luxome
Active Member
the neighbours probably thought it would be a good luxury addition to the neighbourhood while increasing their real estate value. IMO, development = progress = increase value (since the starting price is from mid $400,000!).
Toronto Pears on the Avenue | ?m | 20s | Menkes | P + S / IBI
- Thread starter iSlutsky
- Start date
SP!RE
°°°°°°
This looks like a very understated, timeless, attractive project, and it has a unique and convenient location. Menkes always does such a great job, too.
I hope everything works out with this project. I have a weak spot for Avenue Road and I like its traditional apartment buildings from all eras... this one seems to be understated and classy enough to deserve a place on Avenue Road as well
.
I hope everything works out with this project. I have a weak spot for Avenue Road and I like its traditional apartment buildings from all eras... this one seems to be understated and classy enough to deserve a place on Avenue Road as well
.
greenleaf
Senior Member
From Councillor Adam Vaughan's newsletter:
In 2005, a 19 storey development at 164 Avenue Road was
fought by both the City of Toronto and local residents at the
OMB. The OMB approved the project, but the owner didn’t
move forward on any plans for development. Because the
OMB approved a proposal for 19 storeys back in 2005, and
future proposals that come forward are free to build up to
that limit.
A new proposal for the site has recently come forward. This
newly proposed development would stay within the height
limits approved by the OMB, but would be 20 storeys instead
of 19, a change achieved by reducing the floor to ceiling
heights. The ground floor would incorporate retail along
Avenue Road and three-storey townhouses on Pears
Avenue.
The building would be setback from Avenue Road to allow
for wider sidewalks. Access to underground parking and
loading would take place at a single entrance off Pears
Avenue.
The developer, Menkes Development, is planning to submit
these new plans for a Preliminary Plan Review. It is
expected that they will have to apply to the Committee of
Adjustment for some minor variances before a building
permit can be issued.
In 2005, a 19 storey development at 164 Avenue Road was
fought by both the City of Toronto and local residents at the
OMB. The OMB approved the project, but the owner didn’t
move forward on any plans for development. Because the
OMB approved a proposal for 19 storeys back in 2005, and
future proposals that come forward are free to build up to
that limit.
A new proposal for the site has recently come forward. This
newly proposed development would stay within the height
limits approved by the OMB, but would be 20 storeys instead
of 19, a change achieved by reducing the floor to ceiling
heights. The ground floor would incorporate retail along
Avenue Road and three-storey townhouses on Pears
Avenue.
The building would be setback from Avenue Road to allow
for wider sidewalks. Access to underground parking and
loading would take place at a single entrance off Pears
Avenue.
The developer, Menkes Development, is planning to submit
these new plans for a Preliminary Plan Review. It is
expected that they will have to apply to the Committee of
Adjustment for some minor variances before a building
permit can be issued.
gmeo
Active Member
Got this info from a friend (dated info, but good nonetheless):
"At the time of sale, the property was improved with a vacant single storey building (formerly Downtown Fine Cars).
An Official Plan Amendment and Rezoning Application was submitted by the Vendor in 2004 pertaining to the land in this transaction. The Application proposed the development of a 19 storey, 127 unit residential condominium development with retail at grade. The development would have a total gross floor area of approximately 172,590 square feet including approximately 18,525 square feet of retail space.
The Application was denied by Toronto City Council in 2005. However, the Council decision was appealed to the Ontario Municipal Board (File No. PL050918). The OMB overturned the Council decision on May 25, 2006 (Decision No. 1547). Pursuant to this decision, the City of Toronto enacted Official Plan Amendment No. 373 through Site Specific By-law No. 568-2008.
As a result of the land use regulations in place at the time of sale, only a site plan application is required for development to commence. However, industry professionals indicated that the Purchaser intends to include a restaurant at grade on Pears Avenue, which would require a minor variance from the Committee of Adjustments. Based on the anticipated time required to complete a minor variance application and a site plan application, together with the review and approval process, we have estimated the time to development to be approximately one year from the date of sale.
Subsequent to the date of sale, the Purchaser had not initiated marketing of the development.
The Vendor had acquired the subject property together with adjacent lands in September, 2000 for a total consideration of $5,525,000. For additional information on this transaction, follow the link near the top of the record.
The total consideration of $14,000,000 represents a price per acre of $20,926,756, a price per square foot buildable of $81 and a price per unit buildable of $110,236, based on Site Specific By-law No. 568-2008."
"At the time of sale, the property was improved with a vacant single storey building (formerly Downtown Fine Cars).
An Official Plan Amendment and Rezoning Application was submitted by the Vendor in 2004 pertaining to the land in this transaction. The Application proposed the development of a 19 storey, 127 unit residential condominium development with retail at grade. The development would have a total gross floor area of approximately 172,590 square feet including approximately 18,525 square feet of retail space.
