joey_122@hotmail.com
New Member
are you guys talking about 75 % sales for the massey tower? I thought that it was to go on sale to the public in spring 2013 its what it says on their website.
Toronto Massey Tower Condos | 206.95m | 60s | MOD Developments | Hariri Pontarini
TheKingEast
Senior Member
I'd say those sales are their VIP sales. Most successful condos are 70%+ sold by the time they hit the public.
yyzer
Senior Member
reconfirming they are over 75% sold......
http://www.theglobeandmail.com/life/home-and-garden/real-estate/on-site-toronto-condos-musical-theme-inspired-by-massey-hall/article4620394/?cmpid=rss1
http://www.theglobeandmail.com/life/home-and-garden/real-estate/on-site-toronto-condos-musical-theme-inspired-by-massey-hall/article4620394/?cmpid=rss1
kris
Senior Member
we are good to go- might as well make it 70 floors
fedplanner
Active Member
I'm amazed that a developer can sell 75% of the units in a project before receiving approval from the city. Only in Toronto
khris
Senior Member
That has always confused me as well.
caltrane74
Senior Member
Makes it hard for the city to turn them down...
Or the OMB.
Or the OMB.
maestro
Senior Member
Why would the city or OMB care?
Maybe I'm just nitpicking but there's a significant difference between a purchase and an agreement to purchase.
Maybe I'm just nitpicking but there's a significant difference between a purchase and an agreement to purchase.
thecharioteer
Senior Member
From yesterday's Star:
Massey Tower construction will be complex
Ryan Starr
Special to the Star
Gary Switzer has done his share of condo developments through the years.
None have presented him with greater challenges than Massey Tower, a 60-storey, 698-unit building he’s proposing for 197 Yonge St.
The project, which incorporates the century-old Bank of Commerce building, will be built on what the president of MOD Developments describes as a “postage-stamp site.â€
“What I thought was complicated before pales by comparison with the complexity of this project,†Switzer notes on a recent tour of the bank building. The heritage-listed structure is currently Massey Tower’s sales centre and will eventually serve as the condo’s main entrance.
The project went on sale in June and is 80 per cent sold. Suites range from 378 square feet to 882 square feet and are priced from the mid $300,000s to the mid $900,000s.
The bank building, constructed in 1905, had sat vacant since 1987 and had deteriorated substantially by the time Switzer acquired the property. “It was terrible,†he says, recalling the chain-link fencing that walled it off from Yonge in recent years. “It was such a blight on the main street.â€
In addition to restoring the bank building to its former glory — an undertaking that will cost in excess of $1 million — Switzer’s team must ever-so-carefully excavate for and build the condo tower while somehow not disrupting the crowded block it will sit on.
That block includes a municipal laneway and easements and loading areas for the adjacent Heintzman Building (which houses a HomeSense) and the Elgin and Winter Garden Theatres.
Then there’s Massey Hall, the condo’s namesake, which is located at the rear of the property. Switzer will be donating to Massey Hall a narrow portion of his site that connects through to Victoria St.; the hall is planning to renovate and expand its facilities as a result.
Massey Tower will include retail space, located in a glass pavilion to be built over the small park that presently sits between the Bank of Commerce building and its architectural cousin, the old Bank of Toronto building just to the north at 205 Yonge.
“The retail space is going to be a transparent link between the two (bank buildings),†explains architect David Pontarini, noting that the tall, slim condo tower will be set back from Yonge, enabling the retail pavilion to highlight views of the Bank of Toronto building’s southern facade.
Massey Tower will rise from a parking block behind the Bank of Commerce building. The podium’s two top floors will house amenities: a gym, steam room and sauna on the ninth floor; and a lounge, bar and rooftop garden terrace on the level above.
“It’s probably the most complicated site we’ve ever dealt with,†says Pontarini, echoing Switzer’s sentiments. “It reflects the complexity of building towers in the city these days as more and more of the simpler, easier sites have been taken off the market or built out. The more challenging sites are left and this is certainly one of the most challenging.â€
This is not the first time Switzer has incorporated heritage elements into a condo development.
His other current project, Five Condos, under construction at Yonge and St. Joseph Sts., involves the restoration of half a block of 19th-century stores.
