Mike in TO
Senior Member
There are some other difficulties that the developer is currently going through related to the activities on the markets over the last couple weeks - I'm sure you can read between the lines...
There are some other difficulties that the developer is currently going through related to the activities on the markets over the last couple weeks - I'm sure you can read between the lines...
299 bloor call control.
Senior Member
Actually, you can argue it's still the L Tower, it's just lowercase now.
Ramako
Moderator
Wasn't this building close to sold out? How can there be any financing problems?
oneillt
New Member
There is more to this then the residences. There were grants from both governments that need approval, the entire Hummingbird Centre was being remodelled/reshaped which requires funding. I believe there's more to this story. It's a shame as this will be 'the' most exciting project we will see for years.
caltrane74
Senior Member
This one should have started U/C this summer. The fact it was held up, means we won't see a shoring rig there until next year.
urbandreamer
recession proof
Mike in TO: Perhaps they should rename this tower the L,(EH)?
yyzer
Senior Member
afaik it is Sony who are paying for the remodelling of the theatre...the government funding was only needed for the AHA! component...
messing with the Libeskind podium would be an outrage, imo...to hell with a public plaza, there is a park with a fountain/plaza directly across the street..
Dan416
Senior Member
I don't mind losing the commercial component. But why change the design? Keep bottom of the L please
casaguy
Senior Member
How incredibly sad. The city has completely destroyed the design.
Didn't this building completely sell out almost immediately because of the original design? I'd be surprised if most people didn't back out and demand their money back.
Didn't this building completely sell out almost immediately because of the original design? I'd be surprised if most people didn't back out and demand their money back.
Automation Gallery
Superstar
The design was the big selling point.If this project goes up for re-design Ill bet the developer walks away.
casaguy
Senior Member
Exactly. Living in the "L" was exactly why everyone rushed to buy and why so many residents were so excited about something different going up downtown.
SpadinaBus
Active Member
I don't see the developer giving anyone back their money at this stage, regardless of what happens with the commercial part. As always the case, there needs to be legislation in this province to not allow the sale of condo units without approved zoning and variances. So many consumers get ripped off and don't realize the lack of protection they actually have with their "purchase".
Mike in TO
Senior Member
In the current market sales unfortunately aren't enough to guarantee financing - there are a number of projects in the Toronto market that are over 80% sold that may never materialize due to the shortage of available capital (unless the current situation changes very quickly). Smaller players or those without strong relationships to a financial institution that is committed to this market are going to have trouble. A number of Canadian banks have pulled back significantly and a number of American and International players have left the residential market (or folded - which has created some problems on at least a half dozen Toronto projects that I know of - that doesn't necessarily mean cancellations, just a rather difficult situation to overcome).
I agree, but that's not the case here. In this case the required government funding for the cultural centre portion of the project is just not forthcoming. Now we're stuck with just a tower, no podium.
I wish they had a more interesting plan for the base of the tower. The new plans still have the Studio Libeskind stamp on them, so they've been part of the decision making process that is just continuing the tower's angled north wall straight down to the plaza level. Couldn't we have a small flourish before it hits the ground? Something?
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CapitalSeven
Senior Member
Didn't the agreement regarding this building state that, if the cultural component for the podium fell through, it would be built and used as commercial space?