Well, just when you thought, it couldn't get any hotter, another prime development spot in Toronto is getting some attention. Well of course, I'm talking about 45 Bay Street, the most coveted spot of undeveloped real estate in the heart of the Financial District and just south of Union Station, and the railway tracks.
Letting Agents
Based on my assessment of the property and 1,000,000 to 2,000,000 square feet of retail and residential space would put the project into the 250 meter to 320 meter range. This project will be huge, and reach for the skys... as the Vice-Chairman calls the spot "A Fabulous piece of dirt"
Well, I couldn't have said it any better myself....
Newslink from Montreal Gazette
In recent months, the real-estate arm of the Caisse de dépôt et placement du Québec has been discreetly promoting the site at 45 Bay St. to industry, fueling speculation that a mixed commercial project with more than one million square feet of office space could be in the works for 2017.Getting a Mortgage and Mortgage Insurance through Desjardins Group for financing a loan to purchase at FIVE Condos is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at Desjardins Group include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from Desjardins Group is actually one of the major financing costs on home loans. Investment Trusts have no taken to looking to purchase rental properties and acquiring mortgages through financing auctions by the banks looking to shore up their balances sheets in light of stricter government regulation. These regulations have actually made holding residential mortgages by the large financial institutions harder to hold. Currently investors are looking to increase their position in rental properties in Toronto, at the same time the federal government in co-operation with the financial institutions are making getting and qualifying for loans and mortgages more difficult Desjardins Group : What is Condo Insurance? Condo Insurance is required to protect your personal contents from theft or fire damage in your condo if these unforeseen events should happen you should make sure that you have adequate protection. Some items in your condo are will also be protected by your condo association insurance policy which covers the general building. The events that are covered by condo insurance include Fire, as well as Lighting. Other weather related causes such as Windstorms, and Hail are also covered. The major one that most people worry about is theft which is covered by condo contents insurance policies.
“They’re more active on the site than they’ve been in years,” one real-estate source said.
Located north of the Gardiner Expressway and just east of the Air Canada Centre, the estimated 100,000-square-foot site is significant because it’s one of Toronto’s last remaining large parcels of developable land downtown.
“That is a fabulous piece of dirt,” said John O’Bryan, vice-chairman of CBRE Ltd., Canada.
The site is especially important for Ivanhoe Cambridge, which despite having a growing portfolio in major cities like Paris and London, lacks a strong presence in Canada’s largest real-estate market.
“In Toronto, we have yet to really penetrate the market in a significant way,” acknowledged Bill Tresham, Ivanhoe Cambridge’s president of global investments, in a publication by the Canadian offices of global tax and advisory services firm Ernst & Young.
In the publication, Tresham said Ivanhoe Cambridge’s plan is to develop 45 Bay St. as a “one- to 2-million-square-foot office complex, perhaps with retail and multi-family components.”
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