Toronto Wellesley on the Park | 194.15m | 60s | Lanterra | KPMB

Progress at the last council meeting:
http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2014.EX43.17

It is a rather complicated application involving other nearby projects to make the park happen - here are the approved details:

1. City Council approve a development charge credit for the design and construction of the Above Base Park Improvements by the owners of 951-971 Bay Street and 501-521 Yonge Street at 5-25 Wellesley Street West and 14 to 26 Breadalbane Street. The development charge credit shall be in an amount that is the lesser of the cost to the owners of installing the Above Base Park Improvements, as approved by the General Manager, Parks, Forestry and Recreation, and the Parks and Recreation component of development charges payable for the development. The development charge credits will only be applicable if the Wellesley Street site is approved, and if the owners agree to apply the credits.

2. City Council authorize staff to enter into an agreement with the owners of 951-957 Bay Street and 501-521 Yonge Street to accept a Letter of Credit for the payment of the Parks and Recreation component of Development Charges payable.

3. City Council authorize staff to enter into an agreement with the owners of 951-957 Bay Sreet and 501-521 Yonge Street to accept a Letter of Credit to secure the parkland dedication requirements in respect of the site.
 
Thanks Mike!

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The sales centre is closed, and there's signage saying it's going to reopen soon with the launch of Lanterra's next project. Could that be 501 Yonge already? And why aren't they running sales out of their space in Murano?
 
Probably 501. A bunch of projects are getting moved up due to surprisingly strong sales this year, Selby condos was originally planned for a spring 2015 launch and we are looking at a fall 2014 launch instead right now. same thing is probably happening to 501.
 
Yes, 501 comes next. It's part of the complicated parkland deal here.

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Isn't the sales centre on the same land that will be used to for the 11 Wellesley tower? So if the sales centre reopens and let's say it takes a long time to sell 501, does that mean 11 Wellesley will delay construction? I guess the better and more important question is do we know the timelines for the commencement of construction on 11 Wellesley? It is approved so perhaps early 2015?
 
MikeOlivo-Moore said:
So if the sales centre reopens and let's say it takes a long time to sell 501, does that mean 11 Wellesley will delay construction? I guess the better and more important question is do we know the timelines for the commencement of construction on 11 Wellesley? It is approved so perhaps early 2015?
Click to expand...

I guess they are expecting it to sell it just as fast, considering that 501 is nearby i just dont think that it has the charm of the Wellesley on The Park project...
Good luck on that one, but then again you never know look @ the YC Condo that sold out quick.....either way this thing should be breaking ground by next summer
 
MikeOlivo-Moore said:
Isn't the sales centre on the same land that will be used to for the 11 Wellesley tower? So if the sales centre reopens and let's say it takes a long time to sell 501, does that mean 11 Wellesley will delay construction? I guess the better and more important question is do we know the timelines for the commencement of construction on 11 Wellesley? It is approved so perhaps early 2015?
Click to expand...

They have their approvals, but now they'll need their permits. It will cost them very little right now to switch the current sales centre over for 501, and if it sells quickly, great. If not, when they do have their permits to build Wellesley on the Park, they can close this sales office and worry about where the 501 office will move to then.

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Application: Partial Permit Status: Not Started

Location: 11 WELLESLEY ST W
TORONTO

Ward 27: Toronto Centre-Rosedale

Application#: 14 255836 SHO 00 PP Accepted Date: Nov 24, 2014

Project: Mixed Use/Res w Non Res Partial Permit - Shoring

Description: Part Permit - Proposal to construct a new 60 storey mixed use building containing 742 dwelling units, 5,650 square metres of non-residential uses including retail uses at grade and office uses in the second and third floors. There are 134 commercial parking spaces and 471 residential parking spaces proposed below grade and 774 bicycle parking spaces. The proposal also includes an expanded park space from Wellesley Street to Breadalbane Street. The site is subject to site specific by-laws 1063-2014 and 1064-2014. See also 14 227846 STE.
 
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