HousingNowTO
Senior Member
Thread in response to the CBC story...
Toronto 214-230 Sherbourne | 150.55m | 46s | KingSett Capital | Hariri Pontarini
- Thread starter AlbertC
- Start date
Northern Light
Superstar
I'm not a professional estimator, but that seems high to me.
For Clarity, the above Twitter thread puts a value of 40M-50M on this site.
I support your bulk buying idea; but I think that price is a bit much. (for the sake of a good comparison)
Reason: It's Yellowbelt as best I can tell, it's a heritage conservation district, there is no significant height precedent.
I think this site maxes out midrise, which puts the price a fair bit lower.
But I'd be interested in the thoughts of others.
HousingNowTO
Senior Member
Feedback to our Tweets by professionals has been that our Estimates are too LOW - and that their 2022 Market-Value is probably $60+ MILLION.
Based on the existing towers across the street, the in-fill between some of those towers, and proximity (300 M) to the new Ontario Line station at Sherbourne and Queen.
Anyone willing to spend that kind of money will just force the City to the OLT.
Northern Light
Superstar
Feedback to our Tweets by professionals has been that our Estimates are too LOW - and that their 2022 Market-Value is probably $60+ MILLION.
Based on the existing towers across the street, the in-fill between some of those towers, and proximity (300 M) to the new Ontario Line station at Sherbourne and Queen.
Anyone willing to spend that kind of money will just force the City to the OLT.
@ProjectEnd might have something to contribute here.
DSC
Superstar
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From Wong-Tam's Ward newsletter today:
Yesterday I joined advocates and community members at a press conference organized by the Regent Park Community Health Centre urging the City to meet its commitment to revitalize the Sherbourne and Dundas corridor by purchasing lands at 214-230 Sherbourne Street for the purpose of building new deeply affordable housing and high-quality retail space. For over a decade, these privately owned lands at 214-230 Sherbourne sat vacant, while homelessness in Toronto grew. Beginning in 2018 and repeated over the years including 2021, City Council directed staff to approach the landowners with an offer to purchase at market value. The owners repeatedly said no, as they waited for bigger money from condo developers. For the first time in over a decade, this site is finally listed for sale, and Letters of Intent are accepted on Friday.
We know the opportunities for land purchase of this large size are rare in the downtown. Especially when we’re competing with condo developers who have greater financial options and the ability to leverage and speculate on the transaction in ways that are not permitted to local governments. Against the backdrop of a growing affordable housing crisis, land speculators and condo developers have been trading land in this immediate neighbourhood for years. I think it’s time for them to sit this one out.
This afternoon I was informed by City staff that they will submit a conditional offer to the seller for consideration by the end of this week. We anticipate multiple offers and a bidding war. There’s always a chance that the City will be outbid, after all, even with a dozen bidders, only one will be selected. But not trying is a lesser outcome and one that will disappoint the community and housing advocates including myself even more.
Yesterday I joined advocates and community members at a press conference organized by the Regent Park Community Health Centre urging the City to meet its commitment to revitalize the Sherbourne and Dundas corridor by purchasing lands at 214-230 Sherbourne Street for the purpose of building new deeply affordable housing and high-quality retail space. For over a decade, these privately owned lands at 214-230 Sherbourne sat vacant, while homelessness in Toronto grew. Beginning in 2018 and repeated over the years including 2021, City Council directed staff to approach the landowners with an offer to purchase at market value. The owners repeatedly said no, as they waited for bigger money from condo developers. For the first time in over a decade, this site is finally listed for sale, and Letters of Intent are accepted on Friday.
We know the opportunities for land purchase of this large size are rare in the downtown. Especially when we’re competing with condo developers who have greater financial options and the ability to leverage and speculate on the transaction in ways that are not permitted to local governments. Against the backdrop of a growing affordable housing crisis, land speculators and condo developers have been trading land in this immediate neighbourhood for years. I think it’s time for them to sit this one out.
This afternoon I was informed by City staff that they will submit a conditional offer to the seller for consideration by the end of this week. We anticipate multiple offers and a bidding war. There’s always a chance that the City will be outbid, after all, even with a dozen bidders, only one will be selected. But not trying is a lesser outcome and one that will disappoint the community and housing advocates including myself even more.
HousingNowTO
Senior Member
The way that we expect this to go -
1.) City will join a "Bidding War" for the site, and LOSE --- after driving-up the Cost of the land even more.
2.) Locals, Councillor(s) and Planners will be especially punitive towards whichever private developer "had the Temerity to bid against the City" whenever they bring their redevelopment plans forward.
3.) The added Cost and Conflict will LOWER the number of Affordable-Housing units that the City could have obtained in a future Section-37 / Community Benefit deal on that site.
4.) People will be "shocked, surprised and saddened" by the outcome of a process they actively made worse at almost every step, all along the way.
Northern Light
Superstar
A report to next week's Executive Ctte meeting suggests that subject to Council approval of the terms the City has acquired this site.
That language is not used, but there is discussion of the transaction closing and a follow-up report relating this to the Dan Harrison Revitalization Plan.
From the above:
***
That language is not used, but there is discussion of the transaction closing and a follow-up report relating this to the Dan Harrison Revitalization Plan.
From the above:
***
HousingNowTO
Senior Member
Witholding comment until the deal's costs and terms are made public...
Northern Light
Superstar
The Star has a report on this:
www.thestar.com
From said report:
Edit to add: The Reports to Executive are still confidential, so we will have to wait on further detail
Sherbourne Street property could be expropriated and used for affordable housing
For years advocates in Toronto have called for 214-230 Sherbourne Street to be used to create homes for people without one. The empty house and adjacent lots lie at the
www.thestar.com
From said report:
Edit to add: The Reports to Executive are still confidential, so we will have to wait on further detail
AlbertC
Superstar
Push to stop Toronto heritage building from becoming condos fails miserably
A bid to expropriate a majestic late Georgian-style home that has sat vacant for years fell flat during a council meeting on Wednesday, the hopes of …
www.blogto.com
allengeorge
Senior Member
Unfortunate, but this is what happens when the city waits too long. This was proposed back in 2019? Given how much land has appreciated since then, I’m unsurprised the asking price was too rich.
Two things can simultaneously be true:
1. The city can be excoriated for delaying
2. The money could be used in more effective ways on other projects (for example, on city-owned land)
The people who end up suffering are those in need of shelter, which sucks.
Two things can simultaneously be true:
1. The city can be excoriated for delaying
2. The money could be used in more effective ways on other projects (for example, on city-owned land)
The people who end up suffering are those in need of shelter, which sucks.
ChesterCopperpot
Senior Member
Kingsett
Last edited:
doublestandard
New Member
are they going to buy a couple of houses/lots on Pembroke , and have the entrance privided on a nice , quiet and pleasant side street??
, the marketing of this condo will be interesting , but a real need of hyper gentrification for that intersection.
, the marketing of this condo will be interesting , but a real need of hyper gentrification for that intersection.
Northern Light
Superstar
Here we go, Application for this one is now public in the AIC:
From the Docs:
Architect is HPA
Height is 47s
From the Docs:
Architect is HPA
Height is 47s
cd concept
Senior Member
Wow ! This one missed my radar because of the original first dated post! Great two new skyscrapers we have today thanks Northern Light! Love to see a two for one flyby, being in same area as the other proposed 76 storey tower! When the time is right Koops thanks!