Tag: london

• The 50 coolest neighborhoods in the world

  

  There’s a stretch of restaurants and bars on the south side of King Street, west of John Street, here in Toronto, that I generally try and avoid. I won’t name names, but if you’re from Toronto, you know what I’m talking about. With all due respect to the business owners, I think of this stretch as tourist row. All cities have them. Usually the identifying marker is a human on the street with a menu trying to entice you to come inside and eat. And there’s nothing wrong with that. I can appreciate good street hustle.

  But whenever I’m traveling and trying to find a place to eat, I’ll often think to myself, “Oh man, is this the (insert city name here) equivalent of tourist row? I see people on the street with menus in their hands. Could be.” This is one of the reasons why I like Time Out’s recent “definitive list of the planet’s cultural and culinary hotspots.” They surveyed over 27,000 city dwellers in order to figure out where locals actually want to hang out. The result is the 50 coolest neighborhoods in the world.

  I am somewhat embarrassed to say that, I think, I’ve only been to 6 of them. I have work to do. But Toronto does make the list — once — and it is none other than the Junction. Their recommendations, here. However, one thing they did miss was the Union Pearson Express. That is the way to get to the Junction from Union Station and it is, clearly, still under the radar for most. The number one spot on their list goes to Arroios in Lisbon, which is actually beside where I stayed when I was there this summer. Damn that city is cool.

  For the full list of neighborhoods, click here.

  Full disclosure: I am not a neutral observer. We are developing in the Junction. And I am moving to the Junction (and trying to pretend to be cool).

  2019.09.18

• Prime residential pricing in 10 global cities

  The below graphs are taken from a recent (June 2019) report by Knight Frank on “prime” residential pricing across the world. They define “prime” as generally being the top 5% of each market by value. What these graphs show are the spread between the average price of a prime property and the top price achieved in that market.

  

  

  The most expensive market is Hong Kong. The average price of a prime property in 2018 was USD 4,251 per square foot (or USD 45,760 per square meter) and the top price achieved was in 2016 at USD 28,154 per square foot (or USD 303,051 per square meter).

  Using the 2018 average, a 350 square foot studio apartment would run nearly USD 1.5 million (or almost CAD 2 million), assuming there are “prime” studios available in the market. Remember, we are talking about the top end of the market.

  If you’d like to download a copy of the full report, you can do that over here.

  2019.09.07

• Slate announces minority investment from Goldman Sachs

  On Monday, Slate Asset Management announced a minority investment from Goldman Sachs Asset Management’s Petershill Program. This is great news, so here’s a copy of the full press release that went out.

  ---

  Toronto, August 19, 2019 – Slate Asset Management L.P. (Slate), a leading alternative asset management platform with a focus on real estate and real assets, today announced a passive, non-voting minority equity investment from Goldman Sachs Asset Management’s Petershill program, creating a strategic relationship with one of the world’s leading investment managers and positioning Slate for future success. The transaction will have no impact on the control or decision making of Slate. The day-to-day operations and management of Slate will remain unchanged.

  The investment provides capital that Slate will use to enhance its platform and increase its GP investments in current and future businesses and investment vehicles, further strengthening the firm’s alignment with its clients and investing partners.

  The investment accelerates Slate’s goal to build the leading independent alternative investment platform in real estate and real assets. As part of the transaction, Slate Founders Blair and Brady Welch have made a long-term commitment to the business.

  To date Slate has completed over $11 billion of transactions across Canada, the U.S. and Europe, through multiple vehicles spanning co-investments with global institutional partners, private equity funds and publicly-traded Real Estate Investment Trusts.

  “This investment in our platform is an endorsement of our people, our strategy and our future,” said Brady Welch, co-founder of Slate. “For our investors and our team, this is excellent news; our strategy and model remain the same, and we can now benefit from our new relationship with Goldman.”

  Blair Welch, co-founder of Slate, added that: “Since we started Slate nearly 15 years ago, we have showed that we can build tremendous value by providing our investors with a unique perspective, focusing on the fundamentals of the assets we acquire and delivering hands-on management that is innovative and creative. With our new relationship with Goldman Sachs, Brady and I are enthusiastic about what all of us at Slate can accomplish together over the next decade and beyond.”

  “Slate Asset Management is an incredibly innovative, dynamic real-estate focused alternative asset management platform,” said Robert Hamilton Kelly, Managing Director, Goldman Sachs Asset Management Petershill program. “We are big believers in the strategy, the team and the model. We are excited to partner with Slate as they work to capture the opportunities before them.”

