Mint
New Member
Honestly, once Longos opens my shopping at Whole Foods will probably plummet...
Toronto Emerald Park Condos | 128.92m | 40s | Bazis | Rosario Varacalli
- Thread starter AlbertC
- Start date
Victor168
New Member
I'm just amazed that Metro (or whoever holds the 2nd floor space) has left it unoccupied for such a long time. I'm not in the commercial leasing or grocery business, but I'd imagine that they are hemorrhaging money every month they leave it vacant. I, for one, would like to see anything go there. I hope they find someone (or a solution) soon!
sunnyraytoronto
Senior Member
If only we could all be so lucky to be "hemorrhaging money" at EmeraldPark like Metro is!!!
Metro's EmeraldPark holding is held under Metro-Ontario Real Estate Limited; their current assessed value is at EmeraldPark is extremely low at $3,848,000 since their second floor holding is just a cement shell with no occupancy granted. At 1.2% commercial tax rate, Metro is only paying about $46,176 per year in property tax.
In comparison, each of the 10 occupied Yonge Street frontage stores are taxed assessed at about $1.2million. Each of the smaller Pacific Mall type cubicle stores are tax assessed closer to $500K. Keep in mind, tax assessment value is usually much lower than market value.
Thus, one can easily imagine that the real market value of Metro's EmeraldPark holding is closer to $20-30 million; which is increasing by a few million dollar in real estate market valuation each year given Toronto's real estate market for commercial properties in prime location,... but their cost is only $46,176 per year in property tax,..... and whatever they pay for maintenance,... and the question becomes how much is Metro paying in maintenance fee,.... more specifically, how much of their maintenance fee share is Metro really paying,.... seems fishy when the all the other first floor retailers and 3rd floor office condo all the sudden see unexpected 113% increase in maintenance fee,.... but not a peep from Metro,.... and management isn't talking,....
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-162#post-1216306
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-162#post-1216877
Metro has already been trying to sell or rent out their EmeraldPark holding for the last 2.5 years,.... Metro is in no hurry.
Each year, Metro's EmeraldPark holding market real estate valuation increases much more than their costs (tax, maintenance, staff),.... and thus, Metro has no real incentive to sell or rent out their EmeraldPark holdings for anything less than what they perceive as their real market valuation. Thus, EmeraldPark 2nd floor grocery store area will remain in-occupied and LCBO will not open for the near future.
With Sheppard Centre mall opening next year with lots of retail space, if many of the retail space remains hard to sell/lease out over a long duration, that'll affect real estate market valuation of commercial properties here,... which might tempt Metro to do something about it's EmeraldPark holding,.... but Sheppard Centre mall is a RioCan project,.... they're very competent,.... not like,.....
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amnesiajune
Senior Member
It's one of the three largest in Toronto, and I believe it has the largest Vintages section and the most items stocked in all of Toronto.
SunnyRay, you should quit being snarky and judgemental to everyone who questions some assertion you make.
sunnyraytoronto
Senior Member
Maybe we should start a poll of which EmeraldPark anchor tenant should open,... Metro or LCBO
Here's confirmation that Bayview Village LCBO is #3 best Vintage section in Toronto
http://www.blogto.com/eat_drink/2016/05/5_lcbo_stores_with_the_best_vintages_sections_in_toronto/
Here's confirmation that North York Centre's only LCBO listed as North York Centre (EmpressWalk) LCBO (or as I refer to as the hole in the wall) is amongst the worst LCBO locations in Toronto.
http://www.blogto.com/eat_drink/2013/01/what_are_the_best_worst_lcbo_locations_in_toronto/
Anyone thinks the hole in the wall EmpressWalk LCBO location should be the primary LCBO within walking distance for the 66,000 residents of high density North York Centre Secondary Plan area?
Here's confirmation that Bayview Village LCBO is #3 best Vintage section in Toronto
http://www.blogto.com/eat_drink/2016/05/5_lcbo_stores_with_the_best_vintages_sections_in_toronto/
Here's confirmation that North York Centre's only LCBO listed as North York Centre (EmpressWalk) LCBO (or as I refer to as the hole in the wall) is amongst the worst LCBO locations in Toronto.
http://www.blogto.com/eat_drink/2013/01/what_are_the_best_worst_lcbo_locations_in_toronto/
Anyone thinks the hole in the wall EmpressWalk LCBO location should be the primary LCBO within walking distance for the 66,000 residents of high density North York Centre Secondary Plan area?
mkerian
Active Member
From the 2013 article you quoted:
Because we hate science, we decided to conduct a Twitter poll to get to the bottom of this all important question: what are the best and worst LCBO locations. Here are some general observations...
That's not confirmation.
Suiseiseki
New Member
If only T&T had actually stayed in Emerald Park. T&T would have been a tremendous success in the Yonge/Sheppard area. No thanks to Bazis for being years behind schedule.
constructo
Active Member
SunnyRay;
What changes has Riocan proposed for Sheppard Center? Seems like a costly proposal as construction continues at a fast pace based on plans set years ago.
