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10 Dundas East (former Toronto Life Square, Ent Prop Trust, 10s, Baldwin & Franklin)

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MetroMan

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I hear the escalator is permanently broken until somebody takes over the building and fixes it. It looks like the inevitable has happened and this building will get worse before it gets better. What's next? Empty signs on the billboard façade?
 

Tuscani01

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I hear the escalator is permanently broken until somebody takes over the building and fixes it. It looks like the inevitable has happened and this building will get worse before it gets better. What's next? Empty signs on the billboard façade?

Which escalator is this? I was there last night and all of the escalators were working. Unless it was the escalator leading to the TTC?
 

interchange42

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I think the BlogTO article that mentions the broken escalator means the missing down escalator in the atrium area from floor 3 to floor 2... so, broken in terms of flow. That will take a buyer with deep pockets to correct.

42
 

MetroMan

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Well, considering they'll be getting the building for a bargain, one of the original bidders for this intersection (who were they?) can invest what they planned to build the entire thing, into buying the property and still have plenty of money left over for an in depth renovation.
 

MetroMan

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I did some digging around and asked some city officials I know and I came out blank regarding who bid on the development of this corner when it was tendered. Is there anybody here that was following this project from the very beginning that would know?

What I did find was that Kyle Rae was a major influence in selecting PenEquity to win the bid. He is directly responsible for giving PenEquity free reign to demolish the buildings there which resulted in the decade long hole in the ground and blue hoarding. There should have been a clause on a deadline to be met. Why that man is still on council is beyond me.

I also found out that the reason we haven't seen any buyers come forth yet is because this place will be a hell of a lot cheaper when sold in bankruptcy court. The scary part is that PenEquity can create another subsidiary to buy it, basically buying it from themselves and ridding themselves of the accumulated debt. I hope they stay out of it and a competent developer with deep pockets and good intentions buys the property.
 

interchange42

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Meant to grab a photo or two, but I was on the way to see a film at the AMC and too busy climbing the four broken escalators with a hundred other people.

I hear the escalator is permanently broken until somebody takes over the building and fixes it. It looks like the inevitable has happened and this building will get worse before it gets better. What's next? Empty signs on the billboard façade?

Oh! I missed that.

Yeeouch! I didn't end up in the AMC Cinemas for TIFF this year, so I didn't know. Are all four escalators out all the way up to the cinemas, pretty much permanently (for the moment)? Are AMC and Ryerson and all the other affected tenants not able to sue to have it fixed because the owner is bankrupt? If I were them, I'd just get service technicians in, get the escalators fixed, and put a lien on the place (if you can do that).

42
 

Tuscani01

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Oh! I missed that.

Yeeouch! I didn't end up in the AMC Cinemas for TIFF this year, so I didn't know. Are all four escalators out all the way up to the cinemas, pretty much permanently (for the moment)? Are AMC and Ryerson and all the other affected tenants not able to sue to have it fixed because the owner is bankrupt? If I were them, I'd just get service technicians in, get the escalators fixed, and put a lien on the place (if you can do that).

42

I havn't had to walk up any escalators to get to class. I don't know what people are talking about.
 

MetroMan

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Found out that Cadillac Fairview is NOT interested. Wow... I would think that they would see the value of adding this property to the Eaton Centre which is probably the only major shopping mall with no movie theatres.

That says a lot about the mess this thing turned into. Hopefully a competing mall developer comes forth.
 

dt_toronto_geek

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Talk of demolishing this building, even within a time frame of twenty years is insane. There is a great deal right with this property. What's wrong can be fixed relatively inexpensively. To go back to ground zero would be irresponsible not to mention uneconomical.

If the new owners do invest money to right the wrongs here it's not going to be an inexpensive venture, inside or out.
 

MetroMan

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I wouldn't say inexpensive, but this is definitely an attractive business opportunity. The location alone is priceless, but that there is already a building, a structure in place with existing tenants is also valuable. Buying it for below the cost of building it an attracting tenants will leave the winning bidder capital to heavily invest in fixing the place up versus having to buy the land and start the venture from scratch.

Found that the sale closes November 16th and there are already several bidders lined up. Still shocked that Cadillac Fairview isn't amongst them. Still working to find out who the bidders are and if PenEquity is one of them.
 

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