mcbg1
Active Member
those two 25-story buildings seem pretty tall to be right next to a street full of houses. When is this whole development supposed to be happening?
- Thread starter interchange42
- Start date
Northern Light
Superstar
This proposal (this thread) is a work of fiction as currently proposed........
The two 25-storey buildings in the Block Context Plan are 'soft sites'; meaning there is no proposal at this time. It's just an idea used to put the current proposal into a future, imagined, context.
GameOnBrad
Senior Member
Hate to break it to you but, I believe, 4 Gilead is further up the laneway, closer to King Street. The other property at the corner of Eastern Avenue and Gilead Place, appears to be 2 Gilead Place. They are likely using the property at 2 Gilead Place to prep, access, and store materials for 4 Gilead Place.
4 Gilead Place is this property, across from the Condo Townhomes...
4 Gilead Place is this property, across from the Condo Townhomes...
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DSCToronto
Superstar
Yes, from the street plan on previous page the project does NOT include the surface parking lot on King
GameOnBrad
Senior Member
Yah but they encircle two properties there. 4 Gilead Place is just this property, I believe...
DSCToronto
Superstar
Tormick
Active Member
Lol constructing this is going to be a nightmare to both the GC and the neighbours. Queuing the trucks up Gilead while allowing for resident traffic...
ProjectEnd
Superstar
Constructing?
shunya.tai
New Member
The whole project (not just building process) with a height of 20-stories will be a nightmare for the neighborhood indeed.
Northern Light
Superstar
As I outline above. This is not happening as proposed. It doesn't make economic or any other sense.
Something will happen here, one day, but this is not that.
GameOnBrad
Senior Member
We shall see, I guess.
The fact of the matter is, there are well over 90k waiting on affordable rental housing in Toronto, many of whom are doubling and tripling up in regular rental housing.
Lots more rental housing is needed, especially rental housing that doesn't have inflated prices.
All that said, this is not a condo building, it's a rental. That is a far greater incentive to build, than a condo would be. Especially, if BCH (Build Canada Homes) helps fund it.
The fact of the matter is, there are well over 90k waiting on affordable rental housing in Toronto, many of whom are doubling and tripling up in regular rental housing.
Lots more rental housing is needed, especially rental housing that doesn't have inflated prices.
All that said, this is not a condo building, it's a rental. That is a far greater incentive to build, than a condo would be. Especially, if BCH (Build Canada Homes) helps fund it.
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Tulse
Senior Member
There seems to be a lot of purpose-built rental going up in this area.
GameOnBrad
Senior Member
Not as much as it appears and it's all smaller builds. Also, the majority of rental housing in the area is pretty expensive to live in (and even if they're cheap to move into, the unrestricted rent increases make it quickly unaffordable).
1Ć0
Active Member
I don't think BCH knows what exactly their role is tbh. And BOF is busy offering mezz loans to weed entrepreneurs to buy $1.3b worth of condos; the only hope being they can buy the units at $800/sf to resell them 5 years later at $1,000/sf
Tricon just delivered about 1,600 relatively new rental units in WDL alone. They also got about 850 in ROQ finishing up now. Great Gulf and Dream will add at least another 1,000 at Queens Quay and CentreCourt and Dream building about 1,200 in 49 Ontario. Fitzrovia also has Princess and Sherbourne sites, although no plans to start construction soon. And a little bit further afield, I think Daniels is building a rental in RP and you've got Elm Ledbury with about 550 units. So there's quite a bit of rental stock in southeast Downtown
GameOnBrad
Senior Member
I agree, to an extent. I think they are still finding their footing and it'll take a year or two.
Go look at the rental prices for Tricon's stuff. I did. I've been tracking the Tricon rental prices for years in the Distillery District. It's absolutely not affordable or even realistic pricing. I watched Maple House struggle with their high prices, only to drop them to $2100 and now they're right back up to $2600+ and that was in a span of months. Tricon's rental prices are so expensive, they should have just made them all condos.
Rental Housing alone is not a solution, if the prices are so high that it's effectively the same amount that you'd pay for a mortgage, which is where we are at right now. Also, take a look at the absurd number of condos in the same area.
All that said, do I think 4 Gilead will offer affordable housing? Probably not but I think that of ever builder these days. Affordable housing is definitely an afterthought in this area now, imo.
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