Toronto The One | 308.6m | 85s | Tridel | Foster + Partners

Automation Gallery said:
Gee, for goodness sake its already 55% sold in what 2 months?
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Sure. Although, 1 Bloor East (the first iteration) was completely sold out right up until all those contracts were made null and void.

Point being, regardless of anything else that happens, excavation will proceed. No giant pit will be left behind in a market crash. The mall alone makes construction worth doing.


That said, is that 55% by dollar value or unit count? Released units only or including unreleased stock? Pretty significant difference between selling those $1M 1-bedrooms near the base and the $30M penthouse units at the top. Financing threshold is (roughly) by %age of construction cost.
 
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To sell over 50% of something that doesn't yet exist, not even a hole in the ground as of today, a home you won't actually be able to move into for years to come, units that will require writing a deposit cheque for $200,000 to perhaps as much as $1,000,000 (no interest paid) and to reach that level of success in such a short period of time suggests The One is already a hit.

Any comparison to sales performance of the majority of condo towers designed to attract a line-up of investors and single folks seeking small units for fast rental or a place to begin their home ownership, eg., Time and Space, is just plain wrong. Different worlds.

Honda sells more cars than Ferrari but Ferrari couldn't nor needn't care less.
 
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rbt said:
Point being, regardless of anything else that happens, excavation will proceed. No giant pit will be left behind in a market crash. The mall alone makes construction worth doing.
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Perhaps if it was street level retail further west on Bloor but multi level luxury retail is a completely untested and unproven concept in this city and we all know the challenges that the retail market in general is facing from all angles today.

How can you justify the astronomical land cost on that basis?
 
It doesn't need to be luxury. Great Gulf sold One Bloor East's retail for over $200 million with tenants like Nordstrom Rack.
 
And we know this at least has a strong ground level tenant - Apple is willing to pay big bucks for its retail spots and has deep, deep pockets.

There is also a hotel portion that will presumably move ahead regardless.
 
LMVDR said:
Perhaps if it was street level retail further west on Bloor but multi level luxury retail is a completely untested and unproven concept in this city and we all know the challenges that the retail market in general is facing from all angles today
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I wouldn't say completely untested. Great Gulf sold 65 parking spaces + 85,000sqft retail in 1 Bloor East for $189.2M; that's far more than it cost to construct those pieces.

How can you justify the astronomical land cost on that basis?
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You don't need to. You just need to justify construction price of the mall as the land is already a sunk cost. The choice now is a 30 space parking lot (or vacant land) or build the retail to stem losses on the enormous mortgage (for land) and make adjustments to the building over it for the profit.

Obviously it's ideal to have continuous construction between components but they would be far from the first developer to pause and rework the plan.
 
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It is more than 72% sold, based on 300 sales in 2017 Q4 alone. Source: Urbanation. Highest price paid was apparently 16.9 million for one of the units.
 
Nothing was reported in the Post; that was an ad.

There's no incentive or requirement for any marketing site or broker to be truthful in their claims about sales.

We have no idea how much of this thing is sold and it's thus pointless to speculate on the health of this development based on hearsay.
 
I look forward to seeing this go up. Function and form cohere nicely as it has an elegant design informed by the engineering solution to a tall building in such a small site. There's no deception in this structure--no wavy balconies or slapped on grid patterns or brick wallpaper regifting of another unwanted grey box.
 
Urban-Affair said:
Urbanation has been very accurate on sales completions in the past. We can give more confidence to them than an ad in a newspaper.
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Urbanation compiles their numbers by asking the developers so it all comes down to what the developers are reporting. The info in the ad is coming from the same source as Urbanation.
 
Edward Skira said:
Urbanation compiles their numbers by asking the developers so it all comes down to what the developers are reporting. The info in the ad is coming from the same source as Urbanation.
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I assume they would get something more concrete than just the developers word, wouldn't they? Its not only the % sold that they have available after all.
 
Urban-Affair said:
I assume they would get something more concrete than just the developers word, wouldn't they? Its not only the % sold that they have available after all.
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From where? You think they stand outside the sales centre as people leave like journalists do at polling booths during elections? The only people that can reveal the actual number are the developers.
 
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While 55% of the condo units themselves may be sold, if there is a retail and hotel component then for financing purposes those parts of the building would also count as having been "sold".
 
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