387-397 King St E and 6 Madison Ave | 2 & 8 fl | U/C

[Spokes]

The render is a five-story building, the building permit is 2+8, so the design has changed rather a lot. No new renders to be found yet?

To be honest, I forget what the last one was, I feel like there's been a number of variations on this one.

I just hope it takes up the full lot.  At one time half of it was left for surface parking I think.

[tomh009]

I don't think there have been many on this yet. It has been a vacant lot for 40+ years with no announced projects until this year.

[Spokes]

I must be confusing this with something else

[panamaniac]

I don't think there have been many on this yet. It has been a vacant lot for 40+ years with no announced projects until this year.

Iirc, an office building was announced for the site, about 25 or 30 years ago.  There was a billboard up for the "project" for a number of years.

[tomh009]

I don't think there have been many on this yet. It has been a vacant lot for 40+ years with no announced projects until this year.

Iirc, an office building was announced for the site, about 25 or 30 years ago.  There was a billboard up for the "project" for a number of years.

I may have missed that while I was living in Waterloo!

[panamaniac]

Iirc, an office building was announced for the site, about 25 or 30 years ago.  There was a billboard up for the "project" for a number of years.

I may have missed that while I was living in Waterloo!

As one would ... 

[rangersfan]

There have been rumblings of a project at this site since at least 2014 (first page of this thread).

[tomh009]

There have been rumblings of a project at this site since at least 2014 (first page of this thread).

Yes. But only one concrete proposal (with a render), I think. And now the development charge exemption deadline is upon us.

[panamaniac]

I wonder how long before some of these projects are actually built? I can't see the market supporting the three East End projects coming on stream at the same time.

[tomh009]

I wonder how long before some of these projects are actually built?  I can't see the market supporting the three East End projects coming on stream at the same time.

I think the location near the market doesn't really matter one way or the other. What we have here are three projects, all within 500m of King/Queen and within 100m of an LRT station:

• One mid-sized condo building (the subject of this thread)
  
• One mid-sized apartment building (Vive, across the street)
  
• One large apartment complex (Drewlo, next block)
  

I expect the Drewlo construction to take substantially longer. But I really don't think our market is saturated yet.

#KWawesome

[jeffster]

I wonder how long before some of these projects are actually built?  I can't see the market supporting the three East End projects coming on stream at the same time.

I'm not sure about that as there is still quite a shortage in units. Growth between now and completion, plus ultra-low vacancy rates, tells me that these apartments shouldn't have problems finding tenants.

[Spokes]

I wonder how long before some of these projects are actually built?  I can't see the market supporting the three East End projects coming on stream at the same time.

I think the location near the market doesn't really matter one way or the other. What we have here are three projects, all within 500m of King/Queen and within 100m of an LRT station:

• One mid-sized condo building (the subject of this thread)
  
• One mid-sized apartment building (Vive, across the street)
  
• One large apartment complex (Drewlo, next block)
  

I expect the Drewlo construction to take substantially longer. But I really don't think our market is saturated yet.

#KWawesome

I think the fact that some are condos and others are rentals matters too.  There is a massive shortage of good rentals

[Viewfromthe42]

Condos are often defacto rentals. Estimates I've heard for Kaufman are in the 60-80% rented-out range. It's easier to build condos for renting out than rentals, IIRC, due to lower taxes, higher rate of return (condos tend to be better appointed than many rentals), and instead of asking one institution to front the tens of millions for a rental, you get individual investors - who the government never wants to see lose a dime on housing value - collectively front the money.

[tomh009]

Condos are often defacto rentals. Estimates I've heard for Kaufman are in the 60-80% rented-out range. It's easier to build condos for renting out than rentals, IIRC, due to lower taxes, higher rate of return (condos tend to be better appointed than many rentals), and instead of asking one institution to front the tens of millions for a rental, you get individual investors - who the government never wants to see lose a dime on housing value - collectively front the money.

Kaufman is the highest rental ratio around, probably 80-90%. Other buildings are lower -- ours is around 25%. Once there are more rental buildings available, though, the demand for rental condos will drop, and the owner-occupancy rates will start to creep back up.

[tomh009]

Permits have been submitted for the following:
Permit No: 18129755
Status: Under Review
Permit is for a foundation only for an underground parking garage for future two storey commercial and eight storey residential building.

Permit No: 18131638
Status: Under Review
Permit is for a new 2 storey commercial building with a grocery store on the ground floor and offices on the second floor. Foundation permit # 18-129755

Permit No: 18131636
Status: Under Review
Permit is for a new 8 storey condominium building with a parking garage below. Foundation permit #18-129755

Building permit now issued (19-129755 MU).