The Condo Life section of the Star isn't too reliable; I bought a unit at 455 Adelaide late last year, and sales were already over 50% at the time. The latest ads and the project's own website state that sales are now over 75%, and that construction has started. When I drove by the site last week, it looked as if they were digging to conduct soil testing, which is part of the environmental assessment required for bank financing.
Also, the Star says it's a "brick and stucco" building, but it's actually glass and concrete. So take what you read in the Star with a grain of salt
Prior to buying at 455 Adelaide, I also considered MODE. They're similar projects in that they're both loft-style, midrise infill buildings on Adelaide just west of Spadina, which is a great area in my opinion, SomeGuy222. It's close enough to the action of the Entertainment District and the downtown core in general, but just enough removed to be quieter and less trafficked -- and with the moratorium on bars/nightclubs west of Spadina, hopefully it'll stay that way.
Sales at both 455 Adelaide and MODE may seem slow compared to highrise condos, but I think it's always that way with loft-style buildings, given their non-central locations and fewer or non-existent amenities (which result in much lower maintenance fees). I actually prefer less amenities.. why pay for things I'll barely use? Plus the standard 10-ft ceilings of most of these loft developments are a huge draw.. 1 extra foot makes a huge difference.
Mystery Man TO, you're right, the building is oddly configured. The L-shape was required because the owner of the houses fronting Adelaide refused to sell to the developer. But it will be significantly taller than these houses, so only the units directly behind the houses, and those units that will have views into other units might suffer because of this shape, and those are most likely the units that aren't selling. I doubt it will "eventually be completely surrounded by buildings;" I can't see something being approved to be built blocking the Adelaide frontage, despite the setback. I hope you're right about St. Andrews Park; the recent revitalization is promising.
bizorky, I remember seeing a post from you a while back about this project/area. What's your opinion of it?