mysteryman
Active Member
that explains it
Some of Toronto’s established condo developers didn’t see these kind of numbers coming.
“I’m very surprised by them,” said Les Mallins, founder of Streetcar Developments, which has many developments in Toronto’s east end.
“We had a fantastic first quarter, but from talking to other developers and agents we didn’t think it would come in strong overall.”
Mr. Mallins said he was especially surprised the results didn’t seem to be affected by the city’s new Land Transfer Tax, which began on Dec. 1.
“My sense is that the second quarter will not show this continued strength,” he said, but added the Urbanation report will make him reconsider the scale of project at Queen and Gladstone in the west end.
Mr. Mallins said Streetcar is planning a 40 to 45 unit building there, but they are considering a joint venture with Context Development, which built the condos in the old Tip Top building, and owns the land behind them on Queen West.
“We’re putting our feelers out,” he said. “This suggests we should go for the bigger project, if you look at the numbers in isolation.”
So Catcher (ye of the massive drive-by today) (thank you), what are you doing holed up in the Gladstone's swanky tower?
42
Looks like this project is dead as for lease signs are up on the various building now and no one home.