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Old September 27th, 2005, 04:15 AM   #481
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re trump

I was at urban toronto and here is what Trump Toronto forum member stated.

Thank you for your business-minded comments. After all, despite being a fantastic place to live when it is completed, business is what this building is about--and will greatly benefit the city of Toronto financially as well.

The reason you see Ritz and Four Seasons coming back into the market with similar five-star projects is because we've proved the concept can work--that there IS a market in Toronto for this type of property Up until recently, we were considered "out of our minds" by some in the industry.

And just to clarify--as some of you have pointed out--at no point have I ever said that we will be announcing a construction start date on the 23rd. Only that we had an announcement to make. I had hoped to have something posted in here before the article ran, but had to go out of town on business.

And regarding the advertorial, the changes we are making to the building are significant. And we chose to announce the changes through a number of different media... the advertorial being one of them.

Just like any product you sell, you may not always get it right for the market the first-time out. The reality is, we had a gap in between where the hotel suites were sized/priced and where the larger residences were sized/priced. After much discussion with buyers over the past year, we discovered that there was an audience that really wanted to live in the building, but didn't necessarily need 2,200-sq. ft. of space. And thus, we made a change.

We're business-people, and we tend to simply tell it like it is. You may think it is fluff, or you may not choose to believe what I/we have to say. This is a project we are determined to see succeed. If that required making a few changes to a handful of floors to make that happen, we will do that. At just under a million $ and 1,300 - 1,600 s.f., living at Trump Toronto now makes much more sense to single professionals (or couples without children), and we're confident we are making the right move to meet that demand.

Also, because the demand and sales has been great in the hotel, we were simply running out of studio and 1BR hotel suites. Thus, we reconfigured a few floors to work more of those type of suites into the mix. It's all about adapting a product to your market to make sure it is successful. It's basic business. Why should development be any different?

And yes, we have reached a milestone. We've sold over $150,000,000 worth of real estate--with the hotel condo's nearing 70% sold (prior to the new additions). The hotel condo's were a big concern for us, and were an area we focused much of our marketing on... and they've sold very well as a result. Much of our marketing efforts have been outside of Toronto--which is a big part of why you don't see Trump Toronto everywhere in the city.

And to compare our marketing efforts to Harry Stinson? Please. So much of the bias I hear in these forums is about your personal feelings towards Trump the Man, not Trump the developer--nor what we have done marketing-wise. Trump is not everyone's cup of tea... nor is Stinson.

Trump has been incredibly successful at what he does and we obviously utilize the Trump name and image in our marketing efforts--striking a balance between Trump the developer and Trump Toronto, the building. You have to sell both assets... not just one or the other. Regarding Harry, I have to give him credit for what he has accomplished. One King West is nearly completed. And without his dedication to it... it wouldn't be standing. Development of high-rise towers takes a lot of hard work, much of it behind the scenes, which is why it sometimes feels like not much is happening. It is far easier to criticize than it is to do.

And remember, Trump Toronto has only been open for sales for just a little over a year now. And there simply isn't another project of this scale in Toronto to compare it to. If we were selling a smaller building, we'd already be starting construction.

Do we pump up Toronto a lot in marketing? Absolutely. Over 50% of our sales have come from buyers outside of Canada. The sad truth is, outside of Ontario, Toronto is somewhat of an unknown city. And with this being an international project, we owe it to the city to promote it. The Globe and Mail has been very good to us... in print and online. Without naming a price, $80-$100K is a bit on the high-side

A fraud? No. I do work for Trump Toronto. Despite my obvious bias, I love this building and want to see it built. Sales are certainly not going to come from the posters in this forum--and I don't expect them to. I'm just as much a fan of the building as some of you are in here. And I know some of you enjoy hearing info about it. That's why I'm here.
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Old September 27th, 2005, 04:03 PM   #482
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Tower boosts city core
Cadillac Fairview announces new 48-storey office tower


Other building projects expected as Toronto core booms



TONY WONG
BUSINESS REPORTER

Toronto will get its first major office tower in more than a decade as the city's downtown core experiences an economic rebirth from an unprecedented building boom.

