Not sure if they own it but they have been talking about diversifying from retail for quite a while now, I think it's a great move on their part, I am just not sure about the built quality from a new entrant into the condo business.
They have to diversify after the shit kicking they took from covid.
I think they started doing it about 10 years ago or even more, they knew they had to diversify but in this industry it's a slow process.RichmondCA wrote: ↑ They have to diversify after the shit kicking they took from covid.
Another gangster in the space that's doing something similar (diversification) is Slate REIT, grocery anchored plaza locations that can be converted to last mile delivery/warehousing angle, etc. Guys are forward thinking.
It is a nice area, you would be close to the lake (not walking distance) but a quick ride away. You are also a 10 min drive to high park, about a 5 min drive to Sherway, you could also get to Mimico Station and take the go train or go to Islington station in a few min by car. I don't find that area to be the best for public transportation. It could take you almost an hour from there to get downtown via public transit - you would be either going to islington and then across the subway line then south or taking the bus then going on the 501 street car. You would probably be able to get downtown faster by going to mimico and its 2 stops away if you do it that way. Guessing you are looking to invest and may not be living there but just something to keep in mind. If you look at the past sales of Zorra which is a condo nearby where this is being built you will notice a 1 plus 1 and 2 bedroom that were in the 600-699 range last sold for 615k and 699k and a larger 2 bedroom (800-900) sq ft sold for 695k. Online it says the average price per sq ft is around $900. So the price they have Verge at I feel is a very good price point. Also regarding renting right now a 1 bedroom there seems to go for around 1800 and 2 bedrooms are at $2200 and up depending on the size of the unit. I do not know about the builder so that would be something to consider.
I'm fairly confident in Riocan's ability to complete the project (i.e. not cancel) as they are one of the largest REITs. Lack of transit is the real knock on this, I'm guessing most people who own or rent here have a car?atom2020 wrote: ↑ It is a nice area, you would be close to the lake (not walking distance) but a quick ride away. You are also a 10 min drive to high park, about a 5 min drive to Sherway, you could also get to Mimico Station and take the go train or go to Islington station in a few min by car. I don't find that area to be the best for public transportation. It could take you almost an hour from there to get downtown via public transit - you would be either going to islington and then across the subway line then south or taking the bus then going on the 501 street car. You would probably be able to get downtown faster by going to mimico and its 2 stops away if you do it that way. Guessing you are looking to invest and may not be living there but just something to keep in mind. If you look at the past sales of Zorra which is a condo nearby where this is being built you will notice a 1 plus 1 and 2 bedroom that were in the 600-699 range last sold for 615k and 699k and a larger 2 bedroom (800-900) sq ft sold for 695k. Online it says the average price per sq ft is around $900. So the price they have Verge at I feel is a very good price point. Also regarding renting right now a 1 bedroom there seems to go for around 1800 and 2 bedrooms are at $2200 and up depending on the size of the unit. I do not know about the builder so that would be something to consider.
