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

Greenland made SPA and DPoS resubmissions early August, attached is the cover letter from Development Application Center.
East-West road seems need more discussion and progress.
1660584083747.png
 

Attachments

  • AUG 3 2022.pdf
    224.6 KB · Views: 236
  • AUG 3 2022.pdf
    224.6 KB · Views: 245
The fact that there has been recent meeting with Waterfront Toronto and an exchange of significant documents recently is some grounds for hope that this development will proceed - possibly by another developer. The detailed documents posted on the Development Application site in July & August 2022 are worth looking at.
 
DSC said:
The fact that there has been recent meeting with Waterfront Toronto and an exchange of significant documents recently is some grounds for hope that this development will proceed - possibly by another developer. The detailed documents posted on the Development Application site in July & August 2022 are worth looking at.
Click to expand...

I checked out those docs and scratched my head. Why resubmit detailed SPA documents prepared by HPA this month (presumably addressing outstanding SPA issues)? Prepping for a sale of the land/project by crossing t's and dotting i's?

Here's my attempt at a recap of this mess (corrections welcome):

On the macro level, this one seemed headed to the trash bin, with most of the discussions centred around the impending financial implosion of a number of large Chinese developers, including Greenland whose “junk bond rating” was downgraded again this past May by S & P to “CC” from “B-“, just 2 steps away from default.

On the micro level, Greenland has been trying to resolve issues around a new east-west road that would cross their site and the sites of 2 other properties/developers (Rom Grand - 178 Queens Quay E and Empire -162 Queens Quay E). We don’t know the status of those discussions. Greenland submitted their Draft Plan of Subdivision late last year.

After receiving shoring and excavation permits, partial excavation/soil remediation work was done and the site was occasionally busy until everything stopped early January this year.

What will happen next? Don’t have a clue. Thoughts and corrections welcome.
 
3Dementia said:
I checked out those docs and scratched my head. Why resubmit detailed SPA documents prepared by HPA this month (presumably addressing outstanding SPA issues)? Prepping for a sale of the land/project by crossing t's and dotting i's?

Here's my attempt at a recap of this mess (corrections welcome):

On the macro level, this one seemed headed to the trash bin, with most of the discussions centred around the impending financial implosion of a number of large Chinese developers, including Greenland whose “junk bond rating” was downgraded again this past May by S & P to “CC” from “B-“, just 2 steps away from default.

On the micro level, Greenland has been trying to resolve issues around a new east-west road that would cross their site and the sites of 2 other properties/developers (Rom Grand - 178 Queens Quay E and Empire -162 Queens Quay E). We don’t know the status of those discussions. Greenland submitted their Draft Plan of Subdivision late last year.

After receiving shoring and excavation permits, partial excavation/soil remediation work was done and the site was occasionally busy until everything stopped early January this year.

What will happen next? Don’t have a clue. Thoughts and corrections welcome.
Click to expand...
My (uninformed) guess is they are trying to tidy things up so that they can sell the site/project to another developer with most (or all?) permissions received. What that means for current purchasers is unclear but if I were one I might be starting to look for somewhere else!
 
3Dementia said:
I checked out those docs and scratched my head. Why resubmit detailed SPA documents prepared by HPA this month (presumably addressing outstanding SPA issues)? Prepping for a sale of the land/project by crossing t's and dotting i's?

Here's my attempt at a recap of this mess (corrections welcome):

On the macro level, this one seemed headed to the trash bin, with most of the discussions centred around the impending financial implosion of a number of large Chinese developers, including Greenland whose “junk bond rating” was downgraded again this past May by S & P to “CC” from “B-“, just 2 steps away from default.

On the micro level, Greenland has been trying to resolve issues around a new east-west road that would cross their site and the sites of 2 other properties/developers (Rom Grand - 178 Queens Quay E and Empire -162 Queens Quay E). We don’t know the status of those discussions. Greenland submitted their Draft Plan of Subdivision late last year.

After receiving shoring and excavation permits, partial excavation/soil remediation work was done and the site was occasionally busy until everything stopped early January this year.

What will happen next? Don’t have a clue. Thoughts and corrections welcome.
Click to expand...
They also resubmitted their Draft Plan of Subdivision along with the SPA resubmission.

CITY wants full road as a condition in DPoS but Greenland seems can't promise as lands needed for E-W road are owned by 4 parties (Greenland, Toronto Real Estate (part of City), Rom-Grand and Empire), Urban Strategies (Greenland's planner) mentioned as "inability and impractability of the Owner of the site to construct infrastructure over lands to which they have no access".

And, there could be something else to stop from them from construction - could be funding as well.
If they do want to sell the project, take over developer would want full approval + permit before negotiation, in my opinion.
 
DSC said:
The fact that there has been recent meeting with Waterfront Toronto and an exchange of significant documents recently is some grounds for hope that this development will proceed - possibly by another developer. The detailed documents posted on the Development Application site in July & August 2022 are worth looking at.
Click to expand...

I like this bit, Silva Cells have been added to the landscape design:

1660748663558.png
 
DSC said:
My (uninformed) guess is they are trying to tidy things up so that they can sell the site/project to another developer with most (or all?) permissions received. What that means for current purchasers is unclear but if I were one I might be starting to look for somewhere else!
Click to expand...
I suspect you're right.

My S & P ratings for a new developer here:

S (stupid choice): Madison, Aspen Ridge, Graywood, Plaza, Bazis

P (perfect choice): CentreCourt (2 construction cranes within 2 months ;-), WestBank, MOD, DREAM, Hines, RioCan, Menkes, Great Gulf (co-partner with DREAM only)

S & P Waterfront absolute "no fly zone": Concord, Pemberton, Daniels (enough damage already done)
 
Last edited:
Well, they've finished the pool, unlike at 1 Yorkville:

IMG_6100.jpg
IMG_6101.jpg


42
 
At least they didn't get 30 storey up before going bust. Or maybe not. Struggling Torontonians could make use of a half built tower.
 
interchange42 said:
Well, they've finished the pool, unlike at 1 Yorkville:

View attachment 432363View attachment 432364

42
Click to expand...

While I appreciate the unusual level of verdance; and the upsizing of the pool from the typical over-sized bathtub variety, I feel like the orange pool liner clashes w/the water colour. If they were aiming to have the pool ready for Halloween, a bit of Beet Juice in the water would have given the right tint for the day!

If they're just running early for Christmas, maybe the liner should have been red.
 
You must log in or register to post here.

Back
Top