Toronto Concord Sky | 299m | 85s | Concord Adex | Kohn Pedersen Fox

@.dwg, Yes they can build it, there was 1 lien registered against the project, if they pay the money to GFL that lien will be lifted, i guess you did not read what i wrote, i wrote that if they have the financing in place and have adhered to their agreement and not broken the covenants of the agreement then they can still build it, only their backers and their lenders know if they have or have not broken the covenants of their agreement.
 
In normal times this would likely have been taken over as an approved, pre-financed premium development opportunity by a financially stable competitor (e.g. One Bloor East).These are not normal times. Toronto downtown may turn out to be already massively overbuilt in underway and and proposed massive buildings - Google withdrawal? Mervish-Gehry, ever?).
 
The economy sure ain't what it was a few months ago but the financial underpinnings remain to come back to normal once the Covidian era is past us. Toronto remains an in-demand city for immigration, tourist and employment - I don't see that fundamentally changing. Will big projects be delayed further? I expect so. But I don't see the city as being "massively overbuilt."
 
The downtown is massively overbuilt in regards to very expensive, tiny units. Some parts of the downtown that have seen a lot of recent development can be considered massively overbuilt in regards to planning specifications.

The huge scale of this development is not an asset for someone else taking it over. There's only so many players willing to raise that capital and Cresford has to be on their minds. It could happen. Mirvish and One Bloor are two examples. Cresford is abandoning this as the economic viability degraded. Any buyer will face a similar scenario and most likely will start over from scratch like One Bloor and Mirvish.
 
We get these tiny projects full of luxury tiny shoeboxes because of the cost to build downtown is very high. The numbers simply won't work if one wants to build a non-luxury, large unit project. The land itself is expensive, then everyone jumps in to get their cut, not much left if you're building a low/midrange building.

One thing I always noticed about Cresford is the size of the units. This has been their thing for many years, even before the shoebox style picked up. Go look at past projects, the units are tiny.
 
TheKingEast said:
We get these tiny projects full of luxury tiny shoeboxes because of the cost to build downtown is very high. The numbers simply won't work if one wants to build a non-luxury, large unit project. The land itself is expensive, then everyone jumps in to get their cut, not much left if you're building a low/midrange building.
Click to expand...

If the downturn is severe enought construction and land costs will go down.
 
TheKingEast said:
We get these tiny projects full of luxury tiny shoeboxes because of the cost to build downtown is very high. The numbers simply won't work if one wants to build a non-luxury, large unit project. The land itself is expensive, then everyone jumps in to get their cut, not much left if you're building a low/midrange building.

One thing I always noticed about Cresford is the size of the units. This has been their thing for many years, even before the shoebox style picked up. Go look at past projects, the units are tiny.
Click to expand...
Completely agreed, all Cresford condo floor plans are tiny. I think their target market is investors or transient people that don't cook or something. I haven't heard too many bad things about their build quality, it's just who they're targeting for these units. vs. someone like Lamb, you still get 1+DEN in the 700 sq ft range!
 
karledice said:
Completely agreed, all Cresford condo floor plans are tiny. I think their target market is investors or transient people that don't cook or something.
Click to expand...

They're trying to attract speculators and landlords (many of whom are also speculators).
 
No mention of YSL, but this article provides further commentary on the latest status of Cresford's 3 projects that went into receivership:

www.livabl.com

1,805 Cresford purchasers in limbo as receivership process wears on

As no firm decisions have been made yet on the fate of any of these projects, the roadmap for what could happen to them may vary.
www.livabl.com
 
You must log in or register to post here.

Back
Top