04-04-2023, 01:14 PM
(04-04-2023, 07:09 AM)KaiserWilhelmsBust Wrote:(04-03-2023, 06:01 PM)panamaniac Wrote: I'm surprised by the high number of three bedroom units. Do we know if this is intended to be a rental building or is it another "investment" condo?
Zero chance this gets built. The owner is just trying to get it approved for max density to lift the sale value of the land.
Pretty clear when you look at the drawings. 3 levels of underground parking and the units are massive, no way that would work.
Do you mean the entire project, or 3 bedroom units?
I was starting to question things as I looked into the documents and looked up some of the names. For one, the biggest red flag is the numbered corporation name but meh, whatever. Second is that IBI Group seems to be doing all this work. IBI is great and have offices all over the world, but they're just a global engineering/architectural consultation firm. Anyone can hire them to do some consultation work, hack together a tower and propose it.
Anyone remember 87 Regina? Probably not. It was designed by BDP Quadrangle Architects (one of the best firms in Toronto IMO) so everyone thought oh yeah this will look great! Heart of uptown, beautiful building. It was even approved. Then people realized the "developer" is Torgan Group, who is just a holding group who own primarily dirty old stripmalls and other garbage around the GTA. What about Virerra Village? Awful looking buildings no doubt, but the entire project seemed sketchy from the start. The developer was "Viridis Development Group" which no longer exists and as far as I know, never really did apart from an address in a strip mall on Trillium Drive with help from "CORE + Partners" (who operate as a REIT or something) shilling for them. That property went up for sale. Not sure about 87 Regina, Torgan probably still owns it and did a bait and switch, hoping another developer wants to buy it up now that they know approval for a tower there will be easy.
Of course here's hoping it does get developed. I'm indifferent to the building itself...just looks like generic corporate architecture any small team of newbies can throw together. The property (land) is no doubt valuable. But KaiserWilhelmsBust raises a good point regarding the money. Does it make financial sense for a project of this size here in the region yet? Comments on the forum will always tell you yes but that doesn't mean much because you could propose a bike lane to the moon and be told it's a fabulous idea.