Solaris
Senior Member
What L Tower ??
Mike ... unfortunately I will have to disagree with you in ways more than one
while it is true most purchasers bought into the L Tower not because of the AHA Cultural Centre, it would be safe for me to say this project was attractive because of its distinct architecture and building form, something that would be totally lost in the revised proposal ... I don't think many people are roaring up because of the lost of the AHA Centre, but rather the lost of the podium design~
as some have pointed out earlier, there was a 'fall-back' clause in the agreement whereby if the cultural centre fell through, Castlepoint would be able to develop that same podium as office/retail commercial ... the only reason why this staff report (http://www.toronto.ca/legdocs/mmis/2008/ex/bgrd/backgroundfile-15921.pdf) is going to City Council is because Castlepoint now wants to amend the existing Umbrella Agreement with this 'fall-back clause', so that they can create more condo suites to sell ... is that not profit taking for the price of jepordizing perfectly outstanding architecture?
I would think Castlepoint is Libeskind's client, whereby builder hires an architect as consultant like in most developments?
I agree that Castlepoint deserves points for bringing in a star architect to design outstanding buildings such as the originally proposed L Tower ... but all credit is lost when the builder decides to turn evil in the face of greed to rip out the podium and propose more condos once AHA fell through ... Castlepoint could have easily kept the design and use the podium as commercial, or even convert that to live-work or loft residential units
no being able to secure funding can be a reason of failure for the AHA Centre, but not a reason for Castlepoint to cheapen the building design to build more condo units
# 1 - Section 37 Agreement was established to provide for public benefits in exchange for increased height + density, in turn which generates more revenue GFA for Castlepoint ... thus the builder is not exactly Santa Clause when they are providing these 'benefits', they are only paying because they are going to make more in return
# 2 - development charges, planning fees, permit fees, land transfer taxes and other taxes paid to other levels of government are not public benefits, it is cost of doing business in development
# 3 - even for the proposed $1 million plaza + green wall + $4 millon payment, Castlepoint is willing to provide these only in exchange for more condo units (which in turn generate omre $$ for them)
Indeed not all designs of an architect will get built, afterall construction + sales is dependant on the economic conditions
but I rather think Redroom has a very valid point in keeping the current design and using it as commercial or converting it to loft units.
can not disagree with you more on this one, the proposed changes to the design and associated Umbrella Agreement is completely intiated by Caslepoint, inability to secure funding for the AHA Cultural Centre is no reason for the design to be cheaped-out ... it is just that now there is no government funding to build the podium portion of the building (which would been paid through the AHA Centre), the builder doesn't want to pay out of pocket for the cost of constructing commercial space but instead want to build condos within the 'tower footprint' ... and hey why not, generate more $$ from condo sales without building the large expensive podium (which makes L Tower so unique)
don't blame the Federal government because the developer wants to cheap out on construction while trying to 'milk' every single revenue generation oppourtunity
the revised proposal if endorsed would be complete disgrace
Mike ... unfortunately I will have to disagree with you in ways more than one
Hi - a few thoughts on some misinformation and misplaced blame on the developer:
Wow - I can't believe it. I am infuriated! How can they just change things when we've invested our hard earned dollars, have been waiting patiently for the promise of parking to materialize, and now get slapped with a project re-design and a dilution of our unit value with an additional 60-70 unit supply coming on the market.
To be honest there really isn't anything you can do - you invested in the condo, not in the AHA cultural facility - in reality they were two seperate entities that were planned in the same structure. It's not the developers fault that the federal government didn't kick in $25 million and that the citizens of Toronto didn't raise significant funds similar to the ROM & AGO campaigns to facilitate the construction of the cultural facility. The legal documents that you signed upon your purchase were for the condo portion of the project and the condo portion only.
while it is true most purchasers bought into the L Tower not because of the AHA Cultural Centre, it would be safe for me to say this project was attractive because of its distinct architecture and building form, something that would be totally lost in the revised proposal ... I don't think many people are roaring up because of the lost of the AHA Centre, but rather the lost of the podium design~
as some have pointed out earlier, there was a 'fall-back' clause in the agreement whereby if the cultural centre fell through, Castlepoint would be able to develop that same podium as office/retail commercial ... the only reason why this staff report (http://www.toronto.ca/legdocs/mmis/2008/ex/bgrd/backgroundfile-15921.pdf) is going to City Council is because Castlepoint now wants to amend the existing Umbrella Agreement with this 'fall-back clause', so that they can create more condo suites to sell ... is that not profit taking for the price of jepordizing perfectly outstanding architecture?
Just re-reading the PDF file.....this whole thing stinks...
Castlepoint gets to build an extra 60,000 sq. ft. of residential space to sell to the public, i.e. 60 or 70 additional condos...
The city gets extortion, er, a payment of $4 million dollars...
Castlepoint pays the $1 million it costs to build the "plaza"...
The Libeskind podium is destroyed...
