Transportfan
Senior Member
Yesterday was April Fools. Maybe is was positive April Fools joke!
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Observer Walt
Senior Member
I have heard unconfirmed, repeat unconfirmed rumours that Bazis has been seeking a partner to spread the risk. But my initial reaction is that Greenpark is not a likely candidate. They are well established in the "low rise" business (detached and semi-detached houses), but their involvement in high-rise has been pretty limited.
urbandreamer
recession proof
Maybe it's bazis' way of saying they are building a "green park" on the site?
Automation Gallery
Superstar
What happened to the TRIDEL rumour.
H
Hydrogen
Guest
I think I see a crop circle forming...
DaninToronto
Active Member
I think we just need to be patient. This is one of the largest projects to go up in the last two decades and I would rather they get everything right. It is unlikely Bazis would be looking to get out after so many years working on acquiring the site and marketing the project spending millions of dollars only to cancel the project after achieving a significant milestone in sales.
Personally I think the argument the city was waiting until the street work is done before granting approval makes the most sense.
Personally I think the argument the city was waiting until the street work is done before granting approval makes the most sense.
cdr108
Senior Member
I don't know if what I'm going to say is fact or conjecture ...
but I've seem to noticed that all roads that lead to construction sites are the most damaged in the city.
These roads seem to have the biggest potholes, largest cracks, etc.
I think it's due to the heavy machinery that goes in/out of the area dozens of times DAILY.
Who pays to have the roads re-paved after all the damage?
The developer or our taxes?
Mike in TO
Senior Member
City reaps significant development charges from these projects - however those funds are supposed to be dedicated to specific upstream infrastructure costs as set out in development charges background studies... however the money is often just rolled into capital works projects as the city doesn't audit DC reserves to ensure the money goes to specific projects. Developers are also responsible for connections and infrastructure internal to the projects or within the siteplan area (i.e. sidewalks adjacent to the site).
Damage on roadways nearby the site obviously could be connected to heavy equipment coming and going from the site, but it's hard to pinpoint it to that specifically given normal wear and tear. Road maintenance is paid through from the city capital budget of which a portion comes from the property tax rather than a specific bill to the developers operating nearby sites.
Although those new sites also create a future property tax assessment base than contributes to the cities bottom line on an annual basis.
grey
Senior Member
I'm about a page late on this, but....
After spending five seconds on the Green Park Homes website, I can dismiss that rumour with confidence.
This Forest Hill development appears to be Green Park's only project in Toronto and their only development higher than four or five stories:
Honestly, I don't think this company has what it takes to recoup the cost of land at Yonge & Bloor.
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khris
Senior Member
Fernbrook Homes is the same way, and they're building the Absolute development in Mississauga.
Not that I'm disagreeing with you, or anything
Tuscani01
Senior Member
Fernbrook Homes is the same way, and they're building the Absolute development in Mississauga.
Not that I'm disagreeing with you, or anything
Tribute too with Queen & Portland, and 426 University. If its a first highrise project, might as well go big to set your reputation.
As for the rumour... I think its just that.
Mike in TO
Senior Member
Greenpark is one of the largest home building companies in Canada and has more capital and land reserves than many large high-rise builders in Toronto - just because they've only got one highrise under their belt doesn't mean they don't "have what it takes" in terms of capital if they hire the right consultants... Although I really don't think they'd want to get involved with the project that is the topic of discussion.
grey
Senior Member
Interesting. And yeah, I mean from the portfolio on their website, they don't really seem up to it. They don't appear to have shown any interest in this type of undertaking in the past. I'd be just as surprised to see a company like Mattamy purchase prime downtown real estate with the intention of developing it.
Solaris
Senior Member
For the record ... Greenpark has 2 high-rise projects under construction ... being the Rosedale @ Eglinton+DVP (22+26s) and the Richmond @ Yonge+Major Mackenzie (14s), there is also an active proposal / development application proposed at 424-460 Adelaide St E @ Ontario St (19s) in downtown Toronto
I wouldn't dismiss Greenpark as potential buyer of the 1BE site, they would have as much interest as any other 'traditionally' low-rise builders like Fernbrook + Aspen Ridge to play in the high-rise business
Dilla
Senior Member
The project that is the topic of discussion? Is One Bloor the MacBeth of the Toronto building world?
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