Aquavista at Bayside | 47m | 13s | Tridel | Arquitectonica

greenleaf

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from: http://app.toronto.ca/tmmis/viewAgendaItemHistory.do?item=2013.AH7.3

Bayside is one of the first new neighbourhoods to be developed in the East Bayfront. It is comprised of public lands in which Waterfront Toronto has the lead in revitalizing. The Central Waterfront Secondary Plan, the East Bayfront Precinct Plan and the East Bayfront zoning by-law require that 20% of all residential units be affordable rental housing or that land sufficient to construct such housing be provided at the same time as the development of the market housing.

In 2010, Council approved entering into agreements with Hines Canada Management Company ULC (Hines) for the development of the Bayside lands. The Land Development Agreement sets out the terms and conditions under which the City and Hines/Tridel are to work together to develop an affordable housing pilot project as one portion of the larger affordable housing requirements, on two sites located at the eastern end of Bayside, which may not be ready for development for possibly as long as 10-15 years. At the time, Council requested that options be pursued to expedite the building of a portion of the affordable housing by having it located in the earlier Phase 1 development located at the west end of Bayside.

In accordance with the terms of that Agreement, the City has received a preliminary proposal for an estimated 71 affordable rental apartments in a market condominium on the R3R4 site, a building which would also include a commercial component. This proposal has the benefit of allowing for the construction of a portion of the affordable rental housing at the same time as, and integrated with, the market housing. This pilot project would represent the first step to fulfilling Council's policy of providing 20% affordable housing in Bayside.

While the preliminary proposal, presented by Hines and its residential development partner, Tridel Corporation (Tridel), is only an outline with an estimated number of units and cost, the Land Development Agreement directs the City to approve an allocation of funds for the preliminary proposal in 2013. By approving this report, Council will provide an in principle approval for capital funding required by Hines and Tridel to negotiate a definitive proposal with the City, which will be the subject of a report to Council in May 2014. At that time the final number of units, within a range of 70 – 75 will be specified; as well, the complete capital costs and details of the transaction will be outlined.
 

Peepers

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From the STAR:

East Bayfront condo may incorporate affordable rental units purchased by City of Toronto
The city is poised to buy 20 per cent of units in a proposed waterfront condominium building to ease the affordable housing shortage.
http://www.thestar.com/news/gta/2013/10/29/east_bayfront_condo_may_incorporate_affordable_rental_units_purchased_by_city_of_toronto.html

This is nuts! How can the city justify purchasing luxury condos - at an average price of $313,000 each to be used as public housing? It is proposed that rental units be operated as a co-op which usually means operated by special interest groups who will select who gets to occupy the apartments so there is no guarantee that the units will be allocated in a fair manner - i.e. offered to people waiting the longest on the list for affordable housing.

By contrast - Habitat for Humanity Toronto can build three bedroom homes for $100,000 - $120,000 ! For each luxury condo unit we could build three homes!
http://www.torontohabitat.ca/about-us-mobile/faqs/habitat-for-humanity.html
 
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interchange42

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It is proposed that rental units be operated as a co-op which usually means operated by special interest groups who will select who gets to occupy the apartments so there is no guarantee that the units will be allocated in a fair manner - i.e. offered to people waiting the longest on the list for affordable housing.
If you suspect the City will let that happen, then park yourself in the Council Chambers for the debate and make your views known.

42
 

greenleaf

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This is excellent news for the city and the neighbourhood. I wish there were more co-op opportunities in the city.
 

innsertnamehere

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$22.5 million for around 50,000 square feet of condos averages $420 a square foot, thats $200 a square foot lower than the market condos..
 

tris

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It says a grocery store will be in that phase as well... i smell a Whole Foods popping up in Bayside. The weekly grocery bill would be just as much as the monthly rent.
 

maestro

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How can you possibly equate the construction costs of a house to that of a concrete apartment? Does that 120, 000 factor in the cost of the land? For most of the old city, the valuable of the land is worth more than the improvement that sits on it.
 

Mike in TO

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This just goes to show how over-inflated condo prices are.
Peepers, you may not want to jump to conclusions based on one little mathematical equation and one media article... the deal reported in the Toronto Star is not the only part of the considerations for the project. Tridel & Hines had to enter a competitive bid from Waterfront Toronto on the East Bayfront lands against multiple other developers. There was a significant affordable housing component as part of that Waterfront Toronto competitive bid process.
 

Peepers

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Peepers, you may not want to jump to conclusions based on one little mathematical equation and one media article... the deal reported in the Toronto Star is not the only part of the considerations for the project. Tridel & Hines had to enter a competitive bid from Waterfront Toronto on the East Bayfront lands against multiple other developers. There was a significant affordable housing component as part of that Waterfront Toronto competitive bid process.
This may well be but the notion of turning luxury condos on prime waterfront land into public housing doesn't sit well with a lot of people including Mayor Ford who has just weighed in on this controversial issue!

https://soundcloud.com/jackson-proskow/mayor-rob-ford-no-affordable
 

SP!RE

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Peepers, you know nothing about how coops work. Please take your emotional responses to things elsewhere or base your opinions on facts instead of emotions and rhetoric.
 

AlvinofDiaspar

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Well, here is a mayor who had issues with turning a small chunk of prime waterfront land within a private housing project into god forbid, affordable co-op housing, but wouldn't have the slightest bit of compulsion against spending public money on sole-sourced contracts to have a mall and casino built on said "prime waterfront land". Priorities, you know.

AoD
 

greenleaf

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I think this is a project that falls under the public private partnership banner - something Mayor Ford has championed in the past.
 

Torontovibe

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Peepers, you know nothing about how coops work. Please take your emotional responses to things elsewhere or base your opinions on facts instead of emotions and rhetoric.
Peepers is all about politics, don't you realize that. Everything is a left/right issue. Why wait for all the facts, when you can rant and make political points. But if Ford agrees with your points, you might want to re-think them.
 

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