Tag: toronto

• It’s too cold for that

  

  This past Sunday I spent part of the afternoon in Kensington Market (Toronto) for Pedestrian Sundays. 

  If you’ve never been to a Pedestrian Sunday, you’re missing out. The entire neighborhood – which happens to be a National Historic Site of Canada – gets closed to cars, and filled with street vendors, musicians, bands playing on roofs (see above), and so on. It’s pretty wild. And it feels very Toronto to me.

  It happens the last Sunday of the month from May to October. But every time I go I wonder why the area isn’t this way more often or even all the time. It’s a natural candidate. But after 12 seasons of Pedestrian Sundays, it still hasn’t happened. It’s only 6 days throughout the year. 

  I remember being in a meeting early on in my career when I brought up the idea of a pedestrian mall in Toronto for a project I was working on. And I got completely shut down. I was told they don’t work here in our climate and that we should just forget about it. I was told to look at the failure of Ottawa’s Spark Street Mall.

  But I’m still not convinced that’s the case. In fact, I feel even stronger at this point that it could and would work in Toronto. I’ve been to the Distillery District in the dead of winter for the Toronto Christmas Market and I could barely move because of all of the people. 

  Acknowledging climate is important. But it shouldn’t become an excuse for not doing things.

  2015.08.31

• Cities with the most single men and women

  There are thousands of people who read this blog via email or by following on Tumblr. The rest of the readership just stops by on the web and visits periodically.

  But of the thousands of regular readers, I know that many do not click through to the comment section. And that’s a shame. Because oftentimes I find the comments more interesting than my actual post.

  Take for example yesterday’s post on The Millennial Dream. 

  The initial post was about Millennial housing choices (and some stats on marriage and fertility rates). The comments provided some additional color on the trends, but they also got into mobile dating apps and whether or not it’s easier or harder to meet people in cities, today. It was a fun discussion.

  This got me thinking and reminded me that people come to cities not only because of labor markets, but because of dating markets. 

  So for today’s piece, I thought I would post the following diagram from Richard Florida’s book, Who’s Your City? It shows how many more singles (aged 20-64) there are – according to gender – in the largest US metro areas.

  

  I couldn’t find an equally detailed map for Canada, but based on this, it looks like Toronto is slanted towards single women and Calgary is slanted towards single men.

  Does the above look right to you?

  2015.08.27

• Interview with Brad Keast of Osmington

  

  Given yesterday’s post about Times Square in New York, the timing is perfect to talk about the revitalization of Union Station here in Toronto, its new public spaces, and the programming that’s now happening in and around the station.

  Perhaps the most noticeable is something called Front Street Foods @ Union Summer, which is an outdoor food market set up along Front Street. It’s on this summer from July 6th to September 27th, 2015. 

  However, Front Street Foods is only one part – the food part – of a larger events and programming strategy known as Union Summer. I recently had a quick chat with Brad Keast of Osmington, who is involved in a lot of what’s happening right now at Union Station.

  I found it interesting to learn about how organic the process was. And I thought you all might find it interesting as well.

  ————————————–

  Tell us a little bit about you and your company’s involvement with Union Station. 

  I’ve been with Osmington for over 4 years now and Union Station is a major focus of my waking life. 

  The company won a public RFP with the City of Toronto in 2009 to be the City’s retail partner in the redevelopment. What this means is that while the City owns the building and is doing base building construction, we are overseeing all the retail, advertising, and special events and programming. We are finding all the tenants, doing a bit of overshell work and then turning it over for fit-up.  

  We think the real special part of the project comes in through the special events and programming. We really want to make the station a destination in itself and you’re starting to see that with some of the programming we’ve done this year, be it a contemporary art event like Villa Toronto or something more community-focused like Union Summer – the current animation of the area in front of the station.

  How did the idea for Union Summer come about? 

  This really was a collaborative internal effort. We started by thinking ‘hey, let’s put a bunch of tables and chairs on the new plaza in front of the station and see what happens.’ Then we added in the idea of food. We knew it had to be accessible but didn’t want traditional food trucks, rather something less mobile but still not permanent. 

  That’s when we reached out to Toronto Market Company and they started rounding up the vendors. Then we layered on entertainment – daily music be it live or DJs, as well as a movie night with the Toronto International Film Festival (TIFF). We even have some kids programming on the weekends. Then we worked with the Farmers’ Market being displaced from Nathan Phillips Square due to Pan Am this year to have them here on Wednesdays.

