66 Isabella | 73m | 23s | Quadrangle

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Looks like this is moving on, from DCN..

RESIDENTIAL, RETAIL BUILDING ADDN
Proj: 9129574-3
Toronto, Metro Toronto Reg ON
PREPARING PLANS
66 Isabella St, NW corner of Church St, M4Y 1N3
$30,000,000 est

Note:
Owner's representative is finalizing city council rezoning approvals. Site plan approval submissions are anticipated fall 2011. Preliminary design is underway. Schedules for working drawings, tender for general contractor and construction are undetermined. Further update late fall 2011.

Project:
proposed construction of a 32-storey mixed use addition onto an existing 26-storey condominium building. The addition will house 212 units, which will include 12 condominium units and 200 rental units. Also proposed is 5,194 sq ft of retail space at grade level.

Scope:
25,655 m²; 32 storeys; 2 storeys below grade; 212 units; 1 acres

Development:..Addition/alterations
Category:..Apartment bldgs; Retail, wholesale services
http://www.dcnonl.com/cgi-bin/top10.pl?rm=show_top10_project&id=e7173d19d622b15dafee643ac6fecf4b42e392b4&projectid=9129574&region=ontario
 

AlbertC

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I think infill projects like this will become more common as downtown land becomes more expensive and scarce. Tower-in-the-park property owners will look to maximize revenue by developing excess parking lots and private green space. A lot of apartment complexes in the eastside provide this opportunity for more density.
 

dt_toronto_geek

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Whether it becomes the norm or not (I hope not) this is one bizarre project.
 

dt_toronto_geek

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Whats so bizarre in this area about building a rental building on vacant lands owned by the developer:confused:
So you don't think it's a little unusual to build and connect a new 32-storey mixed rental/condo building onto an existing 26-storey, 1960's rental apartment building all on top of an existing two-storey underground parking garage?
 
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mgl

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I think what's odd is there will be a bunch of rental units and just 16 condo units. Given the unequal distribution. the property manager will be primarily beholden to the owner of the rental units and the condo owners won't have a lot of say in things.
 

cdr108

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So you don't think it's a little unusual to build and connect a new 32-storey mixed rental/condo building to an existing 26-storey, 1960's rental apartment building all on top of an existing two-storey underground parking garage?

who would buy into an almost strictly rental building?
 

Xray_Crystal_Junkie

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This lot is huge. More than enough room for another tower. Am I missing something? I assume they'll only be connected through the new retail podium.

The miniscule amount of condo units compared to rentals is a little baffling though. You'd never catch me buying one. My guess is they would just be bought by investors and become rental units like the rest of them.
 

CapitalSeven

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I speculate that the condo units would be townhouse units in the podium and/or penthouse units (separate elevator?) in the tower. In that case, it might make sense.
 

dt_toronto_geek

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This lot is huge. More than enough room for another tower. Am I missing something? I assume they'll only be connected through the new retail podium.
Connected via a podium for a new entrance to both buildings, or the one building - they will be connected from top to bottom. That's part of the bizarre part, to my mind anyway.

 
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mgl

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I speculate that the condo units would be townhouse units in the podium and/or penthouse units (separate elevator?) in the tower. In that case, it might make sense.
That's exactly what the proposal says. 2 floors of penthouses and a few townhouses. But who would want to buy them and live in them? As somebody else said, they might be bought by investors and thus be additional rental, but what's the point?
 

maestro

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Shit, i thought you dug a hole and hid by now...such doom and gloom on anything thats going on in this city.:D
I would have assumed that someone with supposedly experience in the industry would realize that the re-zoning of the land has really nothing to do with the project moving forward in comparison to ordering working drawings and hiring a general contractor.

That's not doom and gloom. It's pragmatism.

The direction the market is going should be concerning to all that are invested instead of just watchers of big shiny towers. Those that blindly hold on to the notion that the units will be easily absorbed as the city continues to grow by 100k a year have yet to explain the mid-90s when we saw population growth but only a half dozen market midrises. No one can accurately predict when but, a correction is coming and the severity of it will be how long the market continues to avoid its fate. High rise condos are the most volatile given the finite amount of land in the city and the ablity aparments to be stacked on top of each other to incredible heights. House supply in the city has pretty much maxed out.
 
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marsh

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I think this is a bizarre project too. I used to live in that apartment building and really enjoyed our patch of green space. I think its awful that its being torn up. Even if it was private property, I thought the green space did enhance the street and it also provided a space for the few children in the building to play in. I don't know why anyone would buy condos there (unless they are investors to rent them out). These are nice apartments but not exactly high-end. I certainly wouldn't buy a condo there for investment puroses or otherwise.
 

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