Cumberland Square | 254m | 75s | KingSett Capital | Giannone Petricone

Bayer

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I can hardly believe that I might see 7 more towers coming up from my vantage point at Manulife. Then again, I lived near Yonge/Bay and College for years back when the Liberties and the Lexington were the only condo buildings in the area.
 

AHK

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Odd no replies about the latest mega project approval. Maybe no forum buy in... for the players on this?
Seven likes on the post already - that is some by in. When the usual foamers get to see it (at least those who will take the time to actually look at the recommendation page of the Final Report from Planning), I am sure there will be more commentary. Meanwhile - good enough to know that Jon Love (Kingsett Capital) has his 70 storey tower at Bloor and Yonge with a recommendation for approval from Planning. (Pardon me for borrowing a railway fan term)
 

ADRM

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Odd no replies about the latest mega project approval. Maybe no forum buy in... for the players on this?
I can’t speak for others, but my enthusiasm is tempered by the fact that, until recently, KingSett’s MO has been to assemble, plan, and sell (rather than to build) and I don’t know their intentions here. If it is in keeping with the former, then the timelines likely become elongated and the plans at least somewhat changed.

(GPA has also never done a decent large-scale building, so I am also reluctant to get excited about anything big they do until they prove capable.)
 

AHK

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I can’t speak for others, but my enthusiasm is tempered by the fact that, until recently, KingSett’s MO has been to assemble, plan, and sell (rather than to build) and I don’t know their intentions here. If it is in keeping with the former, then the timelines likely become elongated and the plans at least somewhat changed.

(GPA has also never done a decent large-scale building, so I am also reluctant to get excited about anything big they do until they prove capable.)
Agreed - Kingsett has had a history of upzoning and selling, but on the other hand, they did participate in the acquisition of the Atrium on Bay after H&R had carried the upzoning exercise through to its completion. A bit more of an open mind with respect to Ralph though. (I am assuming this would be his, and not a Pina Petricone project.)
 

Isotack

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$12k per unit for a section 37 slush fun so the local councilor can act like Santa at election time. Add in Provincial and Toronto LTT...$40k on a $ million unit...and people wonder why housing costs so much. $62k in taxes before that foreign buyers tax.
 

interchange42

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$12k per unit for a section 37 slush fun so the local councilor can act like Santa at election time. Add in Provincial and Toronto LTT...$40k on a $ million unit...and people wonder why housing costs so much. $62k in taxes before that foreign buyers tax.
So you'd prefer that the city fall apart as people move in? Section 37 et al pay for community upgrades and for various services.

42
 

SOS_Urbanist

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$12k per unit for a section 37 slush fun so the local councilor can act like Santa at election time. Add in Provincial and Toronto LTT...$40k on a $ million unit...and people wonder why housing costs so much. $62k in taxes before that foreign buyers tax.
Monies can only be spent if you get buy in from City staff and staff are not afraid to tell you where the most pressing needs are. Councillors need to have good will with City staff to get things done and if Councillors are throwing money at things staff wouldn't agree with, then it's a long uphill battle when trying to get staff onside for other projects, where there is some benefit.

Imagine trying to get a local project prioritized funding and asking staff to dig into reserves etc, while having spent local s37 monies on useless things they wouldnt agree with that could have been used to help close a funding gap.

It's not a "slushfund".
 

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