Canada's 10 Tallest U/C

[GlassCity]

^ What happened to the snow?? I flew through the airport Friday and the city looked blanketed!

And great pictures. I wasn't that into Telus Sky when first proposed but it's looked better and better as it's moved towards completion.

[Martin Mtl]

I think it looks fantastic!

[Chadillaccc]

Originally Posted by GlassCity

^ What happened to the snow?? I flew through the airport Friday and the city looked blanketed!

And great pictures. I wasn't that into Telus Sky when first proposed but it's looked better and better as it's moved towards completion.

Yeah, we got a snow storm last week, but we've only had 9 days with highs below freezing since the end of October. Most of the snow is gone, and they're saying we're gonna have a brown Christmas But I'll be in Ontario, so hopefully a white Christmas for me!


And yeah, it's looking super dope, better than I even hoped for. Won't be too long til they bring the full light feature online, probably by spring.

[Calgarian]

Originally Posted by GlassCity

^ What happened to the snow?? I flew through the airport Friday and the city looked blanketed!

A Dicaprio went through

[Black Star]

Originally Posted by Calgarian

A Dicaprio went through

Haha...nice.

[TorontoDrew]

Busy drilling and filling the super columns.
The One

Taken Tuesday by: Benito on urbantoronto.ca https://urbantoronto.ca/forum/thread...18167/page-352

[caltrane74]

Downtown Toronto is becoming.... something else.

[caltrane74]

CIBC Tower - 1 (238 meters) now 100% Leased!!

Tenants include : CIBC, AGF Investments and Microsoft

wow..

[Coldrsx]

https://twitter.com/IanOyeg/status/1075423609508614145
@ianoyeg

[Coldrsx]

https://twitter.com/IanOyeg/status/1075810723266146304
@ianoyeg

[Gresto]

Chatter over at UT indicates concern over The One's financing.

[caltrane74]

Yes.. for sure.

There are big problems, but heres the thing, the retail postion of the building which I would assume is fully construction financed will be worth around $300 to $400 million dollars at current market rates, and the loan request is for only 61 million.


Lets see what happens.

[suburbanite]

Given they havent hit their pre sales targets and it's a private developer who doesnt have bottomless pockets concern is warranted.

I dont know how cal is valuing the retail at $300 million+. That seems absurdly high given the limited square footage.

[caltrane74]

The main tenant for the retail has already been secured. - That alone should be worth the price of admission, and I am concerned about the overall financing situation of the tower as well as the retail portions.

[WhipperSnapper]

This is fairly normal. No developer has $400 million sitting in a bank or will be given $400 million by pre-selling a few condos. These buildings are massive financial endeavours which is why I get irked when people start to talk about taller and taller buildings as if they are nothing and
NIMBYism is the reason 400 metres tower don't grace our skyline . It's similar to the lists that imply proposed, under construction and built belong in the same ballpark.

I said "fairly" as there is an unusual sense of desperation attached to this fundraising campaign. This is what I've been saying all along though. Ground being broken and now a crane being erected doesn't mean a project of this magnitude won't have many hurdles to overcome given the developer's inexperience building at this scale.

@ Caltrane.

You've always being a glass is half full type of guy. There's a 1000 unknowns. All we can say is that the retail is worth $0 as it current stands. For example, we don't know the financing or the equity positions of the investors. Mizrahi may have sold the retail in its entirety in order to progress to the current stage of development. There's no money remaining for the condos. Note: I've added this as we have seen public reports suggesting this over the years.

[kool maudit]

Originally Posted by caltrane74

Downtown Toronto is becoming.... something else.

It is in absolute ascent but relative stasis. The city needs to get over that 300m barrier because New York and Chicago don't care.

[kool maudit]

This is very bad news for The One. Are institutional investors calling a market top for TO?

[caltrane74]

Originally Posted by kool maudit

This is very bad news for The One. Are institutional investors calling a market top for TO?

No. This is a specific issue to this project.

[rbt]

Originally Posted by kool maudit

It is in absolute ascent but relative stasis. The city needs to get over that 300m barrier because New York and Chicago don't care.

NY has much higher land values which can add profit to adding more floorspace despite higher construction costs at higher heights.

Many Chicago projects save huge money (and add height) by not digging deep underground parking garages. That is a model that could turn a profit in Toronto too; I'm not in favour of that design trade-off though. St. Regis (formerly Trump Tower) is probably the best example of above ground parking in Toronto and it's still far from wonderful.

[suburbanite]

For all of our faults it's one thing that Toronto does well. Even the old apartment blocks in the suburbs bury their parking underground.