Toronto The Eglinton | 111.86m | 33s | Menkes | Giannone Petricone

Automation Gallery

Automation Gallery

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Crazy, i dont know:confused:..Looks like they are going to demolish this structure at the corner of Eglinton Ave. and Redpath Ave.

161EglintonAveeast.jpg


For this...

161 EGLINTON AVE E

OPA / Rezoning 11 269515 STE 22 OZ Ward 22
- Tor & E.York Sep 6, 2011 --- --- --- ---

Standard rezoning application for new mixed use building with retail and residential above - 33 stories - 378 residential units - 189 parking spaces - 4 levels below grade parking - 284 bicycle parking spaces
 
Oh I don't think I like this ... I mean it's not a large office building by any stretch but I think it's about 90% occupied ... this may explain why they never tried leasing the Quiznos space that left about a year ago.

There's no mention of demolition in that application but I guess that's just implied.

This and the madison development is probably taking ~ 100,000 square feet of office space away from the Y&E market ...
 
The bigger "modern heritage loss" hereabouts, of course, being Union Carbide (once) to the west.

In a way, I'm less concerned about the loss per se than whether 33 storeys east of Redpath is overkill...
 
demolishing it to me seems questionable. maybe an addition on top of the existing structure?
 
how would they build the underground parking then? accept that the buildings being torn down... Good news is if this area gets alot more residents which it looks like its getting from the madison, neon, the 60 floor condo at NE yonge/eglinton, and it gets a LRT then we will surely see some office proposals.
 
I don't think it's possible to add 20+ stories to a 10 storey building though, which would effectively triple its height. It would have to undergo so much retrofitting and reinforcement, that building a new tower would be much easier.
 
Automation Gallery said:
Yeah i know, but 33 stories - 378 residential units is a monstrosity compared to 130 Bloor St. (10 stories - 15 condominium residence units)
Click to expand...

Good point. I failed to crunch the numbers properly. I would be curious to know *if* it would be possible though. I guess most anything is possible - but it probably would not make financial sense? (Would it be easier and less costly to just demolish the existing structure?)
 
the value of the land acquisition would have to take into account the profts that the existing building would generate over its remainder useable life. If the developers already own the building, then they would have to subtract the revenue out of the proftis on condo sales.
 
Crown Realty Partners purchased this site in September 2005 for 8.35 Mil

Minto has been working with Crown for that last year acquiring their properties--I wouldn't be surprised if they're behind this.
 
Menkes, not Minto.

This building was purchased by Menkes recently, not Minto. As far as this being a loss of office space....I don't think it will have a large impact on the Y/E marketplace. 161 Eg was always just a bit too far from the subway for most people's liking and there's adequate vacancy in the area to absorb the eventual loss of this building.

investican said:
Crown Realty Partners purchased this site in September 2005 for 8.35 Mil

Minto has been working with Crown for that last year acquiring their properties--I wouldn't be surprised if they're behind this.
Click to expand...
 
So tear down more office bldgs for Condos.. make ppl take the subway to their new office in, *shudders*, Vaughan.

I'm not a fan of this trend. Lets keep jobs in Toronto first!
 
adamwalman said:
This building was purchased by Menkes recently, not Minto. As far as this being a loss of office space....I don't think it will have a large impact on the Y/E marketplace. 161 Eg was always just a bit too far from the subway for most people's liking and there's adequate vacancy in the area to absorb the eventual loss of this building.
Click to expand...

That's not the best attitude to take though is it ?

Really the city should be pushing for new space to be built as part of this project (just as they did in NYCC) which would bring new modern office space to the area.


One thing to keep in mind ... I go on about how taxes make rent high here and that's why no one wants to locate in the 416 proper (at least at the edges). That's only partly true. Generally landlords do a good job of adjusting rental rates.

The problem is there's a lack of new office space compared to the 905 in the outer core (i.e. north of bloor) so the current stock tends to be old and not very energy efficient, that's the biggest hurdler. The key being no developer wants to build anything north of Bloor because they can't really make that much off it due to the rents they need to charge, compared to the 905 where they can take more profit.
 
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