kford said:
Units are dropping from 369 to 245—that’s a massive change, not a tiny tweak. So this 50-storey ‘proposal’… is it actually real, or just something to make the pitch look fancier?
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So far as I know, its 'real'; but is it imminent?.....well........no.

The building permit applications are all stale, for the older versions, and haven't been touched in over a year.

So they aren't ready to build just yet.

The unit drop suggests either of pitching this as 'luxury'.....a market that is still doing fairly well; or as rental.

@ProjectEnd would likely have greater insight on the new strategy.
 
Any hotel in the area would be based on proximity to BB to some degree as well as the waterfront. Btw I got the ‘info’ on a hotel in this area from Retail Insider.
 
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Northern Light said:
So far as I know, its 'real'; but is it imminent?.....well........no.

The building permit applications are all stale, for the older versions, and haven't been touched in over a year.

So they aren't ready to build just yet.

The unit drop suggests either of pitching this as 'luxury'.....a market that is still doing fairly well; or as rental.

@ProjectEnd would likely have greater insight on the new strategy.
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I know Pouyan was looking at a pivot to rental but was coming up short on the equity gap. Perhaps that's changed?
 
For those who purchased precon units in this building, what are the considerations if it moves to partial hotel? I'm old enough to remember the sales pitch for 1 King West and it ended up being a huge debacle with increased maintenance fees and property taxes due to it being designated a commercial building as opposed to residential? Any thing else good or bad to be aware of?
 
What is up with this development? About exactly a year ago I was considering pre-con purchase and they literally said they'd start construction April 2025. Then a few weeks went by and they told me units had been sold. When I was at the presentation center there was this woman who I overheard and she was boasting about having bought one of the units that wasn't available anymore. My money is doing very well in the stock market compared to the interest on deposits they were offering. It's just very sad that this project hasn't started construction yet.
 
For what it's worth, I happened to walk by the sales centre this weekend and saw prospective buyers inside getting the tour. Thought it was notable since the pre-con market is supposed to be so slow these days. I'm hopeful this thing gets built, as the building and park would be excellent additions to the city.
 
elibroftw said:
What is up with this development? About exactly a year ago I was considering pre-con purchase and they literally said they'd start construction April 2025. Then a few weeks went by and they told me units had been sold. When I was at the presentation center there was this woman who I overheard and she was boasting about having bought one of the units that wasn't available anymore. My money is doing very well in the stock market compared to the interest on deposits they were offering. It's just very sad that this project hasn't started construction yet.
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FWIW, given the current climate, and the current climate was much different than last year when they started selling, I'd say its reasonable to expect some sort of delay. I had heard construction was either starting in April or September 2025 (which is almost over).

Good to see they are still doing marketing. Guessing they had to scale that back as well, given the current climate.

Hopefully they will start construction soon.
 
I contacted someone who coincidentally had recently received an update from the developer. This is what I mentally absorbed:

  • The podium will be converted to 4 or 5 star hotel (with separate amenities)
  • Podium unit buyers will be moved to the tower.
    • It is unclear whether there is additional costs associated for said buyers
  • Something about them still having to sell the lower priced units
    • Inferred: to meet the requisites of the builder loan
    • Will be getting new info on units
  • Something about additional info at presentation centre.
    • Not going; I have some other priorities in life
  • Height bump: it's approved so it remains an option they may execute once they are building
    • My guess is that they will go for the height bump only if inventory dries up by 2028 and starts increasing market prices (wider profit margin)
    • I'm speculating that they may sell the last few available units closer to the market clearing price, even if it means a loss (balanced out by hotel profits?). This way they can time the supply shortage perfectly with completion / pursuing height extension.
  • Estimated occupancy is 2030 (inferred: if they start building in 2026 with 4 years to build, lines up with 2H2030)
    • It will be a nice complement to Ontario line's supposed 2031 debut (pg. 5).
 
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elibroftw said:
I contacted someone who coincidentally had recently received an update from the developer. This is what I mentally absorbed:

  • The podium will be converted to 4 or 5 star hotel (with separate amenities)
  • Podium unit buyers will be moved to the tower.
    • It is unclear whether there is additional costs associated for said buyers
  • Something about them still having to sell the lower priced units
    • Inferred: to meet the requisites of the builder loan
    • Will be getting new info on units
  • Something about additional info at presentation centre.
    • Not going; I have some other priorities in life
  • Height bump: it's approved so it remains an option they may execute once they are building
    • My guess is that they will go for the height bump only if inventory dries up by 2028 and starts increasing market prices (wider profit margin)
    • I'm speculating that they may sell these last few units closer to the market clearing price, even if it means a loss (balanced out by hotel profits?). This way they can time the supply shortage perfectly with completion / pursuing height extension.
  • Estimated occupancy is 2030 (inferred: if they start building in 2026 with 4 years to build, lines up with 2H2026)
    • It will be a nice complement to Ontario line's supposed 2031 debut (pg. 5).
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Yeah, those arches on the crown are 100% getting VE'd to oblivion
 
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