A Toronto condo terminates itself
Source: Urban Toronto
La Piazza Lofts, a 27 unit, eight-storey condo in Toronto voted to
terminate itself and sell all the units to a developer.
condo was in a great location, just one block north of Eglinton off
Yonge Street, a hot location for new high-rise condos. The deal was finalized by the fall of 2014.
39 Roehampton Urban Toronto
With the purchase of MTCC # 927, the developer had control of a
large enough piece of land to build a large 48-storey condo tower.
At 39 Roehampton, a two-building condominium contains 27
residential units, and dates back to 1990. The condo
owners voted over 80% in favour of dissolving the condominium
corporation and selling the corporation to the developers. 80% is the threshold
required by the Condo Act to trigger a termination.
reported that some owners were unhappy with the sale price and are
suing the condo corporation.
Metropia and Capital Developments proposes to build a 617 unit condo tower beside another new condo tower. A POPS would
provide a new entry point to Eglinton subway Station from the north.
Next door, the older house-form property at 41 Roehampton is occupied
by the Kohai Educational Centre, a private elementary school.
The site also features part of the rear parking lot for the
property at 50 Eglinton East, with the 7.62-metre parcel set to make up
part of the POPS, providing TTC access via a connection to the PATH
level of E Condos to the west.
This is the only condo termination that I have heard of in the GTA. It
is a great location and they have so few units that the developer
could afford to buy them out.
Behind the deal: Toronto's ﬁrst condo replacement
28 February 2017
Ryan Starr | Bisnow 39-41 Roehampton, site of Toronto's first condo replacement project
Metropia and Capital Developments are proposing what they say will be
Toronto's first condo replacement, constructing a new 48-storey tower
on Roehampton Avenue where an eight-storey '80s era building currently
Assembly of 39-41 Roehampton was super complicated, “and we had to be
very creative,” Metropia president and chief operating officer David
Speigel said. It involved negotiations with the condo board, which
needed 80% approval from its 27 owners — repped by The Behar Group
Realty — to sell to the developers. There was also adjacent Kohai
Educational Centre, a private elementary school, which hoped to stay
put until 2019. And Bell Canada, a massive corporation that agreed to
sell 25 feet from its parking lot to give the tower its required
setback under TO’s tall-building guidelines. (Next door Speigel’s firm
is developing E Condos, a JV with Bazis Inc. and RioCan REIT.)
Behar Group’s Greg Evans, the listing broker for the condo, said the
deal, which closed last month, was unlike any other he has done.
Normally on a condo site he would be working with a commercial property
owner or landowner who is familiar with the sale process, timing and
pricing structures. “Here you’re dealing with individual homeowners,”
so education was required, and lots of listening. “It was a unique
situation, with many stakeholders,” Evans said, and the condo board and
its lawyer were instrumental in keeping the sale on track. “This was
more about relationships and communication style than doing a deal.”
The condo owners — over 80% of whom approved the sale — got good value
for their units (roughly $550/SF), “better than if they tried to sell
on the market,” Speigel said. As for school officials, they wanted the
school to stay open until 2019, but the project should be underway by
then, Speigel said, “so we had to get them to move earlier." The
developer also had to convince Bell Canada to sell part of its parking
lot to give the proposed condo building its required setbacks, a tough
task but it was the key to unlocking the development’s viability.
The Roehampton condo will be wrapped in white glass, contrasting the
black veil covering E Condos’ 36- and 58-storey towers. “It will be
dramatic and cool,” Speigel said. “Nicer designs than you’re seeing in
other condos around here.” The two projects are envisioned as cousins,
not sisters, and there will be a small public park space between them.
Residents of the Roehampton building and Bell Canada staffers will
enjoy direct access to the subway via E Condos. That “warm connection”
translates into $25 more per square foot on the net selling price of
units, Speigel said, “which enabled us to offer more for the land.”