Toronto Emerald Park Condos | 128.92m | 40s | Bazis | Rosario Varacalli

There has been a flood in the residential area, the water has made its way down to the retail area.
 
Here's a generic reply I got today from Bazis which was written earlier this week. They got the date wrong for the walk-through but that's part of their attention to detail. The email tells us very little but Bazis calls it "good news" and it's amusing that they "hope" to open after every inspection. They'll open eventually, but I doubt this year. It would have taken 30 seconds Fri. afternoon to update their email but that's too much to ask. I'm trying to get more info on Friday's inspection.

"Thank you for your email, please note that if you are inquiring about the status of the Emerald Park TTC tunnel connection we are pleased to share with you the good news in the following update.
An occupancy inspection and walkthrough has been scheduled with the City of Toronto Buildings department for Friday December 15 2016. City Building staff will review the installation and we are hopeful to open the tunnel shortly after this inspection."
 
Just realized TTC is posting a new sign in subway saying that the tunnel is built by Emerald Park condo. Just so we all know who to blame.
 
I was outside on Yonge Street this morning and I noticed that the "LCBO Opening Soon" sign on the windows fronting Yonge street are being removed. This sign has been up there for over a year now with no stock in the store shelves. There is certainly a message being communicated with the removal of the sign. Anyone care to take a guess?

An optimistic guess would simply be that,....

About 1.75 years ago, the LCBO (contractor) placed their "LCBO Opening Soon" signage on the exterior window along Yonge Street frontage,.... that's considered common area and not allowed by EmeraldPark management. Now that Yonge Street frontage stores are filling up and many of those retailers have been complaining that they can't put their store signage outside of the exterior window like the "LCBO Opening Soon" sign or hanging from the canopy like the retailers at HullmarkCentre across the street.

Hmmm,.... in George Orwell's Animal Farm, wasn't it the Pigs that proclaimed "All animals are equal, but some animals are more equal than others."

Of course, EmeraldPark management (Bazis) will ignore their own no signage on exterior window rule to place their own signage,.... which BTW, are so huge I'm sure they violate city by-laws and would require variances and permits. Here, you can see how large these signage are relative to the just removed "LCBO Opening Soon" sign.
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Don't read further if you don't like long posts on supermarket, food, ethnicity,....


I was outside on Yonge Street this morning and I noticed that the "LCBO Opening Soon" sign on the windows fronting Yonge street are being removed. This sign has been up there for over a year now with no stock in the store shelves. There is certainly a message being communicated with the removal of the sign. Anyone care to take a guess?

A more realistic evidence-based view would be the LCBO is likely gone,.... some will say I'm being negative but it's really just honesty with proof and evidence to back it up,....

In the meantime Bazis (same folks who's been promising to complete EmeraldPark TTC entrance and pedestrian tunnel for last 21+ months) is still claiming Metro, Starbucks and LCBO are all coming to EmeraldPark,.... meanwhile Bazis try to off-load the defaulted retail-condo and office-condo units that the original owners couldn't lease or sell.
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-134#post-1161460

You already contacted Metro, you know Metro isn't coming to EmeraldPark anymore.
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-131#post-1147347
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-131#post-1150217


The EmeraldPark "LCBO Opening Soon" sign recently came down,.... so let's look at what we know,....


After Loblaws T&T (Chinese) supermarket bailed EmeraldPark in 2012 due to Bazis numerous construction delivery issues, Metro came in to acquire entire 2nd floor with plans for new format Metro heavy on ready-made food and market-stations all around the perimeter of store - including Starbucks and LCBO,... challenge was how to close off limited hours LCBO within a 24 hour Metro supermarket, hence LCBO is segregated as it's own separate store. Easier since LCBO always operate their own stores with their own unionized employees; there are no real LCBO franchises unless you count "LCBO agency stores" which are regular corner-stores, mini-marts, grocery stores in little towns where the LCBO would have a couple of shelves worth of products in a corner of the store.

In January 2015, the 2nd floor retail space required numerous Committee of Adjustments variances and severances to basically divide the former Loblaws T&T retail space (entire 2nd floor) into 2 separate retail units to host a full Metro supermarket and the LCBO store: loading docks hallways widen and food court washrooms basically eliminated in favour of 2 large exclusive freight elevators for Metro supermarket - food court washroom reduced to 1 toilet and the rest became mall washrooms hidden in hard to find Mezzanine level - between 1st and 2nd floor only accessible via parking-office elevators. Once these variances and severances were granted, LCBO started their store interior construction but Metro didn't.
http://www1.toronto.ca/City Of Toronto/City Planning/Developing Toronto/Files/pdf/J/January-8-2015-NYdecisions.pdf

This 2nd floor site plan shows the "Metro Land" (shaded area) that Metro owns; basically the entire 2nd floor of EmeraldPark except for common areas like stairways, elevators, utility rooms, etc,... Note: Metro also owns some space on first floor (escalator, freight elevator, loading dock space, etc,...)
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Thus, the LCBO store would have been a tenant of Metro (landlord). Notice the address of the LCBO - 22 Poyntz Ave # 201, also notice Owner/Tenant listed as LCBO and Landlord listed as Metro. LCBO 2nd floor retail space along Yonge frontage completed interior construction in Spring 2015 - floors, lighting, shelves, counters, security cameras, even fully furnished break rooms for staff! All collecting dust. "LCBO Opening Soon" signage since then,... 1.75 years already!

