Toronto U Condominiums | 183.79m | 56s | Pemberton | a—A

$30MM? Holy crap! No wonder they're trying to cram so many units onto the site.

I assume the sale is conditional on the developer getting this plan approved, and that the price will drop if fewer units get built.
 
^ Darn Dirty: That's the way it almost always works. This sale hasn't been registered yet, it will be at conditional stage only. The final sale price will be dependent on obtaining approval for a certain number of units or square feet of floor space.

Scarberian: I wish I could share your optimism that this will be rejected by the OMB, but unfortunate recent history tends to indicate otherwise.

The blame does lie with St. Michael's. The fact that they are a non-profit organization, possibly with budget challenges of their own, may have some bearing on things but doesn't justify this kind of poor planning.
 
I feel embarrassed for St Mike's to be associated for such a pitiful attempt at making money that won't last. They'll make a bit from the sale, and then in a few years, they'll be having budget crunches again. It's just as bad as the Harris govt sale of the 407.
 
Actually, it might have sold for $35 million...I can't find any concrete numbers, though.

There's no way this won't get sent back to the drawing board.
 
50 St. Joseph (St. Michael's College) Planning Application

There is a community consultation meeting tonight (Feb 26, 2007) at 7pm at the St. Joseph's College School Gymnasium (74 Wellesley Street West).
 
Re: 50 St. Joseph (St. Michael's College) Planning Applicati

Did you go fatseal? If so, please report. I would have gone myself if I hadn't already been busy.

concerned 42
 
Re: 50 St. Joseph (St. Michael's College) Planning Applicati

Update:

300+ residents showed up to the community consultation community with the vast majority voicing opinions against the development.

The primary concern was that one of the proposed towers would eliminate the parkette on the corner of St. Joseph and Bay. Other concerns included development abuting the college's historic buildings including St. Basils Church.

St. Mike's indicated that they have an annual operating deficit of $1.8 million with an accumulated debt of $8 million and require the proceeds of the land sale as their only major asset to overset annual deficits. The land sale would creat a endowment fund to meet thier long-term needs.

City planning staff intends to organize a formal working group to bring together residents associations, local land owners and councillor Kyle Rae and the developer to look at options for the site.
 
"St. Mike's indicated that they have an annual operating deficit of $1.8 million with an accumulated debt of $8 million and require the proceeds of the land sale as their only major asset to overset annual deficits. The land sale would creat a endowment fund to meet thier long-term needs."

I always knew St. Mikes was the dumbest of the colleges. (just joking alumni)
 
Right, and selling assets to cover operating expenses is a great way to run an organization. It's like burning the furniture to keep your house warm...

$30MM - $8MM = $22MM

An endowment could expect a return of maybe 8% a year. Once you take out 3.5% to keep up with inflation they'd be left with just under $1MM in income per year, not even enough to pay this deficit!
 
The siteplan and design concept are under review.

The parkette and all the mature trees in the parkette will be saved. Open space may be extended north and the applicant is reviewing a two tower and three tower model. City is encouraging commerical or office uses on Bay Street frontage (initial proposal had residential frontages on Bay Street). Towers will likely be glass, stone base is being considered for Bay Street Frontage.
 
A saved parkette and non-residential uses for Bay St.! This sounds like it is getting better and our concerns were the concerns of the planners as well.
 
I am sure that the first proposal was always intended by the developer as a veiled threat and bargaining point to try to get concessions out of the city for saving the trees and land at the south end.

My concern has not been so much for the parkette (because no one in their right mind would think that it would ever be allowed to removed), but for the fact the developer would use such an obvious ploy to get bonuses on the rest of the site. It bugs me that St. Mike's sold the developer that south corner in the first place. I think it's a bassackwards way of adding density to a site that already has a lot of density attached to it.

42
 
Some updates:

The prefered development concept is now for two towers with street-wall buildings north of the church and extension of the open space north of the church.

Development concept includes:

Street-wall Buildings
  • Three-storey street-wall buildings along Bay Street and St. Mary Street, and a row of townhouses north of Cloverhill Wing. Use of roof for amenity space.
  • St. Mary Street built form could be more of a domestic feel with raised landscape beds and a few steps up from street to residential units.
  • Bay Street built form could include non-residential uses and with entrances flush with sidewalk. Materials include stone and wood trim.

Towers
  • Proposed west tower (45 storeys) south of St. Mary Street.
  • Proposed east tower (55 storeys) on the Bay Street frontage.
  • Both towers have 750 square metre floor plates and are set behind street-wall buildings.
  • East tower could have a high, transparent ground floor to permit views between the park to the south and the proposed courtyard area to the north of the tower as well as from Bay Street.
  • Towers could be light via the use of glass.

Open Space
  • Open space extended to the north of Cloverhill Wing. A green wall feature could be incorporated into the base of the east tower’s south elevation.
  • Opportunity for a green feature along the base of the west tower’s west elevation facing St. Michael’s playing field.
  • Pedestrian movements through new open spaces and an entrance along the Bay Street frontage.

Access Options
  • Vehicular access from St. Mary Street to internal courtyard with a high quality ground treatment (e.g. granite).
  • Access point to St. Joseph Street using the existing ceremonial driveway in front of St. Basil’s Church. This access point could be incorporated into westerly edge of open space to screen it from Bay Street. Conceptual at this point, detailed design not done.

Other interesting points

  • The proposed towers are approximately 40 metres apart. Tower footprints are off-set to help maintain views from buildings.
  • Green roofs will be considered in conjunction with the use of the roof space for amenity areas.
 
Thanks for the updated info. I still think anything more than one tower, hopefully positioned at the north end, would be too much for this site, but it looks like the idea of three towers at least is now out. Some three-storey street wall buildings would probably be appropriate.
 
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