Toronto Verge Condominiums | 60.3m | 17s | RioCan Living | Turner Fleischer

More renderings from the UT database:



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RioCan Living will launch sales of Verge Condos, its first condominium project without a development partner, in Toronto in August.

RioCan acquired the site at the southwest corner of The Queensway and Islington Avenue in Etobicoke in 2010 to add to its retail portfolio, as it included a 100,000-square-foot Cineplex movie theatre, three restaurants and a bank branch. The Cineplex land was acquired by a former partner, so RioCan was left with a 25,000-square-foot plot to intensify.

“It also came with the benefit of the leases for the three restaurants and the bank having very limited lease term left,” RioCan senior vice-president of asset management John Ballantyne told RENX. “One of the toughest parts of converting retail properties into residential through intensifying them is freeing up the leases. This one had it already built in.”

The mixed-use project will include 545 units in 17- and 11-storey buildings, a podium with 30,000 square feet of retail space, a public park and a new service road on the south side of the property.

Unnamed institutional investment partners RioCan has done business with in the past have an 80 per cent financial stake in Verge. RioCan has retained a 20 per cent ownership interest along with project oversight as general partner and sole development manager.

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Verge’s unit breakdown will be: 33 per cent one-bedroom; 35 per cent one-bedroom-and-den; 22 per cent two-bedroom; and 10 per cent three-bedroom. Units will range in size from 430 to 1,060 square feet. Pricing hasn’t yet been announced.

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If sales go as well as anticipated, construction should start in the second half of 2022 with occupancy in Q1 2025.
 
Looks like sales for this moved quickly. They're now taking registration for phase 2, the east tower:

 
Completely forgot to post this, but a few weeks back I saw some geotechnical work going on around this site. Let's say roughly 3-4 weeks ago, right by the bus stop curb at Islington and The Queensway.
 
As of last night, the Kelsey's (restaurant on the western portion of site) has a sign on it's door advising it has closed. I'd think that, now that both of the buildings on that side are empty (Kelsey's and the Scotiabank), construction for phase one starts imminently. The two restaurants on the eastern side (Milestone's and Montana's) appear to still be opened.
 
June 2021 renderings have been inserted within the database file. The Total unit count changed from 330 and 220 units to 342 and 203 units. The overall storey count changed from 17, 11, 10 and 9-storeys to 17, 10, 10 and 8-storeys. The building heights went from 62.70m, 41.10m, 41.10m and 38.15m to 60.30m, 39.25m, 39.25m and 29.55m. Finally, the overall parking count went from 573 spaces to 548 spaces.

The renderings are taken from the architectural plan via Rezoning submission submitted as of January 6, 2022:

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PLN - Architectural Plans - JUN 24  2021-631.jpg
 
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