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

[Mint]

I actually can’t believe they’re just leaving the food court doors completely open 24/7. They don’t even bother to cover it up with something.

 

[NorthYorkEd]

There's no racket, hardly any speculators, not many investors. Most of the people living in the building are empty-nest couples or young couples, sometimes with a kid (rarely more than one). I'd estimate that 50-60% of the units are owner-occupied.

I can't argue as I have no facts to back me up -- but I'd wager there are a LOT of investors and speculators who bought into this building. This is exactly the type of project that attracts them. I would estimate the actual number of owner/occupants to be lower, but again, that is just my impression based on experience with similar projects.

Also, there are approximately 20 units for sale right now at EP, and 10 up for lease. And as long as I've been watching this project, these numbers have always been high. Lots of turnaround is consistent with speculators doing a buy-hold-and-flip strategy. But again, just my impressions, and I could be completely wrong.

The units aren't cheaply-built. You're not living in crazy luxury, but the apartments are all really nice...Your idea that a bigger home is better is very uniquely North American...

I get all that, and this building certainly has a high number of Asian and/or immigrant occupants who are not as interested in larger spaces and yards and such (I am born and raised NA, but also prefer the condo lifestyle). But value is value. It's not just the lack of space -- I just don't see why these units (I've seen the photos -- they are "nice", but certainly nothing amazing) are "worth" $1000+ per square foot, other than having some sort of novelty factor due to the height and unique building design. There are many buildings that are (arguably) better build quality, have better management, and share the same location and conveniences.

Having experienced the Vancouver "leaky condo" crisis of the 90's, I can see many of the newer Toronto condo projects having similar issues. It would not surprise me in the least to see this project, and many others that were apparently built primarily as buy-and-flip investments rather than long-term homes, experiencing substantial maintenance and repair issues within the first decade.

 

[constructo]

Memories of what could have been for the LCBO. It will look the same years from now, but the dust gets thicker. Let's open it as a private operation and call it "WEED AND WINE"

 

[sunnyraytoronto]

Constructo, I took that above photo almost 2 years ago,...
https://urbantoronto.ca/forum/threa...-rosario-varacalli.4829/page-143#post-1174817

As you can imagine, there’s been a lot more dust accumulating since then! Heck, since this store interior was finished in Spring 2015, there will be about 3.5 years of dust to clean up,.... very soon!!! Why?

Well,.... Metro landlord for entire second floor and LCBO was their tenant for this 1/3 closest to Yonge,.... LCBO was suing Metro for not opening since LCBO won’t get synergy from grocery store & LCBO spent a ton of money of this renovation,... maybe mediation worked,... as you pointed out, LCBO recently considered nearby RioCan Yonge-Sheppard Centre but logistics was difficult
https://urbantoronto.ca/forum/threa...-riocan-quadrangle.17901/page-36#post-1360620

So now it appears,.....
Emerald Park’s LCBO is “Opening Soon”,.... again!?!?!

And before you start wondering if I’ve been sampling the neighbourhood medicinal weed places,..... I’m getting ready for my buck-a-beer!

http://www.doingbusinesswithlcbo.com/shared/storeopenings/FutureStoresMap.shtml

The Emerald Park LCBO is Store #177 at 22 Poyntz Ave (legal address for Metro’s 2nd floor of Emerald Park). Note: There’s no Firm Date yet, LCBO generally list TBD dates about 3 months out and firm date within a month,.... generally try to open about 1 LCBO per month,.... so Emerald Park LCBO will probably open around mid-October,... certainly before Holiday Seasons,... so we’ll definitely have a “more joyous” holiday season around here!

Technically, the store needs a good cleaning,... everything physical is already set, shelves, security camera, counters, office, storage area, employee rest area, etc,... only thing they need is cash register for point of sale system, staff and most importantly stock!!! And maybe a retail liquior license to sell alcohol - I don’t recall seeing such an application here but it’s been a while!


Anyways,... be careful out there,... Pigs Are Flying!

 

[constructo]

Ray;
I parted the "curtains" at the front entrance to shoot that photo as you probably did too, hence the similar point of view in the photos. I gave up on the EP location and calling their head office only gave me useless info or no info. I'll see you at the ribbon cutting for some cheap beer.

 

[Mint]

lol, what a miracle that would be if it actually opened.

 

[sunnyraytoronto]

After Loblaws T&T bailed in 2012 because developer was taking too long, Metro brought entire second floor with plan for high-end Metro with market stations around perimeter including Starbucks.

