023 is equivalent to $1,230 a month right now. So yea - it’s substantially cheaper than a normal apartment unit. $1,230/month is affordable under traditional metrics for someone earning around $42k annually.
Click to expand...

And this actually serves as a useful reminder: "AMR" is confusing terminology because the "M", which is for "Market", doesn't actually really correspond to market rents in a geographically specific area. So in some places, 80% of AMR is going to be way lower than what an actual average market rent is.
 
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