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

[sunnyraytoronto]

If I'm reading correctly, they have the right to exercise an option to purchase all other shares for phase 2 and 3 for a nominal amount. Not sure why it's done this way, but it does seem like this is a disposition for the entire development (and essentially all remaining interest Aoyuan has in Canada).

From documents: "After the Disposal, the Purchaser will be responsible for taking over the M2M Project Phase 1 in its final stage of development, managing the closing of the pre-sold units, selling the remaining inventory, as well as managing deficiencies and post-occupancy warranties."

Seems to be done this way to ensure the Winnet (purchaser) takes care of Aoyuan Canada's responsibilities to buyers of M2M Phase 1,... then after this is done to satisfaction then Winnet can exercise "option" to buy Phase 2 & 3 land for $1CAD

 

[Undead]

Today:

 

[sunnyraytoronto]

Here, I summarize how City protect itself by ensuring Section 37 Community Benefit & Section 42 Parkland Dedication are paid (in land conveyance and certified cheques of equal value to be deposited in Mutual Funds to guard against inflation) prior to issuing Building Permits to start construction.

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

urbantoronto.ca

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

Bit of news here; the supermarket has been leased. It will be a novel version of an established grocer. But not one of the conventional majors. I can't reveal the name yet, but it should be public next week.

urbantoronto.ca

- Since M2M Phase 1 got Building Permit issued, City has the Phase 1 portion of Section 37 Community Benefit & Section 42 Parkland Dedication (in land conveyance and certified cheques that went into mutual funds to guard against inflation)
- Phase 2 Building Permit for shoring/digging were ready December 2021 but Aoyuan never proceeded - so City does NOT have Phase 2 portion of Section 37 Community Benefit & Section 42 Parkland Dedication.

- New owner, Winnet Capital, is under no obligation to "fulfilling the outstanding community benefits obligations to which Aoyuan had committed for the original approvals of the M2M project"
- New owner, Winnet Capital,... or whoever eventually buys Phase 2 & 3 site from them,... will likely submit their own ReDevelopment Proposal for significantly more Density (SilverCore got about 3.7FSI around 2016, Aoyuan with larger Phase 3 getting 4.3FSI,... but Ghods got 12.0FSI north of Cummer!)

For local community,...
- Newtonbrook Community Centre with DayCare to be built in Phase 2 - which City website still shows Project Timeline of "2027: Construction complete, Community Recreation Centre opens",.... local community will be lucky if it actually materialize in 12 years (optimistically),... Of the planned 50,000sqft small Community Centre, Phase 1 only got the City guarantees for about 40% - 20,000sqft,... too small for a Community Centre. It's at risk now!

Newtonbrook Community Recreation Centre

The City is planning to build a new two-storey multi-use community centre at the Newtonbrook Plaza Redevelopment site at Yonge Street and Cummer Avenue. While we aim to provide fully accessible content, there is no text alternative available for some of the content on this site. If you require...

www.toronto.ca

- Olympic Garden Park - which City website still shows Project Timeline of "Fall 2025: Construction complete, park opens",... due to it's design some have nicknamed it "Fallopian Tubes Park",... here, City have conveyance of 40% of the land from Phase 1,... so we only have one Fallopian Tube and no uterus!

New Park on Olympic Garden Drive

A new 6,000 m2 park is coming as a result of the Newtonbrook Plaza redevelopment project at 5799 to 5915 Yonge St . The park will be located east of Yonge Street and south of Cummer Avenue, across from the new Newtonbrook Community Recreation Centre. While we aim to provide fully accessible...

www.toronto.ca

 

[maestro]

Sounds like the city gets $0 in property transfer tax as the property was incorporated and the sale is via those shares. I think it's around a million dollars.

 

[AlbertC]

 

[Solaris]

June 15 2024 update

the geometric shapes on the podium and around the lobby entrance is quite interesting here

 

[Edward Skira]

 

[Edward Skira]

Basically done.

 

[biospherian]

Anybody know when the H Mart is opening here?

 

[dsyoo21]

I am curious now that builder had bankrupt and abandoned the proejct, what is happening to the Park, Library and other communal space that was promised when project was sold.
Is anyone responsible for these?

 

[DevDudeToronto]

I am curious now that builder had bankrupt and abandoned the proejct, what is happening to the Park, Library and other communal space that was promised when project was sold.
Is anyone responsible for these?

It doesn't look like the builder bankrupt the project, but it does look like they sold the land and phase 2/3 was subsequently cancelled (judging by an earlier post). As I understand it, everything such as parks, community centres, libraries, parks, etc. are tied to the site plan approvals with the City. So if the new developer goes back to the city with a new site plan (or even ZBA) then they could renegotiate basically everything. The City is under no obligation to approve anything without those previous commitments (like the community centre and the park), but the new owner can definitely try to get those removed. I wouldn't count on seeing that park or community centre materialize for at least another decade though.

 

[Edward Skira]

 

[homedepotbob]

How's the building since most owners have moved in? What about their Customer Service? Any flooding in the building?
Any words from Aoyuan regarding future development?