Toronto Karma Condos | 165.8m | 50s | Lifetime | a—A

My understanding is that they riched settlement with the City and did not need that OMB hearing. As I mentioned it before, Grenville Residence Inc. sent me a note on December 30:

"We are pleased to advise you that City Council for the City of Toronto approved a zoning settlement for Karma Condominiums. As a result, we have revised the Disclosure Statement to reflect the resulting changes including:
1. Height: Karma Condominiums is now intended to be a 50-storey building"
 
The sales office is going soon; a letter from Grenville Residence Inc.:

The Vendor is pleased to advise you that it has obtained Formal Zoning Approval for the Building, as defined in, and pursuant to, the Tarion Addendum to your Agreement of Purchase and Sale.
The Vendor hereby notifies you that effective May 1, 2012, the Vendor will be moving its offices.

The contstuction should start some time this summer.
 
First big construction right at this intersection since The MET. I'm excited to see it going up!
 
The sales centre has been gone for awhile now. I think once they get permits they're good to go
 
Within the context of this building boom, this proposal was one the first of the current generation of proposals that I had thought, by virtue of timing alone, had a very poor chance of getting sold before the condo market cooled off. It's amazing to see that it's now close to construction. In fact, I had the same feeling when Bisha and Theatre Park launched, and they're also either under construction or close to it. It just goes to show how resilient and sustained this boom has been.

Part of me still looks at amazing proposals like Picasso and Massey Tower and thinks that we'll be lucky if the condo market holds up long enough for them to sell and if the credit market holds up long enough for them to get built... perhaps because those projects just seem to good to be true.
 
A couple details from the settlement:

  • Settlement includes a $2.5 million section 37 agreement;
  • $1.98 million is directed to infrastructure improvements on Yonge Street and the area streetscape as well as St. Luke's Lane upgrades;
  • Sec 37 agreement includes specific provisions for the relocation & conservation of the designated heritage house (rear addition not to be retained);
  • A Heritage Easement Agreement will also be secured with the conservation and moving plan included in the conditions of approval.
 
Not built yet, but soon to be started. Some info I received from Grenville Residence Inc today:
"We are very pleased to inform you that Karma Condos is over 95% sold and preliminary construction activities will be commencing on-site shortly"
Click to expand...

From another email:
"We have obtained zoning and commencement of construction should begin in about a month or two."
Click to expand...
 
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