Toronto 1233 Queen East | 35.7m | 9s | Core Development | Studio JCI

[AlbertC]

Core Development are looking for investors to JV on this project:

1233 Queen Street East | Parvis Invest

View our latest investment opportunity with the 1233 Queen Street East by Core Development Group.

www.parvisinvest.com

The 1233 Queen Street East project is a 9-storey co-living rental development located in Leslieville (~4km East of Toronto's downtown core) with 145 units consisting of both private/micro units and shared/co-living suites. The co-living model enhances the relative affordability of purpose-built rental market offerings by providing fully furnished, turnkey units with an all-in monthly rent rate that is materially below the cost of an equivalent traditional rental offering.

The Project will demonstrate robust ESG credentials by offering a low carbon operating footprint through the incorporation of a geothermal heating and cooling system. This value differentiation delivers a competitive financial advantage when compared to traditional multifamily living.

Core Development Group is a Toronto-based real estate development company with over $2.3 billion of project value in development. Through its joint venture partnerships and strategic associations with leading affiliate firms, Core creates unique urban developments that combine innovative architectural design with high quality construction.

 

[flonicky]

Looks like the red entrance is gone. That was a great feature.

 

[AlbertC]

The black cladding components could also become grey with the trajectory we're heading in!

 

[1Ć0]

Core Development are looking for investors to JV on this project:

1233 Queen Street East | Parvis Invest

View our latest investment opportunity with the 1233 Queen Street East by Core Development Group.

www.parvisinvest.com

The 1233 Queen Street East project is a 9-storey co-living rental development located in Leslieville (~4km East of Toronto's downtown core) with 145 units consisting of both private/micro units and shared/co-living suites. The co-living model enhances the relative affordability of purpose-built rental market offerings by providing fully furnished, turnkey units with an all-in monthly rent rate that is materially below the cost of an equivalent traditional rental offering.

The Project will demonstrate robust ESG credentials by offering a low carbon operating footprint through the incorporation of a geothermal heating and cooling system. This value differentiation delivers a competitive financial advantage when compared to traditional multifamily living.

Core Development Group is a Toronto-based real estate development company with over $2.3 billion of project value in development. Through its joint venture partnerships and strategic associations with leading affiliate firms, Core creates unique urban developments that combine innovative architectural design with high quality construction.

A 25% IRR for rentals in todays market?

Where do I sign up?

 

[Dense]

Core Development are looking for investors to JV on this project:

1233 Queen Street East | Parvis Invest

View our latest investment opportunity with the 1233 Queen Street East by Core Development Group.

www.parvisinvest.com

The 1233 Queen Street East project is a 9-storey co-living rental development located in Leslieville (~4km East of Toronto's downtown core) with 145 units consisting of both private/micro units and shared/co-living suites. The co-living model enhances the relative affordability of purpose-built rental market offerings by providing fully furnished, turnkey units with an all-in monthly rent rate that is materially below the cost of an equivalent traditional rental offering.

The Project will demonstrate robust ESG credentials by offering a low carbon operating footprint through the incorporation of a geothermal heating and cooling system. This value differentiation delivers a competitive financial advantage when compared to traditional multifamily living.

Core Development Group is a Toronto-based real estate development company with over $2.3 billion of project value in development. Through its joint venture partnerships and strategic associations with leading affiliate firms, Core creates unique urban developments that combine innovative architectural design with high quality construction.

Appreciate you sharing this. I understand Core is also looking for investors to support 929 Queen, which has not yet started construction or demo I believe.

 

[LUVIT!]

What does 'JV' mean? IMHO I like the change from the red entry to this 'black' entry. The nearby project by TAS on the corner of Knox and Eastern is also looking for investors. What does this all mean? Are the developers running out of cash? Considering the rental shortage everyone is talking about one would think that 'all rental' buildings would be popping up all over the place.

 

[1Ć0]

What does 'JV' mean? IMHO I like the change from the red entry to this 'black' entry. The nearby project by TAS on the corner of Knox and Eastern is also looking for investors. What does this all mean? Are the developers running out of cash? Considering the rental shortage everyone is talking about one would think that 'all rental' buildings would be popping up all over the place.

JV = Joint Venture

TAS is definitively feeling the pinch as well. They laid off 25% of their staff a few weeks back as per their latest impact report. They spent a lot on 880 Eastern - I think over $20m. They were/are looking to do condo there though. The market has turned with high interest rates. Lots of development sites in receiverships as you may have seen (Van Dyk, Mizrahi, etc.)

Rental product is also having a bit of difficulty now. The Maple House rentals are about 40-50% occupied as of this month I've heard.

 

[egotrippin]

Looks like the red entrance is gone. That was a great feature.

View attachment 581364

Of course it is. Cowards.

 

[AlbertC]

Core's ability to deliver a finished product in a timely manner leaves a lot to be desired. Construction on both their Clonmore Towns and Birchcliff Towns projects have dragged on for years and have way exceeded original expected timelines.

 

[flonicky]

And now it sits empty ........ forever.

 

[1Ć0]

Why's that? New builds are too expensive and driving rents too high?

Macroeconomic conditions are tough right now with high rates. Lots of product out on the market and lots of new product currently on the market and soon to be (from developers like Tricon, Fitzrovia, Allied/Westbank). Things are still moving, albeit slowly.

Tricon's rentals in the West Don Lands are in a unique position bc all the rental product there is virtually theirs. So they are not in a position to drop rents since it will affect all their other buildings currently under construction. Instead they have been offering rent free month/s, referral discounts, etc. Similarly as have Fitz and A/W.

 

[rdaner]

Taken 12 September.

 

[PMT]

 

[LUVIT!]

Is this the application for the construction of this proposal as per the images shown? Sorry it seems the process for building permits etc is is a long drawn out process. I hope this gets going too.

 

[Northern Light]

Is this the application for the construction of this proposal as per the images shown?

Yes.

Sorry it seems the process for building permits etc is is a long drawn out process.

It can be.

Though well prepared applicants can often get the permits they need to start work (demolition/shoring/foundation) under 6 weeks.

A lot of issues that crop up are poorly prepared plans that are either non-compliant w/code, conflict with existing infrastructure, or in some cases actually vary from the zoning that was approved.

Then this happens, buildings sends the application back with notes (ie, please fix this and this and this).

Sometimes that's simple, and corrected plans are back inside of 2 weeks and permits head out the door.

Other times.....it can mean have to make substantial corrections, or going C of A, or Council to tweak what was approved, and that process can be quite lengthy.

Some applicants teams are also just slow to respond, and that can be an indication of whether they are actually in a hurry to build.