Tag Archives: stacked townhouse
Condo development plans across from High Park
Lisa Rainford – InsideToronto.com
After years of uncertainty surrounding a block of houses on the north side of Bloor Street West between Pacific Avenue and Oakmount Road, nearby residents learned what’s in store for the boarded up homes at a meeting, Monday evening, June 14.
The Daniels Corporation recently finalized a deal with land owner WJ Properties and “as a courtesy,” said Neil Pattison, Daniels’ manager of development, “we thought we’d come here to tell you what we’re proposing.”
Taking into account the height of the surrounding buildings, said Pattison referring to the high rise towers in the vicinity that range from 11 to 30 storeys, Daniels is considering developing a mid-rise condominium complex at 14-storeys.
“The building is arranged in a U-shape to face Bloor Street West with frontage on Pacific Avenue and Oakmount Road,” said Pattison. “It would frame Bloor Street with retail use at street level.”
Its height and massing would not overwhelm the surrounding neighbourhood unlike the “slab” towers built in the 1960s and ’70s, according to Pattison.
“We know through public consultation that residents don’t want high rise towers in their neighbourhood,” he said, referencing proposed developments in the Kingsway and at Bloor Street West and Dundas Street West.
The condo complex would also be comprised of stacked townhouses with front doors on Pacific Avenue and Oakmount Road. Vehicular access, including pick-up and drop-off areas and underground parking, would be through a courtyard at the rear. There would be limited surface parking. Instead, Daniels is proposing two levels of underground parking. It would aim to meet the city’s standards, but Pattison pointed out that the proposed building would be close to both the High Park and Keele subway stations.
“The height steps down from 14 storeys to six on the southeast end with glazed components to make it lighter,” said Pattison. “We have an exciting opportunity for the TTC corridor lands. We’re now looking to create community garden lots. The gardening lots would be available to the wider community.”
This is a concept that Daniels has incorporated in some of its other projects, including the redevelopment of Regent Park, which it undertook in partnership with the city.
“It’s been a huge success,” said Pattison. “It will help the building connect physically and socially to the existing neighbourhood.”
There would be 8,000 to 9,000-square feet of retail space along Bloor Street, but it’s too early to know who the tenants could be. It could be comprised of two large businesses or 12 small ones, said Pattison.
A rental housing replacement program is in place to offset the loss of rental properties, Pattison assured. The tenant issue is resolved and the properties are all vacant, said Pattison referring to the recent eviction of a woman with severe chemical sensitivities, who garnered media attention last month. WJ Properties has been acquiring the lands over the past 40 years.
Daniels is about a month away from filing an application with the city. It will take into account the comments it received during Monday’s meeting, said Pattison.
The proposed condominium would meet Toronto’s Green Development standards and would incorporate a green roof and rain water harvesting. As for unit size and price, it’s too early to say, said Pattison.
While High Park Avenue resident Sean Hertel said he is “excited” about the potential development because he wouldn’t have to walk all the way to Bloor West Village for its retail shops and bakeries, he said he is concerned about the affordability of the condos. He said he is worried that developers are turning the area into a “boutique.”
“Please take that into consideration,” he told Pattison.
Another resident wanted to know if Daniels’ building would be in keeping with the character of Bloor Street West because it would be located across from High Park.
“At the end of the day, we want to sell this building,” said Pattison. “We’re not going to build an ugly building.”
Pattison assured that Daniels would not demolish the existing houses until “we’re ready to put shovels in the ground.”
“It would be about two years before we start,” he said of the process. “No demolition can take place until we get approval.”
Residents voiced their disdain for the existing homes they described as derelict, unsafe and unkempt to which Pattison said Daniels would work with the community to ensure the safety of residents and the preservation of the houses.
Not happy with the proposed height, community members asked why the developer couldn’t build a shorter condominium.
“Would a six-storey building be possible,” asked one.
Fourteen storeys is what the Daniels Corporation feels is “appropriate.”
Parkdale-High Park Councillor Bill Saundercook said he was surprised that Daniels came to the meeting armed with a proposal.
“They did a little more homework than I expected,” he said.
Asked for his opinion on the proposal, the councillor said “I don’t like the big wall effect it would have on Bloor Street.”
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Real estate deep freeze now hot thaw
Toronto’s existing home market surprised economists with a better-than-expected resurgence in June
Tracy Hanes – Toronto Star
Remember last winter when the Toronto real estate market pulse could barely be detected?
The patient is not only recovering, but appears to be returning to robust health, according to five of top Toronto real estate brokers and marketing consultants.
There was plenty of optimism at a recent round table discussion the Star held with these experts, who shared their views during a candid and wide-ranging discussion on the current state of the Toronto real estate market.