By Spring 2015, Metro determined they won’t open, LBCO (tenant) already renovated their store; Starbucks left hanging,... last year Starbucks bailed EmeraldPark for TTC Yonge-Sheppard Subway Station:

Remember that new format Metro that was supposed to open on the second floor with all these neat market substations all around the perimeter including independent brand name retailers,... well, one of them appears to have deserted and found a new home,..... nope, not talking about the LCBO,... yet,.... the Starbucks kiosk that was supposed to be near the top of the escalator area,... now officially gone,.... look like they're officially going underground,.... as part of TTC's Sheppard-Yonge Subway Station!

https://urbantoronto.ca/forum/threa...-rosario-varacalli.4829/page-170#post-1257292

Now the Starbucks is finally under renovation at TTC Sheppard-Yonge Subway Station; at former Cinnabon place near main entrance,... high traffic volume between Yonge subway line & bus terminal & main entrance at Yonge-Sheppard Centre

 

[WillTo]

Interesting. To my knowledge this is the only Starbucks in a TTC station.

 

[idc24]

Starbucks at subway station in Tokyo

https://www.alamy.com/stock-photo-t...-subway-station-in-tokyo-japan-172821707.html

 

[innsertnamehere]

We will likely be seeing some better retail in TTC retail spaces soon - the TTC recently brought on a new leasing management company aiming to extract higher revenues from the spaces - which means rents are going to go up and "better" tenants that can pay those rents are going to move in.

 

[Mint]

Pretty cool to see how much of a dump Sheppard / TTC subway stations look in comparison to even the worst Tokyo subway station.

 

[NorthYorkEd]

Pretty cool to see how much of a dump Sheppard / TTC subway stations look in comparison to even the worst Tokyo subway station.

Yeah, I mean where are all the buckets and water-leakage stains?

 

[Pips]

One of the Emerald Park tenants told me today that the LCBO was opening in late September or early October and that there would be a supermarket also, though not necessarily Metro. Has anyone heard about any of this. She seemed quite excited about the prospect of more business.

 

[sunnyraytoronto]

One of the Emerald Park tenants told me today that the LCBO was opening in late September or early October and that there would be a supermarket also, though not necessarily Metro. Has anyone heard about any of this. She seemed quite excited about the prospect of more business.

As per my previous post, LCBO still haven’t set a specific opening date (publically) yet (I was conservatively guessing mid-October based on this LCBO store’s position in their LCBO Opening Soon website). Technically, the LCBO store’s renovation has been done,.... 3.5 years ago! All it needs are cash registers, staff and most importantly Stock!!! They could open within a week if they wanted to.

The second floor grocery area (Metro owned) is still an empty shell. My thoughts have always been that Metro wanted to keep the space empty strategically (they paid peanuts for it, entire 2nd floor tax accessed at $4mil when it’s market price is likely $20-30mil); most of Metro nearby stores (including Yonge-Cummer Food Basics, Sheppard & Bathurst Metro, Yonge & Lawrence Metro) are in prime locations prone for redevelopment where losing location would mean lost of market share (a-la South-East corner of Yonge & Sheppard prior to HullmarkCentre redevelopment - Metro lost that location to WholeFoodsMarket). Thus, strategically, it made sense for Metro to keep EmeraldPark location empty - in case if they lose nearby location, they always had EmeraldPark to fall back on - also as negotiating power at other locations. But with existing WholeFoodsMarket across the street, and new Longo’s opening in Yonge-Sheppard Centre next Spring,.... and Metro already expecting a Metro store at EmerldPark to be a huge money loser,.....

Also, I’ve never been able to find any evidence of Metro even trying to rent out their 2nd floor grocery store space!

But recently,.... I’ve heard rumours of an Asian/Chinese grocery store going in - NOT Loblaws T&T,... but a decent Asian/Chinese grocery chain that I would say is one level down. The space is still an empty shell like it has been since the beginning. And I haven’t been able to confirm anything so until then,....

EmeraldPark’s retail & office Board of Directors are supposed to make an announcement soon to the retailers about some good news items: the LCBO and,.....


What’s interesting is all these years, many of us - especially me - expected EmeraldPark’s Pacific Mall retail cubical type stores to bomb as these Retail-Condos has at Aura basement & World-On-Yonge,..... but today of the 75 Pacific Mall retail units at EmeraldPark: only 1 remains an empty shell (owner might have forgotten about it!), 1 new unit under renovation basically ready for opening and 2 previously renovated units are under re-renovation, that’s less than 2% vacancy!!!,.... the average in typical mall is 20% vacancy! (RioCan’s Yonge-Sheppard Centre seems destined for 30% vacancy at opening in Spring.)

Our resident EmeraldPark shop owner, @Bill123,... has always said, don’t worry too much about LCBO or supermarket not opening,.... eventually EmeraldPark first floor Retail Condos will fill up and reach a critical mass,... and then the LCBO and Supermarket upstairs will want to open here,.... and now it seems like Bill123 is right!

 

[taal]

I think that's very much a NYCC thing i.e. the ability to support small scale retail that just doesn't work in many other areas in Toronto ... and of course by that I mean the residents in the area ...

If you take a stroll up / down Yonge you'll see just that, many small retail units that do very well in NYCC