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

[tomh009]

The building permit has finally been issued, about two weeks ago! Two-floor supermarket + office building, plus an eight-story condo building.

Condo?  There's been no sales activity as yet, has there?

There has not, no. So there are a few possibilities:

• They are not planning to start yet in spite of applying for the permit
  
• They will proceed in phases, with the supermarket/office at first
  
• They will start construction of the condo without pre-selling (assumes they have sufficient financing)
  
• They have switched plans and it will be a rental building
  

I do believe they missed out on the development fee exemption, so we'll need to wait and see what happens.