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

His developments have contributed a lot to the gentrification of this neighbourhood, too It's one of my favourite parts of the city now.

It was mostly declining industry and seedy garages not even ten years ago.
 
that's right, the area is really nice and once all the new upcoming project like 550 wellington, 75 portland, 455 adelaide, 650 king, Victory, Fashionhouse, Charlie, 500 welllington, 400 wellington are done this part of the city will be amazing. Obviously prices are also getting crazy, I heard that Fashionhouse is probably coming to market between $500-$550/sf.
 
If I were a purchaser I certainly would not be thrilled by such a change at this point. It could very well have many serious implications for owners.
 
Peter Freed's Projects at King/Bathurst in Toronto

Peter Freed's Projects at King/Bathurst in Toronto

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Note: Not everything is on here. The model needs to be updated but it gives you a good sense of the increased density.
 
^pretty cool ... you don't happen to have a link to a higher res pic? (for the buiulding heights)
 
I wonder what else he own in the neighbourhood - if not the whole neighbourhood shown?
 
I knew of those ones. What I'm wondering about are some of the empty lots or the remaining houses still dotting the neighbourhood.
 
Should I buy?

Hi everyone,

It was very interesting the thread because I literally stumbled onto the Freed presentation centre at 600 King West on Thursday and found out about 550 Wellington. I really like the condo and was debating on buying or not. The new note about the hotel and condo sharing amenities has me worried. Can anyone tell me what exactly this will mean? Also, what is the average price per square feet at the moment? This will help me in my decision.

Thank you!
 
april_baby said:
Hi everyone,

It was very interesting the thread because I literally stumbled onto the Freed presentation centre at 600 King West on Thursday and found out about 550 Wellington. I really like the condo and was debating on buying or not. The new note about the hotel and condo sharing amenities has me worried. Can anyone tell me what exactly this will mean? Also, what is the average price per square feet at the moment? This will help me in my decision.

Thank you!
Click to expand...

I'm not a lawyer, but here are some key points that I see from the condo docs:


The project is made up of four components: Hotel and Amenity Lands, the Parking Condominium, the Condominium, and the Retail Lands.

The Retail Lands is owned by the Declarant, or 550 Wellington West Ltd. (or Freed, I assume), and has no intention to sell, but reserves the right to do so.

The Parking Condominium owns all parking, and they will set a rate that is "comparable to other public parking garages". When the project first came out, they said that there will be no free visitor parking. This hasn't changed.

The Declarant intends to lease 25% of the units. WTF. I'm not sure if they're talking about the retail portion, but they specifically say "the Condominium"... See below:

"While the Declarant intends to market and sell all of the Dwelling Units in this Condominium to individual unit purchasers, the Declarant reserves the right to lease any units in the Condominium to one or more third party tenatns (particularly if the prevailing market makes it economically viable to do so, where sales are not easily achieved or obtainable), and accordingly, the portion of units (to the nearest 25 per cent) that the Declarant intends or anticipates to lease is presently 25 per cent."


There's some sort of "reciprocal agreement" that basically allows residents to use the amenities, but they will be responsible for a portion of operation, repair, use and maintenance. It talks about "cost-sharing provisions". The Common Facilities will be owned by the Hotel and Amenity Lands, and they will decide what equipment to put in, when to maintain, etc. They also get $1,000 (inflation adjusted) plus GST per month to do this. WTF. The Hotel and Amenity Lands gets to create the budget for all of this. WTF.


Has anyone else purchased in this building (and have read through the updated condo docs)?
 
Ok, it's confirmed. Just got the budget statement for the first year of operations.

A portion of the "Hotel and Amenity Lands Expenses" will be a part of the condominium fees, which is defined as: "The estimated proportionate share of expenses to operate the gym, including the change rooms."

It works out to $80,000 of the $686,691 total in contracts. The total expenses for the first year is $1,896,402 (made up of administration, utilities, consulting for the audit, maintenance and repairs, reserve fund, and contracts).


At least the maintenance for the hotel will stay as maintenance for the hotel owners, and not a part of the regular condominium expenses.
 
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