Vertikal (471-481 King St E) | 23 & 19 fl | U/C

[Ellensparky]

Any updates?

[tomh009]

I think they are up to 14 floors now. Still a fairly slow pace of about one floor per month, so I don't foresee any occupancy until late next year at the earliest.

[tomh009]

Early-October photo update.

   

[Ellensparky]

Anything been happening at this site lately?

[ZEBuilder]

Anything been happening at this site lately?

Slow and steady progress like normal, the first tower is close to topping out with only a few floors to go last time I was by, the podium along Madison and Charles is mostly at it's final height as well.

[mastermind]

Render from the "ION Attracts" map:

Does anyone know is this is the latest rendering?  (post #190 by Lens) 

It looks like maybe.  If you're looking at this rendering then right now they're just past the red fin that sticks out to the left of the building on the right, which would mean 3 more floors to go.  Plus they've built the Charles St (back in this image) side of this site up to about 4 floors, including below the other tower.

So roughly the structure is about half way done...

[ac3r]

Yeah that's the final design they went with, assuming they didn't do any tweaks to it.

[tomh009]

So roughly the structure is about half way done...

At the one floor per month pace they have been at, finishing the second tower will take about two more years.

[Spokes]

You've got to think that there would be financial benefit to getting this done sooner, no? Like the sooner you get people in units the sooner it's generating revenue. They're just dragging out their costs right now

[ac3r]

We ought to nick name it the Ryugyong Complex or something because it reminds me of that North Korean vanity hotel that sat unfinished for 16 years and became an eyesore on the skyline of Pyongyang.

[cherrypark]

You've got to think that there would be financial benefit to getting this done sooner, no?  Like the sooner you get people in units the sooner it's generating revenue. They're just dragging out their costs right now

Probably there is a benefit, especially given the current rental market, but the cash flow implications of faster/more activity at once might contribute to the business plan being a slower build or utilizing a more limited base of staff and resources over a longer period of time.

[Momo26]

Man this is a slow AF project. Seeing how fast a Circa and multiple Garment St buildings went up, this is astonishing. Why so slow?

[tomh009]

Man this is a slow AF project.  Seeing how fast a Circa and multiple Garment St buildings went up, this is astonishing.  Why so slow?

Drewlo uses their own internal staff for construction. My guess is that they are challenged in being able to recruit enough skilled trades, and likely most of their projects have slowed down as a result.

[ac3r]

Hopefully we don't allow them to ever build downtown again. This has been an eyesore for years now and is still going to be years until it's finished. Looks like absolute shit and the people around the area hate it.

[tomh009]

Hopefully we don't allow them to ever build downtown again. This has been an eyesore for years now and is still going to be years until it's finished. Looks like absolute shit and the people around the area hate it.

That property was an eyesore in the 1970s already. It is certainly no worse now.