ChesterCopperpot
Senior Member
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Not a single person under the age of 50 years old at it by the looks of things
Not a single person under the age of 50 years old at it by the looks of things
The process leading to the sale of the Estonian House in Toronto has been continuing despite the pandemic. The sale is the next step in the development of the new International Estonian Centre (IEC), for which planning has also continued these past months. When built, IEC will be a vibrant gathering place for all Estonians to share our culture and achievements - and new home for the largest Estonian community in Canada. The IEC project has two major components; the development of the new Centre on Madison Avenue next to Tartu College; and the sale of the Estonian House (EH) property, being sold with the three adjacent Estonian Foundation of Canada (EFC) properties. Despite challenges, we have made substantial progress toward reaching our collective goals.
Some months ago, shortly after the onset of the COVID outbreak, the Purchase Agreement with Revera was terminated. The terms were satisfactory to the Vendors, Estonian House and Estonian Foundation of Canada. A confidentiality obligation binding both Revera and the Vendors restricts either party from discussing those terms. EH and EFC were very pleased that soon after, they were able to conclude a new Purchase Agreement with DK Acquisitions Inc, a subsidiary of a very credible and experienced local development group.
Closing for the sale of the properties is now expected in September at which point the leaseback of the four properties will begin. This means that EH and EFC will become tenants of the new owner and most activities and tenants will be able to continue to operate at these properties until mid 2022. Much will also depend on the state of the pandemic as to how and when Estonian House will be able to re-open. Further details will be ready to share with the community following closing as is normal in these kinds of transactions.
Both Estonian House and Estonian Foundation of Canada believe the terms of the new Purchase are favourable. For Estonian House, the new agreement realizes the objectives of their sale which include creating a new centre for the community. It also achieves the goals agreed to in the EH shareholder resolution in 2017. Following closing, Estonian House will start the process to facilitate a structured transition to the new centre.
For EFC, the new agreement realizes the objectives of their sale, which required a fair return on EFC’s investment in real estate. EFC’s purchase many years ago of the three properties adjacent to EH was also a strategic investment as selling all four properties together would increase the development footprint for a buyer. This outcome further benefits the community and EFC’s mission to support Estonian cultural and heritage programs and initiatives across Canada.
As the community prepares to enter an exciting next phase in building the new centre, we will also be entering a period of transition. Every effort will be made to ensure as seamless a transition as possible - and it will be a collective effort. All four supporting organizations, Estonian House in Toronto Ltd, Estonian Foundation of Canada, Northern Birch Credit Union Limited and Tartu College remain champions of the new centre. However, this next phase will also be a time to engage more members of our community in the path forward - despite the pandemic. Further updates on how the new centre has been progressing and anticipated construction dates will also be shared after closing.
The International Estonian Centre Project (IEC) has entered its next phase: Estonian House in Toronto Ltd. (EH) and Estonian Foundation of Canada (EFC) are pleased to update the Estonian community that their Broadview group of properties has been sold to DK Broadview Inc. of Toronto for a base price of $15.6 million with a possible upward adjustment depending on the final density achieved by the purchaser on its proposed rezoning of the properties. With this sale, our community marks a major milestone in the creation of a new and dynamic International Estonian Centre in Toronto.
DK Broadview Inc. is a partnership of DiamondCorp and Kilmer Brownfield Development Fund, two experienced and prominent developers who have previously partnered on a number of high profile and successful developments. For the Estonian community, DK Broadview Inc became the right buyer at the right time.
Diamond Kilmer have purchased this site. The same partnership behind the Reunion Crossing project.
Closing of Estonian House Sale Enables Community Move to IEC!
Update #78The International Estonian Centre Project (IEC) has entered its next phase: Estonian House in Toronto Ltd. (EH) and Estonian Foundation of Canada (EFC) are pleased to update the Estonian community that their Broadview group of properties has been sold to DK Broadview Inc. of Toronto...www.estoniancentre.ca
I think that, assuming care for the ravine below and other environmental concerns, this is the best possible outcome. This is a prime location with excellent transit, walking and biking scores, in an established neighbourhood, with TREES! and even wildlife... I don't know what makes more sense: a low-midrise condo with large luxury suites or a row (or two) of very high-end townhouses. I suspect that underground parking will be an issue because I believe that the area is pretty sandy. But I am no engineer. Bottom line, I am hopeful and expect to see the Broadview Study respected.
As compared w/the previous proposal, I would look to see, at the minimum, the 10M from stable top of bank respected; I'd prefer more given than the slope does have clear erosion scars and there may be other reasons to be concerned about slope stability.
That 10M had to do with the TRCA boundary. Now, under Ford, I assume nothing is sacred.
I think that, assuming care for the ravine below and other environmental concerns, this is the best possible outcome. This is a prime location with excellent transit, walking and biking scores, in an established neighbourhood, with TREES! and even wildlife... I don't know what makes more sense: a low-midrise condo with large luxury suites or a row (or two) of very high-end townhouses. I suspect that underground parking will be an issue because I believe that the area is pretty sandy. But I am no engineer. Bottom line, I am hopeful and expect to see the Broadview Study respected.
I doubt that this will be a luxury or high-end project. I watched a video interview with Stephen Diamond and Ken Tanenbaum, and they mentioned that the Diamond Kilmer partnership was formed to provide mid-range, reasonably priced units, for young families. I would expect something along the lines of their Reunion Crossing development on St. Clair West.
New documents uploaded on November 23rd, 2020. Lots of changes - this is now a DiamondCorp project, and, unfortunately, a Graziani + Corrazza project. Height reduced to 16 storeys, as well.