69 Yonge | 89.45m | 21s | H&R REIT | PARTISANS

Northern Light

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Different! A new app into the AIC to convert floors 2-15 in this 16s heritage office tower (Canadian Pacific Building) at the S/E corner of King + Yonge to residential.

(note that if the Shopper's Drug Mart unit were considered 1-floor (which I believe it once was), then this is a 15s building)

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Link: http://app.toronto.ca/AIC/index.do?folderRsn=/Iu9vXkryHwqVwAIO3/UJg==

Streetview:

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Heritage Status: Building is Designated.

From said Designation:

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canarob

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Would they need to replace the office space elsewhere? I thought these conversions were a no-go with current bylaws.
 

Rimsky44

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I can see this development turning into a high end residential condo tower!
Probably accurate - it would have to be for the economics to work. It's only 15 stories, only so many units they can sell/rent unless they jam it full of 200 sq ft micro-units. I wouldn't imagine the conversion to be entirely cheap.
 

ProjectEnd

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This building has always fascinated me since it would have been constructed under Thomas Shaughnessy whose main MO was to centralize CPR's operations at Windsor Station in Montreal. That they'd need or even want such an enormous Toronto edifice just seems out of place for the CPR at that time.
 

The Preservationist

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Probably accurate - it would have to be for the economics to work. It's only 15 stories, only so many units they can sell/rent unless they jam it full of 200 sq ft micro-units. I wouldn't imagine the conversion to be entirely cheap.
or possibly a super high end building with decent sized units for those with large amounts of deposable income. I suspect we'll see a mix. One thing for sure it ain't going to be cheap..
 

AlbertC

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Looks like this building is with H&R Reit. Which I continue to be a shareholder for. ;)

 

concrete_and_light

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Not a bad idea IMO to do this for heritage office buildings that likely could not be upgraded to the needs and preferences of the modern office building market, but could be converted into interesting and unique residential.
 

dt_toronto_geek

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I’d love to live in a decent sized suite in a building like that, but they will likely be micro-rentals/micro-condos. People with money don’t want to live in a dead zone like that. It’s all about Yorkville, Rosedale/Forest Hill/Moore Park etc. There are buildings in the CBD that are hard to sell already, good buildings too.
 

Northern Light

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I’d love to live in a decent sized suite in a building like that, but they will likely be micro-rentals/micro-condos. People with money don’t want to live in a dead zone like that. It’s all about Yorkville, Rosedale/Forest Hill/Moore Park etc. There are buildings in the CBD that are hard to sell already, good buildings too.

Dead Zone?

The St. Lawrence neighbourhood and Berczy Park are all of 2 blocks away; Beer Bistro is across the street; Union Station which will be a retail mecca, is only 3 blocks away, and your a short walk to the Waterfront or Yonge-Queen/Dundas and the Eaton Centre. There are literally a dozen great restos in a 3 block radius.
 

Northern Light

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I wonder if post-COVID this is the first of many office-to-residential conversions in the Financial District?

I doubt it, commercial vacancy in the core, in class A space is still quite respectable ~9.5%; 7.8% as per PE, that's better than most major cities in North America pre-Covid.

It's also transitory. I expect to see that number decline rapidly in 2022.

Older buildings, that don't have the configuration/floor plate that most easily supports the growing sectors; particularly tech/creative and finance are those where repurposing makes sense.

There are a smattering of such buildings; but even then, there is commercial demand for some of these if restored.

I think you may see one or two more, but I'd be surprised if it went much beyond that in Toronto.
 
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