Toronto eCondos | 195.67m | 58s | Bazis | Rosario Varacalli

RioCan REIT Provides Update on ePlace, Its Landmark Mixed-Use Transit Oriented Development in Midtown Toronto

https://web.tmxmoney.com/article.php?newsid=5217878711401281&qm_symbol=REI.UN

Not sure how much of this is already known, but some interesting updates in the article...

"RioCan has entered into the following agreements with its partners with respect to the residential and retail components of the development:

1) On completion, RioCan, which currently owns a 50% interest in the rental residential tower, will purchase the remaining 50% interest in the rental residential tower; and

2) RioCan will acquire the remaining 50% interest in the retail component based on a 7% capitalization rate on the stabilized NOI on completion."
 
Is that the extent of the extended portion of the building? Seems quite short. Hopefully they stick to the bright red glass. I could see this looking a lot more maroon in typical light and really killing the intension.
 
September 19th:

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E2 is not a rental. Popped up in my facebook feed. Sales are underway for 400+ units. The rental component is replacement only. Have been looking to clarify this for a while.
 
Yup was told by one of my platinum agent that E2 is releasing for sale in two weeks with price starting at $900/sqft. 450 units . Occupancy will probably be later than E1 so maybe 2020/2021.
 
Locals just got to accept that this will be an absolute pain until about 2025, when hopefully Eglinton Connects is finished and all the streets and sidewalks are nicely repaved and most major construction sites are completed.
 
Yup was told by one of my platinum agent that E2 is releasing for sale in two weeks with price starting at $900/sqft. 450 units . Occupancy will probably be later than E1 so maybe 2020/2021.
my platinum agent told me the same thing :

E2 400+ units , $900+ per sq feet releasing date Mid Oct , closing 2022
 

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