Toronto IMMIX | 131.06m | 38s | QuadReal | a—A

We have a front page story up on Halo here, where you will learn that (if you weren't sure) this is now going to be a rental tower. Oops, you just learned that here! Database file, linked above, updated too.

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I wonder if the move to rental is a way to get around the former pre-construction deals. The court order says that the former purchasers are entitled to a $150/sqft discount on new purchases should the development convert back to condos within 24 months of the development's sale. So call it a rental for 24 months, and then start offering units for sale in late 2022? Really, by the time the building is ready for occupancy they'll just be a couple months away from that cutoff date anyway.
 
Geekaroo said:
Thanks for the plans Alvin. Cheers.
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AlvinofDiaspar said:
You're welcome. Unfortunately I didn't have the architectural plans archived which would have provided more details (my main interest in this project is the clock tower). In any event, I consider this a temporary issue given the corner is probably just waiting to get redeveloped.

AoD
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Nothing too different from what Alvin posted:

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whatever said:
I wonder if the move to rental is a way to get around the former pre-construction deals. The court order says that the former purchasers are entitled to a $150/sqft discount on new purchases should the development convert back to condos within 24 months of the development's sale. So call it a rental for 24 months, and then start offering units for sale in late 2022? Really, by the time the building is ready for occupancy they'll just be a couple months away from that cutoff date anyway.
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I'd say it's more likely happening because QuadReal is owned by a pension fund, for which they want sustained income, which is why rentals make generally more sense for them than a one time payment from condo sales. If this was a dedicated condo developer, I'd be more skeptical, but QuadReal already has a huge rental portfolio they probably saw an opportunity to expand further here.
 
The fact that the cladding on here is looking this good while what has been observed so far at Nobu is so bad is concerning. I'll wait for the laneway treatment here before casting full judgement but clearly a project doesn't have to be "luxury" for us to expect some minimum standard of design / execution.
 
Yegger said:
The fact that the cladding on here is looking this good while what has been observed so far at Nobu is so bad is concerning. I'll wait for the laneway treatment here before casting full judgement but clearly a project doesn't have to be "luxury" for us to expect some minimum standard of design / execution.
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Possibly helps for this project that the materials may have been ordered by Cresford before the bankruptcy (not sure though, but it's possible), who actually put money into things like cladding. Plus QuadReal actually has an interest in sustaining their buildings (and therefore not being absurdly cheap) since it's a rental, rather than selling it off quickly and never caring again like most condo developers.
 
Love the deep dark glazed windows and black trim cladding around it ! Which will really make this building pop out from a distance . As seen in the photos up above! And the little box rendering on the very top of page.
 
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