What an absolute travesty! I hope Studio Libeskind sues these idiots
YYZer... was that post a joke? Studio Libeskind is the developer’s client. I would suggest the opposite point of view. We have a developer that actually cares about architecture and leaving a positive mark on the City of Toronto - they hired one of the top firms in the world to bring about their vision for a new cultural facility and condo tower (a travesty would have been the initial design by another architect that was posted on UT a few years ago) - for better or for worse a new cultural facility isn't cheap and it required both donations from private citizens and public contributions from all levels of government to become a reality... that money never came and the developer is left to scramble and try to keep the project alive - hardly a bunch of "idiots", but rather a developer that is trying to do something positive for the city by bringing in international architect and attempting to build a new cultural facility.
I would think Castlepoint is Libeskind's client, whereby builder hires an architect as consultant like in most developments?
I agree that Castlepoint deserves points for bringing in a star architect to design outstanding buildings such as the originally proposed L Tower ... but all credit is lost when the builder decides to turn evil in the face of greed to rip out the podium and propose more condos once AHA fell through ... Castlepoint could have easily kept the design and use the podium as commercial, or even convert that to live-work or loft residential units
no being able to secure funding can be a reason of failure for the AHA Centre, but not a reason for Castlepoint to cheapen the building design to build more condo units
Imagine. $1 million poneyed up by the builder to build the plaza.
What a joke!
Most any upscale home in this city has more invested in the backyard.
This is such absolute BULL****!
The builder has far far more than $1 million in public benefits set aside for this project.
The section 37 agreement alone with a list of over 30 public benefits that must be paid for by the developer, plus the 1% of construction cost public art contribution - not to mention the tens millions of dollars in development charges, planning fees, permit fees, land transfer taxes and then the tens of millions of additional taxes paid to other levels of government - development is one of the most heavily taxed and regulated industries in the province - there are substantial public and economic benefits to this project, so to belittle it's contribution by reducing it to $1 million and comparing it to a backyard is beyond ridiculous...
# 1 - Section 37 Agreement was established to provide for public benefits in exchange for increased height + density, in turn which generates more revenue GFA for Castlepoint ... thus the builder is not exactly Santa Clause when they are providing these 'benefits', they are only paying because they are going to make more in return
# 2 - development charges, planning fees, permit fees, land transfer taxes and other taxes paid to other levels of government are not public benefits, it is cost of doing business in development
# 3 - even for the proposed $1 million plaza + green wall + $4 millon payment, Castlepoint is willing to provide these only in exchange for more condo units (which in turn generate omre $$ for them)
I am surprised that the developer is even allowed to tinker with the design at this point. I would think that for it to carry Libeskind's name, it would have to be as he intended or not at all. I loved the original design and I think that the "boot" portion would have looked amazing for pedestrians and traffic heading east from Union Station. Why dont they just convert the boot from commercial to loft style units... or build it as originally intended on spec of future use???
I'll echo much of the above frustration and maybe we should start a poll on whether this thing will end up as a box....
Redroom, this comment bothers me as Libeskind is a client of the developer (and was paid handsomely for his work) - in all likelihood he's going to be the one that does the redesign of the base of the tower. Most architects have done work on projects that get built and others that don't ever see the light of day - it's a professional hazard I guess.
Of course the developer is allowed to tinker with their project design (it will still have to go through necessary approvals) – otherwise the entire project would be cancelled – they are trying to save the project.
Re: spec of future use - are you crazy? How would that get done? What bank or lender in their right mind would finance this risky endeavor - even in good market conditions. The developer doesn't have the financial ability to front that cost on their own and there is very little capital available on the markets to build anything on spec, let alone the podium of the L tower. There are a number of nearly sold out condo projects by reputable Toronto developers that have been unable to or have lost financing completely - the situation in not very good out there and nobody is going to finance large commercial ventures on spec - especially from a relatively new player without a track record for this kind of development. Financing for the condo portion is already an issue.
Indeed not all designs of an architect will get built, afterall construction + sales is dependant on the economic conditions
but I rather think Redroom has a very valid point in keeping the current design and using it as commercial or converting it to loft units.
With all that said, I share the disappointment by most people as this landmark project, while still generally spectacular, it has potentially lost one of the key selling points for the citizens of Toronto.... which is no fault whatsoever of the developer - the feds didn't pony up $25 million and the fundraising efforts for the AHA centre never got very far. If anything the developer did everything they could by hiring one of the top architectural firms in the world to design a landmark building and cultural facility as well as contributing significant financial resources of their own to the project - it's the other players that didn't come to the table with money that caused this to fall through.
can not disagree with you more on this one, the proposed changes to the design and associated Umbrella Agreement is completely intiated by Caslepoint, inability to secure funding for the AHA Cultural Centre is no reason for the design to be cheaped-out ... it is just that now there is no government funding to build the podium portion of the building (which would been paid through the AHA Centre), the builder doesn't want to pay out of pocket for the cost of constructing commercial space but instead want to build condos within the 'tower footprint' ... and hey why not, generate more $$ from condo sales without building the large expensive podium (which makes L Tower so unique)
don't blame the Federal government because the developer wants to cheap out on construction while trying to 'milk' every single revenue generation oppourtunity
the revised proposal if endorsed would be complete disgrace