Rascacielo
Senior Member
These feeds are showing the actual building, not renderings, but of course they only show the angle where it looks like it's about to topple over.
Toronto Toronto House | 186.53m | 58s | Allied | Hariri Pontarini
- Thread starter AHK
- Start date
Tyrang
Active Member
Hmmm.... The Vancouver House's floor plans look pretty furniture friendly too: https://s.realtyninja.com/static/me...6bfdbf57_vancouver-house-floor-plans_2645.pdfThe Toronto House design is more bottom line and perhaps furniture fitting friendly!
Somehow Westbank has made it so that while the building is curvy, the unit are made up of rectangles. I sometimes just feel like developers and architects will inevitably dial down on creativity for Toronto's building
westcoastlibra
New Member
I think the angle from Granville Island & Granville bridge is also striking:
Rascacielo
Senior Member
There are duds in Vancouver too, but in general their condo architecture is a step above ours. Even Concord upped their game in Van. Goes to show that height isn’t everything.
Tyrang
Active Member
That actually was my point - for some reason, the same developer will build a much cool looking building in other Canadian cities, but they will somehow default to the most basic design for Toronto. Westbank is obviously capable of some striking designs - so is it the policy or is it the cost of developing in Toronto?
Maybe some of the more involved ppl in this community can enlighten me.
ADRM
Senior Member
A Torontonian Now
Senior Member
Today:
rdaner
Senior Member
Public art is up. I think by the guy who did the piece in front of the Shangri-La.
ProjectEnd
Superstar
Art is located exactly where I used to take the garbage out. Couldn't have fathomed the change when I was working there...
GenerationLee
Senior Member
From Tuesday morning - we have a retail tenant incoming! Looks like a Japanese bar or rather "Whiskey Experience"
junctionist
Senior Member
Westbank's King Toronto is their "Vancouver House" for Toronto. Also, the Honest Ed's redevelopment, while not avant garde like the aforementioned projects, is anything but basic. Its concept of narrow facades and weaving new and old on the same block is looking to be well executed.
Westbank is building high-grade design here to European standards for major cities (versus merely proposing something sophisticated and not following through on the renderings). Their projects are beautifying the city considerably.
Northern Light
Superstar
A couple of notes here from a Renx article.........
1) Toronto House is now for sale, Allied has 100% ownership and apparently after what they consider decent lease-up, they've been getting unsolicited offers of interest, so they've decided its a non-core asset that they can generate some cash from selling.
2) Lease-up as at September 30th was 53%
Article Link: https://renx.ca/allied-properties-reit-sell-landmark-toronto-house-calgary-house
That latter number is of real interest, but it again shows the fierce resistance of builders to reducing rents. (understandably, from an economic/ROI point of view, but I digress) ... there is sufficient nominal demand in the market to fill all those units tomorrow.
But not at the prices Allied (or any other owner is inclined to offer).
Its a fascinating thing to me, because while its almost certainly the long term right play from the ownership perspective; it also means going months/years with zero revenue generated from hundreds of units.
At some point you have to wonder if a 10% price cut that cut lease-up times by a 1/3 wouldn't make more sense. But perhaps not. Frying pan/ Fire and all that.
But a perfect illustration all the same that even where supply appears to exceed demand which should, in theory, trigger price reductions, depending on the site, that is either not happening, or happening at much slower pace than one would otherwise expect.
1) Toronto House is now for sale, Allied has 100% ownership and apparently after what they consider decent lease-up, they've been getting unsolicited offers of interest, so they've decided its a non-core asset that they can generate some cash from selling.
2) Lease-up as at September 30th was 53%
Article Link: https://renx.ca/allied-properties-reit-sell-landmark-toronto-house-calgary-house
That latter number is of real interest, but it again shows the fierce resistance of builders to reducing rents. (understandably, from an economic/ROI point of view, but I digress) ... there is sufficient nominal demand in the market to fill all those units tomorrow.
But not at the prices Allied (or any other owner is inclined to offer).
Its a fascinating thing to me, because while its almost certainly the long term right play from the ownership perspective; it also means going months/years with zero revenue generated from hundreds of units.
At some point you have to wonder if a 10% price cut that cut lease-up times by a 1/3 wouldn't make more sense. But perhaps not. Frying pan/ Fire and all that.
But a perfect illustration all the same that even where supply appears to exceed demand which should, in theory, trigger price reductions, depending on the site, that is either not happening, or happening at much slower pace than one would otherwise expect.
innsertnamehere
Superstar
That's a generous framing given that Allied is bleeding cash from my understanding. There is a reason they are consistently selling assets.
Their 1-beds here lease at $3,000 a month... so yea, I'm not surprised by slow lease-up.
Their 1-beds here lease at $3,000 a month... so yea, I'm not surprised by slow lease-up.