Toronto 170 Spadina | 46.94m | 12s | Plaza | BDP Quadrangle

http://www.thestar.com/living/reale...--chinese-developer-takes-interest-in-toronto

Chinese developer takes interest in Toronto

Published On Fri May 25 2012
Ryan Starr
Special to the Star


Fad is being developed by Tri-Win International Investment Group, the Toronto arm of a Chinese development giant, Wu Hua Real Estate.

In the past four years, the company has built 50 high-end residential towers in mainland China, “and they’re going to do another 20 in the next two to three years,†notes Kita Nakabayashi, Tri-Win’s Toronto-based vice president.
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Lucia Li, the daughter of one of the company principals, attended university here, Nakabayashi explains. After graduating two years ago, she decided she wanted to get into the local development business.

“Instead of being a passive investor, buying a place and getting rental income, she wanted to be active and know the development process from start to finish.â€

So Li spent several years searching for the right site, eventually found it at 170 Spadina and convinced her folks to invest in a fine piece of Toronto real estate.

“Her parents came to Toronto and looked at various sites and they really liked the area itself — Chinatown, the fashion stuff, and Spadina is a nice huge wide street — and it appealed to them,†Nakabayashi says. “It seemed like a great place to be.â€

Li is now president of Tri-Win and Fad represents her first venture with the new company.
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To help the process run more smoothly, the developer enlisted the local expertise of Wallman. But the first iteration of Fad — an all metal and glass structure — met with strong opposition.

“People felt it was stylistically not the right thing to do in that particular part of Spadina,†Wallman explains. “There was an opportunity to really reflect the existing heritage fabric (of the area), which everyone loves.â€

Wallman’s current design does much to express this connection.
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The chunky brick and pre-cast building features charcoal-coloured masonry piers that run the full length of the facade right up to the cantilevered roof. There will be industrial-style windows and Wallman’s design has minimized the appearance of the balconies by insetting them into the facade.

“The whole appearance is much more of a traditional warehouse building,†he says, “which we think is the right way to go for this building.â€
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There has been discussion of re-developing the space that runs between 170 Spadina and the adjacent six-storey building, turning it into an animated laneway that connects Spadina through to Cameron St.

“It would make it a much more active place, which we think would be very interesting,†Wallman says. “Beause right now the back of that site is pretty dismal.â€
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Sales centre is temporarily closed. I called the contact number but the rep wasn't sure of the situation. Maybe project is on hold or undergoing rebranding?
 
You have to translate the slowdown in the market--ie the monthly precon stats--into the fact many condo projects aren't selling well. Especially newbie developers with "light weight" brand heft and historical investor networks.

Add in the attitude here--they were trying to sell this to the Chinese exclusively (don't believe me? Check their YouTube marketing efforts)--and the fact is, that segment has been fleeing the market.
 
urbandreamer said:
You have to translate the slowdown in the market--ie the monthly precon stats--into the fact many condo projects aren't selling well. Especially newbie developers with "light weight" brand heft and historical investor networks.

Add in the attitude here--they were trying to sell this to the Chinese exclusively (don't believe me? Check their YouTube marketing efforts)--and the fact is, that segment has been fleeing the market.
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Ha???...I heard their commericals on CHIN aiming at the italian and greek community also.If you think this project was aim at the asian buyers only you were way off.My agent knows one of the selling agents at FAD well and their main demographic was the hipsters downtown,they wanted to get the "in" crowd away from King West towards Queen West.Sales were average but location is excellent.Spadina is said to be the next renewal project by developers,those tacky stores north of Dundas Street is getting some pretty modern non asian restaurants these days.
 
ducati0000 said:
Ha???...I heard their commericals on CHIN aiming at the italian and greek community also.If you think this project was aim at the asian buyers only you were way off.My agent knows one of the selling agents at FAD well and their main demographic was the hipsters downtown,they wanted to get the "in" crowd away from King West towards Queen West.Sales were average but location is excellent.Spadina is said to be the next renewal project by developers,those tacky stores north of Dundas Street is getting some pretty modern non asian restaurants these days.
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ignore UD when it comes to real estate, LOL. Anything translates into some sign of market crashing for him.

