Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners

Miles Gilbert Horton said:
U.K. Retail Property Values May Be Slashed, Sunday Times Says
Values of U.K. shopping centers and high street stores could be reduced significantly after property agents were told to reflect the seismic changes sweeping the retail industry, the Sunday Times reported.

https://www.bloomberg.com/news/arti...perty-values-may-be-slashed-sunday-times-says
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Given the modest component of retail included in this tower and a disconnect between the UK real estate market conditions and Toronto's in general, I can't see any layering of leasing risk moving the needle on project value. Nor do I believe there's significant concern on unsold units given the specific price point and future delivery date.

Article today re Ford Canada's hand-built GT's cars priced at $450,000 per. The entire production run was sold out in advance. 1,000 cars offered for sale, 7,000 folks applied to buy. So, they just added another 350 to the future production.

Buyers in this project are not mom and pop speculators, a la Trump Tower, hoping to score on income or the flip. My guess is most are very well heeled, seeking a residence with bragging rights and cost is not their primary concern. It's securing a unit they want in order to ensure they can create a bespoke environment that befits their bulging wallet. They ain't clipping coupons for groceries.
 
Quote: "Adding the 110,000 square foot $472.7 million addition (which he doesn't own) to the proposed 168,000 square foot $721.9 million retail podium (which he does own/has for lease), the combined 278,000 square foot retail space could see a value of almost $1.2 billion."

So what? This is plain and simple goofy math TD's pushing #'s around a map for reasons that escapes logic. Note: they also ignored any valuation of concourse retail, so they're saying what, it's worthless? Try telling that to Holts' across the street or any Landlord of a PATH connected building in downtown.

Plus, $1,000 psf for residential is a 4 yr old quote from Mizrahi. That's ancient history. Today, good luck finding anything even close to that number Midtown. Lanterra is quoting above $2,000 psf for Scollard. Even lofts by the DVP and Eastern are reselling for $1,000 per.

Both scenarios used in the article are bogus and not worth serious consideration.
 
Miles Gilbert Horton said:
Analysis: Expanded Retail at 'The One' Could be Valued at $1.2 Billion

https://www.retail-insider.com/retail-insider/2015/4/the-one
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Does Mizrani now have an agreement to purchase that property?

Mr. Mizrahi recently indicated to us that he's open to expanding The One's retail component westward all the way to Balmuto Street, annexing land currently housing an H&M store and neighbouring Scotiabank.
1 bloor 100.png
 
I don't think 13-15 were sold since then.

17/19 Bloor definitely were.
 
Christopher Brown said:
Quote: "Adding the 110,000 square foot $472.7 million addition (which he doesn't own) to the proposed 168,000 square foot $721.9 million retail podium (which he does own/has for lease), the combined 278,000 square foot retail space could see a value of almost $1.2 billion."

So what?
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So the retail space appears to be a significant component of this project unless something has changed since the article was published.
So the retail industry is undergoing seismic changes.
So connect the dots.

And yes, $1,000 psf is no longer a high water mark for luxury condos in Toronto as it was 4 years ago.
 
Miles Gilbert Horton said:
So the retail space appears to be a significant component of this project unless something has changed since the article was published.
So the retail industry is undergoing seismic changes.
So connect the dots.

And yes, $1,000 psf is no longer a high water mark for luxury condos in Toronto as it was 4 years ago.
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Notwithstanding whatever is happening in the UK, the retail industry in Toronto is not undergoing "seismic changes". Retail rents have been steady for years.
 
Ramako said:
Notwithstanding whatever is happening in the UK, the retail industry in Toronto is not undergoing "seismic changes". Retail rents have been steady for years.
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I've observed that lately there've been a number of long-term vacancies in the Y&B area for a while; moreso than I've seen in 12 years of living here. The street-level shops at 33 Bloor East have been vacant for a couple of years, even before they began renovations. Several units in the Hudson's Bay Centre have been vacant for quite a while, as have some in Holt Renfrew and now it seems like half of the Manulife Centre has packed bags and left. Units at 1 Bloor East have sat empty at base-building since opening more than a year ago, waiting to be leased.

Take that for what you will. I'm not doomsaying like others have, but just from what I can see, Yonge & Bloor is a lessee's market, or the units are being priced out of it.
 
The area east of Bay is shifting up market so there is more turnover than normal. A lot of redevelopment schemes in the works too so landlords aren't as eager to lease up.

Manulife and 33 Bloor are both renovation related - I wouldn't worry about those.
 
innsertnamehere said:
The area east of Bay is shifting up market so there is more turnover than normal. A lot of redevelopment schemes in the works too so landlords aren't as eager to lease up.

Manulife and 33 Bloor are both renovation related - I wouldn't worry about those.
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33 Bloor isn't; or at least wasn't. There were for lease signs up for years after Purolator and (I think) the Print House vacated the street-side spots.
 
zang said:
33 Bloor isn't; or at least wasn't. There were for lease signs up for years after Purolator and (I think) the Print House vacated the street-side spots.
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Because it was crappy retail away from primary pedestrian traffic flows in old, unrenovated space. Prime for nail salons and dry cleaners, but not much else.
 
If anything the higher turnover is a good sign for Mizrahi if you ask me. One Bloor East has started to really push east of Bay up market - not quite at the same tier as west of Bay, but high market. H&M is out, Manulife is renovating, One Bloor has a high end supermarket and Nordstrom Rack, 2 Bloor W. is looking for a prime tenant, etc.

Yonge and Bloor of 2009 is a far different place than Yonge and Bloor of 2019 in terms of retail. It was more associated with Yonge street for it's retail environment in 2009, now it's probably more associated with Bloor St.
 
innsertnamehere said:
Because it was crappy retail away from primary pedestrian traffic flows in old, unrenovated space. Prime for nail salons and dry cleaners, but not much else.
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I won't dispute it was crappy, unrenovated retail, but it also had subway access and so I beg to differ on the foot traffic statement. Given that the vast majority of nearby crappy, unrenovated Cumberland Terrace is leased out, is there any other conclusion that can be made but they were asking too much? This spot has held a number of large, longterm vacancies on the office side as well.
 
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