Toronto 88 Isabella | 199.22m | 62s | Capital Developments | Diamond Schmitt

In an article in Renx on Capital's Park Road project this one receives brief mention.

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From: https://renx.ca/capital-breaks-ground-on-torontos-park-road-condo
 
@pearpenguin 's post first got me looking to see if there was a demolition permit in process.

Answer: No.

Second..........though, it reminded me that I saw a window on Yonge

This one:

1729649515858.png


Which is set to become a Capital Developments Sales office, as reflected by this permit:

1729649576137.png


Confirming, it would seem, that sales are moving ahead here.
 
Northern Light said:
@pearpenguin 's post first got me looking to see if there was a demolition permit in process.

Answer: No.

Second..........though, it reminded me that I saw a window on Yonge

This one:

View attachment 606563

Which is set to become a Capital Developments Sales office, as reflected by this permit:

View attachment 606565

Confirming, it would seem, that sales are moving ahead here.
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Good call. I remembered it from this earlier post on the Ivy by @rdaner - https://urbantoronto.ca/forum/threa...4s-tricon-graziani-corazza.17624/post-2145072
 
Isn't this one of two towers Capital is working on here? The other being 90 Isabella just next door...
 
UtakataNoAnnex said:
Isn't this one of two towers Capital is working on here? The other being 90 Isabella just next door...
Click to expand...

Correct. Capital has both sites. There are no permits pulled on '90' either, but I don't recall hearing about that one advancing at this stage.

Perhaps @pearpenguin can tell us if there are any indications of inordinate vacancies in that building at this point.
 
This one is before Council to amend certain conditions around Residential Demoltiion permissions in the original approval such that demolition can now move forward.

The intent is to advance the timeline on construction here.

Agenda Item History 2024.MM24.19

Agenda Item History 2024.MM24.19
secure.toronto.ca
 
Stat changes are as follows:
  • Height decreased from 203.65 to 199.22m
  • Total residential units increased from 717 to 749 (remains incl. of 82 rental replacement)
  • Total bicycle parking increased from 720 to 750
  • Minor GFA decrease, unit mix redistribution
 
Renders suggest they will be using that expensive Danish brick thing in the presumed prefab here...

...I wont be holding my breath till I see that though.
 
renx.ca

Capital Developments tops off Toronto condo build, promises more development

Capital Developments president Carlo Timpano says the company's latest development, Olive Residences, has been topped off “shockingly fast” and will soon join its existing Azura Condominiums in the Yonge Street and Finch Avenue East area of Toronto's North York district.
renx.ca renx.ca


Demolition for the 88 Isabella site is expected to start in eight to 12 weeks in advance of the construction of a 62-storey, 821-unit Diamond Schmitt-designed condo. It is located south of Bloor Street East between Church and Jarvis streets.
 
When I look at a project like this that involves demolishing what has been an affordable rental property for many long-term residents who have been protected for decades by rent controls what provisions have been made to ensure these tenants will not be faced with unaffordable rents? What provisions have been made to ensure that they will be "left whole"?

I would bet that in a building like that there were tenants that have been in the building for 30 years or more. I have been in my building which is of the same vintage as this building for almost 30 years during which time thank God it was protected by rent controls because I would not be able to afford to live in my apartment or anywhere in Toronto.

Is the developer required to move existing tenants to a temporary apartment while guaranteeing their rent-controlled rents and paying for all moving expenses? When the new tower is built does the developer pay the expenses to move long term residents back into the rental replacement units and will the rent be at the old rent-controlled rent or will the rent be at a new "market level" which would be twice what they were paying in the old building?

I am all for building tall buildings but there are lots of development sites that don't require demolishing the few affordable rental units that we have left.
 
EBT said:
When I look at a project like this that involves demolishing what has been an affordable rental property for many long-term residents who have been protected for decades by rent controls what provisions have been made to ensure these tenants will not be faced with unaffordable rents? What provisions have been made to ensure that they will be "left whole"?

I would bet that in a building like that there were tenants that have been in the building for 30 years or more. I have been in my building which is of the same vintage as this building for almost 30 years during which time thank God it was protected by rent controls because I would not be able to afford to live in my apartment or anywhere in Toronto.

Is the developer required to move existing tenants to a temporary apartment while guaranteeing their rent-controlled rents and paying for all moving expenses? When the new tower is built does the developer pay the expenses to move long term residents back into the rental replacement units and will the rent be at the old rent-controlled rent or will the rent be at a new "market level" which would be twice what they were paying in the old building?

I am all for building tall buildings but there are lots of development sites that don't require demolishing the few affordable rental units that we have left.
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Essentially all of this is covered under S.111. Toronto's provisions for tenants are quite extensive (a good thing).

That said, it also does mean that these buildings, many of which are 50+ years old, just don't see much investment because the owners won't see the upside of that spend in higher rents.
 
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