Toronto Queen & Ashbridge | 60.15m | 17s | Context Development | Teeple Architects

Undead said:
More importantly, who's Trygg the Dinosaur?
Click to expand...

s-l400.jpg
 
renx.ca

RioCan announces QA Condos partnership, Q1 2021 results

Jonathan Gitlin has hit the ground running during his first few weeks as the president and CEO of RioCan REIT. The trust recently announced a major new development and partnership, and on Tuesday released its Q1 2021 earnings report. Gitlin
renx.ca renx.ca


In its first major announcement under Gitlin, RioCan (REI-UN-T) unveiled its involvement in the new QA Condos mixed-use development on Queen Street East near Coxwell Avenue in Toronto. The project will be developed in a 50/50 partnership with Context and in collaboration with the City of Toronto and Toronto Community Housing (TCHC).

The 3.5-acre site at 1555 Queen St. E. will include:

– a new building to replace the TCHC’s existing 120 apartment units on the site, which will be retained and owned by TCHC;

– 367 new condominium units, 183 market rental units, 50 affordable rental units, and 32 affordable rental units that will be sold to the city upon completion at a pre-determined price;

– and approximately 16,000 square feet of new podium retail space.

Housing for all income levels​

The Teeple Architects-designed condo component is already 88 per cent pre-sold. Units in the 17-storey building will range in size from 415 to 1,987 square feet and amenities will include: co-working space; a lobby lounge; a yoga studio; a mezzanine lounge; courtyard gardens; a steam room and sauna; a spin studio; a parcel room; a lobby with concierge; a rooftop party room; a fitness centre; and an outdoor dog run.

The site is currently owned by TCHC, but RioCan and Context are expected to gain title to their portion of the site once a severence is completed. The partners will then proceed with demolition activity. They’ve proceeded with the pre-construction phases of the project in the interim.

“The project will provide vital retail amenities and add much-needed housing for all income levels,” Gitlin said during the May 4 conference call to reveal the first-quarter results.

“In addition, it will contribute to Toronto’s community economic development initiatives, including a $100,000 scholarship fund for affordable rent tenants, a $250,000 economic and social development fund and a minimum of $500,000 in value for job opportunities.”

RioCan has forward purchase obligations to purchase Context’s 50 per cent interest in the retail and residential rental components of the project upon meeting certain pre-determined thresholds, such as reaching certain stabilized net operating income targets, certain time limits or certain planning act compliance requirements.
Click to expand...
 
Site Plan Approval application(s) submitted:

Project description(s):
Site Plan Approval for a mixed-use building consisting of a 17-storey condominium tower, and a 16-storey rental building atop an 8-storey shared podium. The building will have a non-residential gross floor area of 1560 square metres and a residential gross floor area of 46,040 square metres. A total of 632 residential dwelling units are proposed, of which, 82 will be affordable rental units.
Click to expand...
Site Plan Approval for a 10-storey residential apartment building having a gross floor area of 11,520 square metres and containing 138 affordable residential dwelling units.
Click to expand...

Development Applications ( Market rental/condo component)

Development Applications (TCHC rental replacement)
 
With all due respect to budget constraints and the fact that Teeple probably had a lot to contend with here, this is in many regards a "REVIT building". : / The awkward solid-massed bump-out at the second story in the first and second renderings above is really the "huh?" icing on the cake for me. It looks like the project skipped the concept design phase and just got massed up in REVIT - or like so many projects in this city, maybe it was death by a thousand cuts.
 
That's bit of a dog's breakfast...and not to insult dogs, of course. But perhaps Teeple was having an off day. :(
 
You must log in or register to post here.

Back
Top