Although the majority of Toronto’s pre-construction condo projects are built as scheduled, there are a few projects that are completely halted before the developer breaks ground. A handful of examples in recent years have seen developers cancel their projects due to the rising cost of construction, often after selling units well before receiving Planning approvals for a price that is far lower than what may be required to actually obtain construction financing when the time comes.
Forme Development Group’s Danforth Square Project at 250 Danforth Road was cancelled in 2019, after the developer filed for creditor protection, the land parcel was sold, and deposits were returned to purchasers. Advertising material for the project saw units starting as low as $179,000.
Purchased by Caishen Capital Group in the forced sale, a new rezoning application was submitted to the City of Toronto this week, with a similar development scheme. The project retains the built form of the initial proposal, calling for a mid-rise building along the arterial road and several townhome and stacked townhome blocks adjacent to the neighbourhood behind it. 311 units are proposed, 21 of which (the townhomes) would be purchased on a freehold basis, with the rest operating as condos. 123 m² of retail would be located in the base of the mid-rise building, fronting Danforth Road.
Designed by Kohn Partnership Architects, the mid-rise building rises in a relatively consistent volume until its 9th storey, at which point it begins stepping back from Danforth Road. The lower levels of the building would be clad in black brick veneer panels, and wood-grain metal accents. Above, a window-wall system of glass, grey spandrel panels, and charcoal metal panels would enclose the upper levels.
The entire site has a unit mix of 23 bachelor, 155 one-bedroom, 92 two-bedroom, and 41 three-bedroom units. Although the majority of the two and three-bedroom units are set within the low-rise buildings, condominium suites in these configurations are also planned.
The original 2015 proposal and recent resubmission, are not entirely different save for some tweaks. The mid-rise building has increased to 10 storeys in height (from 9). Correspondingly, there is an 11-unit increase on the site over the original scheme.
The previously-proposed project was subject to an OMB appeal which was never resolved. It will be interesting to see how City Planning treats this revised proposal given how Toronto’s development environment has changed since 2015.
Additional information and images can be found in our Database file for the project, linked below. Want to get involved in the discussion? Check out the associated Forum thread, or leave a comment below.
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