I may be misinterpreting, please correct me if I am!The owner is in a position to proceed with above-grade construction of the development on the development site but has not yet satisfied the third-party peer review and Record of Site Condition requirements for 14 Dundonald Street. This Motion proposes to direct the City Solicitor to request the Local Planning Appeal Tribunal to revise the Local Planning Appeal Tribunal Order and to undertake the necessary amendments to the Agreement so that an above-grade building permit can be issued to the owner of the development site prior to the conveyance of 14 Dundonald Street to the City.
This Motion proposes to secure the future conveyance of 14 Dundonald Street, along with enhanced base park improvements to those lands, following the completion of the third-party peer review process and the filing of a Record of Site Condition but in any event no later than the earlier of subsequent potential development approvals for the development, occupancy of the development, and the date proposed by the Motion.
If they have gotten all their other ducks in a row in terms of NOAC, Toronto Water sign-off, building permit review and approval, etc., then this should remove the last major barrier (that we are aware of) to get above ground permits. After this is passed the S. 37 has to be amended and re-registered on title which could take weeks to months. Probably it will be August before an above ground permit will be issued, assuming all those other things are in line. Will be nice to see this one finally rise above ground, at very long last.Finally some action! Hopefully we see an above grade permit issued shortly if that passes council, which it should.
I want to echo this feeling as well. Additionally, once the building gets to a sufficient height you can do a timelapse with the number of pictures you've taken of the same angle!Benito,
I just want to tell you how much I appreciate that you take the time to take all these photos to share with us. I enjoy them very much, and have also learned a few things along the way. Thanks, bud.
I admit that I know nothing about financing of projects such as this, but I do know that I read that it's about a billion dollar project, so should I be surprised that it is about 100% financed?Mizrahi could go Cresford up over this? I dunno...I really hope not though.
Typically a loan is provided to acquire the property and cover the soft costs such as planning, engineering, marketing and anything else that happens prior to construction. Once the developer/builder sells enough units to satisfy lenders requirements, they will get a second loan, which would be for construction and pay off the first loan. Deposits from purchasers would be held in trust until construction is done or the condominium is registered. This is a very simple explanation of some of the financing involved. The bigger the project, the more complex the financing could be. For a project like The One, multiple financing sources would have been attained, including from banks and other investors (separate from purchasers).Now that I think about it, it seems that most of the financing would/should be for the land purchase, and going by what I think I know about residential developments, proceeds from sale deposits, and down payments should finance the construction. It does seem interesting.