ADRM
Senior Member
I'd always assumed that any redevelopment here would include the integration of a Loblaws store into the base(s) of the building(s).
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Loblaws Redevelopment (10 Lower Jarvis Street, Choice Properties REIT, ?s, ?)
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DSCToronto
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.......or really a new store in one of the new buildings. (which would mean it would move from the corner of Lower Jarvis and Queen's Quay - unless it moved twice.)
Ciarlandini
Active Member
I'd think something like a 'loblaws' independent market would be included in one of these developments, no need to worry about not having groceries in proximity.
Northern Light
Superstar
The existing store has a footprint of ~60,000ft2 which is really large for a high-value site.
Typically, downtown grocers are on footprints less than 1/2 that size.
If you look at the existing site area; the area not occupied by the current building, at the north end, would easily allow a ~45,000ft2 site, while the existing store stands, and would not be in the way of a Harbour Street extension.
That's not the only option, but I merely point out, there's ample room for phased redevelopment including retail.
Typically, downtown grocers are on footprints less than 1/2 that size.
If you look at the existing site area; the area not occupied by the current building, at the north end, would easily allow a ~45,000ft2 site, while the existing store stands, and would not be in the way of a Harbour Street extension.
That's not the only option, but I merely point out, there's ample room for phased redevelopment including retail.
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TossYourJacket
Senior Member
Given the plan for a phased approach they've proposed at Dundas West in order to ensure the area never loses having a Loblaws, this feels like the most likely option here as well.
spiral_static
New Member
I think it was brought up in another thread of recent to which I cannot recall which one, that indicated they are no longer interested in developing this sight. Something about making too much money off of it as is...
...anywhoose, if anyone out ther can look up that themselves, to least correct me on this, feel free to do so. And sorry if I wasn't paying too much to the thread in question to recall it properly.
They just finished renovating the store from top to bottom. It would be surprising to see it get redeveloped so soon after a complete overhaul of the interior.
DSCToronto
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I do not think anyone sees (or saw) this site being redeveloped in next 4-5 years but I bet it WILL be re-developed within a decade, possibly in two phases so the store can keep on operating.
tstormers
Senior Member
They usually renovate the Loblaws stores at around a 7 year lifecycle. So that could possibly be a timeline to think of. Would definitely give the ret of the area time to build out and build a replacement store in the area buildings as well before this one gets demolished. (I used to work on Loblaws store renovations).
UrbanAffair
Senior Member
Sorry to bump, but thought this Appeal Review Board decision might be interesting to some.
Something is rotten in the state of Denmark. (In other words, the board erred as they have so many times on the topic of HABU analysis. Do you think Loblaws would accept an offer based on the price of the existing structure and land, ignoring potential intensification? No, me neither.)
Something is rotten in the state of Denmark. (In other words, the board erred as they have so many times on the topic of HABU analysis. Do you think Loblaws would accept an offer based on the price of the existing structure and land, ignoring potential intensification? No, me neither.)
p5connex
Senior Member
Can you expand on this a little - I am not versed in the legalese shared in the link. If my understanding is correct, Choice has requested that that value of the property, based on tax-assement be reduced...How would this affect their development plans for the property? Thanks
Diablo1983
Active Member
I'm not sure I follow....
"CONCLUSION
[233] The HABU of the Subject Property on both valuation days is its current use. MPAC and the City have failed to prove that it is mixed-use development land and MPAC has also not discharged its onus to prove the correctness of the Subject Property’s current value.
[234] The Board finds that the correct current value of the Subject Property is $28,731,000 for the January 1, 2012 valuation day and $43,260,000 for the January 1, 2016 valuation day with no adjustment for equity."
To me this reads that Loblaw won - they were disputing MPAC's assessment - MPAC tried to assess it as if it was imminently being redeveloped and therefore worth more than its current state. The board said based on all the evidence, the MPAC assessment was incorrect and ordered a reassessment reducing the assessed value of the property.
mburrrrr
Senior Member
They are fixing the parking lot deck above where they installed a bunch of EV chargers.
I wonder how many more years to go and how they might reconfigure the site in the future.
Apple Maps. Edit without labels but no street names.
I wonder how many more years to go and how they might reconfigure the site in the future.
Apple Maps. Edit without labels but no street names.
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UrbanAffair
Senior Member
You're correct; Loblaws won, but the board are not experts, and don't understand appraisal, specifically the concept of Highest and Best use, which is the foundation of any valuation.
The board is saying Loblaws is right, and that the current use value is the correct value to assess the property at as of 2016-1-1. As in, the current use of the site is the ultimate highest and best use of the site at that date and the property's worth is that of the grocery store use only - that no other conceivable use could be expected on that date between a willing buyer and seller on that date. This is obviously false as we know the value of land in this area being regeneration land allows the site to be worth much much more.
If you or I were to buy this Loblaws site, do you think they would sell it for $28 mill? Absolutely not. Think land value alone here being along the same lines as the LCBO lands sale or Pinnacle One Yonge. With a downward adjustment for being further away from Yonge Street to some degree. The structure on site is an interim use, not a highest and best use. No one is going to sell the site based on just the current use.
The board doesn't understand HBU analysis at all. Their threshold to prove the HBU of a site isn't the current use is unattainable.
UrbanAffair
Senior Member
yep, see above. It doesn't impact their development plans, its tax mitigation/savings.
