Thompson Residences (Freed Developments) - Real Estate -

Things are heating up on the sales side. Floorplans are starting to circulate to Freed's insiders.
 
SpadinaBus said:
Things are heating up on the sales side. Floorplans are starting to circulate to Freed's insiders.
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Freed's clients are not very happy these days with all that is happening at 550 Wellington, the PDI's and occupancy has been a nightmare for the residents, a lot of deficiencies, delays, occupancy was delayed again for some units on the 10th floor, with only 2 week notice. I know the market is hot now but I am not sure if this is a good time to release a new project, also with the long delay for 650 King. Fashion House was also released one year and a half algo and the construction has not started yet.
 
But maybe the pricing will reflect that ....we will see. At one time, it was rumoured at $700/sqft for Thompson, but lately the vibe is more $600-$650/ft. We will know this week as it will leak out from one of the insiders back to one of us in the neighbourhood. Remember that Tridel's Reve was lower than $500/sqft in september and it sold like hotcakes. If Freed was smart, a target of $575/sqft would be ideal. The majority of these suites are small.
S'Bus
 
carturo15 said:
Freed's clients are not very happy these days with all that is happening at 550 Wellington, the PDI's and occupancy has been a nightmare for the residents, a lot of deficiencies, delays, occupancy was delayed again for some units on the 10th floor, with only 2 week notice. I know the market is hot now but I am not sure if this is a good time to release a new project, also with the long delay for 650 King. Fashion House was also released one year and a half algo and the construction has not started yet.
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I got delayed on the 10th by 2 weeks which I thought was a big deal - now I'm hearing that some got delayed from late February unitl MAY! If 550 is a sign of things to come people are in for a lot of delays and pain buying into his properties.
 
Dan_550 said:
I got delayed on the 10th by 2 weeks which I thought was a big deal - now I'm hearing that some got delayed from late February unitl MAY! If 550 is a sign of things to come people are in for a lot of delays and pain buying into his properties.
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None of this behaviour is groundbreaking by any means for a developer.
 
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from Urbanation's twitter page:

Freed Developments holding broker event tomorrow evening, February 11th, for its upcoming Thomspon Residences development

12:51 PM Feb 10th from web​
 
I had the opportunity to check this project. Beautiful building, the facade is great, but I did not like the project, too many units, more than 300 units, most of them tiny bachelors or very small one bedrooms, most of the units are in the 350-600 sq ft size range. I did not like the layouts, long hallways. there are some big one bedrooms like 800-1000 sq ft, which I did not like either, for 800 or 1000 sq ft is better to have a den or a second bedroom. I guess most of the building will be sold to investors due to the small size of the units. the units start at $575 psf on lower floors without balcony. same style as prevoius projects, 9ft ceilings, exposed concrete ceilings. I was expecting something better.....
 
carturo15 said:
I had the opportunity to check this project. Beautiful building, the facade is great, but I did not like the project, too many units, more than 300 units, most of them tiny bachelors or very small one bedrooms, most of the units are in the 350-600 sq ft size range. I did not like the layouts, long hallways. there are some big one bedrooms like 800-1000 sq ft, which I did not like either, for 800 or 1000 sq ft is better to have a den or a second bedroom. I guess most of the building will be sold to investors due to the small size of the units. the units start at $575 psf on lower floors without balcony. same style as prevoius projects, 9ft ceilings, exposed concrete ceilings. I was expecting something better.....
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Wow, that's really unfortunate!

The impression I was given by someone I know at Private Realty was that this was going to be a top-end building. Regardless of the features, the units you are describing sound rather depressing.

However, given the price Freed paid for the land - compared to what he paid for the 550 Wellington site - I'm not all that surprised by the effort to jam as many small units into the building as possible.
 
This area of Central King West is really going downhill fast as well. These type of units lure investors, end up being lived in by renters and the building gets beat up pretty quickly. Add to that the still increasing creep of Entertainment District feel to the area and whatever cachet it now has, unless something is done fast, will quickly disappear. I really hope this doesn't happen as the combination of Heritage buildings and cool design could make for a great neighbourhood.
 
Can you provide some examples of newer condo buildings where the renters are beating down these buildings and in short term? I don't see evidence of this while walking through the area.
 
Who's going to pay $700 PSF for a 550 square foot unit to rent out? It just doesn't make good business sense. Now, buying it to sell once it closes makes more sense. I think the investors interested in this kind of building would likely flip the units rather than renting them out. They'll most likely flip to end users anyways so I don't see the big deal.

I do notice that the club district seems to be moving west along King St, though.
 
What's interesting about this strip of King St West for me is that ten years ago, even just 3 years ago, I avoided the strip at all costs, as it was so dead. Now, instead of walking the Bathurst-Spadina strip on Queen, I find it enjoyable on the King St strip, even though it's slightly out of my way. Ten years ago, King West meant only two things to me: the Mockingbird, and 606--where my room mate was a bartender so I got free drinks...while avoiding the douchebags. (And further west, Industry.)

Today it means: people watching--instead of 905-er trash on Queen, you get cute 20-30-something girls walking their dogs, and damn good sandwiches at Lou Dawg's.
 
I was back in town last weekend and walked east on king street, out towards broadview. i was mighty impressed with the potential for king east too.
 
tkip said:
Can you provide some examples of newer condo buildings where the renters are beating down these buildings and in short term? I don't see evidence of this while walking through the area.
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I don't see any examples of that in this neighbourhood, either.

Also, the clubs in the area aren't terribly disruptive (yet). The scene here tends to be older (late 20s-40s), and many of them smoke, so they run out of energy much earlier than the 905ers over in the traditional E-D. But I think there's certainly enough clubs as it is...
 
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