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On the map: A chance to own at Yonge and Sheppard
On the map: A chance to own at Yonge and Sheppard

National Post

time8 hours ago

  • Business
  • National Post

On the map: A chance to own at Yonge and Sheppard

For Mitchell Cohen, developing a GTA condo project in today's sluggish market means taking the long view. 'The market is cyclical,' the chief operating officer of Westdale Construction says. 'Like NFL football, it always comes back strong. Right now, the tide is out. But we know it will return.' Article content Cohen is currently bringing that confidence to a new Westdale project, a 16-storey development rising at 53 Sheppard Ave. W., near the Sheppard-Yonge subway interchange and Highway 401. Article content Article content The development, a joint venture between Westdale and Fieldgate Urban, is 92 percent sold as construction reaches the fourth floor. Occupancy of the 352 suites, which range from studios to three-bedrooms, is slated for 2027. Article content NorthCore's location is one of its draws, Cohen says. As well as being surrounded by urban amenities — more than 200 restaurants, three major shopping malls and dozens of coffee shops are within walking distance — it's connected to Albert Standing Park via a parkland dedication of more than 5,000 square feet on the southeast corner of NorthCore's site. Article content 'You won't be looking into another tower here,' Cohen says. 'You'll be looking out over low-rise neighbourhoods and treetops. That means sunset views, light-filled interiors, and a genuine sense of breathing room.' Article content Article content Most NorthCore buyers, he continues, are young professionals drawn to the location, transit access and an amenity package he describes as 'tailored to modern urban life.' The building includes more than 8,000 square feet of indoor amenity space and almost as much outdoors. The former includes a 3,700-square-foot fitness centre with yoga rooms, cardio zones, saunas and a boxing space; a 1,450-square-foot co-working lounge with private Zoom rooms and meeting facilities; a 1,150-square-foot Creative Hub with green screen production spaces, editing suites and a soundproof music room; and a 1,350-square-foot social lounge and private dining area with a catering kitchen. Outdoors, a ground-floor terrace designed for fire-pit gatherings and al fresco dining links to picturesque Albert Standing Park, which is home to a decorative fountain, picnic tables and sitting areas, and paved walking paths. The building will also include 2,000 square feet of ground-level retail facing the park. Article content NorthCore is modest in scale compared to the towers that cluster around Yonge Street, and Cohen sees that as a strength: 'You're not lost in a sea of 500 or 600 units. With half as many homes, the building will have a real sense of community.' Article content Standard unit finishes include nine-foot ceilings, floor-to-ceiling windows, and kitchens with quartz countertops and stainless-steel appliances. Buyers can then personalize their units with upgrade options like panelled appliances, all-stone surfaces and custom cabinetry. Article content Despite broader market fluctuations, Cohen remains optimistic that the project will sell out soon. 'The fundamentals haven't changed,' he says. 'We're still facing a housing shortage in the GTHA. People still want and need good places to live where everything they need is either in the building or a short walk away.' Article content Article content Three things Article content The Cactus Club Cafe opened its third Toronto location at the Yonge Sheppard Centre in 2024. The 14,000-square-foot restaurant features a lounge, dining room and an all-season patio, seating more than 350 guests. Menu highlights include Thai red curry, frozen margaritas, and signature dishes like butternut squash ravioli with prawns. 4841 Yonge St. Article content Metrolinx is developing an Initial Business Case to extend Toronto's Sheppard subway line east to Scarborough and west to Sheppard West Station. Public consultations are ongoing, with the project's feasibility and transit mode — subway or LRT — still under evaluation. Article content Toronto's Earl Bales Ski and Snowboard Centre offers winter sports enthusiasts a convenient urban option. Facilities include a beginner hill with rope tow, main hill with two runs, a race hill accessed via a four-person chairlift, and an accessible ski chalet. 4169 Bathurst St.

Presale buyers left in limbo after Burnaby development goes bust
Presale buyers left in limbo after Burnaby development goes bust

