MetroMan said:
So, like my building: sold out, but empty. I've lived in a building across from KING's site for 7 years. No more than 4-5 units have ever been occupied on my floor with 12 units. Some floors are completely unoccupied. While I don't mind it myself as a resident, it really kills the potential of the neighbourhood. If foreign investors are just going to buy these to sit empty to profit after some time or if they're going to list rentals at too high a price, then it's really going to have a negative effect on the neighbourhood and the dynamic of the building itself.

Toronto needs strict policies on discouraging absent owners. Toronto real estate is functioning as a bank to park money instead of as homes for people to live. No wonder the rental market is verging on unsustainable.
Click to expand...

Agreed - the Federal/Ontario/Toronto vacant home tax, if implemented, is a step in the right direction but it seems to be undergoing rounds and rounds of consultation. People complain about it, but the tax is reducing a specific negative externality - reduce hoarding/vacancy of a scarce supply (rental or for ownership/living) critical to a city's growth. Not saying Vancouver's right since a lot of people complain about their tax too, but their 1.25%p.a. tax on empty homes has incentivised owners to rent them out (or for those that don't, provide tax revenues to hopefully help deal with the problem).

And to be clear, I'm not singling out China - just that Westbank historically focused on that market. I know it's a global issue and know many working in NY, San Fran, London, etc. buying up properties here too as their earning power is so much higher outside Canada (both in absolute amount earned, as well as the benefit of a stronger USD/GBP).
 
Walked by the Hermes building in Tokyo and snapped some pics, wonder if the glass blocks will look like this

DSC01141.jpg
DSC01137.jpg
 
Rimsky44 said:
Agreed - the Federal/Ontario/Toronto vacant home tax, if implemented, is a step in the right direction but it seems to be undergoing rounds and rounds of consultation. People complain about it, but the tax is reducing a specific negative externality - reduce hoarding/vacancy of a scarce supply (rental or for ownership/living) critical to a city's growth. Not saying Vancouver's right since a lot of people complain about their tax too, but their 1.25%p.a. tax on empty homes has incentivised owners to rent them out (or for those that don't, provide tax revenues to hopefully help deal with the problem).

And to be clear, I'm not singling out China - just that Westbank historically focused on that market. I know it's a global issue and know many working in NY, San Fran, London, etc. buying up properties here too as their earning power is so much higher outside Canada (both in absolute amount earned, as well as the benefit of a stronger USD/GBP).
Click to expand...

If we directed the funds from a vacancy tax into building affordable housing that would be a great start.
 
tzchn said:
Not a specific tenant, but it does state there will be a grocery store on-site in the booklet. Sales office also told me this when purchasing.
Click to expand...

something upscale and specific like Pusateri’s or McEwan’s would be fitting and well served here, as there’s a Loblaws on Queen, another Loblaws coming on Lake Shore, a Farm Boy on Front, Sobey’s on Bremner, Fresh & Wild at King & Spadina, and a Whole Foods at The Well (was originally where Farm Boy is going but the deal fell apart with Minto).
Westbank says that all their retail tenants will be first class and carefully curated. I can’t imagine a mainstream supermarket going in here and there isn’t a large enough contiguous retail space that can accommodate one.
 
Red Mars said:
Jan 10, 2020


View attachment 224928



View attachment 224929



View attachment 224930



View attachment 224931



View attachment 224932



View attachment 224933



View attachment 224934
Click to expand...

Oh thank the lord! I've been waiting years to see this shack torn down. Not only was it ugly, but with their impending closing, Spice Route didn't care to follow rules anymore. They had installed large speakers on their patio, blasting music at all hours. They knew that the complaint process would last longer than they'd be around. That said, they broke fire code rules that had them immediately shut down about a dozen times in the last year or two. I'm sorry I missed the demolition. I'll walk by tomorrow with a smile on my face.
 
I’m going to make a push for my living wall idea. 5 years of construction is going to be painful if this is going to be a typical construction zone lined with ugly dark hoardings plastered in layers of old posters.

A living wall fits the theme of the development perfectly and would soften the look of construction along such a large stretch of King Street.

From what I can tell, access to the site will be from Wellington which will help significantly with no construction trucks and mud all over King Street. Closing the site off with a living wall instead of hoarding would make half a decade of construction much more bearable for residents.

https://twitter.com/x/status/1215817410755821568
 
3Dementia said:
P.S. hope the condo corp builds a strong reserve fund.
Click to expand...

Maintenance fees will probably be high to prune and clean-up the plantings, etc. and all that garden infrastructure, not just cabling, but also membranes in the planters, will eventually need to be replaced in the future (>25 years).
 
officedweller said:
Maintenance fees will probably be high to prune and clean-up the plantings, etc. and all that garden infrastructure, not just cabling, but also membranes in the planters, will eventually need to be replaced in the future (>25 years).
Click to expand...
1578860406550.png


Compared to the Shangri-la (Westbank), maintenance fee is now at $1.20/sf after 7 years
 
tzchn said:
View attachment 225189

Compared to the Shangri-la (Westbank), maintenance fee is now at $1.20/sf after 7 years
Click to expand...

Shangri-La maintenance fees were so low at the beginning and management was very different in regards to revenue resources. Still believe the cheapest among the Top 4 Hotels/Residences(Four Seasons,Ritz-Carlton,St.Regis). This will be $1.20 by the time it gets built.
 
You must log in or register to post here.

Back
Top