For the record, Pemberton paid $70.0 million in October 2011 for the Sobey's/Acura parcels, including the surface parking lot on e/s of Sherbourne Street. In June 2012, they acquired 15 Lower Sherbourne St. for $4.0 million. The $74.0 million combined land acquisition cost for the entire block equates to $55.32 psf of approved GFA; 46,658 per residential suite, and $26.4 million per acre (2.80 acres). By comparison, 158 Front Street East, located kitty corner to this property (former Greyhound Bus site) was acquired in December 2010 for $19.0 million, or $49.59 psf of approved GFA; $38,618 per suite, and $23.75 million per acre (0.80 acres). Based on my experience, Pemberton did not overpay for the land, but rather they paid fair market value considering the development density they have achieved. Most decent condo sites in downtown Toronto currently trade for between $65 and $85 per buildable square foot.
My issue with this development all along has been with the proposed tower heights on Front Street and the project's overall density and massing - all in stark contrast to the consistent mid-rise built form and character of the St. Lawrence neighbourhood. While I appreciate (and do not object to) how this revised application now better respects the Esplanade frontage, tapering from 20 storeys at the mid block position down to 11 storeys at the street, I still find the overall massing of the 4 building complex, and its continuous building wall wrapping Sherbourne, Front and Princess Streets to be too overwhelming. I also fail to understand how the applicant was able to get away with having just one level of underground parking. Had they been required to provide 3 levels of u/g parking, they would have been able to completely eliminate the 10 storey above-grade interior parkade which would have allowed for wider tower spacing and actual view corridors between buildings. It also would have allowed for more reasonable tower heights on Front Street. 158 Front Street (opposite) will have twin 26 or 27 storey towers with 5 levels of underground parking. Including the mechanical penthouse, the Pemberton development will have twin 29 storey towers on Front Street (31 storeys including the mechanical penthouse) and just 1 level of u/g parking. Furthermore, I find the design of the interior (POPS) courtyard and pedestrian alleyway disappointing and I expect that it will be in constant shade and will feel intimidating and claustrophobic to the locals. I would have much preferred to see the POPS eliminated and replaced with a mid-block woonerf style street running between Princess and Sherbourne Street, leaving two development parcels with two mid-rise building on the south parcel and two taller buildings on the north parcel. Although significantly improved over its previous iterations, this final approved development proposal still gets a "C-" grade from me.