Toronto Cumberland Square | 253.92m | 75s | KingSett Capital | Giannone Petricone

yyzer said:
from today's Daily Commercial News....

APARTMENT BUILDINGS Proj: 9091568-4

Toronto, Metro Toronto Reg ON PREPARING PLANS

Cumberland Terrace, 2 Bloor St, Cumberland Ave, M4W 3E2
$87,000,000 est

Note: Preliminary design is ongoing. Owner is seeking City Council rezoning approvals. Owner anticipates zoning approvals January, 2010. Owner will undertake market analysis before seeking Council approvals for site plan. Schedules for Working drawings, tender for Gen Cont and construction will be determined based on approvals and improved market conditions. Further update Spring, 2010.

Project: proposed construction of residential apartment buildings. This project represents the redevelopment of the Cumberland Terrace shopping mall, and will include construction of two glass-clad apartment buildings, one 45 storeys and one 36 storeys. Nine residential villas will also be built above a street-level retail podium as part of the project. Demolition of existing buildings on the site will proceed prior to construction of this project.
Scope: 800,000 square feet; 45 storeys; 2 structures
Development: New
Category: Apartment bldgs; Retail, wholesale services
Click to expand...

Hey, good find yyzer! I looked at the Daily Commercial site earlier today but must of missed this one. :)
 
Am I missing something? 87 million won't buy you 2 35+ storey skyscrapers cantilievered over a subway line, would they?
 
Urban Shocker said:
I suppose the worse case scenario would be the Hazelton Lanes example - where they took a smallish, high-end mall and, in expanding it, attracted new retailers who turned off the shoppers who formerly went there, sending the place into a downward spiral. Retail greed, gotta love it.
Click to expand...

Yeah, what exactly happened with Hazelton Lanes? I remember it as a kid being packed with stores and people. It was very successful. Then I went back about five years ago just as they were putting in the Whole Foods and it was deserted.
 
newuser2k9 said:
Am I missing something? 87 million won't buy you 2 35+ storey skyscrapers cantilievered over a subway line, would they?
Click to expand...

It is likely either only quoting the material or labour portion of the project and leaving out many other items such as land, soft costs, financing costs, profit and taxes, fees & charges.
 
Rentals...I thought this was a condo project. Toronto's new tallest rental tower, perhaps? A rival for Manulife, anyway. At first glance I want to say I wish the proportion of 2+ bedroom units was higher, but that's without knowing how ridiculous the rents might be.

The rooftop villas might look interesting - if their design doesn't totally jive with the podium below, they'll give the illusion of historic strata, with one civilization's excess built on top of another's. Or, if the rooftop villas are ugly, they'll look like favelas perched wherever space could be found. I like either of these outcomes more than some miniature running track or abandoned patio sitting on the roof unused instead.
 
I'd heard rumblings about drawings for a second large tower near Yonge/Bloor, and now I wonder if this is it. I think this might actually be moving forward
 
Notes:

  • "The existing below-grade retail concourse would be replaced with mechanical and storage facilities." With that said, the city is maintaining that the underground pedestrian walkway remains (at least, that's how I'm reading it).
  • 301 biking spaces and another 75 visitor biking parking spaces.
  • The report also talks about turning Cumberland Avenue into a 2 way street.
 
Nice to see they are recommending approval! (page 1).....heights, the 36S tower 125.3 metres, the 48S tower 162.0 metres....not bad...

The Cumberland 48S midblock tower looks really skinny in the east and west elevations...

edit:

125.3 metres = 411.09 feet

162 metres = 531.49 feet
 
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To bad the height could not be taller over by Bay street as it will be out of place with the rest of the area. A few more floors would help.

The poor folks at CIBC will loose their nice view in a few years. Same can be said for the RBC.

Now to fix Holt Renfrew flagship store and Bloor St between Bay and Yonge.

Then we should look at doing something with HBC.
 
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