The announcement by developer Cadillac Fairview yesterday heralds a potential mini-renaissance in downtown office development. It's expected to prompt other developers to announce their own mega-projects.

The new tower will eventually be up to 48 storeys tall and 1.2 million square feet, about the same size as major downtown bank towers, Cadillac Fairview President and CEO Peter Sharpe said yesterday.

"We have confidence in Toronto and we think it's a good healthy market and it's going to get better," Sharpe said in an interview.

The new tower will be built at the same time as a planned new Ritz-Carlton hotel and condominium complex and will rise on the corner of Simcoe and Wellington streets in the city's entertainment district.

The announcement is a major coup for Cadillac, since there has been much anticipation over who would be the first to announce the building of a new tower in downtown Toronto.

Other potential sites being talked about include the Bay-Adelaide Centre being developed by Brookfield Properties and One Union Plaza, a property owned by Menkes at 25 York St. Both sites have been actively looking for big anchor tenants.

But Cadillac is banking that only one site will have the Ritz-Carlton beside it, and that corporations will want to locate because of the cachet, despite the fact it is outside the traditional Bay Street financial district.

"Having the Ritz beside us will be a huge plus — we think the two buildings will redefine the area, and I think that's a powerful message," said John Sullivan, senior vice-president of office development for Cadillac.

And the new tower will be more than a little symbolic: Despite the fact that Toronto has seen a massive building boom in condominium development, large-scale commercial building development has been almost non-existent.

Yesterday, the Greater Toronto Home Builders reported that they expected more condos to be sold this year than any other.

Most of those condos are in downtown Toronto, which has attracted residents from overseas and other parts of Canada, and suburbanites who now see the area as a good place to live.

But while residential development is on fire, commercial developers still had a hangover from the bursting of the technology bubble in 2000, which created a glut of office space that devastated landlords.

"Developers have been sitting on the fence for 10 years deciding whether to put something up, and finally somebody got off the fence," said Paul Morse, senior vice-president of office leasing for Royal LePage Commercial Inc.

"We haven't heard the likes of this announcement for a long time and it shows how much confidence developers now have in the market."

Sullivan said he expected to start building by 2006, with a completion date of mid-2009.

The first phase of the building will be between 600,000 and 800,000 square feet and more than 30 storeys. More floors will be added depending on demand, said Sullivan. Building both towers at the same time will also offer economies of scale, and allow building to proceed more quickly.

The land was assembled over the years by Cadillac Fairview, the real estate subsidiary of the Ontario Teachers Pension Plan Board.

Cadillac says they are still looking for a lead tenant who will commit to leasing 200,000 to 300,000 square feet, but are "confident" they will get the project off the ground.

Sullivan says he is already working with potential tenants, including tenants from the company's existing database who are looking for large blocks of space. Cadillac is the largest landlord in downtown Toronto.

But they may soon have some competition, such as the Bay-Adelaide project, the last big skyscraper announced for Toronto before the recession hit. Construction was halted in 1991 after $500 million was invested. No skyscraper has gone up since.

"We are actively working on it, and we hope to announce something soon. We have a great location and we are seeing a lot of tenant demand," said Melissa Coley, vice-president of investor relations for developer Brookfield in New York.

Cadillac's Sharpe said he would not be worried if Brookfield also announced plans to build since he thinks the market could absorb the extra space.

Brookfield may build something in the range of 600,000 to 800,000 square feet, although the site can hold a much larger tower.

However, Morse said being first to market might give Cadillac an edge in the competitive marketplace, since they would be able to sign on tenants more quickly.

The last substantial tower built in downtown Toronto was BCE Place, completed 14 years ago. Cadillac's Simcoe Place on Front St. W., was finished 10 years ago.

The most recent building in the financial core is still the 450,000-square-foot O&Y Properties Maritime Life Tower at 2 Queen East. completed in 2003.