It is naive to think this location is particularly attractive to the Chinese. I mean, has he talked to any Chinese? The new Chinese immigrants with cash, or the established immigrants with good jobs have no interest in living near Chinatown. Living by Chinatown simply is bad image to the upwardly mobile or wealthy Chinese, as it basically means lower class. It is like a white Canadian living near Moss Park. The restaurants are of bad quality and not authentic, the grocery stores are kind of gross, and all the small retails are tacky and subpar.

Only the old lower class Chinese immigrants who hardly speak decent English or UofT students are still hanging around near Dundas/Spadina regularly. If the condo really does cater to the Chinese customers because it is near Chinatown, it will be a strategic mistake and will fail miserably.

I agree that the location is excellent. Spadina has a lot of potential and is unlikely to remain in the current pathetic condition between Sullivan and College. Let's look at the intersection of Dundas and Spadina, three corners are occupied by a 1-2 story RBC, TD and Scotiabank, the other a tacky mall. This is the best Toronto can do on one of its prime intersections?

Changes are already happening. East of Spadina on Dundas, several non-Chinese restaurants with nicer store fronts have already replaced the old ugly ones. A highrise condo is proposed at Dragon City at the SW corner. I am sure the owners will not be interested in shopping at existing shops. The Spadina sector south of Dundas is doing less well and some stores are struggling or closing. When it all happens, rent will be pushed up and small less successful business will be pushed further west along Dundas West (where rent is cheaper).
 
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ducati0000 said:
Ha???...I heard their commericals on CHIN aiming at the italian and greek community also.If you think this project was aim at the asian buyers only you were way off.My agent knows one of the selling agents at FAD well and their main demographic was the hipsters downtown,they wanted to get the "in" crowd away from King West towards Queen West.Sales were average but location is excellent.Spadina is said to be the next renewal project by developers,those tacky stores north of Dundas Street is getting some pretty modern non asian restaurants these days.
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Not sure why "hipsters" would want to be on King or Queen anymore though. At least not in this district.

Most likely attracting yuppies or investors looking to flip or rent out.
 
AlbertC said:
Not sure why "hipsters" would want to be on King or Queen anymore though. At least not in this district.

Most likely attracting yuppies or investors looking to flip or rent out.
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where do you go nowadays?
 
Banks won release the loan unless they reach %70-%75...Southcore said they are starting in three months.
 
UD no one does that...I know no developer who would use entirely their own money to build a project then buy its own units for rental.Banks are always involved.What saving face?...your again focusing on one demographic of Toronto this project was NOT aimed at asian buyers only,3/4 of the staff wasnt asian at the sales office.They marketed the condo at a wrong time and the layouts was cookie cutter and the design of the building was blah....
 
ducati0000 said:
Banks won release the loan unless they reach %70-%75...Southcore said they are starting in three months.
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likely something that the sales person told him/her, and as far as we know the sales perso simplified it from "our initial goal at launch was to start construction in october, but thats was only if sales were good." Remember, sales people are sales people, and often aren't ultra informed about how the process of funding and constructing a building. they are there to sell condos, not develop them.
 
Actually guys the source of the info is from the good folks at Come and Get It, the sandwich popup that has been occupying the site for the last 16 months or so. They were told they are to leave by mid-October, if not possibly sooner. I have no contacts with the project (developers or re agents), but UD isnt completley off base: we don't know the financials of the project. Maybe they are not financing (even if they are, it might not be with a Canadian lender). Conservatory Group has built condos 'on spec' way before selling 70%.

Recently the owner of the shop has gone on record to confirm the closure of his outfit in order to make way for the construction of the condo. I guess technically demolition has to occur first - just like what's happening at nearby Fabrik - before excavation can begin. So maybe construction starts a little later than October but by the looks of it demolition is imminent:

Temporary restaurant Come And Get It (170 Spadina Ave., at Queen) opened in February 2012 as a placeholder for an incoming condo, but ended up staying around for a year-and-a-half serving some of the city’s tastiest sandwiches, salads, and poutines. Sadly, that’s all coming to an end in the fall, as owner Jon Polubiec has confirmed that the eatery will close in mid-October to finally make way for the condo construction.
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http://www.thegridto.com/blog-post/closing-time-come-and-get-it/

I'll be sad to see them go, I really liked the short rib sandwich.
 
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