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

Application: Zoning Review Status: Not Started

Location: 2 BLOOR ST W
TORONTO ON M4W 3E2

Ward 27: Toronto Centre-Rosedale

Application#: 14 143152 ZPR 00 ZR Accepted Date: Apr 15, 2014

Project: Multiple-Use Building New Building

Description: Proposal to construct a new 54 storey mixed use building with 575 residential units, retail space, office space, 44 residential parking spaces and 614 bicycle spaces.
 
44 parking spaces for 575 units? Yes please! Also, I think this is one of the first projects I have seen with more than 1 bike space per unit.

as for the scale, it has obviously been downsized. I don't think anyone seriously beleived that the old 85 + 70 floor proposal was actually moving forward.
 
Another question, is this on the existing office tower ?
 
I really hope so, I emailed them about it a while back and I think they said long term they may but in the shorter term they were going to keep it. I think the city would give them a lot of grief, it is a significant sized building ... you're probably talking about 3000-4000 jobs.
 
taal:

Interesting how office development is likely going to go East-West (Two Kings, proximate to emergent residential neighbourhoods) instead of northward at preexisting nodes (Bloor/St. Clair/Eglinton) along the subway corridor.

AoD
 
Well I think there is a reason for that. You see a lot of development in the core / south core as this is where all the very large players are located in the traditional FIRE market.
King east / west has always been attractive (well last 20 years or so) to smaller startups in the media / tech space ... which are growing a lot as of late, and hence you see demand for a few new building / conversions in this area.

The traditional Yonge - Bloor / Eglinton / St. Clair nodes generally just host more back end offices for the large players, or not so large players (but still those in the traditional markets) so they want deals on rents, at least something that's a little cheaper then the core. This market doesn't tend to grow much, or at all, hence we've seen 0 new development along Bloor, or St. Clair, or Eglinton, or NYCC.

So the large players either expand their core spaces downtown ... or their back offices located in the 905.

With that said there is still demand for the Bloor+ markets, but its just fairly stable, so you see net 0 growth typically.
 
Yea I've thought a lot about that i.e. what could the DRL do, and I'm not so sure to be honest ! The advantage of the King east / west market is too fold:
1) The space available to rent is very interesting / cool - this may sound silly to most, but is a huge factor for many small / medium firms (think old warehouse conversions).
2) Rent is cheaper then the core !

You wouldn't want to see 2) change, that'd drive away some of these tenants, but a DRL may do that. With all that said, thinking of any area like King East (or the portlands), here, where transportation is really bad, a DRL may be key in driving any demand.

Should be very interesting.

And the VCC node should be very interesting as well, very much akin to NYCC, will VCC hurt NYCC ? I think so, a little at least, we already know KMPG is likely going to move all their offices at Yonge / York Mills up to VCC.
 
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