Avonshire (Yonge/401, Tridel/K&G, 14 + 21 + 3x 22s, Kirkor) COMPLETE

[Tridel]

From yourhome.ca: The biggest risk at Hullmark Centre was the commercial office and HMC is located in a busy pedestrian, transit and motor traffic area unlike Avonshire.

Excerpt from the article:

The project will include more than 60,000 square feet of retail space, anchored by a 49,000-square-foot Whole Foods Market (the remaining space has yet to be released).

The Hullmark Centre will have 237 office condos, ranging in size from 529 square feet to 1,210 square feet. The units sell for between $346,500 and $739,000.

This makes the project the first new commercial development in North York in the last decade, the developers note.

The office space was included as part of the deal the developers made with the city, which wanted Hullmark Centre to be mixed use.

“I honestly would admit to you that the highest risk portion of this development was the 250,000 square feet of office space going into it,” Tridel president Leo DelZotto said in an interview following the ceremony.

The developers initially tried to rent out the office space, he said, but “it was a slow market — the economy was not going in the right direction for people to step up to the plate and rent 10,000 to 20,000 square feet at a time.

“But we knew the people who were moving into this community are used to ownership, whether it’s commercial or residential, and they have a far greater desire for ownership to establish their business.

“So this is what the draw is and it’s worked very well,” DelZotto said, adding that 70 per cent of the Hullmark office space has been sold so far. “The purchasers have indicated confidence, which gives us confidence.”

 

[taal]

Thanks for sharing that !

It's sad to me that leasing 200K of office space in a prominent location in Toronto out of the core is so difficult when said office space is being leased up (in greater quantities) in the 905 and during the last 3 years (i.e. the 'recession').

Anyway I'm glad the office condo approach worked - but this will suit small business needs only I believe. I think a couple project in Markham are being built in a similar fashion. I think World on Yonge is trying this approach as well. (but as mentioned, there have been multiple buildings completely in Markham at around the 60-150K size over the last 3 years).

 

[NYk Drne]

I guess that's another matter all together i.e. why this supposedly attractive district (i.e. NYCC) struggles to attract any new office development while Hi-way/404 has put up multiple office towers over the last 5 years and many more are planned.

Anyway, yes it adds density, but again if it were built out correctly from the start - with a proper grid road network put in place, it could have been a much more appealing.

What do offices sell for (compared to condos) in the 905 btw ?

Taal: What do you mean by "...a proper grid network", in the context of the Avonshire road layout?

Or are you talking about the entire NYCC neighbourhood here?

 

[taal]

I guess that's another matter all together i.e. why this supposedly attractive district (i.e. NYCC) struggles to attract any new office development while Hi-way/404 has put up multiple office towers over the last 5 years and many more are planned.

Anyway, yes it adds density, but again if it were built out correctly from the start - with a proper grid road network put in place, it could have been a much more appealing.

What do offices sell for (compared to condos) in the 905 btw ?

I just meant it's a little patchy south of sheppard in terms

Taal: What do you mean by "...a proper grid network", in the context of the Avonshire road layout?

Or are you talking about the entire NYCC neighbourhood here?

Nope sorry I should have clarified; I was referring to the lack of east west streets that connect with Yonge south of Sheppard particularly closer to the 401 where this community is. I don't think that's helped at all with the integration into NYCC this almost seems like a separate entity .

 

[Tridel]

Some demographic info around Hullmark Centre and North York City Centre: http://www.tridel.com/hullmark-corporate-centre/pdf/Demographics-Summary.pdf

Economic impact of Hullmark Corporate Centre: http://www.tridel.com/hullmark-corporate-centre/edm02/hC_economic_report.pdf

Should help in understanding the development issues in NYCC and at Avonshire.

 

[CN Tower]

Thanks for sharing that !

It's sad to me that leasing 200K of office space in a prominent location in Toronto out of the core is so difficult when said office space is being leased up (in greater quantities) in the 905 and during the last 3 years (i.e. the 'recession').