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This is just the store display area, the walk-in cold beer fridge, office, break-room, storage and utility area doubles the size of this LCBO store.


Even though both Tridel HullmarkCentre and Bazis EmeraldPark started their construction within months of each other,.... Bazis-TMG was so inefficient at construction that,... Metro was observing the completed Tridel HullmarkCentre WholeFoodsMarket (open September 2014) across the street and quickly realize a generic Metro supermarket would be a huge money loser in this area,... favourable density & income level but high & increasing ethnic demographic with high proportion of newer immigrants who prefer shopping at ethnic supermarkets (is LCBO afraid of falling for the same trap? And that they'll just be stealing customers from their other local LCBO stores?). The supermarket part of WholeFoodsMarket (minus it's Cafe) basically has similar number of customers (and lower sales total per customer) as one of the local Korean H-mart mini-marts but the WholeFoodsMarket has 10 times the retail space! Metro tried to unload their EmeraldPark supermarket space on their Adonis (Persian) division which rejected it due to poor parking and poor visibility location.

Delivery of Metro retail space was supposed to be in 2015, but Bazis was still using the 2nd floor Metro supermarket space as a staging area in Spring 2016; so I'm assuming that Metro transaction didn't "close" yet or maybe they had formal permission from Metro to use that space.

All EmeraldPark West Tower residential-condos are assigned 11 Bogert Ave, all East-Tower residential-condos are assigned 9 Bogert Ave, all first floor retail-condo and third floor office-condo are assigned 4750 Yonge Street,.... but the 2nd floor retail is assigned 22 Poyntz Ave. A recent search on 22 Poyntz Ave returns 2 active file with 2016 tax assessments,... thus, the Metro 2nd floor real estate transaction at EmeraldPark finally did close in 2016 since there's no 2015 tax assessments attached to these files. Since the 2nd floor (22 Poyntz Ave) only has 2 retail units (supermarket & LCBO) I expected two files both under Metro since Metro WAS supposed to be the landlord for both units,... instead I found:
- Metro Ontario Real Estate Ltd with 2016 tax assessment value of $2.694million.
- WonMak Inc with 2016 tax assessment value of $1.1718million
Note: Tax assessment value for unfinished units without occupancy is generally about 2/3 of final assessment value which in turn is generally a bit over half of real market price. That would give the Metro space an estimated market value of about $8million and $3.5million for the WonMak space.
Also note, the Legal Description is useless crap based on the old Plan - Lot system of the single residential houses that used to occupy this land. After it gets occupancy permit, the Legal Description changes to the new condo system with TSCP = 2519 Level = 2 and Unit = 1 (LCBO/WonMak?) or 2 (Metro?) which will correspond to the survey of the EmeraldPark development.
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Huh? Who's WonMak Inc???
Note: I've blanked out the WonMak Inc mailing address condo unit number for privacy concerns - city records shows that particular residential condo unit is owned by someone with what seems to be a Chinese likely Taiwanese last name and brought it just over a year ago. An internet search of that person's name shows, he *might* be a mid-30 year old academic with wife and toddler,... huh? And he has millions to spend on retail space! Or maybe it's family/parent's money. Or maybe that WonMak Inc mailing address condo unit is among the 35-40% of NorthYorkCentre condo units that are rented out,... and WonMak Inc would be the tenant of that unit. Arghhh,...

Anyways, WonMak Inc. is definitely NOT a Metro subsidiary,... but if Metro is in the habit of putting multi-million dollar real-estate properties in the name of a private individual - I'll be more than happy to volunteer!

The ratio between these two valuation where Metro space assessment is worth twice as much as the WonMak space,... is similar to the ratio of 2nd floor retail space between Metro supermarket area and LCBO retail area,... This site plan shows the supermarket space and the shaded LCBO Store on 2nd floor along Yonge frontage,.... thus, it seems Metro already sold off their LCBO retail space to WonMak Inc,... so now the focus is what's WonMak Inc's intentions?

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Continue,.....
 

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Continue,....

