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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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The problem here is that the building wasn't originally intended to be a mall. I mean, who would build a mall across from the most successful downtown mall in North America? The Atrium on Bay is a living example of why not to. It works as an office complex but the retail can't be doing too well. It's always empty.

This was supposed to be an entertainment centre with some street level retail. AMC was the only original tenant to survive. Disney was the other principal tenant. Dave & Busters was in negotiations to come here and they're exactly the type of tenant that this complex is about.
 
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Tewder

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Good point. Yonge/Dundas is suffering a bit of an identity crisis. Is the square public or private? Is this a commercial/entertainment node or a gateway to Ryerson? It's trying to be all of these things and not being any of them very good. I'd like to see Metropolis/TLS redevelopped, keeping the cinemas and adding state-of-the-art arcade/bowling alleys and maybe a live performing arts venue, etc., etc., and keeping the retail on the Yonge strip.
 

MetroMan

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Update: the tenant threatening to leave is now staying put. This indicates that their demands have been met. It could be good news regarding fixing the mess that is this building.
 

Student99

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Update: the tenant threatening to leave is now staying put. This indicates that their demands have been met. It could be good news regarding fixing the mess that is this building.
can we know which tenant it was now? or what their demands were?
 

MetroMan

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I'm sorry. I can't say who it was or it'll reveal my source who can get in trouble for leaking this kind of info. He knows I post here but just asks that I leave his name out.

I don't know what the demands were but I know it was about the building itself, not the lease or service provided by the landlord.
 

VoiceofReality

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I'm sorry. I can't say who it was or it'll reveal my source who can get in trouble for leaking this kind of info. He knows I post here but just asks that I leave his name out.

I don't know what the demands were but I know it was about the building itself, not the lease or service provided by the landlord.
From EPT's Year end report...

Portfolio Update

On February 3, 2011, the Company entered into an agreement to sell its Toronto Dundas Square entertainment retail center in downtown Toronto. The sale proceeds, net of closing costs, are expected to exceed $220 million CAD. Subject to the satisfaction of certain conditions, the transaction is expected to close by the end of the first quarter of 2011 or shortly thereafter. In addition, the Company hedged its foreign currency exposure on this investment by entering into a forward contract to sell $200 million CAD for $201.5 USD with a settlement date of April 15, 2011. Including the impact of foreign currency, the Company expects to record a gain in excess of $17 million upon closing.

Wow, $17 million in less than a year...
 

alklay

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And around and around she goes. Maybe, maybe, we will one day get an owner who cares about the site and structure enough to fix it up.
 

MetroMan

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Entertainment Properties Trust begrudgingly bought the property to protect its interest in it. It used to be a stakeholder and when the project was slated to lose money with the options available from PenEquity at the time, EPT purchased it itself.

I didn't think they were going to hold on to it for the long term when they were looking for a party to develop and run the property. EPT would just be the owner.

I'm definitely going back to my contact to ask him who the buyer is but I suspect it's Hines (Atrium on Bay) as they had been one of the interested parties in buying from PenEquity and then when that didn't work out, they were in talks with EPT to run the property.

Making it part of the Atrium would improve their standing up against The Eaton Centre. They'll never beat the monster, but they can at least assert themselves if they own the entire North of Y&D.
 
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TOfan696

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It 100% wasnt Hines, the company that purchased it is from Western Canada, plus Hines sold the Atrium on Bay to H+R Reit months ago.
 

TOfan696

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H & R is in closing right now, it wouldnt be on their site. I will double check the name of the company that bought 10 Dundas - cant remember it right now.
 

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