NeilV
Active Member
What happened to the zoning amendment they applied for a year ago? Was it ever approved?
Toronto Forma | 308m | 84s | Great Gulf | Gehry Partners
- Thread starter golodhendil
- Start date
Big Daddy
Senior Member
Does anyone have any feelers out there that they can see if this property is possibly being marketed (looking for a buyer)? The carrying cost of the $300,000,000 purchase price has to exceed $30 million by now. Who can afford to do this? or better, why?
Searching Gehry online no longer finds any information about this project.
Searching Gehry online no longer finds any information about this project.
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Irishmonk
Senior Member
Just my opinion, but if this thing isn't already dead, the coronavirus will drive the final nail into the coffin.
caltrane74
Senior Member
300 million can't just disappear off the books. Especially in downtown Toronto. It has approval, it will be built in some form or the other.
Great Gulf is not hurting for cash. They sold East Harbour for how much again?
ProjectEnd
Superstar
$690m
Automation Gallery
Superstar
Yeah but it surely cant be all profit, what did GG originally pay for the land?
innsertnamehere
Superstar
From what I recall they paid only a couple of million. They turned probably over half a billion in profit off that sale, even after all the land costs and consultant fees.
ProjectEnd
Superstar
A little more complicated than that. It was +/- $50m and it took them 8 years to put all the pieces together. Still, +/- $640m minus commissions, etc. is nothing to scoff at.
old boy
Senior Member
Although there is no shortage of competition, this project is right up there on the Toronto disappointment list.
westtoeast
Active Member
The optimistic side of me hopes that they will use some of that windfall to give this project the attention it deserves.
I actually emailed the planner on file about this one recently too - it seems odd to me that there hasn't been a preliminary report or anything filed in response to the resubmission...it's been over a year now. I figured we could use Union Centre as a bit of a proxy for timing, but it's rezoning got much quicker feedback than this one. Feels bad checking each month's city council agenda to see no mention of this project.
ADRM
Senior Member
This isn't a standard resubmission (if there is such a thing) given, among other things, an especially complex arrangement for servicing/utilities, and some aspects of the below-grade reconfiguration that is part of the resub are directly affected by that complexity (along with a whole new spate of easements arrangement with the City). Some of the pipes in this area are still wood.
Start Fox
Active Member
Someone posted earlier in this thread (probably about mid-2019) that during a shareholder call with one of the developers/investors/something that they said their next project, which was presumed to be M+G, would be developed in "1-2 years". According to that timeline I don't think anything seems wrong, as we shouldn't be hearing anything until mid-2020 at earliest and potentially as late as mid/late 2021.
Big Daddy
Senior Member
Possibly, but what I'm more worried about is that Gehry may no longer be involved.
Last mention of the project in Dezeen was from 2014 https://www.dezeen.com/tag/frank-gehry/page/3/
bmiller
Active Member
There has to be a lot of money tied up in this project to this point. Land, architects, lawyers etc. It would be a big hit to someones pocket book if it was cancelled. I expect this will happen in some iteration, maybe just one tower, who knows.