hw621
Senior Member
What are they building here?
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Downtown Markham
- Thread starter Second_in_pie
- Start date
DTMarkhamResident
Active Member
I mean the area just in general. Most of the Cineplex is done, just empty store fronts waiting to be reno'd and filled.
The next big project will be Gallery Square once York Condos are done.
York seems to be going slow. The Wynn Group condo at Village Parkway and 7 started much later than York and it seems that it's close in Building phase.
hw621
Senior Member
Yes the area east of cineplex is still empty.
Any idea when the two Riverview towers southeast Warden and 7 are coming?
DTMarkhamResident
Active Member
Haven't read of anything happening east of Cineplex, all just empty space and probably for a long time.
The Riverdale buildings are almost done, the really tall one and shorter looks complete from the exterior. Times Group seem to be building quick which is a welcoming sign! Looks like Upper Markham will be completed before third of downtown Markham is done at this rate.
Dunno why Remington just doesn't pick up the pace.
knlaruw
New Member
It has a lot to do with Buttonville Airport limiting building height (the 28 storey Times tower on 7 got an exemption for piercing the approach surface I believe) so Remington is probably holding out until they can build taller (as financially they probably need to do). The airport was supposed to cease operations two years ago, but the redevelopment is delayed for many reasons...
taal
Senior Member
I honestly also question how quickly they'd be able to build out Buttonville from an office space point of view (condos / shops ... sure !)
I say that because:
1) It's hard to compete with downtown Toronto nowadays {for example small tech companies tend to setup there now and larger intenternatial ones as well ... of course there is still a lot in Markham)
2) This and Downtown Markham will fight over the same tenants
3) Other than the development in downtown Markham, there honestly hasn't been much in the way of new office space built in the last say 5 years in Markham / Richmond Hill
4) This will also compete against VCC and will probably lose out to that
5) Anyone seeking the suburbs is typically doing it for the office park / lower rent, so something in the middle likely won't work ... instead the smaller "downtowns" will probably be attractive to some and still cheaper than downtown but again you are stuck with my points 2) and 4).
I actually think holding out on the build out is in the best interest of Cadillac Fairview, maybe the infrastructure fight between the city plays in but I wonder if that's just the excuse they are using atm.
It's actually probably in the better interest of Markham too ... attempt to concretate office development in downtown Markham to build out their vision for that area. I think Markham is going to be hard pressed to compete against VCC now period ... again because downtown Markham it self is that middle ground, not an office park (so it's a bit more $) but doesn't have the transport connectivity of VCC for now. So building it out with retail / institutional / residential ... is in their interest to help compete / attract tenants instead of VCC.
I say that because:
1) It's hard to compete with downtown Toronto nowadays {for example small tech companies tend to setup there now and larger intenternatial ones as well ... of course there is still a lot in Markham)
2) This and Downtown Markham will fight over the same tenants
3) Other than the development in downtown Markham, there honestly hasn't been much in the way of new office space built in the last say 5 years in Markham / Richmond Hill
4) This will also compete against VCC and will probably lose out to that
5) Anyone seeking the suburbs is typically doing it for the office park / lower rent, so something in the middle likely won't work ... instead the smaller "downtowns" will probably be attractive to some and still cheaper than downtown but again you are stuck with my points 2) and 4).
I actually think holding out on the build out is in the best interest of Cadillac Fairview, maybe the infrastructure fight between the city plays in but I wonder if that's just the excuse they are using atm.
It's actually probably in the better interest of Markham too ... attempt to concretate office development in downtown Markham to build out their vision for that area. I think Markham is going to be hard pressed to compete against VCC now period ... again because downtown Markham it self is that middle ground, not an office park (so it's a bit more $) but doesn't have the transport connectivity of VCC for now. So building it out with retail / institutional / residential ... is in their interest to help compete / attract tenants instead of VCC.
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innsertnamehere
Superstar
DT Markham has the advantage of having a more mature downtown core - VMC has no real retail presence now or in planning. Ultimately these suburban sites are ultimately extremely car reliant too, even despite improved transit connections. DT Markham has found that market demand for parking is far exceeding zoning requirements.
Sandpit
Active Member
This has the advantage of being right in the middle of the second-highest concentration of Chinese in Canada (after Richmond, BC). This makes it attractive to companies like Huawei (which actually has an office in the area currently) as well as local companies looking to boost their presence in the Asian market or companies targeting Chinese-Canadians.
kdoubled
New Member
The Toronto Star featured Downtown Markham in their "Creating a Community" report:
http://www.creatingacommunity.ca/
http://www.creatingacommunity.ca/
DTMarkhamResident
Active Member
Sad seeing Remington just sit on the land. When we moved in, we were sold that the neighborhood was currently being built but should have known since the development started in 2006 and 10 years later they haven’t even complete 5% of the master plan.
canarob
Senior Member
The office vacancy rate in York Region (GTA North) is at an all-time low (from Colliers):
This gives me hope that maybe we'll see a new office building or two built in Downtown Markham, or perhaps closer to 404/407, in the near term.
Sandpit
Active Member
Things should pick up after York U opens its campus and we have all-day 2 way service on the Stouffville Line (with minimum 30 min frequencies).
hw621
Senior Member
Times Group is building pretty quickly along Hwy 7. Ideal development hopefully will start construction of Markham Square soon. Not sure what is holding Remington up. Maybe they have cashflow issues?
Sandpit
Active Member
Many a developer have gone under because they tried to build too much at the same time.
Andrewm8
New Member
With the buildings that have been approved to build such as Gallary square, Markham square and York campus. Why is it taking a long time to get shovels into the ground?
I believe Markham square development estimated to complete their project at the same time or shortly after York university campus, around 2021. However neither have commenced construction.
I believe rent rates for the retail in downtown Markham must be expensive. I have noticed a few businesses open, then shortly after close. Also numerous retail space still sitting vacant.
Possibly why Remmington is building slow?
I believe Markham square development estimated to complete their project at the same time or shortly after York university campus, around 2021. However neither have commenced construction.
I believe rent rates for the retail in downtown Markham must be expensive. I have noticed a few businesses open, then shortly after close. Also numerous retail space still sitting vacant.
Possibly why Remmington is building slow?