The most recent building just outside the key financial core, but still in the downtown area, is the SAS Building at 280 King St. E., which should be ready for occupancy next month.

But it has been a while since Toronto has seen a large-scale office tower like that proposed by Cadillac Fairview. With a healthy Canadian dollar, low inflation, a major building boom and strong employment numbers in the Toronto area over the last few years, companies have finally decided to go into expansion mode.

"Things are looking up if you're a landlord," said Morse.

Royal LePage reported this month that the downtown Toronto office vacancy rate had dropped to 9 per cent in the third quarter of 2005, from a high of almost 12 per cent in 2003.
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Old September 28th, 2005, 12:27 AM   #483
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Man, I envy Toronto, I wish that Houston could be having a boom on the level of Toronto right now.
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Old September 29th, 2005, 06:38 PM   #484
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Thanks for the kind comments. Originally posted by Are Be from the Toronto Forum.

Towering development


Sep. 28, 2005. 01:00 AM
Construction cranes have been roosting in downtown Toronto in significant number for years. But they have mainly worked to supply a seemingly insatiable local demand for new condominium towers.

Now, for the first time in more than a decade, Toronto could see construction of a major office tower — a $400 million edifice soaring 48 storeys high and associated with a proposed Ritz-Carlton luxury hotel and condo complex.

It is to be built at the corner of Simcoe and Wellington Sts., in the city's entertainment district.

The double-barrelled project, announced this week by Cadillac Fairview Corp., represents a strong vote of confidence in the future of Toronto's downtown. If other developers follow suit with their own megaprojects, it could herald a dynamic new era of office expansion in Canada's largest city.


Toronto's skyline has not had a major new office tower on the scale of what is proposed since BCE Place was completed in 1991.

That's when recession doused the North American real estate market, bringing new development to a dead stop. The concrete stump that was to be the Bay-Adelaide Centre, between Bay and Yonge Sts., remains an emblem of that time. Construction stalled in 1991 due to lack of demand, and hasn't been resumed.

In subsequent years, as business struggled to grasp the vast implications of the Internet, there was speculation that a new era of telecommuting might make sprawling offices, stacked in towers, obsolete.

One analyst predicted that no development offering 1 million square feet or more of office space would ever be built in Toronto again.

Cadillac Fairview's proposed new tower would hold 1.2 million square feet. If all goes well, construction is to start next year, in tandem with the building of a posh hotel and condo complex next door.

Cadillac Fairview is looking for a major corporate tenant willing to lease 200,000 to 300,000 square feet of space. And the presence of the planned new Ritz-Carlton complex is considered a strong selling point.

The luxury residential building, done in a style similar to the office tower, would feature 135 high-end condominiums rising above a 20-storey section operated as a hotel.

The developer is betting that the cachet provided by the Ritz-Carlton will help attract an anchor tenant with deep pockets.

In contrast to the bleak outlook that dominated the past decade, the time seems right for new office construction. The vacancy rate in downtown Toronto office buildings is down to 9 per cent, making it a landlord's market. And the vacancy rate for high-end, top-of-the—line office space is even lower, hovering between 5 per cent and 6 per cent.

Prospects seem bright.


There is even a chance that construction cranes will reappear at the long dormant Bay-Adelaide Centre site. That would signal a true renaissance of office development in Toronto's downtown core.
...


Legal Notice: Copyright Toronto Star Newspapers Limited. All rights reserved. Distribution, transmission or republication of any material from www.thestar.com is strictly prohibited without the prior written permission of Toronto Star Newspapers Limited. For information please contact us using our webmaster form. www.thestar.com online since 1996.
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Last edited by Skybean; September 29th, 2005 at 06:45 PM.
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Old September 30th, 2005, 12:04 AM   #485
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Quote:
Originally Posted by Talbot
Man, I envy Toronto, I wish that Houston could be having a boom on the level of Toronto right now.
being the number one city in your country always helps lol.

so if we can come up with some sort of plan to move around lets say 14 million people from NewYork to Houston then bingo!!
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Old September 30th, 2005, 01:55 AM   #486
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18 Yonge / Pinnacle



