Toronto 550 Wellington West and 1 Hotel | ?m | 15s | Freed | a—A

nekz said:
Why am I defending this project? Because I bought here myself, to live in
:)

Wise or not, I wanted it for the lifestyle and amenities (that I'll never use).
Click to expand...


Why not use the amenities? I looked in to purchasing a unit here a while ago but I concluded that the condo fees were too high.
 
I don't think the condo fees are too high, it's $0.49 per square feet, thas is the average fee for any project in Downtown. Now, the hotel and the condo will be separate entities, so I don't expect the fees to go too high. If you check Soho Hotel, the condo and hotel are only 1 entity and the condo fees there are crazy.

In terms of finishes, 550 wellington is going to be one of the best projects in the area, the location is fantastic, Thompson Hotels is a small luxury hotel chain and I think is going to be great for the area. Once all these Freed projects are ready in this area, prices will be very similar to what we see now in Yorkville.
 
carturo15 said:
I don't think the condo fees are too high, it's $0.49 per square feet, thas is the average fee for any project in Downtown. Now, the hotel and the condo will be separate entities, so I don't expect the fees to go too high. If you check Soho Hotel, the condo and hotel are only 1 entity and the condo fees there are crazy.

In terms of finishes, 550 wellington is going to be one of the best projects in the area, the location is fantastic, Thompson Hotels is a small luxury hotel chain and I think is going to be great for the area. Once all these Freed projects are ready in this area, prices will be very similar to what we see now in Yorkville.
Click to expand...

$0.49/sq.ft should be considered a starting point and to be realistic, one should expect that these fees are only to rise once the new condo board is in place and does their review of the budget/reserve fund after the first year. My experience, expect a minimum 15-20% increase on the developer's numbers to be safe.
 
You are right, however even with 15-20% increase, $0.56-$0.58 for this location and the quality of amenities I don't think is too high. condo fees at Cityplace are $0.45 per SF and there are almost 2.000 condos sharing 1 single facility. Condo fees at 1 King are $0.85, some units have $1.00 and $1.25 per square foot, that is really expensive
 
To put it bluntly: Yorkville is the last stop before Mount Pleasant cemetery; King West is the stop before a baby is born.

I'd rather be on King West.

Thanks Peter Freed.

550 Wellington is nice and in 20 years, will be better than Yorkville. Yorkville shall be the new Yonge+St Clair.
 
I think blank-slate Wellington has the potential to kick nimby-Yorkville's ass, if planned correctly.
 
grey said:
I think blank-slate Wellington has the potential to kick nimby-Yorkville's ass, if planned correctly.
Click to expand...

It will never have the retail, the subway line, the major roads, the proximity to population and institutions or the pedestrian traffic to even come close.
 
Never say never; remember how "investor" got owned on my call to have the old four season's hotel demolished? (Within weeks my prediction came true.)

2030 I recken King West will be what Bloor West is today: Happening luxury retailers; Wellington will be the new Yorkville Ave.

Or maybe (I hope so) Toronto will have two or three upscale shopping districts?
 
alklay said:
It will never have the retail, the subway line, the major roads, the proximity to population and institutions or the pedestrian traffic to even come close.
Click to expand...
Wow, those are all extremely easy points to shoot down:

  • It has well-used streetcar routes.
  • I consider Bathurst, King, and Spadina major roads.
  • Also the Gardiner/QEW.
  • The retail is quickly improving (some of the city's "hottest" nightspots, not to mention DWR),
  • pedestrian traffic from the massive influx of population from intense condo development in King West.
  • proximity to the theatre district

Owned. This area has future society people written all over it.

Edit: I'm not saying Gucci is about to move into the area, but I could definitely see Wellington becoming our Park Avenue.
 
Does anyone have recent pics of the construction site? I bought a place in here but then got transferred to Singapore so I haven't been able to follow the progress. How far along are they?
 
grey said:
Wow, those are all extremely easy points to shoot down:

  • It has well-used streetcar routes.
  • I consider Bathurst, King, and Spadina major roads.
  • Also the Gardiner/QEW.
  • The retail is quickly improving (some of the city's "hottest" nightspots, not to mention DWR),
  • pedestrian traffic from the massive influx of population from intense condo development in King West.
  • proximity to the theatre district

Owned. This area has future society people written all over it.

Edit: I'm not saying Gucci is about to move into the area, but I could definitely see Wellington becoming our Park Avenue.
Click to expand...

Streetcars are not subways and none of those streets compare in traffic and pedestrian flow to Yonge, Bloor, Avenue Road and Bay (in the Yorkville area). There may be a few 'nightspots' but that does not mean it will lead to a Yorkville any time soon. No one is walking around King and Bathurst on a Saturday afternoon like they are Yorkville (and as they have been in Yorkville and Yonge and Bloor for 40 plus years). And condo populations (or highways for that matter) do not lead to destination shopping districts or we would have destination shopping districts at Cityplace and North York Centre. A nice neighbourhood, certainly. A 24 hour desitination neighbourhood with the intensity of retail, prestige and wealth that seems to be continually growing in Yorkville - probably never.
 
I think this is basically an old money vs nouveau riche debate.

alklay said:
There may be a few 'nightspots' but that does not mean it will lead to a Yorkville any time soon.
Click to expand...
- Not any time soon, but over the longer horizon, I think it's possible.

- Also, "a few nightspots" is an understatement. Its proximity to the entertainment district gives it more nightspots than Yorkville will ever have.

alklay said:
No one is walking around King and Bathurst on a Saturday afternoon like they are Yorkville
Click to expand...
- No one is walking around Bloor and Avenue on a Saturday night like they are King (and before anyone gets nitpicky, they are, but nowhere near the same volumes). And thanks to all of the elite little NY-style (forgive me) winebars and lounges popping up, it also has Thursday and Friday nights.

alklay said:
And condo populations (or highways for that matter) do not lead to destination shopping districts or we would have destination shopping districts at Cityplace and North York Centre.
Click to expand...

- YOU used proximity to population, why can't I? I think over time 'nice neighbourhoods' will flourish. Not cityplace, but definitely King West, and while Wellington is still mostly an industrial wasteland, I think it could easily become a destination neighbourhood drawing wealth.

And please disregard the Gardiner comment. It was caveatemptor who mentioned the DVP, not you. My mistake.

caveatemptor said:
OWNED.
Click to expand...
pwned.
 
I'm a bit scared it will turn in to Richmond Street West...
But thankfully there are some higher end restaurants there, maybe they'll save the street.
 
Why would or should Wellington be a "destination" street? I see it more as a servant for other destinations--sort of like Bay Street, and I'm not saying that as another slag on Bay...
 
You must log in or register to post here.

Back
Top