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  #8221  
Old Posted Oct 12, 2017, 6:54 PM
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55 eglinton avenue east has reached a settlement with a height increase to 50 stories and 177m. I believe that would qualify it for the 50 tallest list..
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  #8222  
Old Posted Oct 12, 2017, 7:40 PM
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The Adelaide Street canyon is gonna be insane with all these new developments along the street.
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  #8223  
Old Posted Oct 12, 2017, 8:29 PM
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Originally Posted by Innsertnamehere View Post
55 eglinton avenue east has reached a settlement with a height increase to 50 stories and 177m. I believe that would qualify it for the 50 tallest list..
Excellent news... that would make it the 3rd tallest at Y&E. And yeah, just barely makes this list, the cut-off point is 175 metres.
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  #8224  
Old Posted Oct 13, 2017, 1:45 PM
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55 eglinton avenue east has reached a settlement with a height increase to 50 stories and 177m. I believe that would qualify it for the 50 tallest list..
What about the design? And, wasn't the whole point of this being too large on too small a site? Did they buy more properties or make arrangement with the neighbours?
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  #8225  
Old Posted Oct 13, 2017, 1:57 PM
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I remember there was an issue with the amount of office space in the new proposal - that it wasn't adequate to replace what was there currently - which they rectified with the newer proposal
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  #8226  
Old Posted Oct 13, 2017, 2:01 PM
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That was another one. It's a little easier to rectify than the too big on too small a site.

Let's also hope Kirkor has revised the design as well. It was even mediocre for Kirkor.
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  #8227  
Old Posted Oct 13, 2017, 4:06 PM
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I heard Thomson Reuters is spending $100 million on the new Entertainment District tower. I think with that kind of money this project will actually be more than ok.
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  #8228  
Old Posted Oct 13, 2017, 4:12 PM
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There was never a problem with the office portion. I don't know where that number came from but it's probably not going towards fixing the design issues with the condo tower.
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  #8229  
Old Posted Oct 13, 2017, 4:46 PM
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They have provided near 100% office replacement, a 10m east setback, and have secured a limiting distance agreement with the property to the west. No design, only an OMB decision with a text description.
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  #8230  
Old Posted Oct 13, 2017, 6:25 PM
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There was never a problem with the office portion. I don't know where that number came from but it's probably not going towards fixing the design issues with the condo tower.
Globe and Mail - Thomson Reuters Investing $100 Million Dollars for Entertainment District Tower

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  #8231  
Old Posted Oct 13, 2017, 6:33 PM
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The $100 million is Reuter's total rent for the 12 year lease plus the cost to build out the space from whatever condition Allied provides it in.

It's not saying "Reuters is investing $100 million up front to make this tower amazing." It says "Reuters is investing $100 million over 12 years to accommodate its growth plans to reach 1500 employees."
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  #8232  
Old Posted Oct 13, 2017, 7:36 PM
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Still that $100 million gets added to the developer's top line. Hopefully they move forward on this project with confidence.
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  #8233  
Old Posted Oct 13, 2017, 8:03 PM
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Still that $100 million gets added to the developer's top line.

No it's not - it's $100million in TI (Tenant Improvement) Costs and a 12 year lease
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  #8234  
Old Posted Oct 13, 2017, 8:19 PM
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Not to mention you're dealing with two diferrent entities here. As a REIT Allied must invest only in income-producing assets and is forbidden from having any stake in the condo tower. Any investment by Reuters won't be seen by Westbank assuming they have no stake in the office.
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  #8235  
Old Posted Oct 13, 2017, 8:42 PM
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Ok, let me get my accounting straight here, if its not going top line is going straight to the bottom line?

I know there are two developers here, but that money is going somewhere, somehow. And in either case related to the single project
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  #8236  
Old Posted Oct 13, 2017, 9:19 PM
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  #8237  
Old Posted Oct 13, 2017, 10:10 PM
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One Yonge, wow
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  #8238  
Old Posted Oct 13, 2017, 10:26 PM
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Ok, let me get my accounting straight here, if its not going top line is going straight to the bottom line?

I know there are two developers here, but that money is going somewhere, somehow. And in either case related to the single project
The Improvement costs are going to whatever contractor builds out the space for Reuters. The remainder is going to Allied in the form of lease payments. It's not some unforseen injection of cash straight onto Allied's income statement, it's the revenue they planned for when they were budgeting the project.

It's like saying that you're going to make $500,000 at your job over the next 5 years so you should go buy a Ferrari with cash now.
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  #8239  
Old Posted Oct 13, 2017, 10:28 PM
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Originally Posted by caltrane74 View Post
Ok, let me get my accounting straight here, if its not going top line is going straight to the bottom line?

I know there are two developers here, but that money is going somewhere, somehow. And in either case related to the single project
https://www.reit.com/investing/reit-basics/what-reit
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  #8240  
Old Posted Oct 13, 2017, 10:31 PM
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It's kind of like the condo version of the International Commerce Centre in Hong Kong.

Call me a pessimist but I don't see it turning out anything like that picture.
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