Vancouver Junior


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Old September 30th, 2005, 04:20 AM   #487
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Thanks for the updates. Pinnacle looks like it has reached about full pinnacle while 18 Yonge is catching up. The last pic is simply amazing thinking of the potential the Eastern Bayfront and Portlands have.
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Old September 30th, 2005, 04:23 AM   #488
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Quote:
Originally Posted by neilio
being the number one city in your country always helps lol.

so if we can come up with some sort of plan to move around lets say 14 million people from NewYork to Houston then bingo!!
I know. But I can always dream.
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Old September 30th, 2005, 06:56 PM   #489
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FIlM PoRT

City to spend $10M to prepare studio site

PAUL MOLONEY
CITY HALL BUREAU

Toronto expects to spend about $10 million to make a 12-hectare city-owned site in the port lands ready to rent to a private company that wants to build a mega movie studio.

City council yesterday voted 33-6 to lease the land for 99 years to Toronto Film Studios, which plans to invest $36 million in a 45,000-square-foot sound stage that can handle production of blockbuster movies.

But before the studio is built, the Toronto Economic Development Corp. (TEDCO), a city agency, is to spend $10 million to clean up the polluted soil, share the cost of sinking pilings for the foundation and extend Don Roadway into the site, off Commissioners St.

Mayor David Miller, a key advocate of the project, said the film studio is a productive use of the site, formerly an Imperial Oil tank farm.

"The private sector has agreed through an open international competition to invest ... in building a facility that is greatly needed in Toronto to ensure the success of the film industry," Miller said.

TEDCO president Jeff Steiner said it's not unusual for a landlord to spend major money to woo tenants.

"Making the land ready for somebody to rent, these are costs that are normal and associated with the landlord, private or public."

The agency released highlights of the deal, falling short of meeting the demands of council critics who wanted the entire 150-page lease made public. Councillors are only being allowed to discuss details behind closed doors.

Under the deal, the studio company is required to build six sound stages totalling 123,000 square feet, including the 45,000-square-foot monster stage, and another 110,000 square feet of offices, shops and support facilities.

The company is obligated to start work by next Aug. 31.

****

I do not like the idea of a 99-year lease. Seems to me that this land is suited for future once we get the waterfront rejuvenation process rolling. And why are taxpayers footing the 10 million clean-up costs?
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Old October 1st, 2005, 12:11 AM   #490
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Hope it does get waterfront rolling, finally.


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Old October 1st, 2005, 02:21 AM   #491
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Not to nitpick, but, for skyscraper aficionados, a 48-storey tower is hardly something sensational.
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Old October 1st, 2005, 02:37 AM   #492
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Quote:
Originally Posted by Grey Towers
Not to nitpick, but, for skyscraper aficionados, a 48-storey tower is hardly something sensational.
Considering the last major downtown office building was BCE Place over 10 years ago, this is big news for Toronto. This building will be close to 700 ft tall, with the stated office volume -- not too bad as skyscrapers go and the design is fairly unique.

Perhaps the greatest justice is that it will be built where it can be seen, outside of the downtown core. The Cadillac Fairview will help to balance the skyline westward.
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Old October 1st, 2005, 04:04 PM   #493
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The wacky Libeskind condo tower at the Hummingbird was approved by Council yesterday. I think it was unanimous.
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Old October 1st, 2005, 06:01 PM   #494
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Toronto tower on front burner for Cadillac
Construction set to begin next year on $400-million downtown project

By SHIRLEY WON

Tuesday, September 27, 2005 Page B7


Cadillac Fairview Corp. Ltd. expects to have the first shovel in the ground next year for a $400-million office tower in downtown Toronto that will be built next door to a proposed Ritz-Carlton luxury hotel-and-condo complex.

The Toronto-based commercial property developer says it is negotiating to get a lead tenant for the 48-storey office tower that is expected to be completed by 2009.

