Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners

Decline in what way and how exactly does this project reverse the trend? It's a taller than usual condo tower with a taller than usual commercial podium/mall.

The design, of course, is better than most but, it's not exactly Grade A Foster (especially after the reduction) There's also still a matter of building it after it gets its approval.
 
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buildup said:
What is taking so long? There are no reasons for this not to proceed providing Mizrahi can make it happen. Endless discussions are ridiculous, we should be thanking Mizrahi for helping to reverse yorkville relative decline in the last decade.
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What are you going on about? On this very page I posted that the City has voted to support this at the OMB. There's your answer: we're waiting on an OMB date now.

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buildup said:
What is taking so long? There are no reasons for this not to proceed providing Mizrahi can make it happen. Endless discussions are ridiculous, we should be thanking Mizrahi for helping to reverse yorkville relative decline in the last decade.
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There was a Yorkville decline? News to me...
 
TheKingEast said:
Wonder if he's referring to the amount of businesses that have closed down?
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Oh maybe commercial luxury retailers? But can it be all that declined if Mizrahi is proposing basically a luxury mall at Y and B? It's not like he's rejuvenating the market, if anything the market must be under-served and he is capitalizing on it, I would think. (Not currently working in commercial retail valuation, so not an expert in the current values being obtained for this market in this area of Toronto.)
 
I don't think there's been a decline at all but maybe a slight stagnation 100% due to Yorkdale Mall now being an acceptable spot for luxury stores;

Yes some open there first and later in Yorkdale but still many first time entries to Canada now are happy with Yorkdale;

But I've never heard anyone use the word "decline" when describing Yorkville ..
 
Regarding the decline in Yorkville, anyone watching the last 10 years would acknowledge the impact of Yorkdale pulling away high-end retailers in part because of a shortage of space, a dearth of large high-quality projects along Bloor, the decision of Saks to pull out of the Bloor/Yonge plan in favour of Yonge/Dundas, the large number of high-end hotels opening downtown when previously the Four Seasons was the only 5 star, the move of TIFF. And so forth.

So, yes, and 75 story Foster Tower at Yonge & Bloor with quality retail elements without question helps to reverse this trend. Why argue the obvious?
 
they're choosing to go to yorkdale first because of yorkdale's high sales numbers. They're able to attract the high end brands.
 
buildup said:
Regarding the decline in Yorkville, anyone watching the last 10 years would acknowledge the impact of Yorkdale pulling away high-end retailers in part because of a shortage of space, a dearth of large high-quality projects along Bloor, the decision of Saks to pull out of the Bloor/Yonge plan in favour of Yonge/Dundas, the large number of high-end hotels opening downtown when previously the Four Seasons was the only 5 star, the move of TIFF. And so forth.

So, yes, and 75 story Foster Tower at Yonge & Bloor with quality retail elements without question helps to reverse this trend. Why argue the obvious?
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I get what you are saying and I see it too. 'Luxury' is being spread across the City now rather than Yorkville being ground zero. This trend will continue so the Mink Mile will have to constantly reinvent itself as the Squirrel Mile (as I call it now with a combination of Prada and Winners/Homesense) with elements of luxury and frugality. This will be the norm as our city evolves and gets 'richer' everywhere.

Makes the city more interesting anyway. And people with little dogs in their purses can have the freedom to venture outside their 'hood!
 
What Yorkville decline? Yorkville commercial properties are selling at an all time high, rents in the past 3 years have increased tremendously. What is happening is that the small guys are getting pushed out of Yorkville due to the rents and tax base.
 
What have retail rents done over the last decade (on an absolute basis and relative to other locations in the city)?
 
Mr.Tang said:
What have retail rents done over the last decade (on an absolute basis and relative to other locations in the city)?
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That's the key question.
And I'd add to my earlier points about the previous decline of Yorkville, which is now rebounding , was the dearth of quality restaurants, vacant retail spots on Yorkville proper, the Cumberland terrace situation...
 
Can't speak for the retail stores per se, but there are more 'quality restaurants' by which I mean higher end restos in Yorkville than there were a decade ago. Maybe there are just more wealthy people in the city (Toronto and GTA) overall, so luxury retailers have spread out to take advantage of this factor. I don't believe there has been a Yorkville decline. I suppose we could analyze vacancy rates, or FMR's across the area by looking at comps, but I have a strong feeling there has not been a real decrease in rental rates, or a major increase in vacancy in this area. I also spoke with some valuators that work on determining values for this nbhd's commercial properties, and they are telling me similar things. (For the record, I also work in valuation, but not commonly in the Yorkville area.)
 
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