Mirvish+Gehry Toronto | 308m | 82s | Great Gulf | Gehry Partners

[WislaHD]

Just out of curiosity what does “stabilized” state mean? Is it when construction starts? When it ends?

Stabilize usually means when a commercial or rental building has finished their initial leasing up period and has reached "stable" occupancy levels following project completion.

There's a combo of residential and commercial projects on that table. I think for the condos on that list the date of occupancy or registration is being used as a proxy for "stabilization date", or at least that is how I read it.

 

[Strange Advance]

It's kinda like watching that election to the South of us really. Tuesday late night, I was in state of pure panic. Today after a period of forever counting, it's looks like it all got worked out for the better. Hopefully this project is following a similar path. /shrug

Inauguration of Mirvish-Gehry groundbreaking is January 20th... of some future year. Just concede already!

 

[T.E.C.II]

Hard to believe we've been talking about this project for nearly a decade.

 

[ptbotrmpfn]

Exactly why people don’t see this getting built at all this and many other project world wide that forever to get going. I get the reasons for it. sort of?

 

[ciceror]

This thread has 401 pages and this project is is no nearer to completion than it was when the first page of this thread was created

 

[syn]

Hard to believe we've been talking about this project for nearly a decade.

It certainly is.

This project still feels new to me.

Time really flies.

Hopefully they can weather the COVID storm and move forward with this incredible project.

 

[UtakataNoAnnex]

I'm not sure 401 pages of bumping this thread is going to make these buildings sprout up into existence any faster either. Just saying.

 

[Bjays92]

Hey at least 401 pages later we have a proposal that involves two supertalls. I'd argue that's closer to completion than when there was no plan for this site at least...

 

[Big Daddy]

So GG bought an upzoned property - Mirvish accomplished his goal of drmatically increasing the price of his land before selling - but my question is, are there any time limits built into the approvals obtained for this site? Will they have to go back to the city at some point to re-establish density etc (site plan approval I know will have to be reaffirmed) but can the city revoke the density bonus they gained? Just wondering if there is some sort of time clock GG has to work against?

 

[innsertnamehere]

There are no time limits on zoning, no. Once the bylaw is passed it's “forever”

 

[Big Daddy]

I guess the only "clock" working against them is the carry cost of this property - which they have carried for just over 3 years now.

 

[UtakataNoAnnex]

Being an American Thanksgiving and all, I really was hoping to get a helping or meaty development served on my plate for the occasion and thread bump. Guess I'll have to wait till Christmas now.

 

[Noahrenn084]

I’m new to this site but has any new information come out about this building? Because as far as I can tell the project has been dead for years.

 

[ushahid]

3years. thats when the project was bought by GG. covid has made it kinda difficult too. i guess we have to wait till few more years. i Hope Mr.Frank Gehry is still alive.

 

[ADRM]

I guess the only "clock" working against them is the carry cost of this property - which they have carried for just over 3 years now.

It cuts both ways: This is an extremely expensive design and there are significant engineering challenges that have been worked through since the sale; basically, GG is weighing the carrying cost against the presumed continued inflation of condo prices. Also money is almost free right now, and will probably remain so for quite some time. GG has no real interest in rushing things.