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Toronto Real Estate Tips and Advice

2212, The Eglinton and The Art Shoppe Condos

Looks like The Eglinton – Yonge at Heart by Menkes (Eglinton Avenue and Redpath) is well on its was to be deconstructed prior to its foundations being excavated. Seems like a new and innovated way to remove an old building and plan a new, larger building in its footprint.

First the windows, then the outside skin and now the iron framework remains prior to any rebuilding. Wondering if they are using this as the commercial base and building from within – will keep you updated on this one.

Similar processes are underway at the Tower Hill Development – 2221 Yonge Street site. The building appears to be having its innards removed via the back alley – affectionately named – Cowbell Lane. Not sure if the metals and such are headed for a recycler (that would be great news) or a landfill (Not so good news).

I suspect that the building will be demolished from the back end forward to the street. It’s 58 story construction will likely take 4 years to complete and will remove the North views from the 2191 Yonge Street – the Minto Quantum 2 condos, thus affecting their resale value. As well, the proposed condo at the CIBC building on the southeast corner of Yonge and Eglinton – purposed at 68 stories – the Largest new mixed use/condo tower proposed in Mid-town. Don’t look for a north/south view in mid-town – they are all but disappearing – unless you have over 7 figures to buy something in the Quantum 1 and 2 buildings (high up of course).

The Art Shoppe is now being cordoned off with scaffolding and plywood as its deconstruction is beginning. The stucco exterior appears to be coming offer prior to any demolition – from reports it’s to remove the asbestos contained within the stucco. One can figure that men in hazmat suits with ventilators is a dead give-a-way. At least they are not taking space from the streets (Hillsdale, Soudan and Yonge) in this process – so far. The good news for the residence of the area is the lowering of the size of the Art Shoppe.

As many people in mid-town know – there has been a lot of discussions around the size and scope of this building.  A fellow real estate professional and I undertook clarifying the misconceptions of the height and scope of this building within the last week.  After several emails, phone calls and discussions – the definitive answer has arrived.

According to the City of Toronto department responsible for monitoring new building construction heights, the Art Shoppe will be 98.25 metres in height.  This works out to a 33/34 story building.  This DOES include the roof top utilities.  This helps with listing and selling of properties in the Quantum Minto Towers.  Under the 34th floor, there will be partial obstructions of the southern view.  Some units will maintain their CN Tower views, while others will not.  Strong influence from the local council person – Josh Matlow and the community organizations that are actively involved in any new projects under construction in the area are helping to control building heights. The Art Shoppe is scheduled for a 2019 opening.

For units under the 12th floor, the loft section of the construction of the Art Shoppe will result in complete obstruction of southern views directly in front of the Quantum 1 Tower.  The question I get asked, is “will this effect my resale value?”  The short answer is maybe.

The Art Shoppe had pre-sale PSF (price per square foot) around $665 without upgrades.

The size of the units are smaller for similar types of units in the Minto Towers.  Resale in the Minto Towers ranges from around $600 PSF and upwards, depending on views and upgrades.

There are many factors that effect price – including number of units on the market, world events, interest rates, demand, upgrades, etc.  To find out what your home’s value, call me for a free evaluation.

 

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