Toronto Cove at Waterways | 58.52m | 16s | Conservatory Group | Richmond Architects

[interchange42]

Slowly getting the public realm into order here:

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[Corey TK]

Slowly getting the public realm into order here:

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Awesome!! Went to go check it out myself after seeing these - looks like some progress on the water feature and ground floor amenity is underway too

 

[Matty11]

Fantastic pictures, really great to see the progress of this building, especially when going back to excavation and the previous bldg on the site.

Was curious if anyone knows the layout of the amenity spaces for this building? I think there will be an outdoor area / lounge at ground level. But wondering what the large terrace-like area on the 5th floor will be? And the cool V-shaped column and canopy feature on the top floor?

Thanks in advance! Here are a couple photos from last Saturday

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Any update as to what's going on with that roof top feature? I was there yesterday but the security guard wouldn't let me go up to the roof for some reason...

 

[Corey TK]

Had my PDI visit today - building is really starting to take shape on the inside! Hallways and other areas are still being finished and was told probably won't be finished closer to the end until most trades are done in the building as to avoid damaging any finishes.

I asked about the rooftops and they said that it is only green roof at Level 5 at the short leg of the building. Also, unfortunately, there is green roof only as well at the top two levels of roof (where that sculptural looking canopy is).

Here are some pictures of the lobby and around the building:

 

[Edward Skira]

Quite the view.

 

[LUVIT!]

I'd like to live over there. Anybody on UT live there?

 

[Matty11]

Had my PDI visit today - building is really starting to take shape on the inside! Hallways and other areas are still being finished and was told probably won't be finished closer to the end until most trades are done in the building as to avoid damaging any finishes.

I asked about the rooftops and they said that it is only green roof at Level 5 at the short leg of the building. Also, unfortunately, there is green roof only as well at the top two levels of roof (where that sculptural looking canopy is).

Here are some pictures of the lobby and around the building:

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That is frustrating. Perhaps down the line once we establish a condo board that we can make the necessary modifications to turn it into a terrace. Getting to it may be difficult as you have to go through the mechanical room. These pictures below may or may not have been sent to me by an anonymous source... Apologies for the blurriness but the images are looking through a filthy glass door.

 

[Full Metal Junkie]

Just out of curiosity, does anyone else feel the pace of this building finishing up is very slow? I'm just judging by the other buildings in the area that seem to be occupied waaay quicker than this one. What I mean is that the building topped off about a year ago and was fully window-walled by March. It looks like a finished buildings on the outside for months now, but is still fenced off and unoccupied. By comparison, Eau du Soleil still looks like a complete mess, yet occupancy is scheduled for the end of February the last I heard. Westlake Encore topped out in January of this year with exterior looking finished shortly after that, occupancy began in early may. And both of these are a lot bigger projects than The Cove. What is going on here? Isn't there a financial incentive for the developer to finish the building as soon as possible?

 

[Full Metal Junkie]

Judging by curtains and TVs in the windows and patio furniture on the balconies, the lower floors of the building are already occupied.

Exterior public realm is still non-existent, even some of the cladding is still missing. Look at the 'ceiling' portion of the overhang above the ground floor:

 

[torontowest91]

It would be nice if they finished the sidewalk instead of making people walk on the road. It gets dangerous now that winter is here and it's darker much earlier...

 

[Corey TK]

Judging by curtains and TVs in the windows and patio furniture on the balconies, the lower floors of the building are already occupied.

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Exterior public realm is still non-existent, even some of the cladding is still missing. Look at the 'ceiling' portion of the overhang above the ground floor:

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As far as I know, Interim Occupancy has been underway since late August, probably earlier. I think in part what's going on, in regards to the slow occupany, is just the inexperience of the developer. The Conservatory Group is relatively small compared to big developers like Onni Group (Westlake) and Empire (Eau du Soleil). I know the Cove is doing Interim Occupancy, letting owners move in the building floor by floor to get them in as quickly as possible, but there's no rules saying more minor things like the landscaping or soffits need to be complete in order to have people living there. Only human health and safety are really a concern (one working washroom, potable water, etc). Right now common area hallways aren't painted, the amenities aren't close to functional. It's just how they're putting their priority into moving people in first rather than making it look "finished". You're correct that it is a huge incentive for them to go from Interim Occupancy (having owners living in their building but essentially paying rent), to full Occupancy, when purchasers own the unit and have title on the property. Can't put a mortgage on a property if no title for it exists. I'm assuming that they're still finishing up the top level units and therefore can't apply to "register" the building, creating the titles and getting that large mortgage amount remaining on all the ~280 units.

