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387-397 King St E and 6 Madison Ave | 2 & 8 fl | U/C - Printable Version

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+--- Thread: 387-397 King St E and 6 Madison Ave | 2 & 8 fl | U/C (/showthread.php?tid=206)

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RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - Spokes - 12-18-2018

(12-18-2018, 12:58 AM)tomh009 Wrote: The render is a five-story building, the building permit is 2+8, so the design has changed rather a lot. No new renders to be found yet?

To be honest, I forget what the last one was, I feel like there's been a number of variations on this one.

I just hope it takes up the full lot.  At one time half of it was left for surface parking I think.

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - tomh009 - 12-18-2018

I don't think there have been many on this yet. It has been a vacant lot for 40+ years with no announced projects until this year.

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - Spokes - 12-18-2018

I must be confusing this with something else

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - panamaniac - 12-18-2018

(12-18-2018, 09:47 AM)tomh009 Wrote: I don't think there have been many on this yet. It has been a vacant lot for 40+ years with no announced projects until this year.

Iirc, an office building was announced for the site, about 25 or 30 years ago.  There was a billboard up for the "project" for a number of years.

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - tomh009 - 12-18-2018

(12-18-2018, 10:29 AM)panamaniac Wrote:
(12-18-2018, 09:47 AM)tomh009 Wrote: I don't think there have been many on this yet. It has been a vacant lot for 40+ years with no announced projects until this year.

Iirc, an office building was announced for the site, about 25 or 30 years ago.  There was a billboard up for the "project" for a number of years.

I may have missed that while I was living in Waterloo! Smile

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - panamaniac - 12-18-2018

(12-18-2018, 07:32 PM)tomh009 Wrote:
(12-18-2018, 10:29 AM)panamaniac Wrote: Iirc, an office building was announced for the site, about 25 or 30 years ago.  There was a billboard up for the "project" for a number of years.

I may have missed that while I was living in Waterloo! Smile

As one would ...  Wink

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - rangersfan - 12-18-2018

There have been rumblings of a project at this site since at least 2014 (first page of this thread).

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - tomh009 - 12-18-2018

(12-18-2018, 09:48 PM)rangersfan Wrote: There have been rumblings of a project at this site since at least 2014 (first page of this thread).

Yes. But only one concrete proposal (with a render), I think. And now the development charge exemption deadline is upon us.

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - panamaniac - 12-18-2018

I wonder how long before some of these projects are actually built? I can't see the market supporting the three East End projects coming on stream at the same time.

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - tomh009 - 12-19-2018

(12-18-2018, 11:10 PM)panamaniac Wrote: I wonder how long before some of these projects are actually built?  I can't see the market supporting the three East End projects coming on stream at the same time.

I think the location near the market doesn't really matter one way or the other. What we have here are three projects, all within 500m of King/Queen and within 100m of an LRT station:
  • One mid-sized condo building (the subject of this thread)
  • One mid-sized apartment building (Vive, across the street)
  • One large apartment complex (Drewlo, next block)
I expect the Drewlo construction to take substantially longer. But I really don't think our market is saturated yet.

#KWawesome

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - jeffster - 12-19-2018

(12-18-2018, 11:10 PM)panamaniac Wrote: I wonder how long before some of these projects are actually built?  I can't see the market supporting the three East End projects coming on stream at the same time.

I'm not sure about that as there is still quite a shortage in units. Growth between now and completion, plus ultra-low vacancy rates, tells me that these apartments shouldn't have problems finding tenants.

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - Spokes - 12-19-2018

(12-19-2018, 12:31 AM)tomh009 Wrote:
(12-18-2018, 11:10 PM)panamaniac Wrote: I wonder how long before some of these projects are actually built?  I can't see the market supporting the three East End projects coming on stream at the same time.

I think the location near the market doesn't really matter one way or the other. What we have here are three projects, all within 500m of King/Queen and within 100m of an LRT station:
  • One mid-sized condo building (the subject of this thread)
  • One mid-sized apartment building (Vive, across the street)
  • One large apartment complex (Drewlo, next block)
I expect the Drewlo construction to take substantially longer. But I really don't think our market is saturated yet.

#KWawesome

I think the fact that some are condos and others are rentals matters too.  There is a massive shortage of good rentals

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - Viewfromthe42 - 12-19-2018

Condos are often defacto rentals. Estimates I've heard for Kaufman are in the 60-80% rented-out range. It's easier to build condos for renting out than rentals, IIRC, due to lower taxes, higher rate of return (condos tend to be better appointed than many rentals), and instead of asking one institution to front the tens of millions for a rental, you get individual investors - who the government never wants to see lose a dime on housing value - collectively front the money.

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - tomh009 - 12-20-2018

(12-19-2018, 12:40 PM)Viewfromthe42 Wrote: Condos are often defacto rentals. Estimates I've heard for Kaufman are in the 60-80% rented-out range. It's easier to build condos for renting out than rentals, IIRC, due to lower taxes, higher rate of return (condos tend to be better appointed than many rentals), and instead of asking one institution to front the tens of millions for a rental, you get individual investors - who the government never wants to see lose a dime on housing value - collectively front the money.

Kaufman is the highest rental ratio around, probably 80-90%. Other buildings are lower -- ours is around 25%. Once there are more rental buildings available, though, the demand for rental condos will drop, and the owner-occupancy rates will start to creep back up.

RE: 387-397 King st E and 6 Madison Ave | 20m | 5 fl | proposed - tomh009 - 02-12-2019

(12-17-2018, 09:41 PM)rangersfan Wrote: Permits have been submitted for the following:
Permit No: 18129755
Status: Under Review
Permit is for a foundation only for an underground parking garage for future two storey commercial and eight storey residential building.

Permit No: 18131638
Status: Under Review
Permit is for a new 2 storey commercial building with a grocery store on the ground floor and offices on the second floor. Foundation permit # 18-129755

Permit No: 18131636
Status: Under Review
Permit is for a new 8 storey condominium building with a parking garage below. Foundation permit #18-129755

Building permit now issued (19-129755 MU).