AHK
Senior Member
Hey guys, I've read all posts on this thread. I have some questions about the site, I think you guys know a lot more about this area.
I am a potential buyer of the nearby condo 400 Wellington St W. The unit is on a lower floor, west facing directly into the 424 Wellington masion. My biggest concern is the new building (whatever they decide to build eventually) will block my entire view, and it will be too close to my windows. Any ideas on the timeline of a new development since the site is now purchased by Allied? Or any prediction?
Also, are there any redevelopment plans for 420 Wellington St W (former Shopify building), I don't know if it's heritage, and I won't be surprised developers will tear it down or add something on top.
My purchase decision is heavily impacted by the nearby developments considering the very close distance of all buildings. I'd appreciate if anyone has any guess or opinions.
Allied has entered into a ten year lease for the Le Select building with a restaurant operator. There is an early termination clause that Allied has the option of invoking after five years, if it is ready to proceed with redevelopment of the area. However, if Allied does not elect the early termination, the terms and conditions of the lease, including the rent, would remain in place for the full ten years.
The presumption would be that whatever happens, the following basic steps would be required:
- development of preliminary design concepts, community consultation, preparation of application documents for the City
- planning review and zoning approval processes with the City
- detailed design
- preparation of the construction permit drawings and specifications,
- building permit submission and review and processes,
- obtaining construction quotes and awarding the construction contract.
So - to purchase in 400 Wellington now, you would be pretty sure of a five year minimum, plus whatever time it takes to dig down, and then build back up to the level your proposed unit would be.
After that - all bets would be off......