  What was involved in making Union Summer a reality? What was the biggest surprise and/or hurdle that needed to be overcome? 

  There was a tremendous amount of coordination needed. First we weren’t sure when the construction was even going to be finished, all that was certain was it would be before Pan Am started. 

  Then the infrastructure required for the event itself was an exercise in creativity – power, water, and grey water disposal in particular. There was a lot of meetings with City officials for things like building permits, fire code, council approval to apply for a liquor permit, and health and food safety measures. Operationally things like loading in, coordinating with the installation of the Pan Am banners between the columns, interim furniture when our original order didn’t make it onto a ship in Antwerp, and then the first week was so busy that some vendors started losing staff because they were burnt out. 

  Like all things with this project we have to be mindful that this is an operating train station. In fact it’s the busiest building in the country with over 250,000 people per day passing through so we can’t impede those operations. We’ve done our best and have learned some lessons along the way and the reception has been overwhelming. 

  One of the best things about having that many entrepreneurs in close proximity is that some vendors have been pairing up to try experiments. Frozen custard-stuffed churro?

  Toronto is getting much better at designing and programming its public spaces. Given your experience with Union Summer, is there something the city could and should be doing to encourage more of these kinds of urban activations?

  Well, first of all, our contacts at the City, in particular Denise Gendron and Scott Barrett in Real Estate Services have been incredibly supportive of our efforts and we couldn’t have done it without them. If I could make one recommendation it would be to build in the supportive infrastructure for services. Of course that’s only beneficial if there is someone to take charge of the space and program it appropriately. It’s not a part time job.

  What’s next for Union Station?

  Right now the focus is on getting the first retailers open on GO’s new York Concourse. On the programming side we will host art for Nuit Blanche (October 3rd, 2015). That promises to be exciting. And then opening November 30th, 2015 is the Holiday Market. It was a huge success last year so we’re bringing it back for 3 weeks this time.

  2015.08.23

• America really is building very few condominiums

  On my way back from Philadelphia
  this past weekend I wrote a post called, The
  Philadelphia (real estate) story. It was about how opposite the market is
  in Philly compared to Toronto.

  After writing that post and
  because of a discussion in the comment section, I started thinking about condo
  vs. rental apartment development across the US. Because unlike cities such as
  Toronto and Vancouver, it struck me that – outside of maybe New York and Miami
  – most U.S. cities are really not building a lot of for sale condos. And if
  you’re from Toronto or Vancouver, I bet that feels odd to you.

  But what exactly is that number?

  As of the first quarter of 2015, condos as a percentage of all new
  multifamily (apartment) construction in the US was only 5.5%. That’s a tiny number and is down from
  over 50% before the Great Recession, which means most
  cities in the US really are building mostly rental. Last year the US built 264,000
  multifamily units across 11,000 buildings.

  

  So why is that happening?

  There appears to be a number of
  factors, according to a
  recent article in the Wall Street Journal.

  There’s a supply side
  constraint:

  Another obstacle cited by developers: construction loans. Matt
  Allen, chief
  operating officer of the Related Group, a developer based in Miami, said he can
  get a construction loan for roughly 75% of the cost of building an apartment
  complex. But lenders will cover only 50%, on average, of a condo complex’s cost
  because of the greater risk, he said.

  There’s a demand side
  constraint:

  As a result, the Federal Housing Administration, which
  backs mortgages made to low-wealth buyers, tightened its lending standards in a
  series of moves from 2008 to 2012. Under the new rules, in order for the FHA to
  insure mortgages in a given condo complex, at least half of the units must be
  owner-occupied and no more than half can be FHA-insured, among other
  requirements. For condo projects under development, at least 30% of units must
  be under contract for sale before the FHA will start backing mortgages there.
  Mortgage giants Fannie Mae and Freddie Mac tightened
  their standards as well.

  And there are macroeconomic
  factors:

  On the entry-level end, tepid job growth early in the
  recovery and the younger generation’s affinity for flexibility have fueled
  demand for rentals. Apartment rents are up nearly 16% since 2010, according to Reis Inc.

  Notwithstanding
  the above, could this be a post-recession policy pendulum that has swung
  too far in one direction?

  2015.08.20

• The global pyramid of wealth

  Every year the London-based property consultancy Knight Frank publishes something called The Wealth Report. And it’s one of those reports that I could go through for hours. 

  It includes a ton of really fascinating stats that speak volumes about where in the world wealth is being created and how it’s moving around. And of course there are a lot of connections between wealth, real estate, and city building.