The Application was denied by Toronto City Council in 2005. However, the Council decision was appealed to the Ontario Municipal Board (File No. PL050918). The OMB overturned the Council decision on May 25, 2006 (Decision No. 1547). Pursuant to this decision, the City of Toronto enacted Official Plan Amendment No. 373 through Site Specific By-law No. 568-2008.
As a result of the land use regulations in place at the time of sale, only a site plan application is required for development to commence. However, industry professionals indicated that the Purchaser intends to include a restaurant at grade on Pears Avenue, which would require a minor variance from the Committee of Adjustments. Based on the anticipated time required to complete a minor variance application and a site plan application, together with the review and approval process, we have estimated the time to development to be approximately one year from the date of sale.
Subsequent to the date of sale, the Purchaser had not initiated marketing of the development.
The Vendor had acquired the subject property together with adjacent lands in September, 2000 for a total consideration of $5,525,000. For additional information on this transaction, follow the link near the top of the record.
The total consideration of $14,000,000 represents a price per acre of $20,926,756, a price per square foot buildable of $81 and a price per unit buildable of $110,236, based on Site Specific By-law No. 568-2008."
FutureBuilder
Banned
They paid top dollar for that spot and that's why the prices will start in the mid 400's. $81/per buildable square foot is more than the average site (significantly more actually).
Mike in TO
Senior Member
Land component of a typical high-rise is 10%-15% of the total project cost, so this should certainly be pricey even with very tight margins.
CN Tower
Banned
Looks like they got around 6x coverage for this spot. Pretty impressive considering it is on a side street and not a major corner.
I'm sure the pricing is a reflection of the flipper frenzy occurring at their other project at the northeast corner of Bay and Yorkville. They are probably trying to capitalize on that trend.
Alan Menkes, President of Menkes Developments, and Barbara Lawlor, President of Baker Real Estate, launched Menkes' swank new Pears on the Avenue project yesterday evening at their new sales office located at the southwest corner of Avenue Road and Pears Avenue.
The sales office, impressively decked out by noted designers Munge Leung, includes an attractive model suite.
Guests are being given first crack at sales, in advance of the city's realtor community.
The sleek, modern, glass clad design by Page + Steele/IBI Architects, features stone facades for the podium's townhouses facing onto Pears Avenue. The Avenue Road frontage will include retail at ground level.
The 20 floor building will feature only 133 suites, priced in the $700 per square foot range. Many suites feature spacious L-shaped Living Room-Dining Room Kitchen combinations.
Munge Leung's restful master bedroom design:
Common areas, already featured in an earlier UrbanToronto report, include a double-height lobby with dramatic spiral staircase, a spa featuring a pool and whirlpool, a fully equipped gym, yoga space, luxurious cabanas, a party room and wet bar with adjacent catering kitchen, a landscaped and furnished outdoor terrace, a guest suite, a boardroom, and finally, a screening room: Pears on the Avenue is designed inside and out for the modern lifestyle.
The sales office, impressively decked out by noted designers Munge Leung, includes an attractive model suite.
Guests are being given first crack at sales, in advance of the city's realtor community.
The sleek, modern, glass clad design by Page + Steele/IBI Architects, features stone facades for the podium's townhouses facing onto Pears Avenue. The Avenue Road frontage will include retail at ground level.
The 20 floor building will feature only 133 suites, priced in the $700 per square foot range. Many suites feature spacious L-shaped Living Room-Dining Room Kitchen combinations.
Munge Leung's restful master bedroom design:
Common areas, already featured in an earlier UrbanToronto report, include a double-height lobby with dramatic spiral staircase, a spa featuring a pool and whirlpool, a fully equipped gym, yoga space, luxurious cabanas, a party room and wet bar with adjacent catering kitchen, a landscaped and furnished outdoor terrace, a guest suite, a boardroom, and finally, a screening room: Pears on the Avenue is designed inside and out for the modern lifestyle.
grey
Senior Member
Here's a rendering posted by Adam Vaughan on flickr.
Some official model suite photography for you:
urbandreamer
recession proof
I rather like this building. It's conservative, but the south views are fantastic and the interiors are tasteful modern classics. Perfect for the 37-50 year old divorcee, x hubby got the house in Thornhill or FH....she gets half his money....imho.
I really like the double-height retail front Avenue Road. The city should mandate minimum heights like that for ground floors along our Avenues. I also really like the white steel frames that define windows on the north and east facades in the render above, and according to the marketing materials, the south facade as well. The white steel won't quite turn this building into a Richard Meier design, but anything that reminds me of his work puts me in a good mood.
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Tulse
Senior Member
The double-height retail is nice, but I really don't get the love for this building -- it seems very bland and generic to me, and an odd combination of minimalist and excessively busy (the latter referring to the glass segmentation, especially at the corners).
urbandreamer
recession proof
It's here.
Exciting, eh?
Exciting, eh?
The ad above refers to a new release of suites at Pears.
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