We have just about run out of parking lots on which to build gargantuan condominiums, but that doesn’t mean that the condominium and construction boom is going to stop!
Those people with foresight, patience, and deep pockets, who can bide their time and buy up smaller pieces of land to assemble them into one larger parcel, are going to represent the future of development in our city.
150 and 155 Redpath Avenue are two projects in the Yonge/Eglinton area that are the direct result of a land assembly. Have a look…
Geez, sorry for the poor audio, and my faint, raspy voice. I’m still trying to kick this cold…
But the projects at 150 and 155 Redpath Avenue are, in my opinion, the future of development in Toronto.
HERE is the B.N.N. interview with Barry Fenton, the president of Lanterra Developments, where he talks about how there is no land left in Toronto for developers to purchase, and on which to build condos. He talked about submitting an offer for $330 Million for a land assembly – an office tower, and 800,000 square feet of residential, and getting outbid.
And of course, HERE is one of my favourite pieces on blogTO with photos from the CBC archives, called, “Remember when Toronto was a city of parking lots?” It’s crazy to see these overhead shots, with one building surrounded by six parking lots.
But times have changed, and land is scarce.
The parking lots are gone, and most of the land assemblies with residential are gone too. The next step is for developers to buy mid-rise buildings, whether office space or residential, and construct towers three times the size.
Condo buyers often look out the window of the unit they’re considering purchasing to see if there are any parking lots outside, which would one day become a condo, and obstruct the view. But nowadays, you can’t be sure that the 14-storey office building outside isn’t going to be bought, torn down, and replaced with a 75-storey tower.
This is how our city is going to be developed moving forward.