Toronto Pace Condos | 146.3m | 42s | Great Gulf | Diamond Schmitt

Looking at the render, I think they may be required to move the tower closer to Dundas, and compromise on the park, as the 192 building next to it has windows and balconies up to the property line. You can argue it was silly to build a tower like that close to downtown, but it's there, and the new development should be sensitive to what is built around it. I walked past the site yesterday - what's the deal with 192 being difficult to buy - it looked nice.
 
Great Gulf really are kicking this one off with a roughly rendered teaser! Here are two versions of the rendering from that ad on the last page, one that will hopefully fit on a screen for you, and one closer on scale to the original file we received, for your edification...

PaceRough314.jpg


PaceRoughSlim750.jpg


So, what was that about moving the tower closer to Dundas? Where's Dundas?!
 
I used to live/own at 192 Jarvis for about 3.5 years 1997 to latter part of 2000. It was, and still is, the gateway to Regent Park, so I'm very familiar with all the colour and flavour of the neighbourhood. As you put it, 2 blocks east of this intersection is one the poorest sections of Toronto, but you forget that 2 blocks west is Dundas Square, including the 'Eyes of Toronto' CITYtv, a section of Toronto that is unrecognizable from a decade ago. Regent Park to the east, nobody's going to recognize it in 10 years down the road, so PACE is a welcome catalyst for progression. The developers have obviously done their due diligence and have planned something with very modest purchase entry points, especially considering what they have already developed and sold elsewhere in the city. Prime downtown location on a shoe-string budget, I have to give them kudos.
 
192 used to be a MERB ... converted to condos shortly afterward ... with no reserve fund. So ... they had a special assessment put in place with a 'time limit' .... but it never did expire. There's still a special assessment in place, probably forever. PLUS ..... there was a law suit against the city for approving shoddy construction, and various things not built to code, not sure of the outcome of those, but when I lived there, the lawsuits were in place, but no movement, also something about just making the deadline for submitting lawsuits for city rubber stamping building code stuff, so they just managed to get something officialized.
Anyway, when I lived there, it was very weird that everybody was freaked out not being able to sell their units, and if they did, for basically 130-140k, which was a riot considering the units are 1240-1245 square feet with huge balconies.
Basically, CMHC won't insure mortgages for 192 Jarvis because of the history of the building, the lawsuits, etc, so buyers have to finance on their own. Banks don't like the property either.
Additionally, a lot of people bought into 192 at the peak of the last real estate bubble in the late 80's early 90's ... freaked out when they saw they units depreciate in value, and decided to not put one penny into upgrades or maintenance, whatnot. So, a lot of the units still have the large kitchens with extremely date cabinetry, hollywood ceilings, and linoleum tiling, existing beige carpets, and 30 litre toilets, existing appliances, etc, etc, etc. Just not a very marketable building.
BUT ......... one unit just sold recently for 430k, 40k over asking, because he renovated the bathrooms and floors, refaced the kitchen cupboards, and somebody must've paid cash .... but this was before PACE came out with their announcement. Buyer beware. Oh, but that unit also faced south west, so not really impacted by the PACE's shadow.
 
NIL OMNI said:
"As you put it, 2 blocks east of this intersection is one the poorest sections of Toronto, but you forget that 2 blocks west is Dundas Square, including the 'Eyes of Toronto' CITYtv, a section of Toronto that is unrecognizable from a decade ago."


For the record, YDS is 6 blocks West of PACE (Jarvis to Mutual, Dalhousie, Church, Bond, Victoria, Yonge). True, not a big difference, but PACE would still sit closer to crack alley than the EATON Centre. I'm all for change on this strip, but just know what you're buying into (in the short term) if you're thinking resale. It's going to take awhile for the stigma to lift (particularly as the 2 blocks East will not likely change in the short term).
Click to expand...

Even if the low 200's are studios ... even if real estate values go linear in Toronto for the next half decade ... low 200's downtown is unheard of, even for bachelor/studio units ... there are 350 square feet studio units going for 250k+, 450 square footers going for 300k+, 500 square footers going for 325k+, just 1km away, so these will appreciate right away.
 
There is a 20 story / 66m high Hampton Inn proposed for 203 Jarvis ... not sure if this is still going to happen, but I always wondered what was going to go up there ...

attachment.php
 
Wanderlust, there's a thread for the 203 Jarvis hotel development here, although it has not been updated since August 2010.

42
 
WanderLust said:
2 blocks west is Dundas Square, including the 'Eyes of Toronto' CITYtv, a section of Toronto that is unrecognizable from a decade ago. Regent Park to the east, nobody's going to recognize it in 10 years down the road, so PACE is a welcome catalyst for progression. The developers have obviously done their due diligence and have planned something with very modest purchase entry points, especially considering what they have already developed and sold elsewhere in the city. Prime downtown location on a shoe-string budget, I have to give them kudos.
Click to expand...

With the development going on at Regent Park to the east (inc. Arts & Cultural Centre, Paintbox, etc.) and now PACE at Jarvis, I think we will finally start to see some interesting retail start to fill in on Dundas between Jarvis and Parliament. My feeling is that we're going to see a lot of increased foot traffic on this stretch connecting Regent Park to downtown. Not that I'm saying Fillmore's is going to be replaced by Whole Foods, but things are looking up.
 
The VIP sales event is on April 6th and the sales centre will be in one of the town homes in X condo. You can already see the samples/design wall if you walk by.
 
I think this project will be a fantastic investment...c.Fall 2012. Right before it starts construction, GG will probably have an inventory clearance sale, "from $169,999" is my guess. c.2016 will be worth over $220k.

What if you're not a broker but just a broke bloke?
 
I'm curious about the "ratings" for this developer GG. Anyone know anything about GG, if they have good quality or are they a nightmare?

Thanks
 
Received the public open house notice today.

April 18
Open House 6-7pm
Community Meeting 7=9pm
@ Metropolitan United Church multipurpose room
 
Last edited:
You must log in or register to post here.

Back
Top