Line 5 Condos | 113.99m | 36s | Reserve Properties | IBI Group

Marcanadian

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dryang

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I walked by today. Saw people moving out.

There are still cars parked in the parking lot for these two existing apartments that will eventually be torn down.
 

Izabella

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I bought a condo in this project in 2018 and I'm utterly disappointed. The builders never communicated any delay and I'm still not sure if they finalized agreed on the City Council consideration. It will likely delay the occupancy in at least 2 years. I should have done my research before committing to it... My real state agent also can't get an answer from them. I don't know what to do.
Do you guys have any news on when the demolition will happen? Or when is the new occupancy date?
 

interchange42

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I bought a condo in this project in 2018 and I'm utterly disappointed. The builders never communicated any delay and I'm still not sure if they finalized agreed on the City Council consideration. It will likely delay the occupancy in at least 2 years. I should have done my research before committing to it... My real state agent also can't get an answer from them. I don't know what to do.
Do you guys have any news on when the demolition will happen? Or when is the new occupancy date?
The City and the proponents Reserve Properties, etc., agreed on a settlement regarding the zoning, and that was ratified by the LPAT in May, 2018, and City Council did approve demolition of the rental buildings onsite in at their October 29, 2019 sitting…

…but for demolition to go ahead, Westdale et al have to first provide the current tenants with relocation services. I have no idea if those tenants have all been relocated yet or not, but maybe that's what is holding up demolition?

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Urban Chairman

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The City and the proponents Reserve Properties, etc., agreed on a settlement regarding the zoning, and that was ratified by the LPAT in May, 2018, and City Council did approve demolition of the rental buildings onsite in at their October 29, 2019 sitting…

…but for demolition to go ahead, Westdale et al have to first provide the current tenants with relocation services. I have no idea if those tenants have all been relocated yet or not, but maybe that's what is holding up demolition?

42
I live in the area and briefly chatted with a tenant this past Saturday as I saw him disposing of some unwanted stuff outside. He advised me that he has to move out by the end of this August, and he'll be moving into another rental building on Erskine.
 

dryang

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The price of the units back in 2018 was pretty good. You might have gotten platinum pricing or at least some kind of discount to have bought a unit back then. Sucks having to wait, though.

End of August is definitely late... but, given the current state of the city in shut down, it's not unrealistic.

Builders are to hold off on new breaking ground on new projects until shutdown is over. I think that means that the extent to what can be done is hoarding setup. That's it.
 

416ForLife

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I bought a condo in this project in 2018 and I'm utterly disappointed. The builders never communicated any delay and I'm still not sure if they finalized agreed on the City Council consideration. It will likely delay the occupancy in at least 2 years. I should have done my research before committing to it... My real state agent also can't get an answer from them. I don't know what to do.
Do you guys have any news on when the demolition will happen? Or when is the new occupancy date?
To set expectations, from what I've seen, Occupancy is about 3.5 years once digging starts... Sounds like a great project in great location too. By the time it opens, the new subway line should be running and Eglinton should be open up again. Basically means you unit will be worth even more ;)
 

dryang

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Yeah 3.5 years is on par for what I've seen, for towers that don't go too high. And yeah, this is a good project. The two tower foundation could push things out a bit, but that's okay. If RE corrects a bit, it will happen in 2021 or 2022, which is before this project completes. Good for occupancy and cashflow. Hopefully good for getting a mortgage too.

The other good thing about this project is that it has a lot of amenities and the pool is outdoors, which from a cost perspective pools do add up to costs, especially when they're inside. A lot of newer projects don't have a ton to offer in terms of amenities... maintenance fees in condos are going nowhere but up, but with little to offer in return. Untitled for instance, same builder as this one, has very few amenities and it's supposed to be across the street from Line5 Condos.

Unless there are major changes, Line5 is expected to have hot/cold food storage, pet spa, yoga/fitness centre and sauna, stream and spa lounges. Juice bar, library/study area too, apparently. The sauna is what I miss at the condo I live in now, since it's closed due to Covid19.
 

timetraveler1991

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Passed by a couple of days ago. The rental buildings looked emptier (could be empty for all I know). The address signs for the rental buildings were discarded on the ground, so maybe that is a sign that they will be demolishing soon.
 

timetraveler1991

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As an update, I drove by again today and I noticed that there are metal fences all around the 2 properties now. I was surprised to see it as I have been so used to seeing this project sit idle. Hopefully demolition begins soon!
 

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