Toronto Natasha Residences | 156.9m | 47s | Lanterra | BDP Quadrangle

It's dead - or at least this design. I believe Story Living sold off all their sites to other developers. Thus the empty pit in Oakville that was going to be one of their rental buildings, and Concord building a new building on their other entertainment district site.
 
It's dead - or at least this design. I believe Story Living sold off all their sites to other developers. Thus the empty pit in Oakville that was going to be one of their rental buildings, and Concord building a new building on their other entertainment district site.

That's unfortunate. I was really liking this design and thought the tower portion responded in an interesting way to PJ Condos.
 
Does anyone know for sure if 263 adelaide has been sold by Storey Living and to which developer. It would be nice to get this thing moving along.
 
That would be ideal. It would make sense if Pinnacle bought that property and kept the same design that flows with the PJ Condos. That would be a nice block.
 
Do we know who owns this site now?

With approvals in place and a sharp design I feel as though this would be a good pickup for a REIT or someone like Tricon to add to their rental portfolio. Assuming the land wasn't sold for too much to make the pro-forma work, I think luxury rentals would do quite well in the entertainment district.
 
Height is so easy to get behind. It's impressive and easy to understand. It's just a physical manifestation of a number.

I loved feeling like the dumbest person in the world reading cafe urbanite. Too bad most do not.
 
Do we know who owns this site now?

With approvals in place and a sharp design I feel as though this would be a good pickup for a REIT or someone like Tricon to add to their rental portfolio. Assuming the land wasn't sold for too much to make the pro-forma work, I think luxury rentals would do quite well in the entertainment district.

Still with Storey Living I believe
 
What is the latest about this site. Over 6 months it was decided to sell the site to a potential buyer. A law firm Miller Thomson LLP retained as Representative Counsel for investors. I am just wondering what is the status of this site.
Will anyone know what is happening to this project.
 
^ u joined UT just to ask this question? well the project is dead and the last thing we heard was that the site was still owned by storey.
 
Walked by today and saw the lower unit opposite to Ellie Mae had signs in the window for 'The Purman.' The name sounds like it cooooooooould be a development and any of the vacant office space inside is up for short term leases, but I'm not getting my hopes up!
 
Interesting article on the financial story here from the Globe and Mail: Deal cut to repay some Hi-Rise syndicated mortgages

Of note, the site is in the process of being purchased by Lanterra for $69m, if the investors approve the deal:
On Oct. 23, 2019, Mr. Neilas proposed a deal to settle the outstanding loans with investors that would have seen him and his companies retain a 25 per cent stake in a renewed joint venture project with Toronto’s Lanterra Developments. But 70 per cent of the investors (representing $24-million in value) rejected the plan; only 29 per cent (representing $10-million) voted in favour.

...

Lanterra has now agreed to pay $69-million for 100 per cent of the property. After commissions and other priority claims are repaid, Miller Thompson says there will be $45,495,298 left over to distribute among investors. Those with registered loans – the one-third of the lenders who used RRSPs or likewise regulated savings vehicles to invest – will receive 100 per cent of what they are owed, which adds up to $22,810,717 ($17,133,872 in principal and $5,676,844 in interest).
 
Walked by today and saw the lower unit opposite to Ellie Mae had signs in the window for 'The Purman.' The name sounds like it cooooooooould be a development and any of the vacant office space inside is up for short term leases, but I'm not getting my hopes up!

According to a person in the building, it is being used on an quasi nightclub type event space - not related to any specific development initiative. The north-east corner area of the ground floor has been signed as 'The Purman' for quite a while.
 

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