Toronto Forma | 308m | 84s | Great Gulf | Gehry Partners
- Thread starter golodhendil
- Start date
UtakataNoAnnex
Senior Member
I think it was discussed a while back in a thread far, far away that sales of units need to reach a certain threshold to be successful. I believe 50% is well on it's way to meeting that. Then again, I am not sure how time sensitive this whole process is. Or whether it doesn't matter as once that threshold is passed, they'll turn a profit anyways.
M Anonymous
Active Member
Hi, thank you. I seem to recall reading something about that and minimum sales needing to be reached for developments to proceed. I have no idea if construction will be moved up now, but 50% does sound like a really good number, and it seems like sales are going very well already. If they continue to sell this quickly, I hope it'll mean moving up the construction start schedule. That's likely wishful thinking on my part, but I'm happy to see sales doing so well so far. At least the news is good to this point.
rbt
Senior Member
Great question. When I was doing real-estate 15 years ago, owners purchasing for themselves simply weren't willing to wait several years. Given the choice of $3M for a 2025 occupancy or $3.3M for 2022 occupancy, they'd pick the second one every time. Partly because they simply didn't need to wait, and partly because tying up a ~$750k deposit for 3 years restricted options.
Investors intending to sell after occupancy were typically interested in much cheaper units they could rent for some duration.
rbt
Senior Member
I afraid I have no "feel" for the upper-end condo market in 2022 at all. I'm not sure it's directly comparable to recent Yorkville projects anyway simply because the neighbourhoods are very different.
That said, Great Gulf is not required to release sales numbers. Since they (or the project marketer Baker Real Estate) released it to induce a fear of missing out, so they must feel they're acceptable enough for that purpose.
rbt
Senior Member
The threshold to obtaining construction financing isn't fixed. Developers with strong track records meeting construction deadline and cost targets have an easier time finding financing earlier and may get a slightly better rate. Those with large amounts of cash on hand also find it easier to get financing if they're willing to use other assets as collateral.
Also, banks are looking for sales covering a %age of construction cost (the loan they're considering), to know they can get back their money when the building is registered. Not %age of units, nor do they care much about sunk costs like the land purchase when evaluating this threshold. This 50% value is definitely not of the expected construction cost.
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M Anonymous
Active Member
AlbertC
Superstar
Great Gulf on Instagram: "Frank Gehry's inventive buildings dot the world, but the long-time Los Angeles resident is clear about his roots. They’re firmly planted in the place where he grew up. “Toronto,” says Gehry of his birthplace, “is in my D
Great Gulf shared a post on Instagram: "Frank Gehry's inventive buildings dot the world, but the long-time Los Angeles resident is clear about his roots. They’re firmly planted in the place where he grew up. “Toronto,” says Gehry of his birthplace, “is in my DNA.” His affection for his...
www.instagram.com
UrbanAffair
Senior Member
Should have the month of July sales data from Altus Data Studio soon as well. (June sales were subject to the 10 day waiting period and started June 22, so we have nothing yet for June.). If i find that data soon, I'll post it also.
westtoeast
Active Member
From Dream Impact's Q2 report:
A Torontonian Now
Senior Member
Six years to occupancy for a building of this scale might not be impossible, but construction would need to get underway pretty soon...
bgobgo
Active Member
Article talking about supertalls and they include the 298m Forma? (Maybe because the west tower will actually be 308m based on the DB here in UT?)
Good read regardless.
www.dezeen.com
Good read regardless.
Six supertall skyscrapers planned for North American cities
Supertall skyscrapers are becoming increasingly common in North America outside of New York. Here are six designs that are planned across USA and Canada.
www.dezeen.com
urbanexplorer
Active Member
That article notes 1200 bay st "completion should fall sometime in 2023."Article talking about supertalls and they include the 298m Forma? (Maybe because the west tower will actually be 308m based on the DB here in UT?)
Good read regardless.
Six supertall skyscrapers planned for North American cities
Supertall skyscrapers are becoming increasingly common in North America outside of New York. Here are six designs that are planned across USA and Canada.
.Deadpool X
Senior Member
That's probably 10 years too early.That article notes 1200 bay st "completion should fall sometime in 2023."
UtakataNoAnnex
Senior Member
This city has a weird tabletop obsession of 298 meters. As in, nothing shall go higher than First Canadian Place or blasphemy! Thankfully, there are buildings in the works, including this one, that will break that barrier.