  Below are 3 diagrams that really stood out for me in the 2015 version. 

  The first diagram shows which cities have the most Ultra High Net Worth Individuals (UHNWIs). An UHNWI is defined as an individual with assets exceeding US$30 million, but excluding personal assets and property (such as one’s principal residence). Click here to see the full size image (I know the numbers are small).

  

  Not surprisingly, London (4,364), Tokyo (3,575), Singapore (3,227), New York (3,008), and Hong Kong (2,690) are at the top of the list. But I was a little surprised – albeit happily surprised – to see Toronto (1,216) come in at #2 in North America, beating out Mexico City (1,116), Los Angeles (969), and Chicago (827). 

  The second diagram shows you how many square meters of luxury property (apartment) you can buy for US$1 million in a bunch of different cities around the world. 

  In Monaco (top end), that’ll buy you 17 square meters (183 square feet) and in Cape Town (bottom end), that’ll buy you 208 square meters (2,196 square feet).

  

  The third and last diagram is what they call the global pyramid of wealth. It’s a pyramid of everyone in the world and then the number of millionaires, UHNWIs (see above), centa-millionaires, and billionaires. And if you do the math, the top of this pyramid comes nowhere close to 1% of the global population.

  

  It’s fascinating (and exciting) to see where and how global wealth is concentrating. But it should also make you think about rising income inequality. I know it does for me.

  2015.08.18

• The Philadelphia (real estate) story

  Real estate is a local business. And this weekend in Philadelphia really reminded me of that.

  Here’s what I mean.

  The real estate story in Toronto is condos. We’re buildings lots and lots of condos. When my friend from Chicago recently visited Toronto for the first time, he told me that it feels very similar to Chicago, except that we have modern glass condo towers going up everywhere and they don’t. That’s our story right now.

  Low-rise housing in Toronto is becoming increasingly unaffordable (the average price of a detached home is well north of $1M) and so high-rise condos are now what many people can afford. When young people in Toronto talk about buying their first place, that now usually means a condo.

  But that’s not the story in Philadelphia.

  In Philadelphia, you can buy a 1,600 square foot, 2 storey, 2 bedroom rowhouse in a respectable neighborhood for sub US$400,000. And in speaking with my friends in Philly this weekend, that’s what young people are buying.

  This doesn’t mean that Philadelphia isn’t building new high-rise condos and apartments. It is. Obviously nowhere near as many as Toronto. But it is building. Far more than when I lived there before the Great Recession.

  However, the condo market is typically more upmarket. The target market isn’t so much first time buyers and the mass market; it’s more people who want full floor apartments in Rittenhouse Square. (I’m exaggerating only slightly.)

  Philadelphia is also building more rental towers than condo towers. (Rental has only recently become fashionable again in Toronto.)

  I’m guessing that a lot of this has to do with the fact that Philadelphia draws in a lot of transient students and academics each year. In fact, the most noticeably changed area from when I lived in Philly was University City. That’s the area that houses the University of Pennsylvania and Drexel University.

  So there seems to be strong demand for new rental housing in the city. I’m told vacancies are very low. But when it comes time to buy, young people don’t look to condos like they do in Toronto. They are looking mostly to rowhouses.

  This is interesting to me because it’s the exact opposite of Toronto. In Toronto, low-rise is expensive and so lots more people are buying high-rise. In Philadelphia, high-rise is expensive and so people are buying low-rise.

  I guess that’s why they say real estate is a local business. What works in one city may not work in another.

  2015.08.17

• 10 reasons to visit Philadelphia right now

  

  Today’s ATC post – which happens to be a guest post – is coming to you live from on board the UP Express train that runs from Union Station in downtown Toronto to Pearson Airport. (Everywhere should have free wifi.)

  I’m on my way to Philadelphia and I’ve been wanting to try this train since it opened earlier this summer. It feels great to finally ride it. It’s everything I could have hoped for. It even has that new car smell 🙂

  Last month I wrote a post called, 10 reasons to visit Toronto right now. It was in honor of my good friend Alex Feldman’s visit. Well now it’s my turn to visit Philadelphia and he has decided to return the favor and do a Philly version of that same post. 

  Alex is to Philadelphia what I am to Toronto. He grew up in Philly. He was educated in Philly (we went to Penn together). And he’s super passionate about the future of Philly. And I think that’s how everyone should be about their city.

  So I hope you enjoy his list of 10 reasons to visit Philadelphia right now. It’s basically my to-do list for this weekend.

