Canada's 10 Tallest U/C - Page 153

FrankieFlowerpot · #**3041** Posted **Aug 30, 2016, 5:16 PM**

$189.2 million

http://www.retail-insider.com/retail...one-bloor-east

travis3000 · #**3042** Posted **Aug 30, 2016, 5:26 PM**

Crazy!!

WhipperSnapper · #**3043** Posted **Aug 30, 2016, 6:39 PM**

Quote:

Originally Posted by caltrane74

Did this just happen? - 200 million, they didn't even pay that much for the lot.

Yeah, makes you wonder if they would have still built the condo tower. They'll make good money on the condos but they put a lot of money and 6 plus years into building it.

caltrane74 · #**3044** Posted **Aug 30, 2016, 7:51 PM**

Well they sold the top floor condo for $30 million.

So topline that's $230 million dollars, forget about the 760 condo units they sold for a million a piece.

They might gross 1 billion..

FrankieFlowerpot · #**3045** Posted **Aug 30, 2016, 8:34 PM**

That was the previous version of the building - as far as I'm aware the penthouses here haven't sold yet.

And the average unit sale price is closer to $650K - not $1m

WhipperSnapper · #**3046** Posted **Aug 30, 2016, 9:22 PM**

Quote:

Originally Posted by caltrane74

Well they sold the top floor condo for $30 million.

So topline that's $230 million dollars, forget about the 760 condo units they sold for a million a piece.

They might gross 1 billion..

Sure however, it's the immense upfront costs and time needed to build a 75 storey tower that provides more of a story. It worked in Great Gulf's favour as they wouldn't have gotten anywhere close to $200 million if they had built a retail building and flipped it six years ago.

It does put some things over at the One Bloor West site into perspective.

koops65 · #**3047** Posted **Aug 31, 2016, 1:47 AM**

Sort of like, build a giant freaking tower, with some really nice retail at the base, and then sell it for LOTS of money 6 years from now...

The Fisher Account · #**3048** Posted **Aug 31, 2016, 2:26 PM**

Telus Sky by me:

caltrane74 · #**3049** Posted **Aug 31, 2016, 2:41 PM**

Quote:

Originally Posted by WhipperSnapper

Sure however, it's the immense upfront costs and time needed to build a 75 storey tower that provides more of a story. It worked in Great Gulf's favour as they wouldn't have gotten anywhere close to $200 million if they had built a retail building and flipped it six years ago.

It does put some things over at the One Bloor West site into perspective.

True, True, True.

But when they bought the land (Lehman Bros Foreclosure) and/or started development back in 2011 they knew they would get a worthwhile profit on their investment.

Sammy Mizrahi saw what's up, got his crew in on the game. Nice play.

WhipperSnapper · #**3050** Posted **Aug 31, 2016, 2:57 PM**

If I remember correctly, Mizrahi borrowed 130 to $150 million from a REIT with a large equity option in order to purchase the properties. The home run belongs to the REIT with that option. As for Mizrahi, I don't think he has much equity left in the project. He stands to make his money by managing the development. Not too bad for him either.

caltrane74 · #**3051** Posted **Sep 4, 2016, 9:30 PM**

Ten York - 224 meters (curtain wall going on the curve as well as eastern elevation)

Black Star · #**3052** Posted **Sep 4, 2016, 9:47 PM**

Quote:

Originally Posted by The Fisher Account

Telus Sky by me:

Is it me or is this project taking a long time? Doesn't seem to be to much progress.

O-tacular · #**3053** Posted **Sep 4, 2016, 10:04 PM**

Quote:

Originally Posted by Black Star

Is it me or is this project taking a long time? Doesn't seem to be to much progress.

They've pushed completion from 2017 to 2018 to better line up trades I think they said. I don't really care as long as the finished product is top notch.

Edit: excavation also took a really long time due to how narrow and deep it was. They had to use a clam bucket to haul the dirt out. It's the deepest pit that's ever been done here.

Innsertnamehere · #**3054** Posted **Sep 4, 2016, 10:10 PM**

I've heard that as much as Great Gulf is proud of One Bloor - they don't intend on doing anything that size again. Its a massive building with lots of money to be made - but lots of headaches and risks too.

First Gulf on the other hand seems happy to move ahead with their Unilever Bros site..

Black Star · #**3055** Posted **Sep 4, 2016, 10:22 PM**

^^ Thanks for the info

This is one of my favorites in North America

WhipperSnapper · #**3056** Posted **Sep 5, 2016, 12:08 AM**

The 2017 timetable for Telus Sky was totally unrealistic anyways.

Ramako · #**3057** Posted **Sep 5, 2016, 4:49 AM**

Quote:

Originally Posted by Innsertnamehere

I've heard that as much as Great Gulf is proud of One Bloor - they don't intend on doing anything that size again. Its a massive building with lots of money to be made - but lots of headaches and risks too.

First Gulf on the other hand seems happy to move ahead with their Unilever Bros site..

Too bad. They're one of the better developers out there when it comes to quality design and execution.

caltrane74 · #**3058** Posted **Sep 5, 2016, 12:16 PM**

Ten York - 224 meters

WhipperSnapper · #**3059** Posted **Sep 5, 2016, 4:01 PM**

Quote:

Originally Posted by Ramako

Too bad. They're one of the better developers out there when it comes to quality design and execution.

This could be interpreted as more buildings from them which is not a bad thing for Toronto. Two 40 storey towers could be developed in One Bloor's time frame.

caltrane74 · #**3060** Posted **Sep 6, 2016, 2:01 AM**

Towers between 60 and 80 storeys will continue to be developed in the future as conditions demand. Maybe not now, but never say never.