plugk
New Member
what if the market go down by 20% or more in 4 years?
what if the market go down by 20% or more in 4 years?
Torontovibe
Senior Member
Did anybody see the huge crane on the street between Sony Centre and London? It goes from The Esplanade to Front St. I assume it's for L tower?
jks
Continuous Lurker
But they haven't even started shoring or excavation, I doubt it's for L.
Peepers
Banned
I have not seen it but I suspect it is there to dismantle the tower crane on top of London.
ProjectEnd
Superstar
I would say that it was for London's crane but I saw that one up later today. What time was this at?
Torontovibe
Senior Member
Yes, it looks like they are taking down London's crane. I didn't think they were finished with it yet.
DSC
Superstar
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There is now a white sign on the 5-7 The Esplanade site saying that Castlepoint have applied for an Official Plan change to allow for a 31 floor building (4 floor podium, 27 floors) plus 6 levels of underground parking. The parking to serve the L Tower - maybe it WILL happen.
cdr108
Senior Member
DSC
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Yes, the L Tower can't handle all its parking and Castlepoint just bought the 5-7 The Esplanade site from GO. The original plan for that site was the GO HQ but that is now going to Union Station which is why GO sold the land. There's more info on the 5-7 The Esplanade thread. There will be a link between the two buildings - one hopes underground under The Esplanade.
Edit:
Her's the info from City website:
OPA / Rezoning
The proposal is for the development of a 31-storey building consisting of a 4-storey mixed-use podium and a 27-storey 259 unit residential tower. A total of 528 parking spaces will be provided on site with 377 of those for use by the adjacent building proposed at 1 Front Street. Parking will be accommodated within 6 underground levels and within portions of the podium. The parking area would be accessed from the Esplanade. A pedestrian connection to 1 Front Street. East is being proposed and the plan accommodates for a future bridge connection over Yonge Street.
Application Number 08 223450 STE 28 OZ Application Status Application Submitted
Planner Name
Phone# Andreevski, John
416-392-0759 Date Received Nov 20, 2008
Community Meeting Date --- Status Date Nov 20, 2008
Statutory Meeting Date --- Proposed Non-Residential GFA (sq m) ---
--------------------------------------------------------------------------------
OPA / Rezoning
OPA to support Proposed 31-storey mixed use building complete with 6 levels of below grade parking majority of which is to service adjacent sony centre redevelopment. Proposal includes 260 residential dwelling units and interpretive centre. A path connection to 1 Front St. E. and over Yonge St. is also proposed.
Application Number 08 231943 STE 28 OZ Application Status Application Submitted
Planner Name
Phone# Rezoski, Al
(416) 392-0481 Date Received Dec 24, 2008
Community Meeting Date --- Status Date Dec 24, 2008
Statutory Meeting Date --- Proposed Non-Residential GFA (sq m) ---
Last edited:
catcher_of_cats
Active Member
Sony Centre condo tower set for spring
Sony CEO is '100-per-cent sure' that deal is back on track despite delays
JENNIFER LEWINGTON
March 19, 2009
CITY HALL BUREAU CHIEF Globe & Mail
Construction of a 49-storey condo tower by celebrity architect Daniel Libeskind atop the city's Sony Centre for the Performing Arts is set for this spring, assuming the deal closes as expected by March 31.
Yesterday, spokesmen for the Sony Centre and the private developer expressed optimism that the project, key to a long-imagined renewal of the cultural icon on Front Street, is finally on track after countless delays.
"I am 100-per-cent sure it is coming together," said Sony CEO Dan Brambilla, of the $27.5-million condo project by Ferncastle Front St. Inc., a joint venture of Castlepoint Realty Partnership and Fernbrook Homes. "It's been a long haul."
The delays, for financial and other reasons, forced the city in December to provide a bridge loan of up to $5-million to Sony to get going on $25-million in renovations this year without having to wait for proceeds from the real-estate transaction. In February, council extended the loan repayment deadline to March 31, the closing date for the deal. Even if it fell through, Sony would have to repay the loan to the city.
But yesterday a spokesman for the developer was as upbeat as Mr. Brambilla about signing the deal by the end of the month.
"Everything is proceeding quite well and we are working very, very hard to start construction on May 15," said Alfredo Romano, a principal of Castlepoint.
City officials also expect the parties to meet the March 31 deadline, but one Toronto councillor made clear there is no appetite for more delays. That's because Sony, which shut its doors to productions in July, 2008, assuming the real-estate deal would be signed last fall, is on a tight timeline to wrap up renovations by December and reopen in January, 2010.
"The deal's been all but inked," said Councillor Howard Moscoe (Ward 15, Eglinton-Lawrence), one of three city councillors who sit on the 12-member Sony board. But he warned: "If the signature is not there, there's no deal."
The condo project, first unveiled in 2005, was envisioned as an L-shaped tower with condos perched above a podium that stuck out like the toe of a boot to house a possible arts and heritage centre. But last fall, with no senior government funding for the arts component, the project was slimmed down to a vertical tower of condos on the southwest corner of the Sony Centre.
With a steep slump in the real-estate market and a nasty credit squeeze, rumours have swirled about the fate of several high-profile condo projects.
Mr. Romano declined to give details of financing for his project, but cited several factors that would comfort lenders.
