Toronto The King Edward Private Residences | ?m | ?s | Skyline | ERA Architects

mg100 said:
This transaction appeared in Today's G&M, with a transaction price of $133,000 per suite.
Any idea why the hotel was sold at so cheap price ( on a per suite basis), other than the fact that Lehman Brothers (UK) was the owner?
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Taxes. For the same reason a unit in multi residential assessed for $90,000 is valued at $240,000 when it is converted into residential. Conversely you can just as easily destroy a previous residential value if you convert it to commercial. Like what almost happened at One King West....

http://www.thestar.com/article/96934
 
Glen said:
Taxes. For the same reason a unit in multi residential assessed for $90,000 is valued at $240,000 when it is converted into residential. Conversely you can just as easily destroy a previous residential value if you convert it to commercial. Like what almost happened at One King West....

http://www.thestar.com/article/96934
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Uhhh... that'd be a disguised commercial as residential building being converted to commercial...
 
Riverdale Rink Rat said:
Uhhh... that'd be a disguised commercial as residential building being converted to commercial...
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Nonetheless, with one tax rate they have a high value, with the other a low one. Simple economics.
 
They have applied for a permit to change zoning from offices to residential.

Application: Zoning Review Status: Not Started

Location: 37 KING ST E
TORONTO ON M5C 1E9

Ward 28: Toronto Centre-Rosedale

Application#: 10 156862 ZPR 00 ZR Accepted Date: Apr 21, 2010

Project: Multiple-Use Building Conversion

Description: PUBLIC - PRELIMINARY PROJECT REVIEW, Due Date is 19-MAY-10, >>PPR to convert existing vacant space (previous office space) to residential apartments - 130 residential units on floors 3,4 and 5 - 15, 2 bedroom apts and 115, 1 bedroom apts. No additional parking. Existing building hotel use. King Edward Hotel.
 
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http://www.kingedward.ca/

from the low 400's

9351729
 
It's kind of sad to see prices starting so low for such an important building in the city's history, but then again they're likely to be almost cubicle-like for $400k.
I was hoping this renovation would be our version of Manhattan's Plaza Hotel where tons of units were going for upwards of $10 million, but that was during the real estate bubble, and the King Edward doesn't quite have an unobstructed view of Central Park.
I've stayed here a few times, and although I'm not old enough to be able to remember the King Edward's booming days, you get a sense that they're behind them when you walk in there. The Victoria restaurant doesn't attract the millionaires row the way it used to. I've had friends get this hotel through priceline.com for less than $100 USD per night on certain occasions, kind of tells you what the situation is like there. The main bar off the lobby is beautiful I must say.
I do love this building though, I'm hoping it turns out well. The city will be richer for it.
 
If you're going to put condominiums into one of Toronto's most storied hotels,

KingEdLobNightpano.jpg



you HAVE to throw a party, a big party,

KingEdParty.jpg



you have to welcome your guests properly,

KingEdJasonHunter.jpg



and you have to bring back some of the Hotel's most famous guests

KingEdCaverners.jpg



to make the evening a real blast!

KingEdBed.jpg



but the next day it's back to business, because you want to turn this

KingEd3Windows.jpg



into this

KingEdLivingRoom.jpg



Over the next couple of weeks, as they get this ready

KingEdSales.jpg



we'll bring you lots more on the King Eddy.

KingEdEntrance.jpg
 
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great storyline I-42 ... I'm looking forward to the details on King Edward Hotel's plans from UT ... we were considering this space for our wedding venue but couldn't afford it ...

King Edward Hotel is a truly beautiful hotel well above all others in the City (including Royal York)
 
The Crystal Ballroom is going to be AMAZING, the views were stunning. Here's the inside from Doors Open:

IMG_1515.jpg


IMG_1513.jpg


IMG_1507.jpg


IMG_1518.jpg
 
Solaris said:
great storyline I-42 ... I'm looking forward to the details on King Edward Hotel's plans from UT ... we were considering this space for our wedding venue but couldn't afford it ...

King Edward Hotel is a truly beautiful hotel well above all others in the City (including Royal York)
Click to expand...

meh, in terms of what exactly? I find the Royal York a lot more interesting from the inside from an architectural point of view - ah, not *way* more inserting, but better nonetheless.
 
They have put in a Site Plan application:

Site Plan Approval


Site Plan Approval Application to convert existing vacant space (previous office space) to residential apartments - 130 residential units on floors 3,4 and 5 - 15, 2 bedroom apts and 115, 1 bedroom apts. No additional parking. Existing building hotel use. King Edward Hotel. - SEE 10 156862 ZPR for PPR


Application Number 10 189761 STE 28 SA Application Status ---

Phone# --- Date Received Jun 4, 2010
 
Not impressed by what is being done to the beautiful King Edward Hotel ... this conversion is turning floors 3-5 of the hotel into a series of 'shoeboxes' with many units looking into the internal alleys or lightwell, a large majority will be small tiny units (less than 550 sq.ft.), sizes range from 350 sq.ft. to 1,020 sq.ft. (being the NW corner with rounded window)

So sad to see the 'ghetto-lization' of King Eddy (so to speak)

Here are the floor plates:
Click to Enlarge
 
Some of those small units facing into those interior areas are going to be in virtually perpetual darkness all day long. Terrible.
 
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