The economics of this project appear to be so staggeringly poor that I'm amazed the lender hasn't ceased funding and capped construction until a buyer is found.
 
Midtown Hank said:
The economics of this project appear to be so staggeringly poor that I'm amazed the lender hasn't ceased funding and capped construction until a buyer is found.
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I suspect there is a few here that would of liked that for the extra schadenfreude, lol. However, I am glad to see that the receiver has reasonably concluded that there is more money to be settled and had in completion of this tower, whether it be at 85 or 91 stories. /shrug
 
The idea of reducing average size of the upper floors from 69 units at 2600 sf to 157 units at 1142 sf seems like a desperate plan.
The buyer for a unit on floor 70 something is likely seeking luxury. Luxury usually entails larger spaces to entertain.
 
AdamS said:
The idea of reducing average size of the upper floors from 69 units at 2600 sf to 157 units at 1142 sf seems like a desperate plan.
The buyer for a unit on floor 70 something is likely seeking luxury. Luxury usually entails larger spaces to entertain.
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Yeah, I don't understand this. Aren't all the units sold already? How can they mess with the square footage and unit layout at such a late time?

They'd be opening themselves up to massive lawsuits from these but buyers.
 
Most upper floors remain unsold, but that's more of a function of a seemingly endless project with plenty of alternative luxury condo options available nearby.
In theory the buyer pool is deeper with less expensive smaller units, but that's not what they pitched people on.
If this plan moves forward, the building will be significantly more populated, which is almost opposite of luxury.
 
Part 2 of 2 taken on May 29, 2024:

Yonge and Bloor (aka the Golden Corner or the Champagne Corner):

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Yonge Side:

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AdamS said:
The idea of reducing average size of the upper floors from 69 units at 2600 sf to 157 units at 1142 sf seems like a desperate plan.
The buyer for a unit on floor 70 something is likely seeking luxury. Luxury usually entails larger spaces to entertain.
Click to expand...
If I were looking to buy, I'd be concerned about the elevator to unit ratio in this new version. I guess they are trying to hit the number of unit size and number to spur sales
 
C-mac said:
What is the cause of your strong feeling?
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Just what I have seen from history and looking at these type of mega projects above all whether it be the original builder or the new builder they are above all more than just condo developments they're more vanity projects. there are multiple buildings throughout the world that aren't even 25% occupied but still got finished just so that the person could have the look at me effect people are vein that way
 
Collingwoodbuildinglover said:
Just what I have seen from history and looking at these type of mega projects above all whether it be the original builder or the new builder they are above all more than just condo developments they're more vanity projects. there are multiple buildings throughout the world that aren't even 25% occupied but still got finished just so that the person could have the look at me effect people are vein that way
Click to expand...
Perhaps true for the original developer. Anyone taking this over is just trying to get it finished while minimizing losses (or even squeezing out a modest profit).
 
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