DirectionNorth
Active Member
Unknown retailer is quite large, and it's a prime location. I expect a lot of money.
Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners
- Thread starter urbandreamer
- Start date
dodgeram
Active Member
Do we know who will own the retail component? Is it being sold to Apple? And what about the hotel?
rbt
Senior Member
Unknown of course, but if you consider the cost and complexity of last 18 months of construction/financing which was entirely to reduce pillars on the sales-floor, it's not a small amount. We also don't know how much floor-area the primary retailer is taking (wikipedia claims feel like speculation rather than fact).
The 85,000sqft retail space in 1 Bloor East sold for $185 Million in 2016 without that type of effort. The One's lead retailer contract would have been signed around that time so it's a relevant reference point as a minimum sqft value target for 1 Bloor West, and 1BW retail space is larger (is it still 175,000sqft ?) in addition to costing more to build. I'd guess at a 6% cap-rate (typical in 2016) they'd be looking for a minimum of $3M/month in triple-net lease revenue (property taxes, maintenance, and insurance are extra) across the entire space.
Ground floor will be the highest value portion of the building, and again all that specialized engineering/steelwork construction was at the request of a specific retailer, so they'll be paying a larger fraction of that revenue; perhaps 1/3rd ($1M/month). That would leave them at about a 50% premium over typical Bloor ground-floor retail which I don't find unreasonable (as a sanity check for previous speculation) given it was a very challenging purpose built space and a premium intersection.
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rbt
Senior Member
The retail will likely be sold off to a REIT a few years after building construction is complete (when value is maximized). It would be extremely unusual for a retail tenant to purchase their portion of that type of space; their money is almost always better spent on advertising, inventory, etc.
In 2019 Hyatt (Andaz brand) signed for the hotel portion but the last 2 years have completely turned hospitality upside down so it wouldn't surprise me if these plans changed.
AdamS
Active Member
Not sure if this was posted yet but the penthouse just went up for sale.
AdamS
Active Member
Riseth
Senior Member
December 14, 2021
thaivic
Active Member
Benito
Senior Member
Today.
Lovestallthings
Active Member
I really hope they go with the dark glass all the way up. Looks sharp actually, however just my opinion on it.
Benito
Senior Member
Today.
marcus_a_j
Senior Member
I am not sure it's the special forms that are required but rather the massive web of rebar that is used for the walls that is taking awhile to complete.
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AdamS
Active Member
khaldoon
Active Member
I guess they are not pouring all the walls/columns at once, like they did for the previous floor.
jibsta
Active Member
elevator core is not connected to the exterior walls i guess?