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

Walked by the site yesterday. Absolutely nothing going on. Oh, there's a Porta-Potty on site. That is all.
 
I thought this project was going right on the south west corner of Yonge and Sheppard, but boy was I surprised to drive by yesterday and see that it isn't!
 
indeed ... the Emerald Park site is one block south of Sheppard ~ the site at the southwest corner of Yonge & Sheppard would be for the sequel of the Nestle Building
 
Automation Gallery said:
Pardon me for asking, but are those plans still in the works..
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No.

Commercial office space at the corner of Yonge & Sheppard,... right above a subway interchange station,... what are you??? NUTS?!?! That would be the ideal use of land.

Hey, lets build more condos there,... to add to the 50 other condos that been packed into the downtown North York area since the late 90's. During which time they only added ONE office building! Ensuring downtown North York becomes a vertical sleeping community,... with everyone going downtown or onto the 401 funneling down Yonge Street. Guaranteeing the worst AM rush hour grid lock in the GTA. :mad:

The "twin Nestle" building was supposed to be OMERS (Ontario Municipal Employees Retirement System). They relocated their offices elsewhere. As did Prudential which was supposed to be on the other side of Sheppard at the North-West corner of Yonge & Sheppard. But apparently both are still on city of Toronto plan as "approved developments",... even though they both died over 10 years ago. :confused:

Page 34:
http://www.toronto.ca/involved/projects/yonge_tms/pdf/4_yonge_sttreet_tms_report_body3.pdf

Too bad developers don't plan on proceeding with the "twin" Nestle building,... having twin Nestle buildings right next to the more or less twin EmeraldPark buildings would have looked rather striking.
 
Amendment?

Hi,

We signed a contract to buy a unit in EP. Now, the Vendor has brought us an Amendment to sign in order to delay the construction. This Amendment (2010) is not consistent with the Agreement of Purchase and Sale (2008). They have also mentioned that: "either sign the Amendment or Release in order to cancel the deal".

I am wondering If we have to sign the either case. Do we lose anything if we do not sign it? if you have bought a unit and have a lawyer, could you please share your experience with us?

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Amendment (2010)

"Original Tentative Possession Date" has been substituted with "Tentative Possession Date as specified on the first page of the agreement" in the Amendment. For this reason, it does not clearly express the actual intention.

In fact, they want to go beyond the following two sentences and change the "original" tentative possession date in contrast with what has been expressed in the Agreement.
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Agreement of Purchase and Sale (2008)

Page-3, Line 13-15: "... selected date shall not be more than Twenty Four (24) months from the originally scheduled Tentative Possession Date subject to force majeure; or"

Page-3, Line 40-41: "... not exceeding in total Twenty-Four (24) months from the original Tentative Possession Date..."
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After finding this issue, we contacted them and they confirm that:

"It means that By amending the tentative date to 5/30/2013, the new date (5/30/2013) would become the original date within the context of that paragraph so, to be clear, the Vendor would have the right to extend up to 24 months (with force majeure) based on a tentative/original date of 5/30/2013, giving the Vendor a time frame to deliver by 5/30/2015 (with force majeure)"

Thank you very much for your time and support in this stressful situation.
Mehr
 
Automation Gallery said:
I sure hope they hold on to it for future office development..i believe they will eventually come to this amazing area.
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Around Yonge & Sheppard,... Hope is like gridlock,... it doesn't get you anywhere.

So much land in downtown North York,... especially along Yonge Street "was" zoned for Office development only. Only to see condos.

As soon as they allowed the Empress Walk development to place condos on Yonge Street in downtown North York,.... that unplugged the water from the dam. Land being used now for Hullmark Centre and EmeraldPark was once zoned for Commercial Office only,... no residential! But now there will be condos there,... with lots of residential condo units and a few token office space.

At Yonge & Sheppard, land for OMERS (twin Nestle) at south-west corner along with Prudential at north-west corner are currently still zoned for Commercial office only with no residential,... and had approved office development (which the developer decided not to proceed with). Does that sound familar? Only have to look a stone throw away at Gibson Square,... at Yonge & ParkHome. The land for Gibson Square was also once zoned for Commercial Office only with no residential,.... and had approved office development for Imperial Oil (ESSO). But they decided not to proceed,... so now we're getting two Shanghai style condo towers there,... right on top of a subway station (North York City Centre).

It's always the same game,.... condo developer buy commercial office land for condo development,.... city & residents cry foul,... condo developer go to OMB,... OMB says yes to condo since there's already a condo on Yonge nearby,... city ask for concessions,... condo developer contribute to "fund for community enhancement" (more parks, rebuild school, community centre, etc,...). The more of a fight city and local residents put up, the more fund for community enhancement they get from developer. But evenually, condo developer always end up putting more condo up,.... in the end,... downtown North York become so saturated with condos and lack of employment places,... that it's a vertical sleeping community with insane AM rush hour gridlock for traffic going out of the area.


Mehr,.... first and formost,... if you're going to deal with Bazis, you should have a real estate lawyer. Given Bazis history,... you should get a good real estate lawyer.

You brought in 2008,... and Bazis wants you to wait 5 years,... and possibly up to 7 years before you can move in. Sure hope you're not renting now,... 7 years of rent could pay for almost half a 15 year mortgage.

Word on the street (6 months ago) is the tentative date for the retail space at EmeraldPark is November 2013. Your tentative residential date of 5/30/2013 might mean they plan to finish the residential before the retail? But given Bazis history,... I'm quite sure that condo buyers at both of Tridel's Hullmark Centre condo towers will move in way before any EmeraldPark condo buyers,... in other words, Tridel Hullmark Centre will finish both their condo towers before Bazis finish even one of their EmeraldPark condo tower.

Damn,.... I really hate imagining what rush hour traffic will be like around here when Hullmark Centre and EmeraldPark are completed.
 
There won't be any traffic as King Ford will quickly finish the Sheppard line to take these new residents out of this area by underground gravy trains. ;-)
 
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sunnyraytoronto said:
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Mehr,.... first and formost,... if you're going to deal with Bazis, you should have a real estate lawyer. Given Bazis history,... you should get a good real estate lawyer.

But given Bazis history,... I'm quite sure that condo buyers at both of Tridel's Hullmark Centre condo towers will move in way before any EmeraldPark condo buyers,... in other words, Tridel Hullmark Centre will finish both their condo towers before Bazis finish even one of their EmeraldPark condo tower.
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I wouldnt worry so much about all that history on Bazis...Plazacorp and Metropia have got into the picture.
http://blog.buzzbuzzhome.com/2010/08/emerald-park-bazis-is-back-with-new.html
 
Automation Gallery said:
I wouldnt worry so much about all that history on Bazis...Plazacorp and Metropia have got into the picture.
http://blog.buzzbuzzhome.com/2010/08/emerald-park-bazis-is-back-with-new.html
Click to expand...


That BuzzBuzzHome article dated August 17, 2010 also stated: "By any measure Emerald Park is a major success story," says Mr. McLellan. "The collapse of Lehman Brothers deeply affected Bazis and its projects. But because of the financial strength of Plazacorp and Metropia, and the track records of the companies and their principals, we are in the final stages of negotiations for financing and construction will start this fall."

I guess they meant "construction" of the boarding and fencing.
 
Still two more weeks left in Fall. But really I think anything a developer says to market a building should be taken with a grain of salt and unfortunately patience also... ;)
 
It boggles my mind sometimes how something as simple as supply follows demand is lost on so many people. Nestle Two as some redesigned variation would break ground tomorrow if a lead tenant could be signed.
 
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