CBC

time4 days ago

  • Business
  • CBC

Presale buyers left in limbo after Burnaby development goes bust

Had things gone according to plan, Joe Racanelli and his wife would have long been settled in their new fifth floor condo in Burnaby and enjoying beautiful views of the North Shore mountains, in a building called Siena at the Heights. Instead, the retired couple and former painting business owners can only look at the big hole in the ground on Hastings Street that's now up for sale and wonder when they'll get their presale deposit of $170,000 back, after the Siena at the Heights failed to get off the ground. "It was a great location for us. We like that area," said Racanelli. "The only problem is we've waited for four years and we've been promised every year that things were very close to being taken care of." The Racanelli's downpayment was for a two bedroom, two bathroom top floor unit in November of 2021, and it was equal to 15 per cent of the purchase price. According to their agreement with the developer, the completion date would be sometime between April 1 to July 1 of 2024, with an absolute latest completion date — or "outside date" — of Dec. 31, 2024. Marketed as "classic in character, uncompromising in design," the Siena was supposed to be a five-storey mixed-use development with 38 condos above street level strata retail. But things started going sideways almost as soon as construction began, and the project stopped completely after only a portion of the underground parking had been built. 'Dead in the water' "[The developer] said there were labour disputes with the original contractor," Racanelli said. "They extended the outside date to September 16, 2026. We kept waiting on that because we really wanted it to succeed. But now it's dead in the water." In November of last year, lender Desjardins Group filed to put Siena at the Heights into receivership, claiming the developers had defaulted on payments and conditions attached to almost $30 million in loans. The response filed by I4 Property Group Inc., its president Myron Calof, I4PG Hastings Street Inc. and Hastings Street Limited Partnership claims that another company, Kerkhoff Construction (2022) Ltd., was the problem. Kerkhoff had been hired as general contractor for the project. "As events transpired, the fact that [Kerkhoff] was as [a] single purpose corporation incorporated for purposes of this project cause the project considerable difficulties," it reads. The response goes on to say that Kerkhoff "had difficulty with the excavation, and by June 2023 the project was in financial difficulties." It says Kerkhoff could not provide "required statutory declaration that its sub-trades had been paid." Kerkhoff was fired in Sept. 2023. In an attempt to stave off receivership, the response also laid out a plan to reorganize the project's financing and debts, stating the building could be easily restarted, as "... it is not suffering any damage or waste ... while construction has been halted." However on Valentine's Day of this year, Deloitte Restructuring Inc. was appointed receiver and the Siena lands at 4437 Hastings Street were ordered sold. CBC reached out to Calof for comment. In a text he wrote: "The matter is before the courts and I do not feel I am at liberty to say anything." The Siena property is now on the market for $16 million in the court ordered sale. The assessed value of the .16 hectare site was $12.269 million as of July 1, 2024. According to documents posted by Deloitte, Dejardins Group is owed $14,546,000 on a first-ranking mortgage, Travelers Insurance Company of Canada owed an "unknown amount" on a second-ranking mortgage, while Longthorn Holdings Ltd. holds a third-ranking mortgage of $700,000. In addition there are nine builders' liens against the property amounting to $2.48 million. Fifty-nine "other creditors" are owed a cumulative $1.64 million from the failed project. Smoke Signals Flagging of Chilliwack, B.C., is one of those creditors, out $31,507 after being hired by Kerkhoff and spending months at the site. One-woman protest "I had a truck and two people on the job. What [Kerkhoff] owed me was piling up and piling up. And then they told me they went bankrupt," said company owner Danita Leon. Leon even went so far as to stage a one-woman sit-in at Kerkhoff's office in Chilliwack, demanding what she was owed. "I was so mad. I marched in there and told them 'I'm just a small little Native company. I pay my bills and you should too.'" Kerkhoff coughed up a bit of money, according to Leon. As for the remaining $31,507, she's come to terms with having to eat the loss and doubts she'll ever see a penny from the receiver. "I cried about it but now my tears have now dried up," she said. The 31 parties who put down presale deposits amounting to over $5.336 million should fare better. That's because the Real Estate Development Marketing Act compels developers to hold presale funds in trust. Racanelli said he's been assured by the receiver that his deposit money is secure, but is still awaiting confirmation on the conditions of a refund. Making matters worse is the math. Racanelli calculates had his $170,000 sat in a bank account rather than being tied up in the dead asset of the Siena for almost four years, he could have earned upwards of $30,000 in interest. "It's been frustrating and worrying," he said. "What if it takes another two or three years for this to be sold? I mean, the property is definitely not going ahead. We should get our money back." Contamination claim Separate court documents shine a light into a contamination issue at the site, which the developer raised a few years prior to construction. In a 2019 notice of civil claim, I4PG Hastings alleged a number of dry cleaning businesses — some going back decades — that had operated in the same block as the Siena project, leaked chemicals that contaminated the site and caused "contaminated vapour plumes." The claim was seeking compensation for site remediation, removal of contaminated soil and groundwater and "construction of an impermeable barrier to prevent ongoing contamination," however the action was abandoned in January of last year.

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