Toronto M2M Condos | 129.9m | 40s | Aoyuan | Wallman Architects

Although Newtonbrook Plaza has been sold to 'Aoyuan Property Holdings (Canada) Ltd.' ... Wallman Architects will stay on the project to execute and refine the design following the OMB settlement
 
From local ratepayers' group SilverviewCommunityAssociation:
"Newtonbrook Plaza - Update"
"SCA has learned that Newtonbrook Plaza has been sold by one developer to another developer. The new owners are Aoyuan Property Group and we understand their intent is to re-develop the property as the developer they purchased from had planned. We do understand however that all tenants other than the grocery store (Food Basics) have been told they will be gone in 2018 to make way for demolition."
http://www.silverview.ca/

Likely to see refined Site Plan development application with updated reports.


City has expropriated and also received conveyance on a small corner of the property directly south for the new east-west roadway to service this NewtonBrook Plaza redevelopment,.... it seems expropriation was used as a matter of convenience for City dealing with Condo board requiring 80% support of a large number of units.
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http://www.toronto.ca/legdocs/mmis/2016/gm/bgrd/backgroundfile-93529.pdf
 

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^Correct, and that buildable rate is insane. 1.7 million GFA @ ~200 mill = ~$115 /GFA. I wonder if part of the reason for the higher than normal SP, is a less knowledgeable market participant, or perhaps simply not caring and needing to park money somewhere stable.

SouthChinaMorningPost article (March 22, 2017) on Aoyuan:
"That said, he insists Aoyuan will not overpay for land nor raise its leverage to support growth, as the company is keen to continue improving its ratings."
"Fitch, for instance, in December upgraded Aoyuan’s long-term corporate credit rating to “BB-” from “B+” given its improving financial profile."
http://www.scmp.com/business/companies/article/2080838/aoyuan-homes-southern-chinas-big-bay-area

Sept 12 article: "China Aoyuan Property works with domestic banks in all overseas projects to leverage local capital. It raises money abroad and does not funnel funds out of China, Chen stressed."
https://www.yicaiglobal.com/news/ch...eas-acquisitions-sell-canadian-project-year-0
 
This has reportedly been sold to China Aoyuan Property Group for just north of $200 million. Apparently they are a large chinese developer, must be getting into the Canadian development market like Greenland.

Interesting SouthChinaMorningPost article (March 22, 2017) on Aoyuan aggressive growth strategy:
--------
Aoyuan has also been accelerating its overseas investment in an effort to hedge domestic policy risks and the ongoing depreciation of the yuan.
The developer has five residential projects in Sydney, Australia, and just made its first foray into Canada, this month, acquiring a 90 per cent equity interest in a high-end apartment in Vancouver for C$30.6 million (US$22.95 million).
Chan said those overseas developments are mainly targeted at local buyers.
Its first Australian project, One30 Hyde Park, is already 90 per cent taken up, while its second, Maison 188 Maroubra, is about 80 per cent.
The purchasing power of local Chinese and new immigrants in Australia and Canada is very strong, Chan said.
“Our next step is to build projects in Melbourne and Toronto.”
------
http://www.scmp.com/business/companies/article/2080838/aoyuan-homes-southern-chinas-big-bay-area

Aoyuan seems to be targeting local Chinese and new immigrant buyers here and in their 2 Vancouver projects - all 3 in areas popular with Chinese.
http://aoyuaninternational.com/our-businesses-aoyuan-canada

Vancouver projects include a land assembly UpZoning of similar size to Newtonbrook Redevelopment, that Brentwood Project done by IBI Group and a stone throw away from AmazingBrentwood project (Brentwood Towns Centre Redevelopment/Transformation now under construction),... thus, Aoyuan Canada would be aware of this competition and NewtonBrook might also see similar details in the "refinement" from Wallman
http://www.theamazingbrentwood.com/


While FoodBasic survived first demolition likely because this project will be done in phases with south phase starting first since ServiceRoad needs to be connected south across Yonge to Beecroft extension. Even if Metro who owns FoodsBasic stays, it'll likely be new Metro coming in,... but given Aoyuan using their oversea brand to target local Chinese buyers, office and retail will likely reflect that as well,... thus, local Chinese supermarket likely with Loblaws T&T as strong candidate since they've supposedly shown interest in opening a T&T in NorthYorkCentre at EmeraldPark before.
 
Looks like they will be having a meeting in the coming weeks about the project... any details on it?
 
This will be marketed and launched as M2M Condos. We will have more details on it in the coming days. First tower will be launching in the spring with 810 condominium suites.
 
5799-5915 YONGE ST
Ward 24 - North York District

►View All Properties

Site plan approval application for the first phase (Block 1) of the Newtonbrook Plaza re-development. Phase 1 includes two mixed-use towers of 34 and 32 storeys with a total of 810 residential units. A total gross floor area of 73,345.6 square metres is proposed, of which 65,100 square metres will be for residential uses, 3,713.7 square metres for retail uses, and 3,914.9 square metres will be for commercial (office uses).

Proposed Use --- # of Storeys --- # of Units ---


Applications:
Type Number Date Submitted Status
Site Plan Approval 18 125604 NNY 24 SA Mar 6, 2018 Under Review
 
The last days before demolition.

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Phase 1's new supermarket space is about 32,ooo sq feet at ground floor with additional 6,000 sq feet mezzanine level (some for office). Not many supermarkets especially low-margin FoodBasics/NoFrills type can afford 1st floor rent at base of new high-density development. Note: 1st floor rent on per sq feet is usually double that of 2nd or basement level.

BTW, stores are starting to move out before Dec 1st deadline. PlayItAgain should be moving out soon to plaza at south-east corner of Finch & Bathurst (former the Beer Store near Dollarama)
 
OMG...this is finally happening? I live on Cummer Ave. closer to Willowdale.
This will be traffic nightmare for next few years but change is overdue.

One thing that we DO NOT want is tiny retail store inside the retail mall like WOY (World on Yonge) or Pacific Mall.
I am not against small business but I would like to have it done more tastefully.

I am half excited and half worried.

Anyone has any scoop on any AAA tenants? I am hoping for Starbucks, Tims, LCBO (We lost one just up the street to condo development and I miss it), Lablaws?....etc.
 

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