He said 465 of 496 units have been pre-sold - so far only one buyer has backed out - in advance of a 2012 move-in date. As well, the last of key city planning approvals finally came through this month after two years of negotiations.
He conceded the current market is "difficult," adding "I would not want to be launching a project today for sales." But for all the glum news, he said "the fundamentals of Toronto are quite good."
In February, in setting the date to close the deal, council made two changes to facilitate its completion.
One was to satisfy Ferncastle's lenders. Instead of handing over a deed to the developer on completion of the project, the city agreed to transfer it earlier in the process, once lenders advanced $2.5-million for construction.
The other change gave Sony Centre added flexibility to carry out its renovations, even with a future, unexpected delay in building the condo.
Sony will receive $7.5-million from Ferncastle - $5-million on May 15 and $2.5-million later - to cover the cost of moving the heating system and other infrastructure from the west side of the building to the east side, away from the condo development.
Mr. Brambilla said the centre has spent about $2-million of the $5-million loan toward the renovation, with tenders for contracts to be reviewed after this week.
Sony CEO is '100-per-cent sure' that deal is back on track despite delays
JENNIFER LEWINGTON
March 19, 2009
CITY HALL BUREAU CHIEF Globe & Mail
Construction of a 49-storey condo tower by celebrity architect Daniel Libeskind atop the city's Sony Centre for the Performing Arts is set for this spring, assuming the deal closes as expected by March 31.
Yesterday, spokesmen for the Sony Centre and the private developer expressed optimism that the project, key to a long-imagined renewal of the cultural icon on Front Street, is finally on track after countless delays.
"I am 100-per-cent sure it is coming together," said Sony CEO Dan Brambilla, of the $27.5-million condo project by Ferncastle Front St. Inc., a joint venture of Castlepoint Realty Partnership and Fernbrook Homes. "It's been a long haul."
The delays, for financial and other reasons, forced the city in December to provide a bridge loan of up to $5-million to Sony to get going on $25-million in renovations this year without having to wait for proceeds from the real-estate transaction. In February, council extended the loan repayment deadline to March 31, the closing date for the deal. Even if it fell through, Sony would have to repay the loan to the city.
But yesterday a spokesman for the developer was as upbeat as Mr. Brambilla about signing the deal by the end of the month.
"Everything is proceeding quite well and we are working very, very hard to start construction on May 15," said Alfredo Romano, a principal of Castlepoint.
City officials also expect the parties to meet the March 31 deadline, but one Toronto councillor made clear there is no appetite for more delays. That's because Sony, which shut its doors to productions in July, 2008, assuming the real-estate deal would be signed last fall, is on a tight timeline to wrap up renovations by December and reopen in January, 2010.
"The deal's been all but inked," said Councillor Howard Moscoe (Ward 15, Eglinton-Lawrence), one of three city councillors who sit on the 12-member Sony board. But he warned: "If the signature is not there, there's no deal."
The condo project, first unveiled in 2005, was envisioned as an L-shaped tower with condos perched above a podium that stuck out like the toe of a boot to house a possible arts and heritage centre. But last fall, with no senior government funding for the arts component, the project was slimmed down to a vertical tower of condos on the southwest corner of the Sony Centre.
With a steep slump in the real-estate market and a nasty credit squeeze, rumours have swirled about the fate of several high-profile condo projects.
Mr. Romano declined to give details of financing for his project, but cited several factors that would comfort lenders.
He said 465 of 496 units have been pre-sold - so far only one buyer has backed out - in advance of a 2012 move-in date. As well, the last of key city planning approvals finally came through this month after two years of negotiations.
He conceded the current market is "difficult," adding "I would not want to be launching a project today for sales." But for all the glum news, he said "the fundamentals of Toronto are quite good."
In February, in setting the date to close the deal, council made two changes to facilitate its completion.
One was to satisfy Ferncastle's lenders. Instead of handing over a deed to the developer on completion of the project, the city agreed to transfer it earlier in the process, once lenders advanced $2.5-million for construction.
The other change gave Sony Centre added flexibility to carry out its renovations, even with a future, unexpected delay in building the condo.
Sony will receive $7.5-million from Ferncastle - $5-million on May 15 and $2.5-million later - to cover the cost of moving the heating system and other infrastructure from the west side of the building to the east side, away from the condo development.
Mr. Brambilla said the centre has spent about $2-million of the $5-million loan toward the renovation, with tenders for contracts to be reviewed after this week.
yyzer
Senior Member
well I suppose this is all good news....May 15 should be a milestone date for all of us...
can't help feeling cheated on the loss of the podium though....and I thought it was 57 storeys, not 49?
can't help feeling cheated on the loss of the podium though....and I thought it was 57 storeys, not 49?
TonyV
Senior Member
This is bad architecture. Every version of the L tower has been bad architecture. Yonge and Front has been a good intersection for a long time and now it will be wearing rhinestone drag. Was so hoping this development would bite the dust, you know, just go away.
Tewder
Senior Member
I agree TonyV.
Archivist
Senior Member
I agree (mostly) with TonyV. I could easily live without the l tower, but perhaps it will surprise. As for the intersection, three of the four corners are lovely enough, but the EDS building on the NE corner is one that I loathe completely - it is ungainly and boring while being oppressive to walk by.
TOBoy
Active Member
$27.5-million for a project that size and stature seems a little low, isn't it?