One Young (née Mayfair Hotel) | 5 fl | Complete

[KevinL]

So they're moving down from Duke, then.

[Rainrider22]

Does that mean they are leaving the Duke street location ?

[panamaniac]

Makes sense - the Duke St space was larger than they need for a number of years now.

[ac3r]

A bank...disappointing, but it makes sense as I'm sure the rent in such a place is going to be very high. I just wish we would have more ground floor retail downtown. A bank is only ever going to draw in a tiny amount of people who use that particular bank and that branch, and nobody else will ever set food in the building. Except maybe the homeless in winter.

[CedarHillAlum]

A bank...disappointing, but it makes sense as I'm sure the rent in such a place is going to be very high. I just wish we would have more ground floor retail downtown. A bank is only ever going to draw in a tiny amount of people who use that particular bank and that branch, and nobody else will ever set food in the building. Except maybe the homeless in winter.

Specifically what kind of retail do you think would be viable in this location?

[taylortbb]

A bank...disappointing, but it makes sense as I'm sure the rent in such a place is going to be very high. I just wish we would have more ground floor retail downtown. A bank is only ever going to draw in a tiny amount of people who use that particular bank and that branch, and nobody else will ever set food in the building. Except maybe the homeless in winter.

Specifically what kind of retail do you think would be viable in this location?

IMO DTK is still far from saturation with restaurants, though right now obviously isn't the ideal time for them. But I definitely think they'd be viable in this location.

As someone that works in DTK I'd like to see a Canada Computers location here, for all the times at work we need some random cable and Amazon next day isn't fast enough. I suspect there's enough tech companies in DTK to keep them viable, though just a small location (like they have in downtown Toronto).

Over the next few years, as all the currently under construction condos are completed, basically any service/retail needed by people living nearby will likely be viable.

[ac3r]

Given that this building is in a very central location in one of the most unique buildings in the entire region (with the wood frame and interesting glass facade) you could open up just about anything that could survive in a prestigious spot like this. A media/bookstore, computer store, music venue, restaurant, clothing store, small grocer...the list is endless. A bank is only going to be useful for people who need this specific bank. To me, it's just wasted space...kind of like the sleep clinic going in on the ground floor of the Garment Street Condo complex. Banks and sleep clinics are needed, but they can also exist without needing to be in these brand new buildings. Such things are only useful for a small amount of people seeking those particularly niche services, rather than anyone who might just be out and strolling down the streets and happen to walk by a cool looking shop and goes in.

Something is better than nothing, I guess.

[panamaniac]

Isn't the plan still to put a restaurant on the top floor?

[Bjays93]

Isn't the plan still to put a restaurant on the top floor?

As far as I know yes. Which is better than ground floor in this case imo.

[westwardloo]

Given that this building is in a very central location in one of the most unique buildings in the entire region (with the wood frame and interesting glass facade) you could open up just about anything that could survive in a prestigious spot like this. A media/bookstore, computer store, music venue, restaurant, clothing store, small grocer...the list is endless. A bank is only going to be useful for people who need this specific bank. To me, it's just wasted space...kind of like the sleep clinic going in on the ground floor of the Garment Street Condo complex. Banks and sleep clinics are needed, but they can also exist without needing to be in these brand new buildings. Such things are only useful for a small amount of people seeking those particularly niche services, rather than anyone who might just be out and strolling down the streets and happen to walk by a cool looking shop and goes in.

Something is better than nothing, I guess.

This is the blight of gentrification/ new building construction. Landlords won't take a risky lease from a unique independent business when they can sign a 5+ year lease from a corporation or a dentist office.  Its unfortunate and i don't know what the solution is. At some point maybe a landlord will care more about creating a unique urban environment? but i don't see that happening. I expect much but drug stores, banks and dentists maybe another tim's at most of the new retail spaces coming online in the next couple years.

[tomh009]

This is the blight of gentrification/ new building construction. Landlords won't take a risky lease from a unique independent business when they can sign a 5+ year lease from a corporation or a dentist office.  Its unfortunate and i don't know what the solution is. At some point maybe a landlord will care more about creating a unique urban environment? but i don't see that happening. I expect much but drug stores, banks and dentists maybe another tim's at most of the new retail spaces coming online in the next couple years.

Do we have evidence that landlords are actually refusing to rent to independent businesses in DTK? We have empty retail space in a number of buildings, ranging from brand new (345 King St W) to fully refurbished (former Eaton Lofts) to many smaller properties. I have a hard time believing that none of these landlords would be willing to rent to an independent business. (Notably most of the cafes and restaurants in DTK are independent businesses.)

More likely we need more businesses who want to be in DTK -- and who are willing to pay the going rental rates.

[jamincan]

Surely if they aren't able to find tenants, the rates are too high and are not really reflecting the market?

[tomh009]

Surely if they aren't able to find tenants, the rates are too high and are not really reflecting the market?

It may well be that the rents are unrealistic, and will have to come down. Or it may be that there isn't enough demand for retail businesses to locate downtown. And the two are not entirely unrelated.

But that's distinct from the argument that landlords are refusing to rent to independent businesses.

[Momo26]

That's the thing - the barriers of entry are high. Rents that are 50 to 75% the rates of some places in downtown Toronto but with 10% of their foot traffic. It has to make sense right. I agree, I would have liked to see any one of 2 to 3 dozen different businesses in this space before a boring bank (the brick and mortar location will be dwindling in numbers within our lifetimes too).

I'm okay with it being a chain - it Does not HAVE to be an independent trying to get their feet under them starting out - but it should be something that draws people in frequently and in numbers.

With the top floor resto also have rooftop lounge? If not, that was a very big missed opportunity IMO

[KevinL]

Hopefully when Charlie West and DTK have their residents move in that foot traffic will increase to where that is viable.