Toronto 808 Mt. Pleasant | 118.9m | 35s | Reserve Properties | Sweeny &Co

Ico said:
Picked up 808 Mt Pleasant, 820 Mt Pleasant and 247/249 Roehampton for $74.5m, representing a buildable/sf of about $213... seems a little high unless I am missing something
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They will likely resubmit at +/-50 storeys and blend to $150
 
Ico said:
Picked up 808 Mt Pleasant, 820 Mt Pleasant and 247/249 Roehampton for $74.5m, representing a buildable/sf of about $213... seems a little high unless I am missing something
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It's the quiet ones........slipping in good info under the radar..............

Thanks for that!

The assembly, as reported above, now looks like this:

1702406613771.png


A rather irregular shape!

Size: ~3200m2 / 35000ft2

The square footage here is nominally enough for 2 towers, but the footprint of the site is a real challenge; I wonder if they're in the process of grabbing 245 Roehampton which would make this a much more functional footprint.

245 is currently a small'ish 14s rental.
 
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The OLT order was issued in summer of 2022 with the City's bylaw following in Sept 2022 - https://www.toronto.ca/legdocs/bylaws/2022/law1208.pdf.

I understand that you cannot go back to the city to open up a rezoning within 2 years of securing your original/initial zoning approval, which would mean Reserve can go back in October 2024 to the city at the earliest for another rezoning. A minor variance can allow you to extract some more density, but the city likely won't let you add more than 5/6 stories on here through an MV. Besides, Reserve has continued to submit for site plan work, with latest resubmission in Dec 2022. Haven't heard anything since then, but it appears they are going ahead with the 35 storeys.

They could have just overpaid for the property, which wouldn't stray too far from their most recent "zone and flip" endeavors... but you never know today!
 
Ico said:
The OLT order was issued in summer of 2022 with the City's bylaw following in Sept 2022 - https://www.toronto.ca/legdocs/bylaws/2022/law1208.pdf.

I understand that you cannot go back to the city to open up a rezoning within 2 years of securing your original/initial zoning approval, which would mean Reserve can go back in October 2024 to the city at the earliest for another rezoning. A minor variance can allow you to extract some more density, but the city likely won't let you add more than 5/6 stories on here through an MV. Besides, Reserve has continued to submit for site plan work, with latest resubmission in Dec 2022. Haven't heard anything since then, but it appears they are going ahead with the 35 storeys.

They could have just overpaid for the property, which wouldn't stray too far from their most recent "zone and flip" endeavors... but you never know today!
Click to expand...
Does the two-year restriction hold if the site has changed though? It would seem that we are dealing with a significantly enlarged assembly now.

42
 
Ico said:
The OLT order was issued in summer of 2022 with the City's bylaw following in Sept 2022 - https://www.toronto.ca/legdocs/bylaws/2022/law1208.pdf.

I understand that you cannot go back to the city to open up a rezoning within 2 years of securing your original/initial zoning approval, which would mean Reserve can go back in October 2024 to the city at the earliest for another rezoning. A minor variance can allow you to extract some more density, but the city likely won't let you add more than 5/6 stories on here through an MV. Besides, Reserve has continued to submit for site plan work, with latest resubmission in Dec 2022. Haven't heard anything since then, but it appears they are going ahead with the 35 storeys.

They could have just overpaid for the property, which wouldn't stray too far from their most recent "zone and flip" endeavors... but you never know today!
Click to expand...
interchange42 said:
Does the two-year restriction hold if the site has changed though? It would seem that we are dealing with a significantly enlarged assembly now.

42
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It's a moot point. That legislation is no longer in force.
 
DF416604 said:
Looks like the site has been purchased by Reserve and Westdale as of Oct. 11th, 2023.
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Hi, just curious where you got this info? This project isn't listed on Reserve's or Westdale's websites. And I couldn't find any press releases.
 
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