Toronto B.streets Condos | 29.26m | 9s | Lindvest Properties | Hariri Pontarini

The ground floor retail units are condo commercial? interesting.

My understanding is that the Honest Eds project is going to be rentals, so a presentation centre isn't going to be needed. Maybe to get better control over tenants in the area? you can move in many successful tenants on higher leases in these units if you can tie it to the commercial activity that is coming across the street.
 
Still plenty of unoccupied retail units.


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That is why condo developments are no solution to a better and more vibrant city. Retail space pricing and diversity are highly constraint within condo spaces. Note how these units sit empty for years while dozens of businesses are displaced less than a block away and likely will not find space again within the community. Ironically you get greater residential density but less retail space and diversity to serve the area.
 
Condo retail space can certainly be hit or miss. However, I've found areas like North York City Centre to have drastically improved in recent years. I'm actually quite impressed by the amount of retail diversity and occupancy of the ground units there. Especially in Tridel's Grand Triomphe phases along Yonge. Crap architecture still, but lots of interesting usages for restaurants and eateries in particular. Can only hope that other developments like B.streets mature with time.
 
TrickyRicky said:
That is why condo developments are no solution to a better and more vibrant city. Retail space pricing and diversity are highly constraint within condo spaces. Note how these units sit empty for years while dozens of businesses are displaced less than a block away and likely will not find space again within the community. Ironically you get greater residential density but less retail space and diversity to serve the area.
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I think we should keep in mind that these retail spaces didn't displace any businesses as they replaced a parking lot and non-retail building. While some units may sit empty because the developer is asking an unrealistic rent (for now) they are increasing the amount and variety of retail space in the area.
 
I live in this neighborhood, and it puzzling why owners of the retail space would not lower the rent to attract tenants. Seems like a big loss of cash flow. For example, the folks at Roti Palace across the street have been displaced and they haven't found an alternative in the area. Is it possible that the owners don't care that much if they are not generating cash flow? I own a commercial property myself, and I get anxious when I don't have a tenant lined up. I need my property to produce an attractive yield through income, and can't afford to let it sit.
 
TrickyRicky said:
That is why condo developments are no solution to a better and more vibrant city. Retail space pricing and diversity are highly constraint within condo spaces. Note how these units sit empty for years while dozens of businesses are displaced less than a block away and likely will not find space again within the community. Ironically you get greater residential density but less retail space and diversity to serve the area.
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I believe one of the displaced tenants, A Different Booklist, has actually rented one of these spaces.
 
I disagree with this notion that retail space doesn't work in new condos; Yes maybe demanding rents that are two high are at play ... NYCC is a perfect example where many units have worked extremely well ... there are small cafes / restaurants / ... in medium to small retail spaces.
 
It's not just the matter of high rents. Many property managers have a preference for major chains because they're seen as stable long-term tenants. That preference works against small businesses and startups, which have a higher risk of failure in their early years. It's why new condo retail tenants are often a Starbucks, chain pharmacy store or bank. Those tenants are seen as stable long-term tenants. They have deep pockets to pay the leases on new retail spaces.

Many new residential buildings also don't want restaurants for fear of odours and pests. A lot of buildings will be able to attract "safe" tenants like chain coffee shops or pharmacies, but not all of them. The communities around them are better off if they're open to leasing to a variety of businesses. Inevitably, many buildings will become more open to small businesses and restaurants as they age and become less competitive with new buildings. The storefront with a Starbucks today might house an indie coffee house or fashion boutique in 20 years. What's important is that buildings are built with retail space from the beginning, as it can be structurally difficult to add storefronts later on.
 
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Again that's strange because in NYCC, that entire checklist is thrown out of the door; Independent retailers with all sorts of food.

I'm wondering what's different about the property management firms.
 
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