1 Bloor ST W "The One" has been foreclosed and is now under receivership.
Some facts about the site:
1. The site was an assembly of 8 properties acquired starting in August 2014 and finishing in April 2016.
Total land value: $224,500,000 or $259 BSF
2. Development application was first submitted in March 2015 at 80 storeys.
Then re-submitted in April 2016 for slightly more density with changes to the retail core.
3. Condo sales commenced in October 2017 at an average of approximately $1550 PSF
4. In December 2020, there was another development application for an additional 9 storeys of residential.
922,079 SF of Gross Floor Area and 505 residential units.
Toronto's housing market continued to tighten last month as prices edged up four per cent from March and sales moved closer to the level they were at last April, the Toronto Regional Real Estate Board revealed Wednesday. https://t.co/DB8yrUAzXA
Development, and in turn new housing supply, operates under a very simple decision tree:
- Find site
- Underwrite said site
- If math works, seek capital and then build
- If math does not work, do not build
- If math works, but capital doesn’t like it, also do not build
- Repeat
Here’s how you can grab a copy.
You get 1 entrance for each of the following:
1. Like this post and follow @JamesNelsonNYC & myself
2. Set a reminder for our upcoming twitter spaces with James himself about his book
3. Retweet this post
(this gives you double entry)
It’s you against you.
You are your biggest roadblock to your own success.
I wrote this this morning as a reminder to myself and I hope it reminds you too.
Sometimes we need reminded more than we need to learn.