  About Slate Asset Management

  Slate Asset Management L.P. is a leading real-estate focused alternative investment platform with over $6 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm’s careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

  About Goldman Sachs Asset Management’s (GSAM) Petershill Program

  The Petershill program is managed by GSAM’s Alternative Investments & Manager Selection (AIMS) Group, which provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. With investments in over 20 asset management firms, the Petershill program provides strategic capital to mid-sized asset management firms and has raised over $5 billion of commitments since inception. GSAM is one of the world’s leading investment managers with more than $1 trillion in assets under supervision globally as of June 30, 2019.

  For more information:

  Slate Asset Management
  Katie Fasken
  416-583-1785

  Goldman Sachs
  Patrick Scanlan
  212-902-5400

  2019.08.19

• Equatorial Brutalism

  

  Generally speaking, architects are the only people I know who like Brutalist architecture. In fact, architect, professor and author Witold Rybczynski once proposed the following litmus test to determine whether a building is indeed an example of Brutalism: “If people don’t hate it, it can’t be Brutalist.”

  But as I have argued before, sometimes architectural styles take a bit of time to settle in and become fully appreciated. Consider how improbable it would seem to demolish a beautiful old Victorian home today. And yet Toronto, and countless other cities, did this on many occasions. Regent Park, Toronto was once Cabbagetown South.

  Brutalism also took on different sensibilities around the world.

  I love this recent piece in T (NY Times Style Magazine) by Michael Snyder called, “The Unexpectedly Tropical History of Brutalism.” In it he uses the term “Equatorial Brutalism” (a new one for me) and discusses the “surprising apotheosis” of Brutalism in equatorial countries (and in particular Brazil). It is a good follow-up to my recent post on Oscar Niemeyer’s work.

  So here’s an excerpt from Michael’s article. If you don’t already like Brutalism, maybe it’ll get you a little bit closer.

  What these buildings shared, beyond an aesthetic — though they shared that, too, with their radical porousness, their blunt geometric forms and their extensive use of raw concrete — was a commitment to architecture as an instigator of progress. But in the tropics, Brutalism reached an unexpected apotheosis: Infiltrated by lush plants and softened by humidity, buildings that looked cold and imposing against London’s constant drizzle or Boston’s icy slush were transformed into fecund, vital spaces. Concrete surfaces bloomed green with moss. The panels of glass necessary for sealing rooms against the northern chill either disappeared or receded from view, encouraging cross-ventilation while also protecting interior spaces from direct sun. The openness and transparency that the Smithsons had pronounced became a practical reality in these humid environments, both theoretically and literally: Built from inexpensive, readily available materials, equatorial Brutalism was as accessible and functional as it was symbolically potent, resulting in buildings that would define new societies growing around them like vines. Here, Brutalism wasn’t only an architecture that shaped the future or confronted the past — it was an architecture of freedom.

  Photo by Samuel Zeller on Unsplash

  2019.08.15

• Building the perfect city

  

  Over the long weekend, and across a couple of flights, I read Perfect City by Joe Berridge. I thoroughly enjoyed it. Each chapter focuses on a different world city, starting with the one and only Toronto. From New York to Singapore and London to Belfast, Joe hones in on what is working and what is not working.

  No city is perfect.

  I found myself folding the top corner of the page on numerous occasions. I did this every time I came across an interesting takeaway or stat, such as this one here: “Angela Merkel, the German chancellor, recently observed that Europe has 7 per cent of the world’s population, 25 per cent of its GDP, and 50 per cent of its social expenditures.”

  However, the thread that really stood out to me is one about individuals. We all know that great things happen as a result of great teams. But as Joe profiles the various city building initiatives that he has come across throughout his work and travels, a common theme seems to emerge.

  From Jane Jacobs to Lee Kuan Yew, there’s often a determined individual who is set on making something happen, or set on stopping something from happening, as is the case with Jane Jacobs and Toronto’s (proposed) Spadina Expressway.

  This is not meant to discredit the value of teamwork. We all know that is essential. Instead, I think it speaks to the power of individual passion, conviction, and tenacity — all of which are ingredients required to build a perfect, or almost perfect, city. Wonderful things don’t just happen on their own.

  Photo by Fraser Cottrell on Unsplash

  2019.08.07

• How developers shape public life

  

  The most recent episode of The Urbanist is about the role of private developers in shaping public spaces and public life within our cities. How do you balance private and public interests?

  Much of the discussion focuses on the redevelopment of King’s Cross in London, which is generally considered to be a successful example of large-scale, developer-led, urban regeneration. Andrew Tuck is less complimentary of Hudson Yards in New York.

  One point that I found interesting was the remark that modern zoning tends to force buildings apart. It creates more in-between space. The result is that we are losing some of the more intimate public spaces found in older neighborhoods.

  To listen to the full 30 minute episode, click here.

