Last month Oxford Properties submitted a site plan application for the redevelopment of the rundown Cumberland Terrace in Toronto’s Yorkville neighborhood. If you’d like to browse the full application (including all the drawings), you can do that here.
The proposal is a departure from previous plans and now includes 3 buildings: a 4.5 storey building, a 2.5 storey building, and a midblock 54 storey residential tower (the lobby is shown above). There will be both retail and residential uses.
For those of you familiar with the mall, it should go without saying that Cumberland Terrace is in desperate need of redevelopment. So I’m not going to talk about that today. Instead, I’d like to mention 2 other points that stood out to me about the application.
The first is the 2 midblock connections on either side of the tower, running from Cumberland Street to Mayfair Mews in the rear (see below). Yorkville has a history of intimate laneways, and so it’s nice to see some of this being carried through in a new development. It also opens up the opportunity for an improved Mayfair Mews.
Secondly, it’s somewhat surprising to see that the 54 storey residential tower is being proposed as rental. Toronto doesn’t build a lot of purpose-built rental apartment buildings. There are some (from the likes of Morguard and Concert Properties), but we haven’t done it at scale for decades. And that’s largely because the demand for condos has been so great.
But recently I’ve been noticing a renewed interest from the real estate community in multi-family rental assets. Cadillac Fairview also proposed a 65 storey rental building at the north west corner of Yonge Street & Queen Street last year – though they later withdrew their application.
In the US, rental apartments as a share of all new housing is also at record highs – over 30%. And that’s partly because credit remains tight (certainly compared to pre-2008) and economic growth has been tepid. But also because of demographic changes. People are having fewer children, later in life, and so many are putting off buying.
So I think we’re going to see even more rental apartments being built in Toronto in the coming years.
Seattle recently installed its first protected downtown bike lane on Second Avenue. Here’s a short video of it in action (pay attention to the signalling setup and the pedestrians that walk into the bike lanes). Click here if you can’t see the video below.
[youtube https://www.youtube.com/watch?v=x2iQCCHlR0s?rel=0]
Shortly after it opened, they quickly discovered that the left green arrow and solid green circle (shown above) were confusing drivers. The intent was for the left green arrow to signal that you could turn and for the solid circle to signal that you could drive straight ahead.
But even with the accompanying sign, drivers kept getting confused and thought a green circle meant you could go wherever you want.
So the Seattle Department of Transportation quickly adjusted and changed the green circle to a north arrow. And it seems to have fixed the problem. I think it goes to show how important the details can be with these things.
Some of you told me that yesterday’s post on careers was actually quite sad. That it came across as if I were advocating for people, not to do what they love, but to instead do what makes them the most money. But that was not my intention.
There were a lot of reasons why I got into real estate development, and perhaps I oversimplified yesterday. But a lot of it actually came down to the fact that I’m passionate about building great cities (hence this blog).
And I thought it was ultimately unfair that some investment-banker-turned-developer, who doesn’t really care about cities, might end up having more say over the built environment than me, the architect.
So I decided to sacrifice designing individual buildings in the hope that I’d one day be able to give back to cities on a much larger scale. And I still hope to be able to do that.
In any case, to end the week on a more fun note, I thought I would do a post called Fun Friday and link to 2 city tours: one of Brisbane, Australia, and one of Porto Alegre, Brazil.
But these aren’t just any city tours. They are by local skateboarders showing you their city. I posted one for Toronto about 8 months ago, so some of you might be familiar with the series.
I love how differently skateboarders look at the urban environment. I hope you can appreciate it as well.
[youtube https://www.youtube.com/watch?v=KEFQLjnhKT4?rel=0]
[youtube https://www.youtube.com/watch?v=taF71igPZY0?rel=0]