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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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interchange42

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Creditors would have the discretion to say 'Pen Equity, you're not getting your hands on this building as your direct subsidiary was the perpetrator of its demise'... wouldn't they?

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MetroMan

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I'm discussing that with my friend just now. He says that because PenEquity isn't the direct owner of the building, they can create a new subsidiary to buy the building from themselves. A loophole would be to give one of the executives the money and let them bid. The highest bid gets the building, regardless of how competent they are at developing the property. All the creditors are interested in is getting their money back. It's not an open auction so I believe bids are kept secret.

Thankfully, it doesn't look like PenEquity will be interested, other than to recoup their loss. After all they've been through with this property, I think they're happy to get away with their shirts.
 
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interchange42

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Pen Eq would have to raise the cash to buy it back, however they managed it. Would any credible lender give them the money to do that? I'd be surprised.

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MetroMan

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News is coming fast!

Names involved: Miromar, Henderson, Trizec Hahn, Triple Five Corporation. The last one is the developer of West Edmonton Mall. :D

Edit: Holy schmitt! Add Brookfield and Hines to that list. The first was the original developer of the Atrium on Bay, the second is the current owner. Toronto Life Square could become "Atrium on Bay" although it would probably make more sense to just call it "The Atrium" since the development would be centred on Yonge, not Bay.

These are names that have inquired about the development, not necessarily developers who've submitted or intend to submit bids. Fingers crossed for Triple Five!!
 
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MetroMan

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Pen Eq would have to raise the cash to buy it back, however they managed it. Would any credible lender give them the money to do that? I'd be surprised.

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I hope you're right. I'd love to see PenEquity burn in hell for how much they've screwed with this intersection. I was happy to see them relinquish Torch, even happier to see CityTV move in. If their hands can be pried away from TorontoLifeSq/Metropolis/10DundasE they'll be banished to the suburbs where they belong.
 
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MetroMan

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Playing with hypotheticals here, if Hines were to win the bid for this building, I wonder if it would be possible to connect the Atrium on Bay to Toronto Life Sq (or pick a name...).

I think that the escalator well in the basement leading down to Extreme Fitness is lined up with the lower level corridor of Atrium. Is the Yonge subway line in the way?

If they could somehow create a continuous corridor, they'd dominate all the way from Bay to Victoria. The exterior of Toronto Life Sq. could be clad in the same reflective rubik's cube glass pattern to create visual continuity and brand the building as part of the Atrium on Bay.

This is getting exciting. I can hardly wait until mid November now.
 

interchange42

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I think that the escalator well in the basement leading down to Extreme Fitness is lined up with the lower level corridor of Atrium. Is the Yonge subway line in the way?

Yes. You could go a lower though, and go under the subway like the under-the-tracks connection that's already there.

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MetroMan

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^ Unfortunately, you're right. The Yonge line is in the way. The Atrium on Bay doesn't have any further lower levels so the connection isn't possible without creating one. The attractiveness of a connection from Metropolis' concourse level is that it would create a seamless and continuous mall.

Regardless, I still think Hines makes the most sense and given their recent investment into revamping the Atrium on Bay, I'd expect them to do the same for Metropolis.

Yet, the most potential lies in Triple Five Corporation. They have both the immense capital and the experience to really make this place a destination.

I looked up the first two and they seem to be small players. I'm not sure they'll make the shortlist.
 

Solaris

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wow that's a lot of information you gathered MetroMan ... thank you for milking your sources + sharing the info on UT ~

I agree with you, if Brookfield wins the bid and some sort of connection was established between TLS/Metropolis and Atrium on Bay this would make these two complexes much more significant and substantially increase viability of retail in TLS/Metropolis
 

interchange42

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...although MetroMan's right: connecting the two can't be done easily. The Atrium on Bay would have to run escalators through part of their underground garage, and then dig under Dundas Station to connect to one of the lower floors of Metropoleast. (That's my new name for it, for the time being.) I can't see anyone spending the millions to do that when a roundabout connection already exists via the subway station itself. The only other option would be to go up and over Yonge Street with a Plus 15 type bridge, and I'd be more than surprised to see that too.

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Hypnotoad

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The only other option would be to go up and over Yonge Street with a Plus 15 type bridge, and I'd be more than surprised to see that too.

That will never happen. As flawed as the City's planners are, I doubt they'd ever interupt the sight-lines of the world's longest street in this section. It would completely destroy the street.

Having said that, there is an argument for a raised bridge between the two if the bridge is equiped with lights, speakers and other equipment suitable for public performances. It would be pretty cool if the city closed down Yonge for festivals and what not and had the main stage on Yonge with stage lights and speakers suspended from the overhead bridge.
 

alklay

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Heaven forbid someone will have to go outside and actually put up with the elements to get to the other side of the street. Won't someone please think of the children!
 

jw03

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

I went to a film on Saturday night at AMC and the following escalators were not moving:
- Concourse Level to Ground Level
- Ground Level to Future Shop Level
- Future Shop Level to Food Court Level
- Food Court Level to AMC/Jack Astor's/Woo/Milestone's Level

Should have taken the elevator, but we had no idea all four escalators were out. It was lateish, but it was so busy there was really no justifiable reason that I could see why all four would have been shut down.

(Forgive me for describing the levels as such - with the renaming of the building and the PenEquity mess, I had been hoping to describe the levels as they officially are on the leasing floorplans, but they're not available.)

Glad to hear they're back and running again.
 

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