Toronto Olive Residences | 104.74m | 31s | Capital Developments | Arcadis

Yesterday

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Northern Light said:
Revised SPA Docs submitted to bring those in line with the 31s being built here. Docs were still for 29s previously.

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@Paclo
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Does this mean it has been approved to 31 floors instead of 29 previously?

Previously it was 33 floors for minor variance approval has it now been changed to 31 floors? Did they negotiate for 2 floors more instead of 4?

Thanks!
 
toronto647 said:
Does this mean it has been approved to 31 floors instead of 29 previously?

Previously it was 33 floors for minor variance approval has it now been changed to 31 floors? Did they negotiate for 2 floors more instead of 4?

Thanks!
Click to expand...

@Paclo may have further insight; but the C of A decision issued in spring approved 33s. So I'm not entirely sure how we got back down to 31.
 
Paclo said:
The zoning bylaw gives them a maximum allowance of 33; they appear to be proceeding with 31 currently
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Just trying to understand their logic, why would they not go with the full 33 floors? Any reasoning why? Wouldn't the developer want to maximize their profits?
 
toronto647 said:
Just trying to understand their logic, why would they not go with the full 33 floors? Any reasoning why? Wouldn't the developer want to maximize their profits?
Click to expand...

That would depend on how many unsold units remain in the 31st version, and at what price point; and what financing, at what interest rate, may be available to cover the cost of building 2 additional storeys.

Building additional height can certainly be more profitable, if you can sell through, at your desired price point.

I think one might reasonably conclude (no inside info here) that in a slow sales market, the determination has been made that there is insufficient profit, if any, in building more here.
 
Lately,... after getting approvals at City Level or OMB/OLT,.. some Developers go to Committee of Adjustment trying to squeeze more,... but CityStaff often tie in more conditions!

For Committee of Adjustment for this Olive proposal,... there was numerous conditions imposed by CityStaff,... I can't find the specific Staff Report on this A0117/24NY 32-38 Olive Ave. Speculation conditions could be:
- like at NorthCore going from approved 14-storey, to 16-storey doubling unit count via halving unit size, to 18-storey,... main condition was 2 units to be donated to Habitat For Humanity for Affordable Housing
- adding 2-storey could be under condition that Height remains the same,... forcing Developer to cut ceiling height for each unit,... but when condo construction is already about 10-15-storey high,... that means more aggressive cut to ceiling height for units on higher floor,... which messes everything up with lower floors have more ceiling height than premium units on higher and Penthouse floors! (Bazis West Tower has this issue because 2-storey was added within allowable height mid-construction,.... because those idiots couldn't do simple math and initially designed the tower about 5ft short of allowable height! Why chop a few inches of ceiling height to add 1 extra storey when you can aggressively chop ceiling heigh to squeeze in 2-storey)

But whatever the conditions recommended by CityStaff and imposed by Committee of Adjustment,.... in the end, the math likely didn't make sense,... so why bother,...
 
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