Toronto Ïce Condominiums at York Centre | 234.07m | 67s | Lanterra | a—A

^I was being silly.

There's lots of things to see in Toronto, but my point is most of it isn't downtown--from my snobby pov. I get annoyed seeing tourists downtown. I met a pleasant young couple from England about a month ago at the SLM and we had a similar conversation. I told them to ignore the official tourist traps, get on the streetcars and explore the neighbourhoods. I told them to stay away from the boring DD, instead take the streetcar out to Leslieville and the Beach. (I'd just been in the DD minutes before and it was dead, so why see DD like that?) My BC cuz'ns only enjoy Kensington Market, the Beach and Queen/Dundas/Ossington, which explains much about the west coast lifestyle.

Now, the more aA buildings like Ice go up downtown, the more I'll promote downtown as a must see tourist spot!
 
Hey, I'm biased; I'm the sort of person who'd find "things to see" in the most toxic towns of Upper Silesia...
 
Get over it....

urbandreamer said:
I get annoyed seeing tourists downtown.
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Get over yourself. No seriously, what city doesn't have tourists wandering around in their downtowns and checking out the usual tourist attractions and interests? Yes, we all know there's more to Toronto than the CN Tower and Yonge St.

This is a given. Trust me, people with intelligence and any kind of travel experience know this.

It's up to the tourist to decide to look past the obvious tourist interests and consider exploring other, off the beaten track areas that might be just as interesting.
 
http://www.dailycommercialnews.ca/c...e172b68d5eb3&projectid=9098337&region=ontario

COMMERCIAL OFFICE, RETAIL BUILDING Proj: 9098337-3
Toronto, Metro Toronto Reg ON NEGOTIATED/PLANNING
York Centre, Bremner Blvd, York St, Ford York Blvd, M5J
$118,000,000 est
Note: Preliminary planning is underway. Sales and Marketing of the Ice Condominium project on the site are underway. Schedules for Working drawings, tender and construction will be set based on sales of the Condo buildings, report number 9098331 and occupancy. Further update Summer, 2010.
Project: proposed construction of a commercial office building with a retail podium at grade level. This project will be connected to the underground PATH system to Union Station, Maple Leaf Square, the Air Canada Centre, Rogers Centre and the CN Tower.
Scope: 841,000 square feet; 32 storeys; 2 storeys below grade
Development: New
Category: Commercial offices; Retail, wholesale services
First report Fri Mar 27, 2009. Last report Tue Aug 25, 2009.
This report Wed Mar 10, 2010.
Click to expand...

Is there any chance they might build the office tower on spec given that (a) it will be cheaper to construct at the same time as the condo towers and (b) the vacancy rate will have gone down by the time it's built? Perhaps CF would want to jump out of the gate before Brookflield moves ahead with BAC East.
 
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^ Wouldn't that be driven by their ability to get financing? I'm not in the devleopment business and don't pretend to have any particular knowledge in the field, but from what I've read/heard I understand that it is very difficult, if not impossible, for developers to get financing for sepc project these days (unlike the 90s and the days of the Bay-Adelaide stump).
 
No one is going to get financing for a speculative project. Credit is still very tight in the development industry and there are still a number of condo projects that are having difficulty obtaining credit despite having strong pre-sales.
 
There is no way you are going to get financed on a spec project of this size. A custom home or say 8 townhomes, yes its possible from PRIVATE sources.

ICE actually has a 26 million dollar first mortgage from FIRM CAPITAL CORP (Private Mortgage Investment Company) -- I think the reason for this is one of the executives for HR-REIT (H&R Homes)--same people as LANTERRA--is also an executive at Firm Capital Corp. Im not aware of the further financing on this project. Typically, this project has a mezzanine finance on top of the first mortgage (which I am un-aware of who provided it) and when they have sufficient presales (75% Range) they will get construction financing from an instituional source, such as one of the 5 big banks which will buy out the first mortgage in the mean time -- the mezzanine would typically stay -- depending on if the new institutional bank wants to work with that mezzanine provider, which will all be part of the due dilligence.

Anybody know the sales on this project? -- I assume its in the 70% + range if they releasing phase 2 soon.
 
Isn't phase 2 already on sale?
 
Yes. My mistake, you're right. Phase 2 is currently on sale.
 
See there you go. I Suspect phase 2 to start very shortly after Phase 1. Good Sales #'s.
 
I was thinking since Phase 2 would have a later occupancy date. They would start the trades on Phase 1, then move them to phase 2. However, both could start exact same time. That would be dependant on the construction management.

When was Phase 2 released?
 
Phase 2 had it's VIP sales event in early November, remaining sales to the great unwashed was a week or two later.
 
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