"We are very comfortable that, over the next six months, we can accomplish that," Peter Sharpe, president and chief executive officer of Cadillac Fairview, said yesterday.

"By the third quarter of next year, we could be in the ground on the site," Mr. Sharpe said in an interview. "We would like to have a precommitment of 200,000 to 300,000 square feet . . . The building has been designed, engineered and approved by the city so it's ready to go."

The last major office tower built in downtown Toronto was the Maritime Life Tower developed by O&Y Properties Corp. at the corner of Queen and Yonge Streets in 2003.

Cadillac Fairview is also taking a 40-per-cent equity stake in the $325-million hotel-condo project, slated for completion by 2008 or early 2009. Other investors in the 53-storey project include Graywood Developments Ltd. of Toronto with a 40-per-cent stake and Ritz-Carlton Hotel Co. of Chevy Chase, Md.. with 20 per cent.

Cadillac Fairview, a private company controlled by the giant Ontario Teachers Pension Plan, owns the project site on Wellington Street between Simcoe and John streets.

The time is ripe for a new Class AAA office tower for downtown Toronto because the vacancy rate for this market is currently between 5 and 6 per cent, Mr. Sharpe said. "That's a good, tight market."

Ritz-Carlton president Simon Cooper said the hotel expects to attract clients from business people who visit Toronto to meet with companies in the office tower.

"There is no replacement for location," Mr. Cooper said. "So it is always beneficial to have as much Class AAA space as one can close to one's hotel. That creates demand."

But Mr. Cooper said he doesn't expect many firms to buy condos -- the price tag begins around $1-million -- for executives. "It is less in vogue that it used to be."

The Ritz-Carlton hotel-condo is one of several set to battle in Toronto for well-heeled customers. Others include a new 55-storey hotel-condo to be run by Four Seasons Hotels Inc. and the 72-storey Trump International Hotel & Tower.
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Old October 1st, 2005, 06:19 PM   #495
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Quote:
Originally Posted by JayeTheOnly
Hope it does get waterfront rolling, finally.


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Old October 1st, 2005, 08:10 PM   #496
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Courtesy of the Toronto Star via Lucky24


Council approves tower at base of Hummingbird

MARTIN KNELMAN
ENTERTAINMENT COLUMNIST


Toronto city council yesterday voted unanimously to move forward with the Hummingbird Centre's proposal to reinvent itself with the help of a 49-storey residential tower designed by Daniel Libeskind
— but not before adding a Plan B clause.

Libeskind's design calls for more than condos. It includes a seven-storey podium at the base of the tower, which would house an interactive attraction, banquet facilities, a gift shop and a ticketing service.

It's all part of an ambitious plan envisioned by Dan Brambilla, Hummingbird CEO, who has spent three years on a mission to save the 45-year-old performing arts centre when its two chief tenants, the Canadian Opera Company and the National Ballet of Canada, leave.

The Hummingbird would still be a theatre, but surrounded by an arts complex, CityCentre.

Castlepoint Realty, the Hummingbird's development partner, wants to break ground in early 2007, said Alfredo Romano, a principal of the firm. Castlepoint would spend more than $100 million building the tower.

But Brambilla must find $75 million to fund his part of the complex: $15 million from Castlepoint, $4 million from reserves, $56 million from government and corporate supporters.

City council called for a fallback position yesterday that offers other uses for the podium if Brambilla can't find funding.

"I am confident we'll be able to proceed with CityCentre," Brambilla said, "but the city wants to have a mitigating strategy, and we are prepared to help meet that requirement."
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Old October 1st, 2005, 09:08 PM   #497
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^Great news!
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Old October 1st, 2005, 11:32 PM   #498
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Awesome news! Glad to hear that the city is pro-development for this project, Hummingbird Centre needs this and TO's skyline will get another major non-boxy tower.
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Old October 2nd, 2005, 12:35 AM   #499
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Wow, after Ritz-Carlton, Cadillac Fairview and Shangri La, this loos like becoming another downtown addition !!!
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Old October 2nd, 2005, 01:19 AM   #500
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One step close
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