Toronto Natasha Residences | 156.9m | 47s | Lanterra | BDP Quadrangle

[innsertnamehere]

It's dead - or at least this design. I believe Story Living sold off all their sites to other developers. Thus the empty pit in Oakville that was going to be one of their rental buildings, and Concord building a new building on their other entertainment district site.

 

[ProjectEnd]

Jim Neilas truly is the Harry Stinson of this cycle...

 

[westtoeast]

It's dead - or at least this design. I believe Story Living sold off all their sites to other developers. Thus the empty pit in Oakville that was going to be one of their rental buildings, and Concord building a new building on their other entertainment district site.

That's unfortunate. I was really liking this design and thought the tower portion responded in an interesting way to PJ Condos.

 

[buildade0123]

Does anyone know for sure if 263 adelaide has been sold by Storey Living and to which developer. It would be nice to get this thing moving along.

 

[ushahid]

I hope who ever bought the land carries on with the same design.

 

[buildade0123]

That would be ideal. It would make sense if Pinnacle bought that property and kept the same design that flows with the PJ Condos. That would be a nice block.

 

[denfromoakvillemilton]

sad about the death of this project

 

[westtoeast]

Do we know who owns this site now?

With approvals in place and a sharp design I feel as though this would be a good pickup for a REIT or someone like Tricon to add to their rental portfolio. Assuming the land wasn't sold for too much to make the pro-forma work, I think luxury rentals would do quite well in the entertainment district.

 

[maestro]

Height is so easy to get behind. It's impressive and easy to understand. It's just a physical manifestation of a number.

I loved feeling like the dumbest person in the world reading cafe urbanite. Too bad most do not.

 

[ChesterCopperpot]

Do we know who owns this site now?

With approvals in place and a sharp design I feel as though this would be a good pickup for a REIT or someone like Tricon to add to their rental portfolio. Assuming the land wasn't sold for too much to make the pro-forma work, I think luxury rentals would do quite well in the entertainment district.

Still with Storey Living I believe

 

[flds]

What is the latest about this site. Over 6 months it was decided to sell the site to a potential buyer. A law firm Miller Thomson LLP retained as Representative Counsel for investors. I am just wondering what is the status of this site.
Will anyone know what is happening to this project.

 

[ushahid]

^ u joined UT just to ask this question? well the project is dead and the last thing we heard was that the site was still owned by storey.

 

[westtoeast]

Walked by today and saw the lower unit opposite to Ellie Mae had signs in the window for 'The Purman.' The name sounds like it cooooooooould be a development and any of the vacant office space inside is up for short term leases, but I'm not getting my hopes up!

 

[Lachlan Holmes]

Interesting article on the financial story here from the Globe and Mail: Deal cut to repay some Hi-Rise syndicated mortgages

Of note, the site is in the process of being purchased by Lanterra for $69m, if the investors approve the deal:

On Oct. 23, 2019, Mr. Neilas proposed a deal to settle the outstanding loans with investors that would have seen him and his companies retain a 25 per cent stake in a renewed joint venture project with Toronto’s Lanterra Developments. But 70 per cent of the investors (representing $24-million in value) rejected the plan; only 29 per cent (representing $10-million) voted in favour.

...

Lanterra has now agreed to pay $69-million for 100 per cent of the property. After commissions and other priority claims are repaid, Miller Thompson says there will be $45,495,298 left over to distribute among investors. Those with registered loans – the one-third of the lenders who used RRSPs or likewise regulated savings vehicles to invest – will receive 100 per cent of what they are owed, which adds up to $22,810,717 ($17,133,872 in principal and $5,676,844 in interest).

 

[AHK]

Walked by today and saw the lower unit opposite to Ellie Mae had signs in the window for 'The Purman.' The name sounds like it cooooooooould be a development and any of the vacant office space inside is up for short term leases, but I'm not getting my hopes up!

According to a person in the building, it is being used on an quasi nightclub type event space - not related to any specific development initiative. The north-east corner area of the ground floor has been signed as 'The Purman' for quite a while.