  Photo by Josh Edgoose on Unsplash (King’s Cross, London)

  2019.05.24

• The coldest and hottest global cities

  Below is a list of the 44 cities found in the 2018 Global Power City Index by the Mori Memorial Foundation’s Institute for Urban Strategies.

  The index ranks the major cities of the world according to their “magnetism”, which they generally define as a city’s ability to attract people, capital, and businesses from around the world.

  As with all rankings, the output depends entirely on the methodology that you use. The GPCI seems to have the right executive committee in place. It includes global city authorities like Saskia Sassen. But that’s not really the point of today’s post.

  Beside each city, I have added the average highs and lows (in celsius) for both the coldest and hottest months of the year. For cities in the northern hemisphere, these are typically January and July/August, respectively.

  I have also added the spread between the hottest and coldest months to get a sense of variability. I always find it interesting to see how cities like Singapore, Kuala Lumpur, Jakarta, and Mumbai basically stay the same temperature all year round.

  When you look at this list, remember that you can ski in Dubai.

  

  All weather data taken from the NOAA (National Oceanic and Atmospheric Administration).

  2019.05.20

• Uber Movement introduces new Speeds product

  Since we’re on the topic of large-scale data collection, I thought some of you may be interested in Uber Movement‘s new “Speeds” product.

  First launched in 2017, Uber Movement aggregates anonymized data from their ride-sharing business to create data sets and tools that can help cities make better transportation decisions.

  Below is a (hex cluster) map of Toronto showing average travel times from downtown. I dropped the pin at Toronto City Hall. What is shown is the average for all days of the week during the month of January 2018.

  

  Uber Movement’s new Speeds product looks at how specific streets are performing relative to their “free-flow speed.” Uber defines this as “the average speed of traffic in the absence of congestion or other adverse conditions.” (The 85th percentile of all speed values.)

  As of right now, Speeds is only available in 5 cities: New York City, Seattle, Cincinnati, Nairobi, and London. Here is a snapshot of London during the same time period as above, January 2018:

  

  In comparison to what we were talking about yesterday, I have few concerns with the fact that my Uber rides around town have likely contributed to these mappings. With these use cases, the value really only emerges once you aggregate the data.

  2019.05.16

• One great big exit (not the Brexit kind)

  

  Wired’s oral history of how the London startup scene came to be is a good reminder that, typically, a city needs some great big exits (acquisition or IPO) to really kickstart an ecosystem. In the case of Silicon Valley, you could perhaps trace things back to Fairchild Semiconductor (1950s). But a more recent example of this phenomenon would be the PayPal Mafia, whose members have gone on to found Tesla, LinkedIn, YouTube, and other companies that you may have heard of.

  Put simply: success begets success. When a startup does really well and the founders and employees of that company get rich, it is likely that many will go on to found/fund other successful companies in that same city. In the case of London, that catalytic startup was arguably Skype (at least according to Wired). Microsoft acquired the company in 2011 for $8.5 billion, giving birth to the Skype Mafia. Of course, that wasn’t the only ingredient, but it sure helped (excerpt from Wired):

  Since 2008, according to data compiled by Dealroom.co, the UK has created 60 unicorns (tech companies valued at $1bn or more) – 35 per cent of the 169 created across Europe and Israel. In the past three years, the UK has created more unicorns (25) than France, Germany, the Netherlands and Sweden combined (19). And London has produced 23 unicorns with a combined value of $132bn, compared with Berlin’s eight, worth $32bn.

  The world has changed since Skype was founded. It’s now cool to be doing a startup. But given that every city seems to be trying to establish a thriving startup scene, I think it’s valuable to point out just how important a single big exit can be, not just for the people within the company, but for the broader city. Easier said than done, right?

  Photo by Benjamin Davies on Unsplash

  2019.04.30

• London is piloting its first ever 3D zebra crossing

  London is currently running a 12-month pilot on its first ever 3D zebra crossing. The objective is to improve pedestrian safety by making the crossing more visible to drivers. A 3D zebra crossing stands out by appearing to float above the road.

  Here’s a photo (image credit to Gusti Productions):

  

  While this is the first of its kind in the UK, similar crossings have already been installed in Iceland, India, Taiwan, and other countries. According to the trials in India, they do appear to have a meaningful impact on vehicular speeds. They also feel like public art.

  If this first one proves to be successful, the plan is to roll out these 3D crossings across the entire borough of Westminster. Assuming they do actually work, I’m surprised there hasn’t been more noise around them here in Toronto.

  A London-based software company is also working to completely rethink the zebra crossing for today’s smartphone world. Their system imagines LEDs embedded into the street so that a crosswalk can be triggered basically anywhere.

  Perhaps this is something that might work with the street paving that Sidewalk Toronto is piloting.

  2019.03.25