Toronto Pinnacle Lakeside (Phase 1) | 174.86m | 54s | Pinnacle | Hariri Pontarini

[Northern Light]

is your phone not working?

LOL, I already talk to City staff a few times each week, I just figured I'd let someone else say 'hi'.

It would be rude of me to hog all their time.

 

[Northern Light]

Not much happening here........yet..........

Photos taken yesterday, August 31st, 2021:

 

[drum118]

Sept 10
I want to be in the shot last second change of direction

There goes the view

 

[skywalker]

Who wants to phone the City and ask under what permit this work is proceeding?

Hi what is the number to call? I will call and report back here. Also if you have email, I will send an email too. Thanks.

 

[Northern Light]

Hi what is the number to call? I will call and report back here. Also if you have email, I will send an email too. Thanks.

The easiest version might be just calling 311; though they likely won't have instant answers for you.

That said, the contact info of individual examiners is listed........and I am posting it below:

If you contact this person, you will need the info below:

Permit# 19 173743 BLD 00 NB

****

or you can try this person:

 

[skywalker]

The easiest version might be just calling 311; though they likely won't have instant answers for you.

That said, the contact info of individual examiners is listed........and I am posting it below:

View attachment 350757
If you contact this person, you will need the info below:

Permit# 19 173743 BLD 00 NB

****

or you can try this person:

View attachment 350762

View attachment 350763

Hi there, I called the main engineer in charge of this project and had a 20 minute chat. From what I gather, everything seems to be in order as far as the approval procesd is concerned, The formal process started in July 2019. I think Lakeside construded this as the start of the construction start as relayed to us. However, it meant they submitted the full plan to the city, and city has to review the site, sewage, water, untilities, fire safety roads etc etc etc since it impacts the surroundings and the resources during the building phase and in the future after completion. Any shortcomings that city finds, Lakeside has to revert to their architects to make changes, and this loop process takes time. Essentially the review process was almost shutdown after the covid start in March 2020, as city shifted resources to more urgent developments like hospital etc. I asked if the Lakeside is seriuosly pushing for the approvals or are they lazy (not showing urgency). He said they are trying to expedite and get the approvals. Overall my impression was that things are above board, and moving along. I aksed why I see so many buidlings finihsed in the last 2 years. He said they probably started the approval process in 2016.

On another note, i wrote to the Lakeside asking for an update and the reasons for delay. I got a an letter stating that the activity at the site has already started and we will see fast construction in the coming weeks. I must say, I feel a bit of relief, that things are seem to be going in the direction. We should keep a close eye on the building site.

 

[Northern Light]

Hi there, I called the main engineer in charge of this project and had a 20 minute chat. From what I gather, everything seems to be in order as far as the approval procesd is concerned, The formal process started in July 2019. I think Lakeside construded this as the start of the construction start as relayed to us. However, it meant they submitted the full plan to the city, and city has to review the site, sewage, water, untilities, fire safety roads etc etc etc since it impacts the surroundings and the resources during the building phase and in the future after completion. Any shortcomings that city finds, Lakeside has to revert to their architects to make changes, and this loop process takes time. Essentially the review process was almost shutdown after the covid start in March 2020, as city shifted resources to more urgent developments like hospital etc. I asked if the Lakeside is seriuosly pushing for the approvals or are they lazy (not showing urgency). He said they are trying to expedite and get the approvals. Overall my impression was that things are above board, and moving along. I aksed why I see so many buidlings finihsed in the last 2 years. He said they probably started the approval process in 2016.

Excellent work!

Sincere applause for taking the time to chase this down; I always appreciate that!

 

[Start Fox]

Pretty incredible that this thing has barely broken ground. I remember it being in pre-con sales back in early 2018 (and it might've launched even earlier than that). Within that time, One Yonge Phase 1 and Sugar Wharf Phase 1 have launched and are almost topped out.

 

[Dr. Snoot]

There is speculation that the builder, Greenland Holdings, may be in similar (although not as deep) financial trouble as the other Chinese builder, Evergrande.

"In the U.S., Greenland, along with Oceanwide Holdings and China Vanke, which have also fallen short of Beijing’s new rules, are all struggling to develop projects in San Francisco, Los Angeles and New York."

How Canada is exposed to ripple effects of Evergrande debt crisis

Canada’s pension funds, banks have limited direct ties, but a collapse could still be painful

www.theglobeandmail.com

 

[allengeorge]

There is speculation that the builder, Greenland Holdings, may be in similar (although not as deep) financial trouble as the other Chinese builder, Evergrande.

"In the U.S., Greenland, along with Oceanwide Holdings and China Vanke, which have also fallen short of Beijing’s new rules, are all struggling to develop projects in San Francisco, Los Angeles and New York."

How Canada is exposed to ripple effects of Evergrande debt crisis

Canada’s pension funds, banks have limited direct ties, but a collapse could still be painful

www.theglobeandmail.com

Whoa. FTA:

Greenland Holding Group, which is developing two major condo projects in downtown Toronto, is under pressure to refinance its debt. On Thursday, Moody’s Investors Service revised its outlook on Greenland to “negative” from “stable” and said the company will “face uncertainty in issuing new offshore bonds at reasonable funding costs to refinance its maturing debt over the next 6-12 months.”


Although the credit rater expects Greenland to have enough resources to repay its US$2.87-billion bonds that are maturing between September and December, 2022, it said the repayment will reduce funding for Greenland’s operations in the near term.


The company did not respond to a request for comment.


Greenland, like Evergrande, has crossed at least one of the “three red lines” that Chinese regulators put in place last year to cap borrowing to tamp down speculation. Companies that fail to comply with the limits, which govern metrics around asset, equity and debt levels, face restrictions on new borrowing.


In the U.S., Greenland, along with Oceanwide Holdings and China Vanke, which have also fallen short of Beijing’s new rules, are all struggling to develop projects in San Francisco, Los Angeles and New York.

 

[3Dementia]

A small sampling of some of Greenland's active construction project$, in various Chinese cities... not suprised their ship is leaking.

Greenland Center Nanjing 499.8m u/c
Greenland Center Wuhan 476m u/c
Greenland Centre Chengdu 468m u/c
Star City Changsha 380m u/c
Greenland Suzhou Center 358m u/c

 

[skywalker]

I was at the site on September 26, 2021,
There is defintily active construction taking place.
What you see here was not there in June when I last went there.

 

[BTB]

Whoa. FTA:

I think your post hits the nail in the head. I suspect financial woes have more to do with the lack of activity at this site. I would hardly call ‘active construction’ on this site, it has been basically dormant for a year. They’ve just been shuffling some dirt around. What happens if they can’t complete this project?

 

[Bjays92]

I think your post hits the nail in the head. I suspect financial woes have more to do with the lack of activity at this site. I would hardly call ‘active construction’ on this site, it has been basically dormant for a year. They’ve just been shuffling some dirt around. What happens if they can’t complete this project?

I suspect Evergrande is the tip of the iceberg. Capital flow in China is shady in the best of times, I think there's a very real possibility that this project will have to shift hands. I hope I'm wrong though.

 

[NW87]

Today