Toronto Cumberland Square | 253.92m | 75s | KingSett Capital | Giannone Petricone

valkoholic said:
I heard there were also tax reasons to keep rental buildings as condos. Not sure, just what I heard.
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Property taxes for new multi-res buildings (purpose built rental) don't penalize brand new purpose built rentals, however the city can fairly easily alter those tax policies in which rental buildings built prior to (I can't remember the exact year, but it's early-to-mid 1990s) have much higher property tax rates than ownership buildings (Toronto renters face a higher average tax ratio and a tax rate of ~3.6 times homeowners ). Also as mentioned a condo structure provides greater flexibility since the city has very restrictive policies in place regarding conversions. Those restrictive policies inhibit new supply from coming onto the market, therefore virtually any new purpose built 'rental' buildings coming on stream tend to have a condominium structure. Lastly there are some HST & GST implications in terms of self assessment of newly constructed purpose built rental units.

As for the rest of the new rental supply - it's also in new condos as small investors rent their condo units out and there are also large investors that pool blocks of units together that can be purchased in bulk at discount rates. Essentially the 'new' rental supply is found mixed into ownership condo buildings. This may change significantly in the coming years as the big changes in Flaherty's move to curb the hot real estate market was to require 20% down-payments for government-backed mortgage insurance on non-primary residences (investment properties). This is up significantly from 5% and will slow the condo market - especially the investor segment... the unintended consequence being to limit new rental supply.
 
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The 20% down is certainly going to impact the condo market. Many small investors will be pushed out.

Good to see this project coming along. Cumberland Terrace is quite the dump right now.
 
Cumberland Terrace

I've never been able to master the search thread function. Not sure why, can't be that hard. Anyway, i cant find this thread.

The mall's exterior appears to have had its signage stripped off. I haven't looked inside to see if any tenants are clearing out. But perhaps this project is beginning to stir.
 
buildup said:
I've never been able to master the search thread function. Not sure why, can't be that hard. Anyway, i cant find this thread.

The mall's exterior appears to have had its signage stripped off. I haven't looked inside to see if any tenants are clearing out. But perhaps this project is beginning to stir.
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there are a few shuttered retail spaces, well more than a few, but this place hasn't had full occupancy for many years. other than that, i don't see anything happening inside at the moment. i happened to be in there today--such an unbelievably grim mall, and i can't wait for the demo.
 
thedeepend said:
there are a few shuttered retail spaces, well more than a few, but this place hasn't had full occupancy for many years. other than that, i don't see anything happening inside at the moment. i happened to be in there today--such an unbelievably grim mall, and i can't wait for the demo.
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It's one of those malls where all the clothing stores have the word "fashion" or "style" in their names, but the clothes inside have nothing to do with fashion or style.

Although I enjoyed some of the restaurants in the food court such as that place that smells like gravy, I can't wait for the redevelopment of this unfriendly mall.
 
from today's Daily Commercial News, posted with the usual caveat.........

APARTMENT BUILDINGS Proj: 9091568-6
Toronto, Metro Toronto Reg ON PREPARING PLANS

Cumberland Terrace, 2 Bloor St, Cumberland Ave, M4W 3E2
$87,000,000 est

Note: Market analysis studies have been completed by the Owner. Preliminary design is ongoing. City Council rezoning approvals are in place. An appeal has been filed to the Ontario Municipal Board (OMB). Rezoning approvals will be finalized pending an OMB hearing late 2010/early 2011. Owner expects to seek Site plan approvals from City Council pending final OMB approvals Spring/Summer, 2011. Schedules for Working drawings, tender for Gen Cont and construction will be determined based on approvals. Further update late Spring, 2011.
Project: proposed construction of residential apartment buildings. This project represents the redevelopment of the Cumberland Terrace shopping mall, and will include construction of two glass-clad apartment buildings, one 45 storeys and one 36 storeys. Nine residential villas will also be built above a street-level retail podium as part of the project. Demolition of existing buildings on the site will proceed prior to construction of this project.

Scope: 800,000 square feet; 45 storeys; 2 structures
Development: New
Category: Apartment bldgs; Retail, wholesale services
 
I've found the search thingy here a little confusing too. I'm always happy when someone posts in a thread... cause then it pops to the top of the list then all I really do is look at the first 2 pages for anything recent.

I'll be happy when this is redeveloped, but sorry to see the small shop owners go... especially the place that sells those yummy samosa, mmmmmm :)

on a side note... am I the only one that feels the exterior of Holts needs some fixing? It's a disgrace... imagine spending all that money on clothing in a building that looks so dirty on the outside.
 
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MileHigh said:
am I the only one that feels the exterior of Holts needs some fixing? It's a disgrace... imagine spending all that money on clothing in a building that looks so dirty on the outside.
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At least they replaced their shredded flags.
 
They also need to replace that creepy, angry-grin 'welcomer' who tries to maul/kiss every woman entering Holt's. Who does that anymore? Its like he can sense women trying to sneak past him.
 
buildup said:
They also need to replace that creepy, angry-grin 'welcomer' who tries to maul/kiss every woman entering Holt's. Who does that anymore? Its like he can sense women trying to sneak past him.
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If it's the guy who has been there since at least the early 90's, he's a nice and friendly fellow. I've never seen him maul/kiss anyone, he greets poeple (whether they go into Holts or not), smiles and opens doors for them.
 
Recent posts related to trouble with UT's search feature have been moved here.

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If the renders are to be believed, this will really freshen up this corner of Yonge and Bloor. Between this and One Bloor, the rest of this intersection is going to look downright stodgy.
 
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