SpadinaBus
Active Member
A rumour in the 'hood is that the site is for sale asking $20M. Does that sound right to anyone? Seems a tad high to me.
Toronto 629 King Residences (was Thompson Residences) | 53.34m | 15s | Freed | Saucier + Perrotte
- Thread starter SpadinaBus
- Start date
urbandreamer
recession proof
I'll buy it--$1 million down finance the rest. 25 story parking garage with walmart at base. Sit and let the joint fall apart for 30 years. Then sell it to Freed's kids
I
investor
Guest
Unless that hotel is doing $1,000,000+ in net operating income I highly doubt that price is accurate. It certainly would not be worth $20,000,000 for land value alone- it can't be larger than an acre and the site area wouldn't support more than a couple hundred units given the context.
Towered
Superstar
Sure would be nice to see it go. I've always hated the suburban look of it.
H
Hydrogen
Guest
Yup, it really looks out of place on that stretch of King.
allabootmatt
Senior Member
I absolutely love it, actually; such a wacky anachronism. I am hoping it stays a hotel, perhaps taken over by some ironic boutique outfit like The Standard , which is also the product of the conversion of an old motel.
I
investor
Guest
Clearly has more value as new condo site in this inflated market. The question is whether Freed's backers are willing to carry even more high priced inventory.
cabeman
Active Member
The site does seem like a good candidate for redevelopment, but the price sounds a bit rich considering 650 King St W (including the parking lot off Bathurst) is very similar in size to the Travelodge property and sold for $9.8 million in June 2007. No doubt that the price was negotiated well before the closing date, but even in a rising market the $20 million figure seems high.
cabeman
Active Member
Just noticed this site was purchased by Freed for $21,875,000 (closing date was April 8th).
Even back in January 2008 when this thread was first started I thought the rumoured asking price of $20 mil seemed high .. but there you have it.
Even back in January 2008 when this thread was first started I thought the rumoured asking price of $20 mil seemed high .. but there you have it.
carturo15
Active Member
wow, more condos? Freed has 5 projects now, 550 Wellington, 75 Portland, 500 Wellington, 650 King West and Fashionhouse
cabbagetowner
Active Member
hard to believe they will want to start development with the looming recession.
cdr108
Senior Member
Wow, it does sound high but maybe it's because Travelodge has almost 3.5x frontage on King St than 650 King, and this lot makes for better wide shallow suites.
SpadinaBus
Active Member
Another rumour is that Freed is intending on redeveloping the site with their own "Freed" brand boutique hotel with condos as well.
Yossi Kaplan MBA
Realtor
Freed on King St. West
Freed is already building the Thompson hotel right around the corner, so chances of another hotel on King are slim - hotels are ot Starbucks, you don;t put them on every corner.
What Freed does best is (1) design that make their projects look good, and useful and (2) connect the project to the street by way of design and retail.
Once Freed has completed King West you'll see a lot more life on the street, more places to be (seen), eat, live, work and play.
- yossi
Freed is already building the Thompson hotel right around the corner, so chances of another hotel on King are slim - hotels are ot Starbucks, you don;t put them on every corner.
What Freed does best is (1) design that make their projects look good, and useful and (2) connect the project to the street by way of design and retail.
Once Freed has completed King West you'll see a lot more life on the street, more places to be (seen), eat, live, work and play.
- yossi
sport200
New Member
Unreal. So when they buy a site for 20+ million, they must obviously make atleast that in profit to pay off the land. Never new they made so much.