Toronto 148 Avenue Road | 112.97m | 35s | Tribute | Chris Dikeakos

AlbertC said:
renx.ca

Greybrook, Tribute buy $84M Toronto redevelopment site | RENX - Real Estate News Exchange

Greybrook Realty Partners and Tribute Communities have acquired an $84-million, five-property assembly just west of Toronto’s Yorkville neighbourhood in a 50-50 partnership for a future development. The five separate deals for the properties at 148-150, 152 and 156 Avenue Rd.
renx.ca renx.ca
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Assuming you charge back the purchase cost entirely to the condo units (not any retail component), the chargeback is $221,000 per unit and change.

Assuming a unit size of 550ft2, that's a chargeback of $401 per ft square before any construction cost, financing cost, marketing cost or a profit-margin.

At 84M for 0.486 acres that's a land price of just over 172M per acre.
 
Northern Light said:
Assuming you charge back the purchase cost entirely to the condo units (not any retail component), the chargeback is $221,000 per unit and change.

Assuming a unit size of 550ft2, that's a chargeback of $401 per ft square before any construction cost, financing cost, marketing cost or a profit-margin.

At 84M for 0.486 acres that's a land price of just over 172M per acre.
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Average unit sizes here will likely be more in the 800sf range. so more like $275/ft.

Which is more or less the going rate for land in the downtown, especially in locations like this which can be sold as luxury properties.
 
ZBA & SPA application(s) submitted:

Development Applications

Project description:
Zoning By-law Amendment application to facilitate the development of a 35-storey mixed-use building, atop a 3-storey podium. The existing building facade shall be maintained. The proposed non-residential gross floor area is 374.9 square metres, and the proposed residential gross floor area is 25,295.10 square metres. A total of 355 residential units are proposed.
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innsertnamehere said:
Average unit sizes here will likely be more in the 800sf range. so more like $275/ft.

Which is more or less the going rate for land in the downtown, especially in locations like this which can be sold as luxury properties.
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Points for you! Pretty close. Based on the above, average unit size will be 766ft2
 
* Docs are up *

From the Planning Rationale Report:

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Hmm, parking provision relatively high for this location.

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Junk.

42
 
Oof. The high parking rate isn't anything unusual for luxury locations - rich people still like to own cars. It's actually a pretty low parking ratio considering that.
 
innsertnamehere said:
Oof. The high parking rate isn't anything unusual for luxury locations - rich people still like to own cars. It's actually a pretty low parking ratio considering that.
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Except that design does not connote luxury in the least.
 
I had to look up this architecture firm. I hadn't heard of them.

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Architects Vancouver | Projects | Chris Dikeakos Architects, Inc.

Chris Dikeakos Architects, Inc. | award-winning Vancouver architects. Project from high rise to commercial, mid rise building, low rise, and mixed use architecture.
www.dikeakos.com www.dikeakos.com

They're Vancovuer-based.

Their portfolio would not be something I would advertise, if I were them.

It certainly doesn't look like the resume for a luxury tower at a prime Toronto address.

The latter firm have their offices in this block............
 
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