Remember, EmeraldPark Mall is all retail-condo units,... where individuals (or number companies) own the retail-condo units,... and they could open their own stores or rent/lease them out to retailers. This is very different than when a retailer like LCBO usually deal with Mall management/developer like RioCan or CadillacFairview. Here, LCBO (tenant) originally dealt with Metro (2nd floor landlord), then LCBO furnished the retail space that was to become an LCBO store,.... but it seems Metro sold off that retail unit to WonMak Inc. (new retail space owner/landlord). What happens to the original Metro (landlord) and LCBO (tenant) contract? Does WonMak Inc assume it? Not likely. Metro likely gave LCBO a sweetheart deal on rent/lease since Metro was relying on synergy of LCBO next door. (That supermarket-LCBO synergy will be diminished without a supermarket in the same mall, EmeraldPark LCBO & HullmarkCentre WholeFoodsMarket synergy or EmeraldPark LCBO & YongeSheppardCentre Longos synergy is crippled since folks buying grocery and LCBO will likely need a car to carry everything home and it'll be a chore parking at each place,... these establishments caters more to walk-in customers.) The LCBO store already finished, it won't take much to convert it to mini-mart or grocery store. Well, the "LCBO Opening Soon" sign recently came down,.... now keep an eye on the remaining LCBO signage! LCBO usually list their Opening Soon stores 3 months out,... nothing on EmeraldPark:
http://www.doingbusinesswithlcbo.com/shared/storeopenings/FutureStoresMap.shtml

Metro seems to still own the 2nd floor supermarket space, but they won't open a Metro store there because they know a generic supermarket will lose money in this area. Thus, no Metro supermarket at EmeraldPark means Metro won't open their Starbucks kiosk either,... Thus, the Metro store already bailed, Metro's Starbuck also bailed,... LCBO???,... While Bazis delivered the Metro retail space late,.... instead of fighting over breach of contract in court or paying a penalty and walking away, Metro seems to have accepted the EmeraldPark supermarket space in 2016,.... likely because it's market value has increased since its purchase price in 2012. Since Metro has no intentions of opening a Metro supermarket at EmeraldPark, Metro's options are to rent/lease it out or sell it - as they seem to have already done with the LCBO retail unit to WonMax Inc. And since Metro seems to have sold the retail unit that already had a large respectable tenant like LCBO,.... why would Metro even look for a rent/lease tenant for the remaining supermarket space,.... they'll be selling it as well!

It's smarter for Metro to sell than rent-lease out their space. We've already seen rent-lease prices drop to about 1/3 of initial prices at other malls full of these PacificMall like cubicle store - namely WorldOnYonge and Aura,... and with those retail-condo owners (landlords) giving massive incentives to store-owners (tenants). With the Metro supermarket space at EmeraldPark being uncommon in this area due to it's size, Metro should try to sell it sooner rather than later,.... since the YongeSheppardCentre mall renovation will produce 2 similar size retail space (Longos & LA Fitness) when it completes in about 1.25 year,... and the already approved (but stalled) Conservatory's Group PearlPlace (aka Pearl2) (east side of Yonge between SpringGarden Ave & Hollywood Ave) will have a similar size supermarket space at its base as well.
 
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Yea I am pretty convinced as well that all the anchor tenants have bailed after seeing that the 2014 landlord for LCBO was Metro then suddenly the change to WonMak. It just does not make sense for Metro to sell the space then sublet it.

I'm just curious as to how many people will be enticed by the false LCBO signage and set up shop in the first floor or even buy an investment residential unit because of it. In almost every real estate listing they advertise the project as if Metro, LCBO and Starbucks are coming for sure. Some tenants have signed leases 10 years long near the escalators in hopes of the anchor tenants coming. It is a pretty cruel situation where people are being misled and also funny in that the "fake" LCBO signage might end up convincing a "critical mass" of tenants to set up in the first floor to the point where an inflection point occurs and the mall fills up rapidly.

I do not think this project will end up like Aura or WoY because 1. EP mall is on ground level, 2. Its got only 75 units compared to 400-500 WoY and 150 Aura. However if blunders like flooding and doors breaking for weeks keep happening then yes I will lose all hope!
 
Yea I am pretty convinced as well that all the anchor tenants have bailed after seeing that the 2014 landlord for LCBO was Metro then suddenly the change to WonMak. It just does not make sense for Metro to sell the space then sublet it.

I'm just curious as to how many people will be enticed by the false LCBO signage and set up shop in the first floor or even buy an investment residential unit because of it. In almost every real estate listing they advertise the project as if Metro, LCBO and Starbucks are coming for sure. Some tenants have signed leases 10 years long near the escalators in hopes of the anchor tenants coming. It is a pretty cruel situation where people are being misled and also funny in that the "fake" LCBO signage might end up convincing a "critical mass" of tenants to set up in the first floor to the point where an inflection point occurs and the mall fills up rapidly.