The participants included moderator Barry Lyon, senior partner and president, N. Barry Lyon Consultants Ltd., and panellists Barbara Lawlor, president of Baker Real Estate Inc.; Debbie Cosic, partner in In2ition Realty; Michael Wilson, principal of International Home Marketing Group Ltd.; and Andy Brethour, president of PMA Brethour.
All agreed that December, January and February were “a deep freeze” for sales as Lawlor described it, but since then, sales have picked up. In fact, she pointed out, sales in May and early June have outdone May and June of 2008, according to Toronto Real Estate Board figures. And the average price for an MLS resale home was $407,716 according to TREB, up by 2% compared to last year.
“Let’s put in it perspective,” said Lyon. “New homes sales down about 60% for the same period – why are resales so hot and why are new sales lingering somewhat?”
“The biggest difference is the vendors in resale are flexible,” said Cosic. “They listen to their clients, they listen to the marketplace . . . the new (home) clientele is sometimes not as flexible.”
Cosic said recently, there has actually been a short supply of listings, and many people listing are getting 95% of their asking price.
Comment: Actually, in many areas the average price is over 100% because there are so many bidding wars. Some neighbourhoods see multiple offers on almost every new property. I would be surprised to see selling prices under 98% of list.
“If it’s sharply priced, people are coming in and bidding up,” added Wilson.
Developers don’t have the ability to respond as quickly as resellers in dropping, said Wilson, because if they have sold a large number of units that under construction, “they have to make sure they don’t devalue investment past purchasers have made, so they are not about to tamper with price list.”
Brethour said in every recession, the consumer moves to certainty and that’s what the resale market offers: “It’s the seeing and believing, the touch and feel, being able to close in 60 days or 90 days.”
And while the resale market may have been quicker to respond, that doesn’t mean new home and condo builders aren’t willing to compromise.
“I have never seen developers so eager to make deals and negotiate as they are now,” said Lawlor.
“We hit a reset button and have had to reset our packaging, our product, our pricing. You can reset much faster in resale,” said Brethour.
First-time buyers are leading the market, they said, spurred on by record low interest rates and the greatest affordability of the last decade.
“I think right now is first-time buyer paradise. We have droves of first-time buyers coming into our sales offices, along the Sheppard corridor, anywhere there is a subway and what we find is if we send 20 people a week to get qualified, maybe 10 of them are going to come back qualified,” said Lawlor.
“There’s a great desire for home ownership, not necessarily the pocketbook to make the deal happen. The first-time buyers are driving the market at the moment.”
What’s not going over as well, she said, are luxury condos, and her firm has had to turn to overseas buyers.
She also said mid-range builders are the ones most eager to offer incentives currently.
Wilson described the downturn as a “millionaire’s recession” saying “they were the ones who lost all their money in the stock market and that’s why higher end is affected.”
Affordability is key to be successful in the current market, the panellists said. Some lowrise builders have introduced new smaller, streamlined homes that have been popular while condo projects will also likely get smaller, with fewer amenities.
Toronto condos will continue to be an integral part of the market, the brokers agreed.
“What I’m seeing happening is consumer acceptance of the lifestyle, whether it’s 416, 905, Toronto condos have arrived like you can’t believe,” said Lyon.
What the panellists have found is that a lot of owners are not Canadian-born and come from countries where highrise living is a normal way of life. The continuing large influx of new immigrants, many of whom are committed to home ownership, will help to fuel the Toronto condo market.
Incentives offered by developers, despite being rather modest in some cases, have also helped produce a flurry of sales.
The panelists also talked openly about “something we often tiptoe around,” Lyon said – that’s investor buyers. He said no one is exactly sure how many there are, but there is general agreement they make up 25% to 30% of the Toronto condo market.
“We had a launch two weeks ago in the pouring rain and we had people sleeping outside overnight,” said Cosic. “They were predominantly investors, who were South Asian, Korean, Eastern European. They are not that sophisticated, they are not people who deal in the stock market, they have had 10 years in a good economy and have some money saved away. They are good, long-term investors.”
Wilson agreed. “They are not high rollers, they are not playing with disposable income, this is real money they’ve saved and they are not going to walk away. This is an investor who is going to close.”
Despite the high number of new condo units, the five were confident that Toronto can continue to absorb the numbers of suites that will be ready for occupancy now through 2011.
Brethour pointed out that no rental housing stock of any consequence has been built since rent control came in during the 1970s – and with 100,000 new immigrants arriving in the GTA each year, rental condos are needed. The rental market can easily absorb these units and Lyon pointed out that while the vacancy rate among traditional units is 3%, it’s less than half a per cent for rental condos, which command higher rents.
