cassius
Active Member
Mongo, that rendering represents the maximum envelope but it included the adjacent property to the east. I don't think that was part of the sale to the Israeli developer.
Toronto INDX Condos | 178.6m | 54s | Lifetime | P + S / IBI
- Thread starter AlbertC
- Start date
ProjectEnd
Superstar
Edward
Senior Member
The building to the east was sold to Blackstone I believe. They own the properties on Bay. These guys just bought the parking lot where the original Downtown Plaza/Sapphire was to go.
officedweller
Senior Member
Exactly my thoughts - but you did read it wrong - that's the expected revenues - the COST is ONLY $C138M!!
Bogtrotter
Senior Member
That does sound pretty cheap for a major tower in that location..? Please not another glass curtain box 
I
investor
Guest
$300+ per square foot plus the cost of financing. That doesn't sound insanely low to me.
More disturbing is the size of this project relative to their track record. Nothing these guys have done comes close to this 450,000 sq. ft. building. I'd be super-cautious with this one.
cabeman
Active Member
.. a few photos I took last year
Redroom Studios
Senior Member
I wonder if maybe they will go for a six pointed start footprint???
Canuck
Active Member
This thread is for the new proposed tower.
If you want to talk about Harry Stinson start a new thread/revive an old one.
If you want to talk about Harry Stinson start a new thread/revive an old one.
adma
Superstar
Well, gratuitous yoks about Israeli developers qualify as "on topic", so don't kvetch
canarob
Senior Member
Stinson's towering dream crumbles
Creditors will get cash as failed Sapphire site sold for $24.1 million
Dec 20, 2007 04:30 AM
tony wong
business reporter
Harry Stinson's dream of a Sapphire tower dominating the Toronto skyline has been sold to the highest bidder.
A binding agreement by Toronto developer Skyline International Development Inc. to purchase Stinson's Sapphire Tower site at Temperance St. in downtown Toronto for $24.1 million has been signed, the two sides confirmed yesterday. The deal is expected to close Jan. 15.
"We are very excited and very conscious that this is the last remaining developable site for a skyscraper in the core," Skyline president Gil Blutrich said in an interview. "We want to do something very special."
Blutrich says his first move will be to consult with City of Toronto planners to see what would be best for the slim site, now a parking lot near Bay and Richmond Sts.
"It's a landmark site and I'd be interested to know what the city wants," the developer said. "At this point, we are very open-minded about what can go there. But certainly, it will be an extraordinary and unique project."
The land is zoned for mixed use – which means it could be a condo, hotel, retail or office development, or a combination of them.
"It's a great location and we would certainly have liked to see more – but that's what the market was willing to pay," Stinson said. "This will go a long way to paying creditors."
The proceeds from the sale will be used to pay investors and creditors in the condo that was once slated to be the tallest in the city. Receiver BDO Dunwoody was placed in charge of the high-profile project after Stinson ran into financial difficulty with some of his companies earlier this year.
BDO president Uwe Manski said outstanding debt on the project is in the $28 million range. Secured creditors account for about $20 million, while the remaining amount is largely unsecured investors who put a deposit on the condos after viewing plans.
"We are still finalizing numbers, but certainly there will be a sizable dividend to the unsecured creditors. We just don't know exactly how much at this point," Manksi said.
Some buyers paid in full for their units up front after being given steep discounts. The sale price means investors will get some – but not all their money back.
"I have no intention of walking away. I still have a lot of money to earn back," Stinson reiterated yesterday.
Stinson said he is pleased that Blutrich had the winning bid. There was intense interest in the lot, especially with top commercial space in the city core near a record low. Manski said 13 parties were involved in the first round of negotiations, with six in the second round before Skyline was victorious.
"Gil is a very sophisticated investor and a gentleman. And I have a lot of respect for him," said Stinson.
The sale of the land means the end of Stinson's dream of building the tallest skyscraper in the city.
When Stinson first approached bankers about building on the tiny lot, most thought it couldn't be done. But as land values increased dramatically over the last few years, building on tiny lots became economically viable.
Once again, Stinson was ahead of the curve in his vision, but ended up having the dream taken away. Last March, he filed for bankruptcy protection. In August, he was forced out of his One King West condo and hotel project – the first of its kind in the city – after owing millions to his partner, theatre producer David Mirvish.
"I've got a steep hill to climb back up," said Stinson, who is scouting for other business opportunities in the United States and Canada.
Blutrich, meanwhile, last made headlines when his company spent $100 million to buy about 325 hectares of land in Port McNicoll on Georgian Bay, 90 minutes north of Toronto. The developer wants to turn it into an upscale vacation resort.