  ———————————————

  10. World Heritage City: Philadelphia is on track to become the first World Heritage City in the United States. This UNESCO designation will underscore the city’s historic importance as the birthplace of American Democracy as well as the historic urban fabric which gives the city it’s walkable, urbane character.

  9. Shopping: Philadelphia has come a long way as a shopping destination. Conde Nast Traveler recently ranked the city as number 2 out of the best shopping destinations in the world. 3rd Street in Old City has become a hotbed for independent boutiques while Rittenhouse Square has attracted new chains such as Uniqlo, Theory, and Vince. More is on the way with a complete re-make of the Gallery shopping mall slated to start soon and the new East Market complex under construction. 

  8. The Pope is Coming:  In case you haven’t heard, Pope Francis will make his first visit to the United States – with a 3 day visit to Philadelphia in late September. The visit will coincide with the World Meeting of Families gathering. A crazy number of visitors (2 million?) are expected to descend on the city – causing Philadelphians to panic, complain, and attempt to rent their houses for ridiculous amounts of money. But this important visit will help raise the profile of the city on the international stage.

  7. Building Boom: There is probably more development happening in Philadelphia right now then any other time in recent history. The skyline is growing with additions by Norman Foster, Cesar Pelli , and Kohn Pedersen Fox. New apartment buildings, condos, and rowhouses are under construction across the city (rental vacancy rates are less than 2%). In addition the Barnes Foundation and the new Singh Center for Nanotechnology mark impressive additions to the city’s architectural landscape.

  6. Public Spaces: Philly’s public realm has seen massive investment over the last several years. A complete remake of the landscape outside of City Hall has become the new Dilworth Park. The designers of NYC’s highline have added two public spaces to the city (Race Street Pier and the new Central Green in the Navy Yard). And Schulkill Banks recently added a new boardwalk which the New York Times raved about when they ranked Philly as the number 3 city to visit in 2015. More is on the way with the first phase of the Reading Viaduct Rail Park expected to start soon.

  5. Waterfront: Philadelphia’s Delaware River waterfront has long been cut off from the city by interstate 95. Things have started to change recently, with new trails and pier parks recently added to the working waterfront. Even Penn’s Landing, the city’s much maligned waterfront attraction is seeing improvements – including the tremendously popular Spruce Street Harbor Park – a pop-up park featuring floating beer barges, shipping container food stands, and tons of hammocks.

  4. Food: Philly is one of the best food cities in the United States. So much is happening right now in the city’s dining scene, it’s hard to keep track of the latest restaurant openings. Neighborhoods such as Fishtown and East Passyunk have emerged as hot dining districts with BYOB chef driven restaurants. More can be gleaned from the Washington Post which recently summarized the dining scene better than I can.

  3. Pop-up Gardens: One of the best reasons to visit Philly in the summer is the opening of the Pennsylvania Horticultural Society Pop-Up gardens. The wildly popular beer gardens, began several years ago as an initiative to remake underused or vacant lots into useful public spaces. This summer, 2 gardens – one on 15th and South and one at 9th and Wharton have been transformed into vibrant spaces for eating, drinking, and hanging out.

  2. Le Bok Fin: Speaking of temporary uses, the most recent addition to Philly’s pop-up (or iterative placemaking) scene is a rooftop bar called Le Bok Fin. Situated on the 8th floor of an old vocational high school in South Philly (and named after the school’s restaurant – which in turn is a play on one of Philly’s most famous French restaurants). This is the first iteration of development at what is planned to become an amazing new center for creatives inside the old school – being led by Lindsey Scannapieco and her team at Scout LTD. Check out Le Bok Fin for incredible views of the city skyline (especially at sunset).

  1. Bike Share: While a little late to the party, Philly recently launched it’s own bike share program – which is proving to be a huge success. Dubbed Indego, the new bike share is easy to use, has 60 stations, more than 600 bikes and is becoming one of the best ways to hop around town. Check one out and go explore Philly!

  Image: Alex Feldman

  2015.08.14

• The impact of laneway housing in Vancouver

  In 2009, Vancouver created policy and legalized laneway homes. (If you’re not up on laneway housing, click here. I’ve written too much about this topic.)

  Since then, the number of laneway homes built in Vancouver has steadily increased to the point where roughly 350 new homes are built every year. 

  Here’s a chart I found showing the number of laneway home building permits issued in Vancouver since 2009 (the year to date number for 2015 is up to and including June):

  

  This is pretty interesting in its own right.

