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475 Yonge Street 
475 Yonge Street, Toronto
Developer: KingSett Capital

475 Yonge Street | 190m | 58s | KingSett Capital | Quadrangle

Discussion in 'Buildings' started by urbandreamer, Jul 28, 2015.

  1. urbandreamer

    urbandreamer recession proof

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    Several months ago I alluded to the possible redevelopment of the Courtyard Marriott hotel at 475 Yonge Street. My proof?
    http://whois.domaintools.com/475yongecondos.com is one of several domains registered 2014-10-17 by realtor Dinesh Deol--who also registered 11 Wellesley about 1.5 years before that project became official.

    So given DD's relationship with Lanterra, could 475 Yonge be their next project? They do have a history of buying aging hotels to redevelop....
     
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  2. AlvinofDiaspar

    AlvinofDiaspar Moderator

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    There is some kind of ad out by the dining room suggesting upcoming renovations - perhaps only part of of the complex (North?) will be redeveloped?

    AoD
     
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  3. Urban-Affair

    Urban-Affair Senior Member

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    Sold to Kingsett and Invest REIT for $94 Million (both buildings) in August 2015. Not sure if going concern, or whether this is to redevelop. If the latter, I would think it's way down the road.
     
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  4. Bayer

    Bayer Active Member

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    KWT tweeted last week from the Downtown Yonge AGM: "Loreen Lalonde of Courtyard Marriott Downtown shared exciting news about the investments at the hotel." No further info about those investments, however.
     
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  5. Automation Gallery

    Automation Gallery Superstar

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    Yeah either way, in 10 years this complex will be history
     
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  6. maestro

    maestro Senior Member

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    10 years is nothing. What makes you say that? Plenty of development opportunities on Yonge for a lifetime or two.. It's not "Invest " REIT either but, "Innvest" REIT.
     
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  7. Urban-Affair

    Urban-Affair Senior Member

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    10 years seems awfully quick for something with this built out current use. I would think longer given its cash flow as an already built hotel.
     
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  8. maestro

    maestro Senior Member

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    It's a REIT that specializes in hotel/inn properties. They didn't buy to shut the place down. For what? Supertall condo towers? What use are condos to a REIT?
     
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  9. ChesterCopperpot

    ChesterCopperpot Senior Member

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    Possibly a mixed-use hotel condo development?
     
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  10. AlvinofDiaspar

    AlvinofDiaspar Moderator

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    Whatever happens the hotel is overdue for a refresh - the rooms - in particular the bathrooms aren't up to par. The relatively convenient location aside, it is also mental health central - particularly at night.

    The windows also have awful sound insulation - pick rooms that faces the interior and not to the side streets.

    AoD
     
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  11. maestro

    maestro Senior Member

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    Doubtful. Can't be done without shutting down the hotel for years. Condos are quick flips. REITs are structured around income properties usually sticking to a core useage. This one is hotels and they own dozens of hotels in Toronto. Rentals wouldn't interest them.
     
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  12. ksun

    ksun Senior Member

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    Both this and the Marriot at Dundas/Bay look horribly outdated and lack anything that is worth looking at for 2 seconds. The only good thing is the locations. More suitable as airport hotels.
     
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  13. buildup

    buildup Senior Member

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    What the heck are you spending so much time in those hotel rooms for, I thought you lived in Toronto. LOL
     
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    FrozenFury and Skeezix like this.
  14. Automation Gallery

    Automation Gallery Superstar

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    Gee, 95 million for this doesn't make sense, i can see a 15-20s office bldg. and 35-40s hotel making more sense in the long run for the buyer,
    same people here also thought that the Chelsea hotel on Gerrard was untouchable
     
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  15. Urban-Affair

    Urban-Affair Senior Member

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    Maybe the plan to do some weird addition on top, a la 480 University, or the Britt.
     
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