The Barrel Yards | 25 fl | U/C

[Spokes]

I don't have a problem with the podium of the towers going up, but the general access into and out of the complex is starting to become apparent, and it's just as bad at integrating with the neighborhood as it looked like it was going to be.
No one will ever find themselves at the Rec Centre having casually wandered through this place.

Will this improve once the various holes are filled and pedestrians will have access over some spots that are currently holes in the ground?

You would think so, but it'll be hard to tell until it's all said and done and the finishing touches are in place

[Cmb]

The plan is to open a rental tower every years. They opened one last year, another one this year. Keeping to schedule the next one will open late sometime around March or April 2016.

Way too fast IMO. I don't see the demand for that many rental units at the prices they are asking. Plus there are a lot of quality issues and things are rushed as it is (Copperage has its share, but the Onyx has more challenges from what I hear.)

[schooner77]

We toured the Cooperage last winter and were very impressed with the quality of the finishes and although they are pricey, I can see the attraction, but I agree, there just isn't the demand for that high end rental unit yet. Perhaps in a few years, but I think that is a stretch. I'm wondering if at some point they would be able to refocus and switch the Onyx, or whatever is coming down the pipe after it, into condos. Not sure what restrictions they would face with regards to the city, but this can't possibly be financially viable as it sits right now.

[Drake]

I had posted previously, but for review; I have heard from a planner at GSP that the two towers at the Barrel Yards that were supposed to be condos will be condos in the future. The reasoning behind them being built as apartments had to do with the financing. Apparently the way the financing works is that if the towers are to be sold as condos, the developer needs a certain percentage of units sold prior to the loan being approved and the project moving forward.

Seeing as the barrel yards is one big project I suppose the thought was the required condo sales could potentially hold the entire project up. The developer must have decided to proceed with them as apartments to start. That way the developer could bring their own financing to the table and obtain the required funds from the bank(s) etc to start the project.

It is my understanding that the condos will eventually be sold off.

[Spokes]

The plan is to open a rental tower every years. They opened one last year, another one this year. Keeping to schedule the next one will open late sometime around March or April 2016.

Way too fast IMO. I don't see the demand for that many rental units at the prices they are asking. Plus there are a lot of quality issues and things are rushed as it is (Copperage has its share, but the Onyx has more challenges from what I hear.)

Like what?

[Spokes]

I had posted previously, but for review; I have heard from a planner at GSP that the two towers at the Barrel Yards that were supposed to be condos will be condos in the future. The reasoning behind them being built as apartments had to do with the financing. Apparently the way the financing works is that if the towers are to be sold as condos, the developer needs a certain percentage of units sold prior to the loan being approved and the project moving forward.

Seeing as the barrel yards is one big project I suppose the thought was the required condo sales could potentially hold the entire project up. The developer must have decided to proceed with them as apartments to start. That way the developer could bring their own financing to the table and obtain the required funds from the bank(s) etc to start the project.

It is my understanding that the condos will eventually be sold off.

How does that work then to sell rental units?  Just wait until they're vacant and put them on MLS?  How do condo fees and a condo corp work then?  I'll be interested to watch it all unfold.

[Markster]

Generally, they give notice to all tenants that the conversion to a condo is going to happen, and all existing tenants are given an offer to purchase their own unit. (They have right of first refusal).
Once the unit is sold, the tenant being evicted is entitled to 3 months rent in compensation

Read all about it here:
http://www.ontariotenants.ca/law/tpa03.phtml

[Spokes]

That's fantastic! Thanks!

[tomh009]

Generally, they give notice to all tenants that the conversion to a condo is going to happen, and all existing tenants are given an offer to purchase their own unit. (They have right of first refusal).  
Once the unit is sold, the tenant being evicted is entitled to 3 months rent in compensation

Read all about it here:
http://www.ontariotenants.ca/law/tpa03.phtml

And if no one has moved in yet, the process becomes very simple ...

[Cmb]

Way too fast IMO. I don't see the demand for that many rental units at the prices they are asking. Plus there are a lot of quality issues and things are rushed as it is (Copperage has its share, but the Onyx has more challenges from what I hear.)

Like what?

Laminate floor boards bubbling. Water leaking in garage, gym, and some of the hallways and units. Sewage pipe froze over the winter and they had to close down a good portion of the parking and install temporary heaters to keep it flowing. Cabinets scratched/beat up by construction - major scratches and doors falling off.

Onyx is similar but has far worse cabinet issues from what I hear.

My understanding it is due to trades being rushed and mismanagement. There are also some property management and security challenges which I do not want to post in a public forum but would discuss privately.

[BuildingScout]

I had posted previously, but for review; I have heard from a planner at GSP that the two towers at the Barrel Yards that were supposed to be condos will be condos in the future.

It is my understanding that the condos will eventually be sold off.

Wouldn't the fact that they don't own the land (and can't own it because of potential liability issues) be a problem?

[Drake]

I know nothing about that subject. First I have heard of it.

[panamaniac]

I had posted previously, but for review; I have heard from a planner at GSP that the two towers at the Barrel Yards that were supposed to be condos will be condos in the future.

It is my understanding that the condos will eventually be sold off.

Wouldn't the fact that they don't own the land (and can't own it because of potential liability issues) be a problem?

The BarrelYards site is leased?  I didn't know that. 

[Spokes]

Wouldn't the fact that they don't own the land (and can't own it because of potential liability issues) be a problem?

The BarrelYards site is leased?  I didn't know that. 

I thought the city sold it to them for like $1

[BuildingScout]

I'm going from memory here, but I seem to recall reading in the local press that because of potential environmental liability issues the developer established a shell corporation owning the land while the actual buildings belong to a second corporation. Does that ring a bell?