Toronto

Artists' Alley | 126m | 39s | Lanterra | Hariri Pontarini

Urban-Affair

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Lanterra has purchased this property on May 12th for 53 Million. Not sure if there was a thread already, but if so, please merge or discard this.
 

taal

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This is BMO's data center downtown. Or it was at some point in time.
 

67Cup

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I would guess that a condo building in this neighbourhood would be desirable but would not, nevertheless, draw the kind of top dollar people would pay for Bloor-Yorkville or for downtown. I would guess real estate there would also be slightly less expensive than the Entertainment District. If those assumptions are at all accurate, for those more familiar with the finances of construction, approximately how large a building would be required to make a price of fifty three million for the land work out financially?
 

maestro

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Two or three residential towers could fit on site. I don't see anything happening in the near future though.
 

maestro

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What parking lot? It's a fully occupied, revenue generating building. See screenshot above.
 

67Cup

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What parking lot? It's a fully occupied, revenue generating building. See screenshot above.
True... But it is hard to imagine that building in the photos generating enough revenue to justify a $53 million investment. That seems to me such a large sum for the location that it is hard to imagine Lanterra wanting to sit on the land as is for very long.
 

innsertnamehere

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they probably overpaid IMO. Much like Pemberton at the site at sherbourne and front, and Pinnacle with one yonge. They are going to have to go huge to break even on this project.

Retail and office space being incorporated would allow a smaller development, but this is too out of the way for large scale retail, and office may struggle here. Time will tell.
 

maestro

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I can see BMO consolidating this centre with another (gordon baker) over the long term but, I just don't see it anytime soon. I'm also pretty sure BMO would make sure Lanterra can't just kick them out as part of the sale. Lanterra alone appears to have a ton of property to develop too nevermind the rest of the Mandelbaum family.
 
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ProjectEnd

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Lanterra. Hariri Pontarini. 54, 22, 17 storeys. Mid block pedestrian mews. Very 'The Well' but without the brick.

Some photos on my Twitter.
 
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