Toronto 141 Roehampton | 186.3m | 58s | Lifetime | Wallman Architects

UtakataNoAnnex said:
Er...not sure what the nature of your "?" is. So I'll try to rephrase the question the best I can: What was this building before it was all fenced off? I was presuming (likely not correctly) that it was an office tower that the owner couldn't find any tenant(s) for after the previous tenant(s) moved out...leaving it emptied and shuttered.
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Sorry. No, it was a 36 unit condo building (MTCC 631) built in 1984.
 
dede2804 said:
So knowing this it can still take a while? Debating to rent a SW unit next door and trying to evaluate the construction timing. Thank you all for the help!
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It will go forward, but not any time soon. How long do you think you'd be occupying that unit? If it's just a year or two, you'll be fine.
 
ProjectEnd said:
Sorry. No, it was a 36 unit condo building (MTCC 631) built in 1984.
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Huh...

...sorry, it looked like a PoMo office tower of ole and wrongfully took it for such. >.<

That said, I have even more questions now: Did the previous residents sell their units back to the owner? And how was that done en masse? Did the owner have to seek a court order to enforce that?

...I mean, it seems rare to me that condo is slated to be demoed for even a bigger condo. So I am not exactly sure how the particulars work for that.
 
UtakataNoAnnex said:
Huh...

...sorry, it looked like a PoMo office tower of ole and wrongfully took it for such. >.<

That said, I have even more questions now: Did the previous residents sell their units back to the owner? And how was that done en masse? Did the owner have to seek a court order to enforce that?

...I mean, it seems rare to me that condo is slated to be demoed for even a bigger condo. So I am not exactly sure how the particulars work for that.
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It is rare, but not unheard of. The condo corp needs an 80% quorum of owners who want to sell, then they can initiate proceedings. As these transactions are pretty rare, there's no 'by the book' methodology, but what usually happens is a broader land transaction price is agreed upon ($70.1M in this case) and the units distribute that on a PSF basis. Owners would have done exceptionally well here as their units weren't worth anything near the ~$1.9M average to which that total number distributes. I mean, even if you like your unit, if someone is going to pay you way over market for it, you'd need a compelling reason to turn them down.
 
Yeah it's rare that entire condo towers are redeveloped. I believe only 2-3 buildings have been redeveloped in the entire GTA over the last 30 years. Although I stand to be corrected on that by PE.

Even condo townhouse complexes are rarely redeveloped.

Depending on the condo regs for that specific tower, some percent of owners had to sell their units. I believe it's usually over 70%. Since this was a much smaller tower than many others, it was easier for the developer to get that majority.
 
Undead said:
Yeah it's rare that entire condo towers are redeveloped. I believe only 2-3 buildings have been redeveloped in the entire GTA over the last 30 years. Although I stand to be corrected on that by PE.

Even condo townhouse complexes are rarely redeveloped.

Depending on the condo regs for that specific tower, some percent of owners had to sell their units. I believe it's usually over 70%. Since this was a much smaller tower than many others, it was easier for the developer to get that majority.
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80% is the required quorum.

Lifetime didn't seek this out. The condo decided it was time and they put it on the market (through JLL) themselves, Lifetime was just the highest bidder on the offering.
 
ProjectEnd said:
Lifetime would need community council direction to be able to do that without the replacement building permit in hand. There's no evidence they've yet secured this.
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Just to add to this.............I don't see any sign of a Site Plan Approval application.

Definitely no permit requests of any kind.
 
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