Toronto Concord Sky | 299m | 85s | Concord Adex | a—A

ProjectEnd said:
Perhaps you could point me in the direction of past Oxford condo projects?
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Forget the past, and look at the future.....after this madness is over we will .see which developer survives and which one will have the assets to move on
ProjectEnd said:
A risk-averse pension fund is going to buy a distressed, sold-out, condo project with a self-performed construction element and take it across a distant, litigious, finish line?
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Ok. lets sit back enjoy the ride and see what happens
 
khristopher said:
I don't think this development would interest Concord. They seem more into building entire communities, not one off buildings.
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I would have agreed with you, that's until Concord stuck us with Central Condos downtown which will surely be another joke of a project that will be added to their portfolio.
 
thaivic said:
Who ever lands up buying and building here should build what's approved and should not be able to cancel existing purchase agreements these units were sold for top dollar.
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while that will be good for the purchasers..it makes zero sense for a buyer to do that. the value is in the land which will appreciate, the existing sold units/contracts are a negative. The units were sold at too low a price that i doubt the performa will even break even now. .

any buyer will cancel and rebrand and resell in a few years time. I don't see how any developer will buy and build what was sold without at least significant changes (think more stories to make up for the loss of fulfilling previous owner's contracts)
 
There's no direct mention of YSL, but this article provides some context about the situation at Cresford:

Three Toronto high-rise condo projects started by Cresford Developments in receivership

SHANE DINGMAN REAL ESTATE REPORTER

Former Cresford Group executive Maria Athanasoulis filed a 33-page wrongful dismissal complaint on Jan. 21 that alleged the company was in a “cash crisis,” and was failing to pay contractors and incurring costly delays on its projects.

On March 27, the Ontario Superior Court of Justice appointed receivers for three projects managed by the Cresford Group, whose parent company Oakleaf Consulting Ltd. is controlled by Daniel Casey and his family. The court named PricewaterhouseCoopers Inc. as the receiver for 33 Yorkville Residences Inc. at the behest of construction lenders BCIMC Construction Fund Corp. and Otéra Capital Inc.

In a separate filing, PWC was also appointed receiver for The Clover on Yonge Inc. and 480 Yonge St. Inc., which is branded as Halo.

Construction loans are parcelled out over time and come with covenants that allow for third-party consultants to ensure the projects’ budgets are on track before new funds are released.

BCIMC is owed more than $320-million on the three projects. Its $3.6-billion construction mortgage portfolio is managed by QuadReal Finance LP.

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“Halo and 33 Yorkville are more than likely to be cancelled completely,” as they have not yet begun substantial construction, said Ms. Lierman, who tracks progress on dozens of condo projects in the Greater Toronto Area. Clover, which owes $145.9-million to QuadReal, is nearly completed.

Ms. Lierman said that of Cresford’s four active sites, three are currently just excavations, and only one of those is not in receivership. “Three pits on or near Yonge Street in downtown Toronto that are going to be stagnant for whatever stage … that doesn’t look great for the industry.”
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www.theglobeandmail.com

Three Toronto high-rise condo projects started by Cresford Developments in receivership

As many as 1,800 presold units are in jeopardy as the court moves on Cresford towers
www.theglobeandmail.com www.theglobeandmail.com
 
Automation Gallery said:
So you are looking a more stubby/slab look to cut costs?
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Closer to the ground is always cheaper for construction. Shorter elevator/plumbing/etc. stacks are cheaper for maintenance.

Condo buyers are willing to take a monthly loss for gains at a sale. Rental only will be looking for a steady 7% return month to month; quite hard with the YSL proposed format unless they get the land very very cheap.
 
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rbt said:
Closer to the ground is always cheaper for construction. Shorter elevator/plumbing/etc. stacks are cheaper for maintenance.

Condo buyers are willing to take a monthly loss for gains at a sale. Rental only will be looking for a steady 7% return month to month; quite hard with the YSL proposed format unless they get the land very very cheap.
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If this building were to be built shorter, I doubt the City would allow them to go straight up, cereal-box style, as the City does not want large floor plates on anything but the tallest buildings. Bring this down to more typical heights, and the City would want the floor plate restricted to 750 square metres.

42
 
LUVIT! said:
I want that strip club! ?
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I wish someone just peek through front door of that strip club then you will realize that it is not belong next to new towers specially cross the street city approved four new towers by great eagle and 8 elm
 
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