C-mac
Senior Member
I didn’t realize they closed the restaurant temporarily in order to do this work.
Toronto The HUB | 258.46m | 59s | Oxford Properties | Rogers Stirk Harbour
- Thread starter Michael62
- Start date
UtakataNoAnnex
Senior Member
Less succinctly, I am also in that camp of "If they're not building it, don't bump it please!"...and thnkx!
ahmedyusali
Member
is this project demise? This developer "Oxford Properties Group" always proposed project and they never off the ground ! I like fast moving developers such as Menkes, Pinnacle, Concord Adex, and Tridel.
UtakataNoAnnex
Senior Member
...for those who have been living under a rock here, the office market has gone bust of late. And there's been no anchor tenant interested to make this tower a thing. Until those two stars line up, please don't bump this thread until you, the bumper, have new and relevant information to that effect. Thnkx!
Doppleganger
Active Member
At the risk of adding one more 'bump' to the thread, I'm going to go way out on the proverbial limb and predict that the only way 'this' tower ever sees the light of day is as a significantly modified residential development, and that, at some years off.
Sunnyside
Active Member
Meh- land for offices in the core is hard to come by, and this is one such rare parcel. To redevelop for residential would prohibit office uses on this lot in the future. So, a developer would have to be short-sighted, or very confident in their long-term outlook to change to Res here.
I really don’t think office is in that dire of a position for the long term. Will this take longer to fill and build now? Sure, but office is very lucrative and is not worth throwing out with the bathwater. Maybe a mixed office/res development, but it’s unlikely this close to the core.
ProjectEnd
Superstar
Oxford has several other projects in front of this one. It's nowhere near 'green light' as res or office.
Doppleganger
Active Member
Perhaps so, but if you factor in how the pandemic accelerated 'work from home', how slow Canadian white-collar workers have been to return full-time to the office, and perhaps most significantly, the impact AI is, and will continue to have on the workforce, I'd say all bets are off.
Northern Light
Superstar
The floorplate of this design is not easily converted to residential; and going pure residential would be considerably less ROI in the long term.
Oxford is deep pocketed long money.
I don't see a conversion here as likely.
@Sunnyside is on point.
as is @ProjectEnd in noting Oxford has other projects closer to being advanced at this time.
Will this site get revisited if the office market hasn't recovered substantially in say, 5 years, probably........... but we're not there.
Sunnyside
Active Member
To be succinct about it, if these were office killers, the effects would be more pronounced. Lower-end offices may go, yes. But, the problem with the view that remote work can eliminate ‘good’ offices is:
A) many entities do actually value physical office space…
B) …because the real world is not the digital.
Compromising physical assets for digital conveniences implies you can disentangle your ‘work’ from the real, physical things you do, and by extension, why we do them where we do. We are not there yet, else we’d see the fabled demise of offices. The market (rightfully) sees too many uncertainties to take such a leap.
Finally, thx for that, @Northern Light , who has hit the nail on the head on timeline.