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Old January 31st, 2010, 11:20 PM   #81
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Quote:
Originally Posted by ale26 View Post
^ exactly...You are paying for the location, amenities and materials used in the place...

I was just at city place the other day and was looking at a 460 sq.f 1 bedroom apartment for 340,000 !
460 sq.f thats tiny!!!
pffff...a condo at yonge/college that is 1,200 sqft 2-bedroom is worth $340,000...all the amenities of cityplace too. cityplace (and shangri-la) are ripoffs, when will people understand this?
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Old February 3rd, 2010, 07:49 PM   #82
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By steveve from urbantoronto.ca - taken on 1 Feb :

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Old February 4th, 2010, 10:16 AM   #83
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Excerpt : Kingly income? Some castles in the air ...
Special to The Star
5 December 2009
The Toronto Star

SHANGRI-LA TORONTO

Location: University Ave. and Adelaide St.

Developer: Westbank Projects Corp.

Architect: James Cheng

Tower height: 66 storeys (360 units)

Penthouses size: 6,700 square feet each

Price: $13.3 million

Status: Both for sale.

Occupancy: Mid-2012

Online: www.livingshangri-latoronto.com

Shangri-La Toronto will have two, two-storey penthouses on floors 65 and 66. Four-bedroom units will have 12-foot ceilings on first floor and 11 feet on second; three fireplaces and 2,900 square feet of terrace. All bedrooms have ensuite bathrooms. Boffi cabinetry in kitchen and Miele and Sub-Zero appliances. Custom closet organization systems. Unit comes with three-car private garage.
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Old February 11th, 2010, 02:03 AM   #84
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This is a transformational project for this end of University Avenue. It's going to look mammoth once it starts to rise above ground level.
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Old February 13th, 2010, 05:42 AM   #85
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First posted on urbantoronto.ca by Mo-tage on 12 Feb :

Here's a shot taken today. Hard to see a lot of the site from this angle, I should've choosen a better window. I'd guess another two weeks until the ground floor is poured. But if you walk by the site you'll see a lot of stuff sticking up above ground level.

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Old February 14th, 2010, 05:04 AM   #86
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Please visit myMississauga thread in Urban Showcase
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myPictures and drone videos
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Old February 15th, 2010, 05:10 AM   #87
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Cool! It's gonna be great when complete!
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Old February 19th, 2010, 09:29 PM   #88
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By Mo-tage from urbantoronto.ca taken on 15 Feb :

image hosted on flickr
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Old February 20th, 2010, 02:44 AM   #89
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Thanks!!!
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Old March 9th, 2010, 03:33 PM   #90
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By OldManKensey from urbantoronto.ca
Taken on Sunday March 7, 2010:

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Old March 27th, 2010, 09:01 PM   #91
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By caltrane74 from urbantoronto.ca :

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Old March 30th, 2010, 09:30 AM   #92
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Refit for a King of hotels
As deal for iconic King Eddie closes, reno plans include three floors of luxury condos

Toronto Star
9 March 2010

Gil Blutrich is in the famed Crystal ballroom of Toronto's King Edward hotel giving a guest a tour of his latest acquisition.

There's a forlorn chandelier in one corner, surrounded by exposed wiring and dust. But Blutrich sees beyond the faded glory.

"There is so much history here. This is where Toronto society celebrated their biggest events," the Toronto developer said in an exclusive interview with the Star. "We are going to restore this hotel to what it used to be."

On Monday, Blutrich's Skyline International Development Inc. closed the deal on the iconic hotel - where the Beatles once stayed and where Richard Burton proposed to Elizabeth Taylor - for $48 million.

The Star has learned his partners include billionaire developer Alex Shnader, the man behind the Trump hotel in Toronto, the Serruya family, founders of the frozen desert chain Yogen Fruz and powerhouse developers Dundee Realty Corp.

The hotel will remain under the management of Starwood Hotels & Resorts under the Le Meridien brand, but Blutrich says he and his partners plan to extensively renovate the property.

Details are still being worked out, but three floors, which are unoccupied and formerly used for commercial space, will be turned into as many as 140 luxury condominiums with a starting price of $700 per square foot.

"When I came here from Israel 12 years ago, I did not imagine myself ever owning this place," Blutrich said with infectious enthusiasm. "This is really fantastic to be able to own a piece of history."

The hotel was built in 1903 by Toronto's then-richest man, George Gooderham and named after King Edward VII.

At one time it was the city's finest hotel. John Lennon and Yoko Ono had a "bed-in" for peace in one of the rooms. Elvis Presley stayed in the Royal Suite and Ernest Hemingway lived at the hotel while a reporter at the Toronto Star.

