City hall gives beleaguered developers a break

[Automation Gallery]

For sale: prime downtown lots, suitable for condominium towers. Act now, while quantities last. Height no barrier. Development fees frozen! No reasonable offers refused.
That is the message that came out of City Hall today, as councillors moved to keep alive the condo building boom in downtown Toronto.

Interesting

http://network.nationalpost.com/np/...all-gives-beleaguered-developers-a-break.aspx

 

[urbandreamer]

Beleaguered developers?

Let's see: BJL drives a Bentley and Range Rover (and a RR?)

Menkes family lives in a gigantic home.

Sorbara's live in .....

Even Harry Stinson can afford a large Hamilton home.

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Sorry, this isn't going to work.

 

[Automation Gallery]

Beleaguered developers?

Let's see: BJL drives a Bentley and Range Rover (and a RR?)

Menkes family lives in a gigantic home.

Sorbara's live in .....

Even Harry Stinson can afford a large Hamilton home.

------------------

Sorry, this isn't going to work.

Hey are you sure that these guys with all this bling dont lease all these fancy vehicles and have huge mortgages on their castles?

 

[taal]

What are you both getting at ...

So all this fancy "bling" implies what exactly ... that they know how to make money?

Bearing that in mind, if it's indeed a losing endeavor to construct condos in Toronto, to retain their "bling" they'll stop.

Either way I don't think this will have a significant impact by ant stretch. The largest problem as it stands is financing, or the inability to attain. No city it self can do much to remedy that issue.

I'd actually like to here MikeTO's opinion on this ... seeing how he's invovled with the development industry directly.

Are such breaks warranted? Will they make any difference or are we giving developers a free lunch / dinner even perhaps

 

[Darren B]

Meanwhile homewoners are being raped by increasing taxes.

 

[Tuscani01]

I don't think this is going to help at all. Im working for a developer on an upcoming project, and even if we do get approval from the city, there is no way we will get financing with the current plans, even if the building is 100% sold. A few months ago, 80% was the goal. Now we are hoping the downturn in the economy will lower construction costs, giving us more money to work with and a chance at securing financing.

 

[Urban Shocker]

So our residential property taxes are going up in stages to increasingly subsidise businesses like these, who have convinced City Hall that they can't compete with 905 businesses because they're overtaxed - when in fact they actually pay $20,000 less per condo unit in fees, and charge the public more for them when built? Way to go.

 

[Tuscani01]

So our residential property taxes are going up in stages to increasingly subsidise businesses like these, who have convinced City Hall that they can't compete with 905 businesses because they're overtaxed - when in fact they actually pay $20,000 less per condo unit in fees, and charge the public more for them when built? Way to go.

Construction costs downtown are higher than in the 905 as is land value. Developers here have many more challenges than in the 905. Not to mention the application process is much more streamlined in the 905. It is much easier to get approval than here in Toronto.