mdu
Active Member
We're scheduled for pour 2, and somehow I feel like this might be a few days away too.
Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners
- Thread starter urbandreamer
- Start date
mr24
New Member
Looks like there's no enough room for third glass at the corner. Half size? That's not apple style.
Contra
Senior Member
I believe there were a good number of murmurings suggesting they'd go the route of Aura and open up retail before the tower was complete. Given the structure is so much different than Aura's pretty run-of-the-mill concrete construction it's hard to compare "readiness" so they may very well be at the same "stage". In any case, glass looks nice!
Fritter
Active Member
Just don't bite the Apple.
AlvinofDiaspar
Moderator
rbt
Senior Member
I think they'd have been fools not to consider it. It's 168,000 sqft of retail @ around $500/sqft/year, or $7 million/month. Opening even 2 years early is $160M in bonus income; well worth a few headaches during the rest of construction.
AlvinofDiaspar
Moderator
rbt
Senior Member
Ultimately, it's whatever they negotiated. There is a lot of variation in commercial lease terms. There will no doubt be penalties for late delivery but unless the tenant specified the earliest date they would accept delivery then it'll be up to the developer.
In short, the tenant would have said their piece years ago while negotiating.
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ProjectEnd
Superstar
evandyk
Senior Member
This story gives a number of $400/sqft.
storeys.com
Downtown Toronto Spot May Be Most Expensive Retail Space Ever Leased In Canada
This could be record-breaking for Canadian retail real estate.One of downtown Toronto's most iconic intersections is asking a record rental rate of $400-per-square-foot.The property at 2 Bloor West, marketed by Cushman & Wakefield, is looking to lease the space at this high rate, according to co...
storeys.com
Northern Light
Superstar
In 2019, Bloor Street rent (Yorkville section) was 430 per ft2 as per JLL.
Though my info says, a lot of the existing inventory is trading closer to 310-330 in recent months.
But, I do expect that to head upwards; and 1 Bloor West will certainly be a premium location.
ProjectEnd
Superstar
Yeah, wasn't long ago that the high end of things along Bloor here was ~$320. Wild, since the heart of King West goes for ~$80...
innsertnamehere
Superstar
Probably dipped a bit in the pandemic.
This location is arguably outside of the core section of Bloor-Yorkville though. I remember hearing Great Gulf discussing how they had a hell of a time finding tenants for 1Bloor E because it wasn't deemed to be "on" the main Bloor Street strip.
I mean things change, and I argue if anything can change it it's this building, but Bloor-Yonge doesn't command as much as Bloor-Bay.
I wonder if Apple paid a premium for their space to get specific finishings they wanted too - if these mega-glass panels do indeed cost what they are claiming, it's almost certainly a specification from Apple. Same with the columnless retail space I'm sure, which likely had a similarly absurd cost. How much of that Mizrahi is eating and how much of it Apple is paying for would be interesting to see. Half the design decisions on this building from the architect to the structural configuration seem to have been made with the primary retail tenant in mind - I imagine they are paying a pretty penny for those items.
This location is arguably outside of the core section of Bloor-Yorkville though. I remember hearing Great Gulf discussing how they had a hell of a time finding tenants for 1Bloor E because it wasn't deemed to be "on" the main Bloor Street strip.
I mean things change, and I argue if anything can change it it's this building, but Bloor-Yonge doesn't command as much as Bloor-Bay.
I wonder if Apple paid a premium for their space to get specific finishings they wanted too - if these mega-glass panels do indeed cost what they are claiming, it's almost certainly a specification from Apple. Same with the columnless retail space I'm sure, which likely had a similarly absurd cost. How much of that Mizrahi is eating and how much of it Apple is paying for would be interesting to see. Half the design decisions on this building from the architect to the structural configuration seem to have been made with the primary retail tenant in mind - I imagine they are paying a pretty penny for those items.
rbt
Senior Member
I took a guess that that corner with an expensive custom constructed open-space would have a 25% premium over typical Yorkville retail rates from several years ago; this contract was signed before construction began and long before the pandemic.
I don't have any inside information but project ROI will be terrible if they didn't obtain a large premium over 1 Bloor East rates. 1BE retail was quite cheap to construct by comparison.
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jozl
Active Member
Thanks Innsertnamehere and Alvino for the explanation.