55 Charles St W Renovations (Azuria)

[SP!RE]

Hey guys,

I was walking north up Bay yesterday, and on the south-east corner of the Bay Charles condo tower, at the corner of Bay and St. Mary St, to be specific, there was a new piece of glazing. Not anything to cover up the brick, I just mean it was a replacement for the glazing over the sunrooms on each floor. Is this newly put up?

The mullions are the same as the existing, just new and therefore not faded, the spandrel glass is a shiny dark brown instead of a dull metal material... looked sharp.

Anyways just thought I'd post this because I'd never seen it before... but maybe it's back from when they were planning on overhauling the project or when they converted it to condos?

 

[greenleaf]

It's test glazing for the whole building. It's been up since early last summer, I believe.

In 2008 or 2009 the city gave approval to convert 55 Charles into condos if the owner did the following: fix/update the parking garage and get proper permits for paid parking (this is done); install new glazing/mullions/windows throughout the building (not done); and update all the pipes (also not done). They have until 2013 to do this, and then can ask for up to a 2 year extension before they would lose the opportunity to convert the building from apartments to condos. There might be some other stipulations for conversion, but those are the big expensive ones.

 

[dt_toronto_geek]

OK, that explains it then. Someone I work with rents in there so I was confused about it being condos now.

 

[greenleaf]

Norstar Windows & Doors is scheduled to start a complete replacement of the windows and curtain wall beginning May 1.

Mods, change thread to 55 Charles St W Renovations. 57 Charles is under different ownership and is not undergoing the renovations.

 

[androiduk]

I believe this is one of Paul Northgrave's early buildings. Why is the Starbucks taking so long? What kind of deal did the tenants get as part of the conversion?

 

[taal]

I love this building !

 

[greenleaf]

I believe this is one of Paul Northgrave's early buildings. Why is the Starbucks taking so long? What kind of deal did the tenants get as part of the conversion?

Indeed, an early Northgrave. Well designed layouts. No laundry in the units though; I'm not sure how that is going to work when converting to condo.

Azuria, the building owner/operator, did receive a 2 year extension for the conversion. Work has been done on the pipes once every 1-2 months for the past 2+ years I've lived here. Not sure if it is individual units, or larger work going on.

Nothing has been submitted to tenants yet in regards to the conversion, at least beyond what was outlined in the city document 5-6 years ago. IIRC (I haven't read the doc in about 2 years), you get to continue renting until someone makes an offer on your unit, and then you have 72 hours to match it, in which case you get to buy at that price. I think there was also a provision to negotiate a price once the units go on sale. Don't hold me to these exact details!

I haven't heard about timing for Starbucks. It's still happening as far as I know, and small bits of work seem to get done weekly.

 

[androiduk]

^ Thanks greenleaf. That's not a very good deal for the tenants. I thought they might get a discount based on length of occupancy.

 

[Peepers]

Nothing has been submitted to tenants yet in regards to the conversion, at least beyond what was outlined in the city document 5-6 years ago. IIRC (I haven't read the doc in about 2 years), you get to continue renting until someone makes an offer on your unit, and then you have 72 hours to match it, in which case you get to buy at that price. I think there was also a provision to negotiate a price once the units go on sale. Don't hold me to these exact details!

I haven't heard about timing for Starbucks. It's still happening as far as I know, and small bits of work seem to get done weekly.

What I don't understand is why this is even allowed? The city should not be permitting any rental buildings to be converted to Condo's. We have a shortage of rental units as it is.

 

[greenleaf]

What I don't understand is why this is even allowed? The city should not be permitting any rental buildings to be converted to Condo's. We have a shortage of rental units as it is.

I believe the initial application was filed in 2005. At that time, the boom hadn't quite arrived.

I found the report. I was wrong, kind of. See p8.

http://www.toronto.ca/legdocs/mmis/2010/te/bgrd/backgroundfile-26824.pdf

 

[Peepers]

I believe the initial application was filed in 2005. At that time, the boom hadn't quite arrived.

I found the report. I was wrong, kind of. See p8.

http://www.toronto.ca/legdocs/mmis/2010/te/bgrd/backgroundfile-26824.pdf

Yes it looks like your tenancy is protected:

Rental Housing - Security of Tenure
The conversion, if permitted, would not affect the security of tenure of existing tenants.
Under the Residential Tenancies Act, 2006 when a rental unit is converted to
condominium, tenants who occupy a unit at the time of the conversion cannot be evicted
on the basis that the owner of the unit requires personal use of the unit for themselves or a
member of their immediate family. After the first tenant vacates the unit, however, any
future tenant can be evicted based on personal use.

In addition, if the owner receives an acceptable offer to purchase the unit, the sitting
tenants have 72 hours to match the offer, and if they do so, the landlord must accept the
tenant’s offer. (This does not apply if more than one unit is purchased as part of the same
offer). If tenants decide not to purchase the unit, the landlord may not evict them.

I believe that what this means is that you can continue to rent your unit for as long as you wish and you cannot be evicted by the owner even if they require possession of unit for personal use or family. If you choose to move to another apartment building the owner can then take possession.

 

[androiduk]

^ That's good to hear and it means the tenant could strike some kind of deal with the developer. Long time tenants of a building that's being demolished get pretty decent compensation so these tenants should get something out of it if they decide to move.

 

[Peepers]

^ That's good to hear and it means the tenant could strike some kind of deal with the developer. Long time tenants of a building that's being demolished get pretty decent compensation so these tenants should get something out of it if they decide to move.

Yes it looks like if the new owner wants to take possession of the unit the existing tenant would have to agree and would get to dictate the terms.

 

[UrbanAffair]

Indeed, an early Northgrave. Well designed layouts. No laundry in the units though.

Not to go off topic, but I have lived in a unit in an older condo where we aren't allowed to have washers due to it not having pipe capacity. Its kind of bittersweet. Bitter because I would love to be lazy and wash in my unit one load at a time. Sweet because the common laundry area is not usually too busy, and you can wash like four or five loads and dry the same amount all at once, thus having more everything ready at one time, and having more time in the day. (Also my gf doesn't let me wash after I turned some of her unmentionables in to another colour...was it on purpose so I didn't have to wash again??? who's to say!

That all being said, I would definitly not mind having a washer in my unit, so Im kinda on the fence. Anyway sorry to steer off topic, just wanted to make the point that there are two sides to the laundry thing.. Then again my ~1000sqft unit was a TON cheaper in 2006 when I bought than a similar would be downtown at this time. So theres a give and take..

 

[greenleaf]

Not to go off topic, but I have lived in a unit in an older condo where we aren't allowed to have washers due to it not having pipe capacity. Its kind of bittersweet. Bitter because I would love to be lazy and wash in my unit one load at a time. Sweet because the common laundry area is not usually too busy, and you can wash like four or five loads and dry the same amount all at once, thus having more everything ready at one time, and having more time in the day. (Also my gf doesn't let me wash after I turned some of her unmentionables in to another colour...was it on purpose so I didn't have to wash again??? who's to say!

That all being said, I would definitly not mind having a washer in my unit, so Im kinda on the fence. Anyway sorry to steer off topic, just wanted to make the point that there are two sides to the laundry thing.. Then again my ~1000sqft unit was a TON cheaper in 2006 when I bought than a similar would be downtown at this time. So theres a give and take..

I hear ya. Looking at the document again, it does say that laundry will be added to the units. I am guessing they will add all-in-one washer/dryers in the kitchens.