Haven On The Bluffs Condos | 38.71m | 10s | VHL Developments | Master Building

Eug

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Eug

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I wonder how long this property is.









The building in behind is an elementary school. Given that this condominium complex has 3-bedroom units, I wonder if the school is champing at the bit to see this built.









Too bad they didn't buy up that last property on the right. What an eyesore.
 

investican

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VHL is dumping the project. They put the development site for sale.
 

Eug

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Well, it's over two weeks later since I last posted, and all the signs are still up on the grounds and the project is still listed on VHL's website. Where did you see that the development site was for sale?
 

investican

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Well, it's over two weeks later since I last posted, and all the signs are still up on the grounds and the project is still listed on VHL's website. Where did you see that the development site was for sale?
They had an offering memorandum for offers to come in on August 24th - I don't think a deal was made.

With VHL evicting tenants, advertising online and on-site seems to be an error in judgement. I don't believe they find the project as viable as initially thought.

Unfortunately, I don't have a link available
 

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Haven on the Bluffs



Too bad they didn't buy up that last property on the right. What an eyesore.
I live in this area and the "eyesore" coffee shop is frequented by a great deal of of the neighborhood residents. It would truly be missed if they bought it and tore it down. Since this picture was taken, the owner has actually done some upgrades to the outside of the building, painting the top section and adding new signs and awnings.

I think the addition of the condos will be an asset to the neighborhood and bring some much needed life into the area.
 
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an insider affiliated with VHL has confirmed that this project is indeed proceeding. according to that person, there are plans to construct a sales centre soon. where did you see VHL was trying to ditch the project?
 

investican

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According to the listing and their sales agent - It's still up for sale.

I don't know what the "insider affiliated with VHL" has told you (Maybe they're not informed)

I would like someone to build this - but we will see

 

Eug

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I live in this area and the "eyesore" coffee shop is frequented by a great deal of of the neighborhood residents. It would truly be missed if they bought it and tore it down. Since this picture was taken, the owner has actually done some upgrades to the outside of the building, painting the top section and adding new signs and awnings.
Nice to hear. I'll have to go have a look.


According to the listing and their sales agent - It's still up for sale.
Disappointing, but thanks for the info. That strip really does need a kick in the pants to get going. I wonder what pricing they initially had in mind. I do note that the few $700000 condo townhomes at Birchmount and Kingston did sell, although a few of them stayed on the market for many moons.

I wonder if they're having issues securing funding. What does "Upriced" mean?

Thanks for providing the listing, BTW, as I was wondering how big the place was. ~400x200 -> 61261 square feet.
 

investican

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Area is very odd. I would not like to live in the area for its "Unseemly" look and crime. The area is better than it was 5 years earlier. However, the area is still not in demand. But there are very expensive homes along the Bluffs and some infill townhomes. A project like this would be a positive change for the neighborhood and you have to give VHL credit for identifying these Scarborough sites they purchased. The Markham/Sheppard project, Birchmount/Lawrence and they've acquired 2 acres in the VP-404/Sheppard area on Yorkland behind Monarch's project (Much better area)

VHL wouldn't have an issue getting financing for construction with pre-sales. The reason for the "Un-Priced Basis" is for a tender for developers to bid rather than ask for X amount -- because the plazas are now empty and final approvals for the development haven't been done it would be difficult for any developer to purchase the site except from private financing, in this case VHL is offering a VTB (Vendor Take Back); where they would hold the mortgage for the purchaser until construction financing or on final approvals (depending on their terms), also VTB's are generally a lower rate than private financing.

I just find it odd that they'd vacate the tenants, gate it and start site marketing and THEN put it up for sale. It could be VHL is looking to get money out for another project or they don't find it feasible anymore--or both. It's a nice project for someone to come in to develop a new site in an area that desperately needs it--just don't know who'd be the purchasers in the area for it wouldn't have a lot of investor appeal.

Nice to hear. I'll have to go have a look.



Disappointing, but thanks for the info. That strip really does need a kick in the pants to get going. I wonder what pricing they initially had in mind. I do note that the few $700000 condo townhomes at Birchmount and Kingston did sell, although a few of them stayed on the market for many moons.

I wonder if they're having issues securing funding. What does "Upriced" mean?

Thanks for providing the listing, BTW, as I was wondering how big the place was. ~400x200 -> 61261 square feet.
 

Eug

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Area is very odd. I would not like to live in the area for its "Unseemly" look and crime. The area is better than it was 5 years earlier. However, the area is still not in demand. But there are very expensive homes along the Bluffs and some infill townhomes.
I live in the area, but south of Kingston. It is odd as you say, in that south of Kingston it's quite nice, esp. when you get near the water. On the actual Bluffs, the teardown bungalows go for $800000, but the north side of Kingston Road gets "unseemly" as you say.

However, that entire strip of Kingston has been rezoned to support condos. They just need a project to get going to kick start the area. As I mentioned earlier it will be a lot easier on the south side because the strip malls are owned in large chunks, but on the north side (where more of the "unseemly" stuff exists), a lot of the shops's buildings are individually owned.
 

investican

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Are there more desirable schools? Grade School or High Schools?

Also shopping in the area? From my understanding from a friend who lives nearby (waterfront home just south of here) - the more presentable shopping is in the Port Union area.
STC seems like a decent mall, considering the area.

Any input would be appreciated.
 

Eug

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Are there more desirable schools? Grade School or High Schools?

Also shopping in the area? From my understanding from a friend who lives nearby (waterfront home just south of here) - the more presentable shopping is in the Port Union area.
STC seems like a decent mall, considering the area.

Any input would be appreciated.
There are a couple of well-respected elementary schools in that area, mostly south of Kingston Road AFAIK. I don't really know the schools well, but the real estate agents sometimes advertise a home as being in the Chine Drive school district for example.

http://www.tdsb.on.ca/schools/index.asp?schno=4390

Looking into it superficially, it looks to me like a good school that's well above average, but not at the top.

In this general area the school that is most well recognized though is the high school, R.H. King Academy, ranked in the top 15% for the province.

http://ontario.compareschoolrankings.org/secondary/R_H_King_Academy/Toronto/Report_Card.aspx

In contrast, Birchmount Collegiate nearby is ranked in the bottom third. Luckily (resale value?), my house is in the RH King school district. This uniformed school has big waiting lists for out-of-district students.

Not all the schools are listed here, but it does give a pretty good list of comparative ratings for schools.

http://ontario.compareschoolrankings.org/ChooseReport.aspx

For example, RH King is rated in the same category as Forest Hill Collegiate:

http://ontario.compareschoolranking...Collegiate_Institute/Toronto/Report_Card.aspx
 

investican

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Thanks for the detailed reply.

I've heard the same talk about RH King - however, I'm still skeptical about their "rating"
 

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