Toronto The Pemberton | 215.79m | 68s | Pemberton | a—A

Some work on site today.
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Perusing a report from the July 24, 2020 Toronto Parking Authority Agenda, I saw a few things applicable to this thread:


From said report:

The sale and investor solicitation process contemplates that final bids be received by August 6, that Court approval be sought the week of August 24, and the transaction be scheduled to "close" sometime in late September, 2020.

Also of note, apparently unexercised, but the City built itself some serious protection in the initial sale agreement.

Not only is the TPA a secured creditor.........

On June 24, 2020, lawyers for the City / TPA sent a letter to bcIMC and Otera, as well as its counsel. That letter advised that the City / TPA would not at this time be serving an Initial Notice and then Second Notice pursuant to a Lender's Agreement between the City / TPA, bcIMC and Otera dated November 13, 2018. Such notices, if served, may require a cessation of the Receivership proceeding, failing which, the City / TPA may call upon the letters of credit and build the Parking Garage .

It secured the right to call on letters of credit, takeover the site and build the new TPA garage themselves.
 
Although I'm personally not a fan with the decision to go with townhomes fronting the podium along Bay Street, I do find the U Condos project to be well done overall. If Pemberton can apply a similar level of execution here, then the upcoming prospects for this project should be quite reasonable.
 
There's definitely some iffier work in Pemberton's track record, but I think U Condos should be a comparable example of where they "stepped it up" compared to their suburban projects. Both this and U Condos are in a relatively close Bloor-Yorkville area location, with higher price points. Also assuming they keep the original plans by Cresford, then aA will be the architect of both projects.

Looking back at some of their older work, although I wasn't a fan of their "Uptown Condos" on Balmuto at the time, I think it's fairly decent now considering how early in the construction boom it was built. Ten93 Queen West was another project that was reasonably well done as well for something in a more direct urban setting.
 

33 Yorkville Avenue - Pedestrian Tunnel

This item will be considered by Toronto and East York Community Council on October 15, 2020. City Council has delegated final decision-making authority for the subject of this agenda item. The Toronto and East York Community Council will make the final decision on this item unless any amendments it approves exceed its authority.

Summary​
This staff report is about a matter which Community Council has delegated authority from City Council to make a final decision.

The current owner of 33 Yorkville Avenue, 33 Yorkville Residences Inc., is planning to construct a 68-storey mixed-use development and a 42 storey residential condo at 33 Yorkville Avenue and 50 Cumberland Street with approximately 1079 residential dwellings, retail on the ground and 2nd floor, above a six level below grade Toronto Parking Authority commercial parking garage. As a part of this proposed development, the owner submitted an application which proposes to re-construct a portion of an existing below grade tunnel at 33 Yorkville Avenue beneath Cumberland Street which connects to the property at 2 Bloor Street West. The portion of the tunnel to be re-constructed was formerly located on the owner's lands, but the owner was required to convey to the City a 3.05 metre road widening along the Cumberland Street frontage of the subject site. As a result of the road widening, the portion of the tunnel to be re-constructed is now located under the public highway.

The purpose of this report is to seek Community Council authorization to enter into an encroachment agreement with the owner to permit the portion of the tunnel now located under Cumberland Street to be re-constructed and to remain within the public highway.​
 
Three huge developments next to each other on a single block!

Still nothing happening with Cumberland Terrace though surprisingly...
 
KINGSETT owns Cumberland project. Theres 90% chance they will flip it. 10% chance they will find a partner and build it.
 
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