Since arriving in Toronto from Israel in 1997, he has been busy building the Pantages Suites Hotel and Spa and the Cosmopolitan hotel downtown, while investing hundreds of millions in myriad real estate projects.
His company has been a conduit for Israeli investors who are looking for safe overseas investments. Much of that ends up in real estate.
Stinson originally wanted a building of more than 80 storeys on the site, but Blutrich says it will likely end up 60 to 62 storeys high.
Creditors will get cash as failed Sapphire site sold for $24.1 million
Dec 20, 2007 04:30 AM
tony wong
business reporter
Harry Stinson's dream of a Sapphire tower dominating the Toronto skyline has been sold to the highest bidder.
A binding agreement by Toronto developer Skyline International Development Inc. to purchase Stinson's Sapphire Tower site at Temperance St. in downtown Toronto for $24.1 million has been signed, the two sides confirmed yesterday. The deal is expected to close Jan. 15.
"We are very excited and very conscious that this is the last remaining developable site for a skyscraper in the core," Skyline president Gil Blutrich said in an interview. "We want to do something very special."
Blutrich says his first move will be to consult with City of Toronto planners to see what would be best for the slim site, now a parking lot near Bay and Richmond Sts.
"It's a landmark site and I'd be interested to know what the city wants," the developer said. "At this point, we are very open-minded about what can go there. But certainly, it will be an extraordinary and unique project."
The land is zoned for mixed use – which means it could be a condo, hotel, retail or office development, or a combination of them.
"It's a great location and we would certainly have liked to see more – but that's what the market was willing to pay," Stinson said. "This will go a long way to paying creditors."
The proceeds from the sale will be used to pay investors and creditors in the condo that was once slated to be the tallest in the city. Receiver BDO Dunwoody was placed in charge of the high-profile project after Stinson ran into financial difficulty with some of his companies earlier this year.
BDO president Uwe Manski said outstanding debt on the project is in the $28 million range. Secured creditors account for about $20 million, while the remaining amount is largely unsecured investors who put a deposit on the condos after viewing plans.
"We are still finalizing numbers, but certainly there will be a sizable dividend to the unsecured creditors. We just don't know exactly how much at this point," Manksi said.
Some buyers paid in full for their units up front after being given steep discounts. The sale price means investors will get some – but not all their money back.
"I have no intention of walking away. I still have a lot of money to earn back," Stinson reiterated yesterday.
Stinson said he is pleased that Blutrich had the winning bid. There was intense interest in the lot, especially with top commercial space in the city core near a record low. Manski said 13 parties were involved in the first round of negotiations, with six in the second round before Skyline was victorious.
"Gil is a very sophisticated investor and a gentleman. And I have a lot of respect for him," said Stinson.
The sale of the land means the end of Stinson's dream of building the tallest skyscraper in the city.
When Stinson first approached bankers about building on the tiny lot, most thought it couldn't be done. But as land values increased dramatically over the last few years, building on tiny lots became economically viable.
Once again, Stinson was ahead of the curve in his vision, but ended up having the dream taken away. Last March, he filed for bankruptcy protection. In August, he was forced out of his One King West condo and hotel project – the first of its kind in the city – after owing millions to his partner, theatre producer David Mirvish.
"I've got a steep hill to climb back up," said Stinson, who is scouting for other business opportunities in the United States and Canada.
Blutrich, meanwhile, last made headlines when his company spent $100 million to buy about 325 hectares of land in Port McNicoll on Georgian Bay, 90 minutes north of Toronto. The developer wants to turn it into an upscale vacation resort.
Since arriving in Toronto from Israel in 1997, he has been busy building the Pantages Suites Hotel and Spa and the Cosmopolitan hotel downtown, while investing hundreds of millions in myriad real estate projects.
His company has been a conduit for Israeli investors who are looking for safe overseas investments. Much of that ends up in real estate.
Stinson originally wanted a building of more than 80 storeys on the site, but Blutrich says it will likely end up 60 to 62 storeys high.
I
investor
Guest
Skyline didn't build the Pantages, Intrawest did.
These guys are in way over their head with a building this big.
These guys are in way over their head with a building this big.
Mike in TO
Senior Member
^ Intracorp built Pantages.
I
investor
Guest
Sorry Mike, same company basically, just no ski slopes in downtown Toronto. From what I understand Skyline bought some suites there and may be managing it now.
I wouldn't hold my breath that these guys are capable of pulling off a 400,000 square Class A office building, though I've been wrong before. The demand for Class A in Toronto is a bit of an illusion as I'm told. It's more of a question of musical chairs than real demand for more office space.
Does anyone have any market info to dispute or back up my point?
BobBob
Senior Member
Well, aren't vacancies downtown at an all-time low?
http://www.thestar.com/Business/article/191981
http://www.thestar.com/Business/article/191981