I do not think this project will end up like Aura or WoY because 1. EP mall is on ground level, 2. Its got only 75 units compared to 400-500 WoY and 150 Aura. However if blunders like flooding and doors breaking for weeks keep happening then yes I will lose all hope!

Bill; what was the extent, duration and source of the flood? How did maintenance staff respond?
 
Hey SunnyRayToronto,

How were you able to access the Property tax screens?

Does anyone else find it unusual to be e-mailing a gmail account for leasing inquiries?
 
@constructo

There have been 2 floods so far. One in the Fall from the food court ceiling pipes bursting and one on Saturday where "a leak from the residential area has made it into the commercial area". Maintenance staff were pretty fast to respond by placing high powered dehumidifiers in places affected. The past 2 weeks or so I noticed the plumbers from TMG here again doing Residential maintenance. They are pretty secretive now and less chit chatty...

I am pretty sure the Toasty food court unit has also bailed because of the flooding. Their unit is just abandoned and has not been touched for months after the ceiling collapsed on them from the flooding. Both floods occured after relatively big weather events like big rainstorm or big snow storm. Will try to find out more on Monday.
 
WillTO, if I tell you I'm going to have to kill ,.... DUH! Constructo already spilled the beans? There goes my JamesBond moment! Ok, exactly what Constructo said,..... more specifically City Clerk office near south end of main floor. Its a great tool if you have issues with your MPAC tax assessment and want to compare your property tax assessment with similar properties in your neighbourhood.


Constructo,....
The August flood in FoodCourt due to pipe burst was pretty bad - part of the ceiling and drywalls had to be replaced due to water damage. That Toasty place was still under renovation and got hit pretty badly and still haven't opened yet.
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-127#post-1138969
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-127#post-1138977
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-128#post-1139079

Then building management & Bazis took their sweet time sending contractors in to do the repairs. And that's exactly what we're seeing now with the broken doors at both end of the FoodCourt, the northwest doors been broken and blocked off for about a month already and now the southwest doors been broken and blocked off for about 5 days. People are having difficulty figuring out how to get into the mall and FoodCourt area now,.... The main problem will be if people can't get out during a fire due to these 2 blocked doors.


I didn't see the Saturday morning flood damage. There's maintenance-cleaning staff present during the day so they'll respond; the problem would be if something happens in the middle of the night in a part of the building where nobody is around.

I dropped by Saturday evening and they were just drying everything out with large blower fans and high powered dehumidifiers (I think they still had them on-site from the last flood!). Confined to the south-west part of mall directly south of the FoodCourt area, mainly empty retail stores but the real-estate brokerage office probably got hit the most - they're the ones tasked with selling the defaulted retail-condo & office-condo units for Bazis, they've been closed since start of December to January 8th for the Holidays. And because the mall slopes downward from there, MobileMender store got a bit wet, looks like a bit of sagging paint damage near their signage. The Tax/Accountant store had wet floor.
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When I checked on the 2nd floor Metro space, there was a weird water stain near the south-west corner,.... and a number of fans going,....
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3rd floor office level had a couple fans going near the south-west corner close to EmeraldParkDental office,....
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When I checked the 5th floor residential-condo level (no 4th floor) south-west area, there wasn't any fans and I couldn't feel any dampness in the hallway carpets so water damage was probably confined to individual units.
 

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The flood originated from the residential area. A resident left his door open I guess from the balcony and the -40 C weather outside caused a copper pipe to burst. The water leaked all the way through the office level to the 2nd floor then finally to the first floor retail where the water flowed and collected in the MobileMender unit saving other units from damage. The maintenance guy woke up at 1am on Saturday to service the flood, glad to see maintenance dollars at work.
 
flood in FoodCourt due to pipe - part of the ceiling and drywalls had to be replaced due to water damage. still haven't opened yet.

Bazis took their sweet time the broken doors .... doors been broken and blocked off for about a month ,,,doors been broken and blocked off for about 5 days. People are having difficulty ... people can't get out during a fire,,,,flood damage. where nobody is around.

drying everything out with large blower ... still had them on-site from the last flood...mainly empty retail stores selling the defaulted retail-condo & office-condo units... Bazis, they've been closed since start of December to January 8th for the Holidays. MobileMender store got a bit wet,.... looks like a bit of sagging paint damage . The Tax/Accountant store had wet floor.

weird water stain near the south-west corner,....

.


Hahaha, where do you find time to notice all this ..:eek:
Next time your prowling around there find out if there are any condo units still available, cause im interested in one
 
Looks like the mall entrance door beside the 9 Bogert tower has completely fallen off. Guess that'll be the third entrance to the mall closed off. :rolleyes:
 

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