UNDEAD: Icona Condos | 174m | 55s | Gupta | IBI Group

TJ O'Pootertoot

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Yeah, I get that and perhaps mushed a couple of separate questions together:
a) It's interesting Quadreal has been taking its time to get going (whereas SmartCentres and some others have already completed towers etc.).
In general, it's amazing that Walmart is looking to move out because of the development pressure there while vacant land and an abandoned theatre have been sitting there for a while (though, yes, I understand Quadreal is starting to actually move forward).

b) It's amazing Gupta was able to move so far forward without having resolved the convenant issue
 

narduch

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Walmart is moving because SmartCentres is paying for the move.

Besides Walmart is no longer interested in having 200,000 sf stores. So this helps them kill 2 birds with one stone.

And that move is still a few years away as they haven't even started demo on the new site.
 

innsertnamehere

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Walmart is moving because SmartCentres is paying for the move.

Besides Walmart is no longer interested in having 200,000 sf stores. So this helps them kill 2 birds with one stone.

And that move is still a few years away as they haven't even started demo on the new site.
They have filed SPA for SmartCentre's new offices, which are pretty straightforward since it's just some minor modifications to the former Future Shop space. After they have moved, they can demo the existing SmartCentre office and build the Walmart. I suspect we will see the SPA docs for the Wal-Mart relatively soon.
 

narduch

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I'm surprised they haven't started demoing the Kumon building.

But I guess they will do that at the same time.
 

interchange42

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And are we to assume they now have an agreement in place with Quadreal regarding the restriction in the purchase agreement for the land that prevented condos being built here in the first place? I wonder how much money is changing hands.

42
 

Solaris

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They have filed SPA for SmartCentre's new offices, which are pretty straightforward since it's just some minor modifications to the former Future Shop space. After they have moved, they can demo the existing SmartCentre office and build the Walmart. I suspect we will see the SPA docs for the Wal-Mart relatively soon.
SmartCentres is moving into their new temporary home (aka Future Shop) starting in January 2018 ... after that we should start to see the demolition of their old office and the Kumon building to make way for the relocated Walmart store
 

innsertnamehere

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lol they are trying to MV the maximum height from 25m to 159m? how in the world does that meet the test of "is it minor"? that's a 636% increase! Obviously staff are supporting it or they would have gone in for rezoning a while ago, but jesus does Vaughan do things a little differently sometimes..
 

TwoDogs_39

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lol they are trying to MV the maximum height from 25m to 159m? how in the world does that meet the test of "is it minor"? that's a 636% increase! Obviously staff are supporting it or they would have gone in for rezoning a while ago, but jesus does Vaughan do things a little differently sometimes..
This is an insane minor variance, but I still don't see how this could override the restrictive covenant that prohibits residential. It makes no sense. They legally can't build res regardless of whether the city approves the project.
 

waterloowarrior

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By-law requirement: A maximum of 173 residential units is permitted (11,591 m2 @ 67 m2 per unit).
Proposal: To permit a total of 1649 residential units.

Almost 10x the current permitted density too
 

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