cashman
New Member
I take it the sales are not as brisk as they've hoped....
Toronto Garrison Point | 118.56m | 35s | Cityzen | Hariri Pontarini
- Thread starter Mike in TO
- Start date
Automation Gallery
Superstar
Sounds like they are doing well
The units in general were relatively large, with almost all of the southeast corner units being sold and that was a 2 bedroom 900 sf unit with unobstructed views towards the city and many of the northeast corner units, also with great views were sold too. A few of the high priced 3 bedroom townhouses were already spoken for.
metroTO
Active Member
Talking to a couple of the agents there they are pretty satisfied with the sales they had so far.
These are not typical investor's units so they don't expect to sell out in a matter of weeks. It was clear in their marketing material that they are targeting families, empty nesters, couples, and end users who desire something more spacious and something different.
I think this is nice change from what's being launched these past couple years. Looks like Cityzen has the means to take their time in selling this development and creating buildings that are unique yet livable, just like their Absolute and Pier 37 developements.
There are four more towers in this development that will be eventually sold. It will be interesting to see if those buildings follow the same marketing strategy or if some will target certain demographics.
My only concern with this development is that there is only one street in and out that will serve the entire development and on top of that the intersection also serves as the eastern entrance to Liberty Village, so I expect a big traffic nightmare in that area.
These are not typical investor's units so they don't expect to sell out in a matter of weeks. It was clear in their marketing material that they are targeting families, empty nesters, couples, and end users who desire something more spacious and something different.
I think this is nice change from what's being launched these past couple years. Looks like Cityzen has the means to take their time in selling this development and creating buildings that are unique yet livable, just like their Absolute and Pier 37 developements.
There are four more towers in this development that will be eventually sold. It will be interesting to see if those buildings follow the same marketing strategy or if some will target certain demographics.
My only concern with this development is that there is only one street in and out that will serve the entire development and on top of that the intersection also serves as the eastern entrance to Liberty Village, so I expect a big traffic nightmare in that area.
innsertnamehere
Superstar
Are there many parking spots in the building? IIRC liberty village is surprisingly car dependent.
So i take it they are building larger, more expensive units here like they did at 88 Scott as well. takes longer to sell, but there is still a market for these types of units regardless.
So i take it they are building larger, more expensive units here like they did at 88 Scott as well. takes longer to sell, but there is still a market for these types of units regardless.
TheKingEast
Senior Member
The traffic will be an absolute nightmare. It is already.
From what I have seen, the prices and layouts are pretty damn good. The project seems very well put together and I actually trust Cityzen will be able to deliver.
From what I have seen, the prices and layouts are pretty damn good. The project seems very well put together and I actually trust Cityzen will be able to deliver.
Liberty Village specifically and the whole area generally needs a Relief Line subway station, pronto… but of course there's no chance of one until 9 years have passed, and little chance of one arriving that soon. Nevertheless, pressure on Metrolinx to expand the initial DRL study area is needed (north to Eglinton and west to at least Dufferin).
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cashman
New Member
Parking spots are $45k and are only available for larger units. I think these will condos will be a long and tough sell. End users and investors will have to wait a very long time for completion.
TheKingEast
Senior Member
$45K in LV? Is this real life?
NBGtect
Active Member
That seems a bit pricey for car-dependant LV. Perhaps that's an incentive to take transit. We live on two streetcar lines, so we don't really need a car, but not so sure about LV and the packed King car how exactly folks get downtown from here WITHOUT a car! Overall, the structures look pretty fantastic. We are big fans of HP"s recent work
You easily can walk or bike Downtown from LV in most weather.
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Southcore
Active Member
In fairness though, I can't think of any new condo project in the last 3 years where parking has been under $40K, a lot of centrally located condos (Karma, INDX, 1Thousand Bay, Massey Tower) had parking at $60K. As prices went up in terms of PSF from $400 to $600 so did parking - for example in 2009 parking spots in Infinity II were $25K. 3 years later Infinity Final Phase (the exact copy of Infinity II, the might as well called it IV) it's $45K. And there is probably even less demand now for parking in such a location. I believe a lot of builders are reducing the number of spots/recalculating how many are needed for most centrally located condos due to a lack of demand for a spot, they aren't as crucial for most people as they once were (and the fact that it has become so expensive)
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stationcreek
Senior UT Member
Really love the vision for this project.
Stopped by their opening last week....Really cool sales office with a huge virtual reality system that allows you to walk through the project.
Stopped by their opening last week....Really cool sales office with a huge virtual reality system that allows you to walk through the project.
67Cup
Active Member
I think that $45K does not far exceed the actual cost of construction per parking stall in a concrete parkade underneath a tower in an expensive location.
AHK
Senior Member
My understanding (from industry contacts) - the actual construction cost would be quite a bit less than $45K - the major impact would be, for each additional level of parking garage, an approximately two month add to the schedule for completion of all the units in the building (everything would be bumped back by two months from their original completion dates without the additional garage floor), increasing the carrying costs of the project, and delaying the point at which the developer could close on the units and see the actual cash flow....
NBGtect
Active Member
So what really is the urgent need for a DRL station here if one can walk and bike downtown so easily? Is it just needed for cold weather days like today? We tend to walk everywhere in the east end. I think the new streetcars will help out big time rather than spending millions on a subway.