Toronto 88 Isabella | 199.22m | 62s | Capital Developments | Diamond Schmitt

Today:

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Still find it kinda wild that there was nowhere else to build a new 200 metre tower that didn't require demolishing this building, which I always thought was quite handsome and one of the best examples of the mid-century apartment block we had in the Village. I hope we don't regret this loss.
 
dougtoronto said:
Still find it kinda wild that there was nowhere else to build a new 200 metre tower that didn't require demolishing this building, which I always thought was quite handsome and one of the best examples of the mid-century apartment block we had in the Village. I hope we don't regret this loss.
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I agree 100%. Not only was this a handsome building but it was also part of Toronto's dwindling stock of affordable housing. I would bet many of the displaced residents lived in that building for decades protected under rent control. Supposedly the developer made commitments with the city to relocate tenants during construction and return them back into a completed tower and into "affordable units" but what if the developer goes bankrupt? The cold reality is these are challenging times for the housing construction industry. What if this tower is never built? Who will fulfill the guarantees made to the displaced residents intended to "leave them whole"? The City of Toronto? The Province of Ontario? I doubt it.

I believe there should be a ban on these types of developments that gut what affordable housing is left in the downtown core. There are lots of commercial real-estate properties left in the core that can be redeveloped with 200-meter towers. City zoning would never permit the construction of a 62-story condo in the heart of Rosedale. Why is it allowed here?
 
Interesting observations regarding the developer Capital Developments taken from Real Estate News
: https://renx.ca/capital-developments-and-kilmer-partnering-on-toronto-apartment

"Demolition is underway on the former 14-storey rental apartment on the site of what will become 88 Isabella, on Isabella Avenue between Church and Jarvis streets. The 62-storey Diamond Schmitt-designed rental tower, which was originally conceived as a condo, should be completed in 2029.

Still a market for condos​

Capital Developments has three mid-rise sites in the early stages of development that should be announced in February. Two will be purpose-built rental apartments and the third could be either a rental or a condo.

“We still believe there’s a condo market in a different form than it was 24 months ago,” Timpano said. “There’s still a demand for condos if you can sell them at close to resale prices and with a new building typology.”

These mid-market condo units would be larger and target end-users who will live in them, as opposed to investors looking to buy and then rent them on the shadow market.

Capital Developments is, however, being more conservative in site acquisitions due to the major slump in new condo sales and other unfavourable market conditions."
 
donmayne said:
Interesting observations regarding the developer Capital Developments taken from Real Estate News
: https://renx.ca/capital-developments-and-kilmer-partnering-on-toronto-apartment

"Demolition is underway on the former 14-storey rental apartment on the site of what will become 88 Isabella, on Isabella Avenue between Church and Jarvis streets. The 62-storey Diamond Schmitt-designed rental tower, which was originally conceived as a condo, should be completed in 2029.

Still a market for condos​

Capital Developments has three mid-rise sites in the early stages of development that should be announced in February. Two will be purpose-built rental apartments and the third could be either a rental or a condo.

“We still believe there’s a condo market in a different form than it was 24 months ago,” Timpano said. “There’s still a demand for condos if you can sell them at close to resale prices and with a new building typology.”

These mid-market condo units would be larger and target end-users who will live in them, as opposed to investors looking to buy and then rent them on the shadow market.

Capital Developments is, however, being more conservative in site acquisitions due to the major slump in new condo sales and other unfavourable market conditions."
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I think we need to highlight a portion of the above:

The 62-storey Diamond Schmitt-designed rental tower, which was originally conceived as a condo, should be completed in 2029.
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@Paclo this is now confirmed to be rental.

Of note, the still 'under review' SPA has this listed as condo.

So a resubmission is obviously pending.
 
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