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AlbertC

AlbertC

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Mishorim and Israel Land planning NIS 1b Toronto skyscraper
Skyline International Development plans to float on London's AIM.
Globes' correspondent 10 Dec 07 15:25

Israel Land Development Company (TASE: ILDC) amd Mishorim Development Ltd.'s (TASE:MSHR) Canadian real estate subsidiary Skyline International Development Inc. have bought a lot in downtown Toronto from the property's receiver for C$24.1 million (NIS 92 million). The lot is occupied by a parking lot, and Skyline plans to develop a 41,750-square meter 55-storey office, hotel, and residential skyscraper on the lot. The company also plans to apply to add 5,000-10,000 square meters in building rights.

Israel Land estimates the cost of construction, not including financing expenses, at C$138 million (NIS 527 million) and predicts a profit of $115 million (NIS 440 million) on C$253 million (NIS 967 million) proceeds.

Israel Land owns 30% of Skyline and Mishorim, controlled by president Gil Blutich, owns 66.8%. Skyline plans to hold an IPO on London’s Alternative Investment Market (AIM) on the basis of a company value of 209 million Canadian dollars made by Grant Thornton Canada LLP.

Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007
 
Last edited:
A I posted last week on 426 University thread.

"As a side note the bid's for Stinson's parking lot at Sheppard and Temperence are in and the receiver will announce the winner (at probably 22-24 million) this week or next. The official development envelope for the site is 450,000sq ft. and that is what is being bid on. However those in the know are aware Stinson got an additional 120,000ft approved and that just has to be applied for increasing the development to 570,000 sq. ft.. Which I am sure the winning bidder will do."
 
With 55 stories, they'll be bolstering the skyline. I can't wait to see the rendering, and it's great to lose more above ground parking in the name of better land use and urbanity. Also, we don't have many towers that have office and residential space, and a hotel all in one. I can't name one off hand.

It's interesting that the information comes with their predicted construction costs and profits.
 
V of E said:
However those in the know are aware Stinson got an additional 120,000ft approved and that just has to be applied for increasing the development to 570,000 sq. ft.
Click to expand...

Hopefully the small footprint (approx 10,000 sf/floor) and a mixed use format will dictate a design with a varied facade, some nice setbacks and a slender top. (IOW, not a box. Please, god, not a box...)
 
Well, Blutrich brought us the Pantages and the Cosmopolitain, neither of which are the worst buildings in Toronto, if not exactly exciting. After suffering through the doldrums of 1BE and Aura, maybe things will look up?
 
If this is the same Skyline developers that built the equally tight-fitting and not-bad looking 'Skyline' condo on Colborne Street, then maybe we can expect something decent. *phew*
 
If I remember correctly, the maximum height restriction for that parcel of land was around 173 metres, but that's at the south-western edge of the land only. I think the northern side was limited to about 160 metres. Not the as-of-right, but what was 'negotiated' between the City and Stinson.
 
More developments being run from the far abroad...certainly a sign of Toronto's rising profile. Helps that the Israeli economy is currently red-hot.
 
was just googling around regarding Mishorim, interesting company, and it appears they were also involved with London on the Esplanade, and Equinox out in Scarborough....but I also came across this item in one of the Israeli newspapers....OT for this thread....

Mishorim to construct an eco-friendly project in Canada

10/07/07


Skyline International Development Inc., sub-subsidiary of Mishorim Development Ltd., announced it has bought a 10-acre lot in in Mississauga, Toronto. Mishorim, which owns 66.8% of Skyline, bought the land for C$18 (NIS 73 million). The company plans to build three eco-friendly high-rises, 30-40 floors each, with 1,200 apartments and an estimated proceeds at C$410 (NIS 1.65 billion).

The eco-friendly project of Skyline will emphasize water and energy recycling in its water and electricity systems, aiming to reduce consumptions. Other features of the project will focus on minimizing impact on the environment, while enhancing the quality of life of its residents. Some of these features will be wind and solar energy systems, grey water treatment facilities, garbage recycling facilities and LED lighting.

This is not the first eco-friendly project constructed by Mishorim. In 2005 the company built the Cosmopolitan Toronto hotel in the center of Toronto combining environmental issues. It was included between the world's 60 best hotels for 2006 and was the only Canadian hotel on the list.
 
yyzer said:
Mishorim to construct an eco-friendly project in Canada
Click to expand...
Awesome find. I did a bit more searching and found this one about the project too. Big news for MCC, but what lot would it likely be? The old, ill-fated Metrogate one on Burnhamthorpe?

http://www.globes.co.il/serveen/
Mishorim to build C$410m eco-friendly Toronto project

The project will emphasize energy and water recycling to reduce consumption.

Erez Wollberg and Ariel Rosenberg 10 Jul 07 16:33

Mishorim Development Ltd. (TASE:MSHR) sub-subsidiary Skyline International Development Inc. has bought a 10-acre lot in downtown Mississauga, a Toronto suburb for C$18 million (NIS 73 million). Mishorim owns 66.8% of Skyline.

Mishorim plans to obtain a building permit for three eco-friendly high-rises with 1,200 apartments. The company estimates proceeds from the project at C$410 million (NIS 1.65 billion). The company will emphasize energy and water recycling in the project’s electricity and water systems to reduce consumption, and other features to minimize the project’s environmental impact and enhance the residents’ quality of life.

Mishorim will use wind and solar energy systems, grey water treatment facilities for water from sinks, showers, dishwashers, washing machines, and the like, garbage recycling facilities, and LED lighting. Construction will use minimally environmentally damaging materials. The company plans to import to Canada Israeli solar energy and other technologies. Much of the public space in the project will be devoted to a solarium, to function as a biosphere, which will include exotic plants, waterfalls, a heated swimming pool, and birds from the Caribbean.

Studies indicate that Canadians have a high degree of environmental awareness and activism, and are prepared to pay a 10% premium for eco-friendly homes. Mishorim believes that being branded as an eco-friendly developer will encourage sales in the project.

Published by Globes [online], Israel business news - www.globes.co.il - on July 10, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007
 
From the Mishorim Group - Website.

Company Profile

"Mishorim Group was founded in Israel in 1989 by Gil Blutrich and has grown significantly over the past 15 years. Mishorim Group expanded its area of operation to Canada in 1998 and has flourished since both in Israel and Canada. Incorporated into the Group today are 7 real estate companies incorporated under Israeli laws and 24 property and investment corporations which have been incorporated under provincial and/or federal Canadian law.

The Group's success is attributed mainly to Gil Blutrich vision and tarough understanding of the real estate market in both Israel and Canada. Gil Blutrich has also constantely improved the Groups' credibility as a local player in those real estate markets.

The Group is comprised of a talented team of top local and international professionals of which the Group considers them to be the most valuable asset of the Company. They in turn allow the Group to be strong in the two NON synergetic markets in Israel and Canada, providing greater risk diversification for the group as well as suppier returns and financial results.

The Group is mainly enagaged in three main sectors of operation namely

1. Income producing properties with a predictable cash flow

2. Development and Entrepreneurial activity showing aggressive capital gains

3. Strong asset management (the Groups' portfolio as well as its co-investors portfolio).

4. The Group's goal is surpluse return on equity whilst keeping a low risk portfolio"







Hooya! They really mean business - Kosher business!

Check out the sweet renders!

israel2.jpg


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:rolleyes:
 
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