What changes has Riocan proposed for Sheppard Center? Seems like a costly proposal as construction continues at a fast pace based on plans set years ago.
amnesiajune
Senior Member
I don't know how successful they would've been at Yonge & Sheppard. Yonge & Finch seems more like the kind of area where they'd do well, but there hasn't been any proposal with enough space for them. I wouldn't be surprised though if they end up on the SW corner if it ever gets redeveloped.
There's a thread discussing that: http://urbantoronto.ca/forum/thread...d-expansion-123m-35s-riocan-quadrangle.17901/
constructo
Active Member
Amnesiajune;
You misunderstood my question to SunnyRay. He said, "You do realize RioCan recently submitted a number of redesign changes for Yonge-Sheppard Centre right?" I asked him what the changes were, now, August 2017, not vague 6 year old thoughts.
You mentioned a recently-expanded LCBO at Empress Walk. I was recently there and it looked to be the same small store as always.
You misunderstood my question to SunnyRay. He said, "You do realize RioCan recently submitted a number of redesign changes for Yonge-Sheppard Centre right?" I asked him what the changes were, now, August 2017, not vague 6 year old thoughts.
You mentioned a recently-expanded LCBO at Empress Walk. I was recently there and it looked to be the same small store as always.
Yonge Sheppard Centre discussion in that thread please, not here.
42
42
constructo
Active Member
42; Did you censure BucketofBolts, SunnyRayToronto, AmnesiaJune, and Ed Skira for mentioning Sheppard Center in this Emerald Park blog? SunnyRay said, "You do realize RioCan recently submitted a number of redesign changes for Yonge-Sheppard Centre right?" and I asked what those changes were. No harm, no foul.
sunnyraytoronto
Senior Member
Suiseiseki, Shhhhh,.... there never was any real "confirmation" that Loblaws' T&T was coming to EmeraldPark! No "confirmation" from Loblaws' T&T, Bazis or anyone. In 2010 Bazis only mentioned an unnamed "major national grocery chain" coming to EmeraldPark.
https://www.thestar.com/life/homes/...s_up_financing_with_development_partners.html
The original first floor format for EmeraldPark was to be 2 large format retail space and office space in the back.
The best way for developer to unload tough to sell/lease large format retail/office space is to partition them off into much smaller units that usually command higher per square feet prices. Of course, Bazis later elongated Yonge St frontage stores to maximize per square feet return.
Interestingly, there was a well timed rumour Loblaws' T&T would be the anchor tenant at EmeraldPark (from sales rep???),.... well timed in that it allowed Bazis to easily and quickly sell off all their 1st floor tiny Pacific Mall retail cubicle units like hotcakes, to Chinese investors and mom&pop stores thinking EmeraldPark would becomes a Chinese Mall.
Now, I'm not suggesting that Bazis or their agents would start such a false Loblaws T&T rumour just to sell retail or condo units,... our Bazis is much too honourable!!! That must have been another Bazis that made all those people line up for a week to buy condos at 1 Bloor East starting in $300K to $2million only to jack up the price to $500K to $8million just before sales office open!
http://toronto.ctvnews.ca/condo-mania-hits-as-1-bloor-st-goes-on-sale-1.263865
https://urbantoronto.ca/forum/threa...ed-bazis-2s-varacalli.748/page-62#post-114100
Interestingly, while there was never any "confirmation" that Loblaws' T&T was ever coming to EmeraldPark; in 2012 Bazis gave "confirmation" Metro would be anchor tenant at EmeraldPark via their blog post.
Today, many of these Pacific Mall type cubical stores at EmeraldPark are struggling,... some units still looking for tenants after 2.5 years,.... some owners gave up and open their own store to cut lost,.... the main issue for most of these Pacific Mall type cubicle stores is lack of foot traffic,... because most folks still don't realize there's a mall & food court at Emerald Park and this part of Yonge Street is off the beaten path for most who live in North York Centre.
BTW, of course I'm not saying Loblaws' T&T never signed on initially then bailed,... but there's really no "confirmation",.... no record anywhere, not even with the City,.... but I guess if folks insist on "confirmation",....
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amnesiajune
Senior Member
The food court is the one part of the mall that's thriving though. It may be off the beaten path, but it seems to be constantly full from noon until late in the evening.
sunnyraytoronto
Senior Member
Thriving???? Only 2 or 3 EmeraldPark food court vendors would usually have customers at counter,....
Emerald Park food court is full at lunch time,.... evening ok but in between time is does very poorly,.... one problem is EmeraldPark food court has about 13 food vendors and only 16 tables - not that there's usually any problem finding a table! But that's basically a 1 food vendor to 1 table ratio! Unless there's a whole lot of take-out orders,..... Here's a lunch time photo:
In comparison,.... a nearby un-name-able mall under renovation/construction at northeast corner of Yonge-Sheppard,.... with only 5 restaurant open buried in the basement and a much better food vendor to table-chair ratio is doing surprisingly well,...
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