Switzer brought the Five design team back for Massey Tower: Pontarini, heritage specialist Michael McClelland of ERA Architects, interior designer Anna Simone and landscape architect Janet Rosenberg.
“I like working with a similar team on building after building,†Switzer says. “There’s a certain shorthand that develops.â€
Pontarini designed a tower that has a simple, clean curtain wall on its north-facing side, while the east, west and south sides have rounded corners and balconies with glass that goes from clear to fritted, creating a wave-like appearance
McClelland’s team will restore the Bank of Commerce building’s facade as well as its original mosaic flooring, plaster and mouldings. They’re also preserving a stairwell at the front of the building and some of the office and vault space on the upper levels of the four-storey bank. “The materials are high quality but had really been let go for quite some time,†he says. “It’s all salvageable and repairable, but if some it had been left much longer, there wouldn’t be much left to work with.â€
Anna Simone has added blood-red chandeliers, drapery and trompe l’oeil wall panels to pay homage to the building’s classical character. “We wanted to respect the historical content and expression of the space, so we were very sensitive to that,†she says.
“We borrowed from it and expanded upon it so at the end of the day it wouldn’t look as though there had been any adjustments to it, only complements and continuations of that initial expression.â€
Massey Tower’s construction presents a catalogue of potential complications for Switzer and his team. But the MOD chief insists the effort will be worth it in the end. “When you look at what’s surrounding us on this site, you want do something that’s really good,†he says. “I think that’s one reason our neighbours have responded so well, because they know we’re going the extra mile.â€
Massey Tower construction will be complex
Ryan Starr
Special to the Star
Gary Switzer has done his share of condo developments through the years.
None have presented him with greater challenges than Massey Tower, a 60-storey, 698-unit building he’s proposing for 197 Yonge St.
The project, which incorporates the century-old Bank of Commerce building, will be built on what the president of MOD Developments describes as a “postage-stamp site.â€
“What I thought was complicated before pales by comparison with the complexity of this project,†Switzer notes on a recent tour of the bank building. The heritage-listed structure is currently Massey Tower’s sales centre and will eventually serve as the condo’s main entrance.
The project went on sale in June and is 80 per cent sold. Suites range from 378 square feet to 882 square feet and are priced from the mid $300,000s to the mid $900,000s.
The bank building, constructed in 1905, had sat vacant since 1987 and had deteriorated substantially by the time Switzer acquired the property. “It was terrible,†he says, recalling the chain-link fencing that walled it off from Yonge in recent years. “It was such a blight on the main street.â€
In addition to restoring the bank building to its former glory — an undertaking that will cost in excess of $1 million — Switzer’s team must ever-so-carefully excavate for and build the condo tower while somehow not disrupting the crowded block it will sit on.
That block includes a municipal laneway and easements and loading areas for the adjacent Heintzman Building (which houses a HomeSense) and the Elgin and Winter Garden Theatres.
Then there’s Massey Hall, the condo’s namesake, which is located at the rear of the property. Switzer will be donating to Massey Hall a narrow portion of his site that connects through to Victoria St.; the hall is planning to renovate and expand its facilities as a result.
Massey Tower will include retail space, located in a glass pavilion to be built over the small park that presently sits between the Bank of Commerce building and its architectural cousin, the old Bank of Toronto building just to the north at 205 Yonge.
“The retail space is going to be a transparent link between the two (bank buildings),†explains architect David Pontarini, noting that the tall, slim condo tower will be set back from Yonge, enabling the retail pavilion to highlight views of the Bank of Toronto building’s southern facade.
Massey Tower will rise from a parking block behind the Bank of Commerce building. The podium’s two top floors will house amenities: a gym, steam room and sauna on the ninth floor; and a lounge, bar and rooftop garden terrace on the level above.
“It’s probably the most complicated site we’ve ever dealt with,†says Pontarini, echoing Switzer’s sentiments. “It reflects the complexity of building towers in the city these days as more and more of the simpler, easier sites have been taken off the market or built out. The more challenging sites are left and this is certainly one of the most challenging.â€
This is not the first time Switzer has incorporated heritage elements into a condo development.
His other current project, Five Condos, under construction at Yonge and St. Joseph Sts., involves the restoration of half a block of 19th-century stores.
Switzer brought the Five design team back for Massey Tower: Pontarini, heritage specialist Michael McClelland of ERA Architects, interior designer Anna Simone and landscape architect Janet Rosenberg.
