Pinnacle's seemingly slow approach towards the One Yonge site worries me somewhat. While Menkes is flying with their adjacent LCBO site (constructing three buildings, and construction on them seems fast) and Waterfront Innovation Centre across the street, Pinnacle decided to excavate only for Phase 1 of their One Yonge site and the work seems slow.

Further, their plans for the Toronto Star building - which in my mind is the most important part, as the shorter portion really needs to be demolished ASAP to allow for a better streetscape down there and to allow for the Harbour Street extension - seems to be the last phase of the One Yonge project, which at this pace means it's still years and years away.

I was notified recently that a new release of condos became available in the Phase 1 building currently under construction at One Yonge. The price range seems to be about $1300+/sqft, not including parking ($80k) and locker. At that price (and assuming they're selling, which I've heard they are), and given the record low commercial vacancy rates in Toronto right now, I don't see why they wouldn't want to charge ahead with the additional phases (both residential and commercial). Of course, perhaps they are charging ahead (I recall that the site plan applications for Phases 2 and 3 were submitted months ago) and all of my worries are unfounded.
 
Interesting viewpoint Star Fox.
Do you think they should be at grade now?
When do you think they should have the 6 storey podium done by?
 
Star Fox said:
I don't see why they wouldn't want to charge ahead with the additional phases (both residential and commercial). Of course, perhaps they are charging ahead (I recall that the site plan applications for Phases 2 and 3 were submitted months ago) and all of my worries are unfounded.
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The different paces of the two sites may reflect different approaches to building in a volatile market, or it may reflect different financial realities of the two developers behind the scenes.
From what I've heard, the Pinnacle building has sold well. Also, the Pinnacle site looks to have been moving pretty quickly to me, no?
 
Star Fox said:
Pinnacle's seemingly slow approach towards the One Yonge site worries me somewhat. While Menkes is flying with their adjacent LCBO site (constructing three buildings, and construction on them seems fast) and Waterfront Innovation Centre across the street, Pinnacle decided to excavate only for Phase 1 of their One Yonge site and the work seems slow.

Further, their plans for the Toronto Star building - which in my mind is the most important part, as the shorter portion really needs to be demolished ASAP to allow for a better streetscape down there and to allow for the Harbour Street extension - seems to be the last phase of the One Yonge project, which at this pace means it's still years and years away.
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I believe that the One Yonge site would have been a more complicated site to excavate all at once than the 1st phase of Sugar Wharf site that just has the Harbour street extension dividing the southern portion of 100 Queens Quay office structure from the northern part condo complex,
...there is no doubt that the One Yonge street site has bigger infrastructure issues with the redirection of Lake Shore Blvd plus the Harbour street extension before they can start on any of the next phases,
truthfully the 1st phase of this development could be well occupied before we see any movement on the next phases
 
April 22
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I got the impression that Pinnacle has/had pretty deep pockets since they started building a lot of that tall crap nearby (Pinnacle Centre) almost on spec... but have no facts to comment on financials.

My secret fear is ... even with HP on board steering design ... is not pace of construction, but materials/design/results. First tower will tell us a lot about this gigantic undertaking.
 
Pinnacle is a big group with deep pockets but they are frugal with spending on quality and esthatics.
 
3Dementia said:
I got the impression that Pinnacle has/had pretty deep pockets since they started building a lot of that tall crap nearby (Pinnacle Centre) almost on spec... but have no facts to comment on financials.

My secret fear is ... even with HP on board steering design ... is not pace of construction, but materials/design/results. First tower will tell us a lot about this gigantic undertaking.
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When Pinnacle first arrived in Toronto, with the Pinnacle Centre Condominiums on Harbour Street, between Bay and Yonge, construction was started without any pre-sales. The sales pavilion was built at the south-west corner of the site at the same time the shoring work for the first building was underway at the north-east corner. Obviously, Pinnacle did not require a threshold level of pre-sales to be reached in order to lock in bank financing. Deep pockets indeed.
 
3Dementia said:
I got the impression that Pinnacle has/had pretty deep pockets since they started building a lot of that tall crap nearby (Pinnacle Centre) almost on spec... but have no facts to comment on financials.

My secret fear is ... even with HP on board steering design ... is not pace of construction, but materials/design/results. First tower will tell us a lot about this gigantic undertaking.
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It really annoys me when someone calls a certain project 'crap' because their personal opinion does not align with a particular project. There are 2000+ units and more than 5000 people that call the Pinnacle Centre home. Our demographics are well balanced. The rental levels are low as most owners call this home. I've lived here since day one, the building is very well managed. There has never been a crisis of glass falling from the buildings, there has never been a major problem with the complex, our maintenance fees have increased a total of 17 cents since we moved into one of the buildings, There is a lot of revenue created from the podium shops and particularly the 1000 or so public parking spots used by SBA fans, which help to finance the maintenance of buildings. You may not like the colour of the glass or the cul de sac entry private/public park area, which by the way required by the city, but at least have some respect for other people and keep your options to yourself.
 
Michael62 said:
It really annoys me when someone calls a certain project 'crap' because their personal opinion does not align with a particular project. There are 2000+ units and more than 5000 people that call the Pinnacle Centre home. Our demographics are well balanced. The rental levels are low as most owners call this home. I've lived here since day one, the building is very well managed. There has never been a crisis of glass falling from the buildings, there has never been a major problem with the complex, our maintenance fees have increased a total of 17 cents since we moved into one of the buildings, There is a lot of revenue created from the podium shops and particularly the 1000 or so public parking spots used by SBA fans, which help to finance the maintenance of buildings. You may not like the colour of the glass or the cul de sac entry private/public park area, which by the way required by the city, but at least have some respect for other people and keep your options to yourself.
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You can live there and like it, I probably would, but that doesn't mean it's not a crappy building from a design and public realm perspective. Those apparently lucrative shops are terribly designed and not productive at all for retail spaces, the public realm around the building is completely out of scale of the pedestrian and while that forecourt may have been required by the city, it doesn't make it any better. All in one of the most prime locations in the city. The urbanism of the complex is a blight on the city, no matter how well managed it may be. The architecture is safe at best, teetering on ugly on top of all that.

This is coming from someone who lives in an even uglier building than what your complex is.
 
Michael62 said:
It really annoys me when someone calls a certain project 'crap' because their personal opinion does not align with a particular project. There are 2000+ units and more than 5000 people that call the Pinnacle Centre home. Our demographics are well balanced. The rental levels are low as most owners call this home. I've lived here since day one, the building is very well managed. There has never been a crisis of glass falling from the buildings, there has never been a major problem with the complex, our maintenance fees have increased a total of 17 cents since we moved into one of the buildings, There is a lot of revenue created from the podium shops and particularly the 1000 or so public parking spots used by SBA fans, which help to finance the maintenance of buildings. You may not like the colour of the glass or the cul de sac entry private/public park area, which by the way required by the city, but at least have some respect for other people and keep your options to yourself.
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But surely it’s possible to criticize a building’s architecture or a developer’s efforts, while acknowledging it has broader social functions.

“Crap” is unnecessarily invective, but I wouldn’t have taken it from that post that 3Dementia believes the area would have been better served had it remained surface parking lots.
 
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