The panellists had their doubts about the feasibility of three-bedroom family units in condos, promoted by city councillors like Adam Vaughan.
“We introduced 30 units in Mississauga with Daniels (Corp.) and didn’t get the feeling that there’s a tremendous appetite for it,” said Lawlor.
“Even though we get families coming in to sales offices in droves, it’s not because they are going to live there with little kids, they are usually there to support a family member.”
Cosic said nonetheless, more condo projects are including family-friendly amenities.
Wilson said a three-or-four bedroom apartment-style condo in the city costs $400,000 to $500,000 “and that opens up a lot of opportunities in the suburbs.”
Highrise living is not particularly conducive to family living, they said, but what they did feel would be a popular trend was stacked houses and condo townhouses, catering to families who want ground-oriented housing.
Not only market demand will drive this trend, said Brethour – because highrise developers will have more challenges getting financing, they will look to less costly projects that can provide almost the same densities.
Because of the scarcity of serviceable, lowrise land in the GTA, there will be more intensification in the 905 to keep product affordable.
The topic of municipal development charges brought groans.
“The same governments that are encouraging us to build more efficiently are taxing the bejesus out of multiple family housing,” said Lyon. “We’re paying for all that sprawl, parks, schools, aging pipes in the ground. Developers are being made to pay through the nose to support the lower density housing habit.”
Indirect taxes have a huge impact on buyers, all agreed. Wilson said that drives people either to resale or to areas outside of the GTA.
The panellists said Toronto’s market cannot be compared to others such as Calgary or Vancouver, as this city did not see the wild price jumps.
What also bodes well for consumers, they said, is the choice for the consumer, with 320 new sites in the city and GTA, ranging from urban to suburban, small and large.
“We’ve been bombarded by CNN and other publications about how the bad recession is and it’s not that bad,” said Wilson.
“It seems to be in a V-shaped recovery and we need to stabilize people’s thinking, need to get good news out there.”
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Leslieville Lofts Dead
Brad Lamb goes to Plan B
By Natalie Alcoba, National Post
A major Toronto developer says his condo projects are on track despite the global credit crunch and real estate downturn, but one east end loft has been scrapped after losing a zoning battle.
The sign has come down for Lamb Development Corp and Hyde Park Homes’ Leslieville Lofts, located off Queen Street East, after the Ontario Municipal Board ruled against the nine-storey proposal.
The city had opposed the project, Brad J. Lamb said in an interview. Mr. Lamb says he still intends to build on Broadview Avenue, but it will be in the form of a stacked townhouse, and the project won’t bear the name “Leslieville,” since the address is actually in neighbouring Riverside.
“If we had won, we would be going for financing now, and there’s no doubt it’s a more challenging environment. Any development in the city that has achieved 70% of their pre-sales, and the budget makes sense — in other words, they sold them at a high enough price that protects the bank — banks are lending developers money,” said Mr. Lamb. “All our projects that we’ve been involved with have got financing.”
On Friday, city budget chief Shelley Carroll revealed that a “handful” of Toronto developers were placed in tricky positions when the investment bank Lehman Brothers collapsed and cast doubt on their financing. “They’re domesticating now, and so the projects will go ahead,” Ms. Carroll said. Still, the city moved last week to freeze development charges in the midst of the credit crisis.
Toronto Building, the city office that issues development permits, said it has not seen the number of building applicants drop. Ann Borooah, chief building official, said the office is not usually appraised of projects that went sour. “They would take more time to proceed to the next stage of approval, or more time to proceed to construction. It would be some time before it’s confirmed that a project was in trouble,” she said.
In the case of the Leslieville Lofts, it was the city and the neighbourhood that came out against the development, said local councillor Paula Fletcher.
“Not only did people not like the height, they were very annoyed that they were trying to market Leslieville into the Riverside district,” said Ms. Fletcher (Toronto-Danforth).
She said other projects have respected the four-storey limit on Broadview, north of Queen Street, which is zoned as “neighbourhood.”
Mr. Lamb said his team believed the city had erred in its zoning, and that it in fact made sense to be able to “frame” the intersection with buildings of similar height on both the north and south side. Another Lamb project, called The Ninety, is nine storeys high and set to be located south of Queen.
“It’s actually quite typical for a project to be approved at twice or many times three or four times higher than the current zoning,” he said. “What’s strange is this very sacrosanct zoning in the city that’s called neighbourhood, and they fight very hard when you try to change a neighbourhood zoning,” he said.
He said most of King Street West has a zoning of 18 metres, “but they easily allow 30 metres.”
Anyone who had purchased a Leslieville Loft can get a refund, can buy at another Lamb development or sign up for the Leslieville reincarnation, said Mr. Lamb. About 50% of the units had been sold since it went on the market nine months ago.
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