“I like working with a similar team on building after building,†Switzer says. “There’s a certain shorthand that develops.â€
Pontarini designed a tower that has a simple, clean curtain wall on its north-facing side, while the east, west and south sides have rounded corners and balconies with glass that goes from clear to fritted, creating a wave-like appearance
McClelland’s team will restore the Bank of Commerce building’s facade as well as its original mosaic flooring, plaster and mouldings. They’re also preserving a stairwell at the front of the building and some of the office and vault space on the upper levels of the four-storey bank. “The materials are high quality but had really been let go for quite some time,†he says. “It’s all salvageable and repairable, but if some it had been left much longer, there wouldn’t be much left to work with.â€
Anna Simone has added blood-red chandeliers, drapery and trompe l’oeil wall panels to pay homage to the building’s classical character. “We wanted to respect the historical content and expression of the space, so we were very sensitive to that,†she says.
“We borrowed from it and expanded upon it so at the end of the day it wouldn’t look as though there had been any adjustments to it, only complements and continuations of that initial expression.â€
Massey Tower’s construction presents a catalogue of potential complications for Switzer and his team. But the MOD chief insists the effort will be worth it in the end. “When you look at what’s surrounding us on this site, you want do something that’s really good,†he says. “I think that’s one reason our neighbours have responded so well, because they know we’re going the extra mile.â€
Automation Gallery
Superstar
Site plan approval on this one, from todays city planning applications website.
dt_toronto_geek
Superstar
Excellent news AG, hopefully sales can warrant a bump up to another five or ten levels.
Ramako
Moderator
Does this mean that the proposal has actually been approved by the city, or are we still waiting on a final report and vote before council?
Automation Gallery
Superstar
I dont know, you let me know
197 YONGE ST
Ward 27 - Tor & E.York
Site Plan Approval
Site Plan Approval application to permit the re-development of the lands for the purposes of a new mixed use building. The application proposes to retain the front portion of the existing heritage building (Bank Building) on the premises. Included in the proposal is a 60-storey (207 metre) residential tower containing 699 dwelling units to the rear of the heritage building. The proposed podium is 9-storey's containing the lobby to be located within the heritage building, above grade parking (floors 3 to 8), amenity uses (floors 9 and 10) and retail uses at grade in the area currently used as private open space adjacent the heritage building on the north side. There are 131 above grade parking spaces proposed. One below grade level is proposed to include mechanical and service areas and bicycle parking.
gristle
Senior Member
The developer can sell vapourware. They still have to get approval to build. If they don't get approval anywhere, the money that was held in trust is given back. It's the developer's choice to do this, as well as the buyer's choice to purchase. The city does not regulate those decisions.
Numbers of units sold makes zero difference to whether the city allows or rejects a proposal. The same goes with the OMB. Sales only become a determinant when the developer is attempting to get financing from a lender or investor.
Johnzz
Active Member
Great news on the approval!
They are over 80% sold now.
Here's some new interior pictures:
http://www.themasseytower.com/eblasts/12-1106/MasseyFeaturePlan.pdf
And some text from an e-mail:
THE MASSEY TOWER CELEBRATES SUCCESS
WITH A FABULOUS NEW FEATURE HOME!
Everyone loves The Massey Tower. Now over 80% sold, it has been one of 2012's great condominium success stories.
The Massey Tower is dazzling, contemporary architecture, grounded with one of downtown Toronto's most famous heritage buildings. A grand entrance to an amazing downtown lifestyle, a landmark address that's right opposite the Eaton Centre, steps to two subway stations and at the heartbeat of the city...
They are over 80% sold now.
Here's some new interior pictures:
http://www.themasseytower.com/eblasts/12-1106/MasseyFeaturePlan.pdf
And some text from an e-mail:
THE MASSEY TOWER CELEBRATES SUCCESS
WITH A FABULOUS NEW FEATURE HOME!
Everyone loves The Massey Tower. Now over 80% sold, it has been one of 2012's great condominium success stories.
The Massey Tower is dazzling, contemporary architecture, grounded with one of downtown Toronto's most famous heritage buildings. A grand entrance to an amazing downtown lifestyle, a landmark address that's right opposite the Eaton Centre, steps to two subway stations and at the heartbeat of the city...