"The place is an absolute landmark, we're really excited about being a part of it," said Dundee Realty CEO Michael Cooper, standing in the Cafe Victoria Ballroom where he used to have meetings.

"This used to be where just about all of Bay St. used to come for lunch. I was about the only person in the room you wouldn't recognize."

Blutrich, through his Israel-based Mishorim Development Ltd., placed a $500,000, non-refundable deposit on the hotel last year before closing the deal Monday.

The property was originally being sold for $52 million, but the final price was $48 million after negotiations.

With the economic crunch, it seems like a deal.

The 298-room hotel on the corner of King and Victoria streets was owned by New York investment bank Lehman Bros., costing $62.5 million in 2006. Renovations were estimated at $17 million. Lehman Bros. went under in spectacular fashion during the 2008 global financing crisis, spiking a distress sale.

That means the partners are acquiring the hotel for more than $30 million less than Lehman Bros. paid.

But they will also have to put tens of millions into refurbishing the hotel. Blutrich figures the Crystal ballroom alone will cost $8 million to restore.

One large appeal of the property, said Blutrich, was that 30 per cent of it was unoccupied. The third, fourth and fifth floors are empty, while the cavernous Crystal ballroom on the penthouse level was at one time being used by fly fishermen to practise their casts.

On the ground floor there is empty retail space facing King St. that was formerly occupied by Scotiabank. Blutrich said executives from various international hospitality companies, including Venice's Cipriani restaurants, have already flown in to take a look at the possibility of opening a restaurant.

"We are hoping to have a very high-end bar here," he said.

And no tour is complete without a peek at the 2,500-square-foot Royal suite.

"Margaret Thatcher stayed here," said Blutrich, pointing out a separate entrance and room where her bodyguards could stay out of sight.

"At one time this was where all the VIPs stayed."

Since arriving in Canada from Israel, Blutrich has been collecting trophy Canadian real estate with the zeal of a schoolboy building a prized marble collection.

He owns two downtown boutique hotels, the Pantages and the Cosmopolitan, and several commercial buildings and apartment buildings in Ontario and Quebec.

Five years ago Blutrich purchased land in Port McNicoll, near Midland, with 11 kilometres of Georgian Bay waterfront with the idea of transforming it into a tourism gateway.

In 2008, he bought the Horseshoe Valley ski complex some 20 kilometres away with the intention of linking the two, creating a $1.7 billion mega "Georgian Valley" complex.

But his critics have said the irrepressible developer has bitten off more than he can chew with the addition of the King Eddie.

His blue-chip partners in the King Edward venture seem to think otherwise.

Blutrich is following a well-known game plan: In 2004, Israeli real estate development company El-Ad Group purchased the Plaza Hotel in New York and turned part of the building into the city's most expensive condominiums.

But analysts say the Toronto market is much smaller than New York, and moreover, the condominium-hotel market is getting awfully crowded.

An estimated 35,000 condominiums are expected to be completed this year. And in the next 12 months, a new Ritz Carlton, Shangri-La Four Seasons and Trump hotel are all expected to be in various stages of completion, an unprecedented spate of luxury hotels.

Hotel room rates in the Toronto market also took a 10 per cent hit in 2009 because of the global economic crisis, according to hotels.ca.

"Hotels had a very tough year," said John O'Bryan, vice-chairman of real estate consultancy CB Richard Ellis. "Discretionary spending was down, business travel was reduced and a high Canadian dollar gave little respite to owners and operators."

But Blutrich is undeterred.

"The Ritz and the Four Seasons are all very beautiful buildings, but they are new buildings. This building is historic. It's like comparing a 1950's Jaguar to a new Jaguar.

"There is a market for the old and the beautiful because this is absolutely one of a kind," said Blutrich.
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Old April 7th, 2010, 01:38 PM   #93
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moving fast now...
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Old April 7th, 2010, 07:21 PM   #94
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testing

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Old April 7th, 2010, 07:22 PM   #95
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xzsza


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Old April 8th, 2010, 06:18 PM   #96
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By Geekaroo from urbantoronto.ca

From St. Andrews Conference Centre

[/QUOTE]
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Old April 11th, 2010, 09:42 AM   #97
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Author : http://www.andrewfare.com/

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Old April 18th, 2010, 06:33 PM   #98
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Another rendering by Shangri-La :

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Old April 19th, 2010, 10:42 PM   #99
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From Jasonzed in the Toronto forum
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Old April 23rd, 2010, 06:47 PM   #100
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By caltrane74 from urbantoronto.ca :

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