Toronto Mirvish Village (Honest Ed's Redevelopment) | 85.04m | 26s | Westbank | Henriquez Partners

[interchange42]

I should add that I don't believe for a second that he's cancelled anything.

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[maestro]

Before this thread gets even more O.T with speculation, the answer to the question of what will happen with this development was already answered just 1 page before the question was asked:



It's business as usual. There will still be demand for rentals, and as long as there is still demand, there will still be profit to be made. Developers would be stupid to back out now, especially since purchasing is becoming less of an option for more people. At the end of the day, most rental providers are already being fair with rent increases, with increases falling within rent control guidelines which don't even apply to them. New guidelines will not have an effect on these companies.

If in the process these rules end up weeding out the companies who are more driven by greed, then that should be considered a good thing.

There's a long history that demand for rentals is not enough to get them built. Toronto has been under built to severely under built since the 1970s. The city's progressive rental replacement policy is proof of that. New rent control policies will have an impact like before but, rental income alone is not driving the rental building boom either. It's just not a worthy return without including the fairly recent upswing in rental property values. I don't see those being impacted especially over the short term.

 

[innsertnamehere]

rental replacement policies are more about retaining affordable rentals than a market rate rental stock. The reason developers dislike the policy so much is that they are forced to subsidize units for far less than market as they are required to be rented out at the same price as they used to be. They often buy rooming homes and replace them with small, but full units (have to meet code), and rent them out for $400-$500 a month. The same unit at market value meanwhile would go for 250% that price.

 

[maestro]

Affordability is granted in the city wanting to preserve rental housing inventory. There's no other reason for such a policy. The majority of the units that have been replaced are market units. Developers being fixed to charge the same amount instead of the usual premium for new construction isn't much of an argument

Condo developers before this rental housing boom wouldn't build replacement rental units on their own accord even if they could charge whatever they wanted. The income is just not a worthy long term investment.

 

[Edward Skira]

Before the storm.

 

[Edward Skira]

Before the storm 2.

 

[ckupr]

But first it has to go to City Council on April 26, so there's nothing appeal yet. The final Council vote can also include amendments, so no-one should be counting their chickens yet.

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Any news on the outcome of this?

 

[Momin]

Council votes unanimously in favor.

 

[ponyboy]

great news on the approval. The other day I saw a pigeon poking its head out of a hole at the bottom of one of the big signs. It may be a pigeon colony in there. Where will they relocate to?
a couple of my photos of the art pieces along Bloor before they got ripped this past week ( who is the artist?) --

 

[AlbertC]

The Honest Ed's sign is being removed today.

 

[ponyboy]

We live just a block west, and the pigeon and squirrel activity this year has been very unusual. Lots of pigeons mulling around and one has built a nest on a window ledge outside our bathroom (first time that has happened). I suspect the large pigeon colony from the big sign was displaced by workers within the last two weeks. We've also had two young squirrels come down the chimney, also something not seen before by us, so maybe the pigeon displacement is having knock on effects on squirrel spaces. I wonder if the rats will be next as the building itself gets knocked down. Surely the cats will find it enticing. I will keep you posted.

Looking forward to this excellent project being built, and the provision of desperately needed rental housing and "missing middle" for this area of the city.

 

[ProjectEnd]

This is not a 'missing middle' project, FYI. That term describes something different entirely.

 

[innsertnamehere]

the built form is generally missing in the area, so that part of the phrase is correct. There isn't a whole lot of high density residential around this development. It's certainly not "middle" though, it's "high density" in every sense of the word.

 

[Marcanadian]

How it all looked on Sunday:

Honest Ed's by Marcus Mitanis, on Flickr

Honest Ed's by Marcus Mitanis, on Flickr

Honest Ed's by Marcus Mitanis, on Flickr

Mirvish Village by Marcus Mitanis, on Flickr

Mirvish Village by Marcus Mitanis, on Flickr

Mirvish Village by Marcus Mitanis, on Flickr

Mirvish Village by Marcus Mitanis, on Flickr

Mirvish Village by Marcus Mitanis, on Flickr

Honest Ed's by Marcus Mitanis, on Flickr

Honest Ed's by Marcus Mitanis, on Flickr

Honest Ed's by Marcus Mitanis, on Flickr

Honest Ed's by Marcus Mitanis, on Flickr

Honest Ed's by Marcus Mitanis, on Flickr

Honest Ed's by Marcus Mitanis, on Flickr

 

[ADRM]

Mike Layton included a summary of the evolution and current status of this project in his newsletter today, the full version of which can be seen at the link below. At first glance, I don't believe there's any new information in there, but it is a concise summary of where they netted out on various re-zoning aspects.

http://mikelayton.to/wp-content/uploads/2017/07/Mirvish-Village-Joint-community-letter-FINAL-002.pdf