Sad is not the word I would use at all. Notable perhaps. Keep in mind that in this new century there are far far more home office related jobs than ever before. So while the overwhelming amount of new construction is multi-residential, I would anticipate that a decent chuck of those dwelling are also revenue generating home offices.

Regardless, how can you compare the demand for office at Yonge and Sheppard to the entire 905 region?!

There are already hundreds of thousands of square feet of existing office buildings in that location. It's not as if NYCC is void of commercial activity. I think Hullmark and Avondale are actually quite positive developments for the area and that Tridel is doing a fantastic job!

 

[maestro]

This makes the project the first new commercial development in North York in the last decade, the developers note.

Short decade. Aegon Place at 5000 Yonge contains 540,000 square feet and was completed in 2004. The Four Seasons addition at 1165 Leslie with around 150,000 square feet was completed in 2006.

 

[marcus_a_j]

I think Hullmark and Avondale are actually quite positive developments for the area and that Tridel is doing a fantastic job!

Except for the architecture, primarily with Avondale and Avonshire (we'll see how Hullmark actually ends up looking, but sadly I don't have my hopes up too high)

 

[taal]

Sad is not the word I would use at all. Notable perhaps. Keep in mind that in this new century there are far far more home office related jobs than ever before. So while the overwhelming amount of new construction is multi-residential, I would anticipate that a decent chuck of those dwelling are also revenue generating home offices.

Regardless, how can you compare the demand for office at Yonge and Sheppard to the entire 905 region?!

There are already hundreds of thousands of square feet of existing office buildings in that location. It's not as if NYCC is void of commercial activity. I think Hullmark and Avondale are actually quite positive developments for the area and that Tridel is doing a fantastic job!

I see your point but the 407/404 node actually has more office space then the North Yonge corridor. Both are just about 8 million square feet. So I don't really agree with that sentiment. Yes it's more dense here but why no new construction (there was 1 office building built in the last 10 years in NYCC) they tried so hard to market a couple of the sites that are now condos (or going condos) as offices but know one would bite.

Sooner or latter at the current rate the density of office use will be even more along Hi-way 7. I'm just saying that there's already enough isn't an excuse. I mean sure if new construction in the 905 was going around Yonge and Hi-way where there's very little in the way of office use but that's not the case.

 

[Tridel]

Tridel's Avonshire Swimming Pool

New photos of Avonshire's swimming pool:

Fitness centre photos coming soon.

 

[Tridel]

Tridel Avonshire Parkside Townhomes

May 5th, 2011 photos by Lorne Chapman. See all 14 image on our Facebook fanpage photo gallery. Photos were also uploaded to our purchaser website for both Townhome owners and owners in the two Avonshire towers.

 

[Tridel]

New photo of the recently completed entry:

Fitness Centre:

 

[slowtyper]

Your view to the North York City Centre (north) shows some of the original rental units on the north side of Oakburn Crescent.

About half of these were removed for the current development--according to the Tridel website renderings posted on earlier pages, these will eventually be replaced by more towns. This would probably be after Aristo is complete.

As of last fall these units were still occupied, but I am not sure if they are now.

Just wanted to give a little update in case anyone was interested. I live in one of these rental units that you are speaking about (you can see it in the picture). The ones pictured are all still occupied and k&G has been doing a lot of improvements over the last few months. New steps/walkways, new grass, awnings for entrances, the garages in the back have all been repaired and outfitted with garage door openers. I guess they are trying to make us look decent!

To the SE of the buildings pictured were about 6 more buildings. IN the last few months I think 3 of them came down to build a park (its all flat dirt right now). There are still 3 more units in that area though.

 

[NYk Drne]

Thanks for the information on the occupied buildings slowtyper, I can see the leveled area where the park is to go, but from my vantage point it appeared to be that there would be more excavation and townhouses there.

I do remember though that the site plans did show a park there somewhere. It is good to know that some of the old buildings will remain. I have attached a shot from a distance looking toward Avonshire, but the existing apartments are out of the shot, off to the left.

 

[Carter]

Looks like drilling equipment is on site now.