What do you think of this project?

  • I like it a lot

    Votes: 74 79.6%

  • I like it

    Votes: 13 14.0%

  • I neither like nor dislike it

    Votes: 6 6.5%

  • I dislike it

    Votes: 0 0.0%

  • I dislike it a lot

    Votes: 0 0.0%
  • Total voters
    93
Are the Donair shop and check casher still in operation? One could surmise that the closure of these businesses the quicker the next phase starts
 
PeterNotParker said:
It will be a rental building as well (sadly)
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IMO, it is not a bad thing to have some nicer, newer rental buildings which seems to be a more profitable thing these days, but at some point economics and/or preferences will change.

Some of us have been around long enough to remember all the rental building built in the early 1980's here and then the conversions to condos of a number of them in the early to mid 1990's.
 
David A said:
IMO, it is not a bad thing to have some nicer, newer rental buildings which seems to be a more profitable thing these days, but at some point economics and/or preferences will change.

Some of us have been around long enough to remember all the rental building built in the early 1980's here and then the conversions to condos of a number of them in the early to mid 1990's.
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Basement dweller here. Can someone please explain how purpose-built rental units are designed differently from condos? I've wondered what it would be like to buy a property built as a "rental" (like in The Parks) but instead of renting it out, you just up and make it your primary residence. I mean, if you don't share any living or kitchen space and have in-suite laundry, what's the difference versus a condo at that point?
 
yeggator said:
Basement dweller here. Can someone please explain how purpose-built rental units are designed differently from condos? I've wondered what it would be like to buy a property built as a "rental" (like in The Parks) but instead of renting it out, you just up and make it your primary residence. I mean, if you don't share any living or kitchen space and have in-suite laundry, what's the difference versus a condo at that point?
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This is a good question—I also wonder what exactly a conversion to condos entails. But to be clear (and I'm not sure if this is part of your question or not) you couldn't buy just one unit in The Parks unless it goes condo at some point in the future. In a rental building like The Parks, the whole building is typically owned and managed by one company. In condos, individuals can buy units and either live in them or rent them out.
 
yeggator said:
Basement dweller here. Can someone please explain how purpose-built rental units are designed differently from condos?
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I feel like the difference was bigger in the past, when most purpose-built rentals were built on the cheap side (and cheaper to operate) and wouldn't have in suite laundry, and lots wouldn't be prepared to have some appliances installed (like dishwashers or those fridges with water feeding directly into it). One also would see slightly larger units in condos and higher quality finishes and materials used, better cabinetry, etc, while rentals would usually have flooring and countertops that were either cheap to replace, or not as nice, but more durable. I feel like the gap has closed substantially and most newer rentals have a relatively high standard, which reflects a lot of things that have changed in recent years.
 
I agree the difference was bigger in the past and can see how some people, especially younger ones, will find new stylish rentals more appealing than the mostly older condos downtown here.

Ultimately the real difference is more permanence and a sense of ownership. People who own their places can upgrade and customize them and will likely take good care of them.

Some of those new rentals buildings may not look so shiny in 5 or 10 years when styles change and they have wear and tear from some tenants who don't take care of them and move out after their one year lease is up.
 
My fiancé and I had the chance to tour the Parks over the long weekend, thought I'd share some photos of their remarkable views from the rooftop amenity space!

The leasing agent also provided some nuggets of information along the way. They're current occupancy is sitting around 22%, expected to rise to 50-70% by the Fall when students return to the classrooms. A typical 2 bedroom, 2 bathroom will cost anywhere from $2,500 - $3,000 depending on the direction you face, the floor you're on, and of course the floorplan. They have a temporary amenity room on the 13th floor that will eventually be the walkway to the connector tower. I asked when the connector tower and second tower would be built, he said 5+ years at minimum. The temporary gym will be relocated to this connector tower and will feature a full-sized basketball court, and other high-end gym features. Other than that they're really leaning on the O'Day Min Park as being a key selling feature of this building, with outdoor events being hosted by the Parks and the in-suite views of course. Very excited this building lease up!

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bodsbods9090 said:
5+ years for the connector and second tower...wow.
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Which is very possibly true, but it's in the leasing agents best interest to go with longer predicted timelines, rather than saying "Please rent in this building! Oh btw starting next year there's going to be years of 6-7 days a week, 7 AM to 10 PM construction literally 20' away from you"
 
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