 

[AHK]

As far as I know, Interim Occupancy has been underway since late August, probably earlier. I think in part what's going on, in regards to the slow occupany, is just the inexperience of the developer. The Conservatory Group is relatively small compared to big developers like Onni Group (Westlake) and Empire (Eau du Soleil). I know the Cove is doing Interim Occupancy, letting owners move in the building floor by floor to get them in as quickly as possible, but there's no rules saying more minor things like the landscaping or soffits need to be complete in order to have people living there. Only human health and safety are really a concern (one working washroom, potable water, etc). Right now common area hallways aren't painted, the amenities aren't close to functional. It's just how they're putting their priority into moving people in first rather than making it look "finished". You're correct that it is a huge incentive for them to go from Interim Occupancy (having owners living in their building but essentially paying rent), to full Occupancy, when purchasers own the unit and have title on the property. Can't put a mortgage on a property if no title for it exists. I'm assuming that they're still finishing up the top level units and therefore can't apply to "register" the building, creating the titles and getting that large mortgage amount remaining on all the ~280 units.

A couple of clarifications if I may. First of all, the requirements to start occupancy are, as indicated, a certain level of living conditions in the building are needed. In addition to the in-suite requirements outlined above, the City requires the major life safety systems - fire detection, alarm, and fire suppression components to be operational for the areas for which occupancy permits are granted. Fire Alarm Control Panel (FACP) or Fire Pumps not operational - no occupancy permit.

The major point though is that occupancy level within a building has nothing to do with registration. The Developer (Declarant) has to prepare a number of documents which must be submitted to, reviewed, and accepted by the City in order for the Condominium Corporation to be registered, at which time the Corporation legally comes into existence. Absence or imperfections in any of the required or prerequisite documentation will prevent registration from taking place. In one project, the developer was so on top of the paperwork, the Condominium Corporation was actually registered before the first resident moved in. Highly unusual, but can happen. (I wish I could remember which building it was, but cannot recall at this time - perhaps someone in the industry, or with UrbanToronto may know.) On the other hand, documentation issues, such as lack of a finalized and accepted Site Plan Agreement, could hold up registration indefinitely, until resolved and accepted by the City. In general, developers like to get the registration process completed as quickly as possible, so they can formally close the sale of the units and get paid out (in spite of the occasional comment about developers being accused of dragging out the process to maximize their interim rent proceeds). A further consideration is that the amount paid in interim rent includes the budgeted Reserve Fund contributions - however, the obligation (under the Condominium Act) for the Developer to actually forward to the Corporation the amounts remitted under this part of the interim rent only starts six months after the beginning of initial occupancy. The Developer can keep the that portion of the interim rent up to the six month period, and only after that is required to track, and remit to the corporation, the Reserve Fund portion of the interim rent payments.

The requirements and process for Registration of a Condominium Corporation are detailed in Part II of the Condominium Act, available online at: https://www.ontario.ca/laws/statute/98c19#BK57
At no point in the process, is there any reference to, or requirement for occupancy level, of the condominium corporation being registered.

 

[interchange42]

In one project, the developer was so on top of the paperwork, the Condominium Corporation was actually registered before the first resident moved in. Highly unusual, but can happen. (I wish I could remember which building it was, but cannot recall at this time - perhaps someone in the industry, or with UrbanToronto may know.)

The Berczy was one which was registered prior to there having been any move-ins. In BC, where Concert is from, all buildings have to register first, and so that company is practiced in it. Apparently that was not the case, however, with 88 Scott. That building is Concert's largest ever, and I assume the cost of carrying the building during the finishing stage was prohibitive. In the end, financial issues rule all.

Conservatory has been around a long time, and have built several large buildings, but they don't develop in particularly large volume nor quickly.

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[innsertnamehere]

Conservatory is sitting on a bunch of approved sites around the GTA, taking their sweet time to develop them all.

 

[interchange42]

Yesterday:

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