  But as soon as I saw this chart I started wondering how these numbers fit into the overall new home construction landscape. So I decided to dig up the City of Vancouver’s Statement of Building Permits Issued for June 2015.

  As the chart above shows, the number of laneway dwelling units built (well, permits issued) was 221 as of June 2015. But what’s really fascinating is that this numbers exceeds the number of building permits issued for single family dwellings, which was only 192!

  Also super interesting is the significant spread in building permit value. 

  For single family dwellings, the total value was $156,086,861 (or $812,952 per dwelling unit). On the other hand, for laneway dwellings the total value was $36,478,785 (or $165,062 per unit).

  Now to be fair, if you add single family dwellings with a secondary suite into the mix, you get a total count of 608 new dwelling units (as of June 2015). But at 221 new units, laneway dwellings still make up a meaningful portion of the new construction market.

  So while laneway houses might seem fringe for Toronto and other cities right now, they’re really not that fringe. In fact the numbers above start to show that they can be a viable source of new and relatively affordable single family housing.

  Eventually other cities will realize this too.

  2015.08.12

• 1 bedroom condo for sale

  

  I’m hijacking Architect This City today to help my mother out and try something new.

  She is looking to sell her 1 bedroom condo in the Radiocity Condominiums, located at 285 Mutual Street in Toronto. It’s called Radiocity, not because the developers thought New York was cool (my pet peeve), but because the site used to be the headquarters of the Canadian Broadcasting Corporation (CBC) way back when.

  The 2-tower complex is located north of Carlton Street, between Church Street and Jarvis Street, and is adjacent to Canada’s National Ballet School (designed by KPMB Architects). It’s close to College Park and Yonge & College.

  It was completed/registered in 2005 and won a number of design awards, including one from the Royal Architectural Institute of Canada. Notable about the design is the way it integrates townhouses at the base, a public courtyard (with public art) between both towers, and the Ballet School. (A deal struck with the developer and the CBC allowed the school to buy their portion of the land for $1). 

  The buildings were developed by Context Development and designed by architectsAlliance, which is actually the same developer-architect duo behind the building I currently live and own in. I’m clearly a big fan.

  The suite is about 560 square feet. It has 9’ exposed concrete ceilings. It has one full bathroom (tub), with a stacked washer and dryer. The bedroom is about 10’ x 10’ and is setback from the outside windows and enclosed with 3 x translucent sliding doors from C-Living. (I had them installed myself and they’re much better quality than the sliding doors you’ll find in most new builds.) The kitchen and living area is open concept, and there’s a north facing balcony that overlooks a quiet private courtyard. You basically get a view of trees, greenery, and the city. The suite is located on the 7th floor.

  Here’s the floor plan:

  

  And here are a few photos. They are all the right proportions and haven’t been stretched to make the space look bigger 🙂

  

  The building has 24-hour concierge, visitor parking, and 3 floors of amenities. The amenities include a gym, aerobics room, party room, saunas, media room, boardroom, multiple lounges, 2 x guest suites, a party room, and a billiard room. 

  College subway station is a 7 minute walk (600m).

  

  The Loblaws grocery store at Maple Leaf Gardens (which is awesome and also includes an LCBO) is a 5 minute walk (400m). Though I’m fairly certain you could do it in 4 minutes.

  

  And you’re a 6 minute walk to Ryerson University (500m).

  

  The asking price is C$349,900. The maintenance fee is $426.64 per month and the property taxes are $2,039.19 per year.

  It’s a private sale, but she is willing to cooperate with buyer’s agents (2.5% commission). It’s currently furnished, but you can have it either way you want (unfurnished or furnished).

  If you have any questions or would like to book a viewing, please send her or me an email. If you’re an agent just looking for a listing, please don’t. Thanks for reading. Regularly scheduled programming will resume tomorrow.

  Image at the top of this post is from architectsAlliance.

  2015.08.10

• BIG coming to Toronto’s King West

  

  https://500px.com/embed.js

  Earlier this week a press release went out announcing that Allied Properties REIT (TSX:AP.UN) had established a joint venture with Westbank to redevelop 489 – 539 King Street West here in Toronto.

  “What is so exciting here is that Allied has over time assembled 620 feet of frontage on what is fast becoming one of the most interesting streets in Toronto,” said Ian Gillespie of Westbank. “With this scale, we have a unique opportunity for world-class city building.”

  Westbank is relatively new to the Toronto market. Their first project was the Shangri-La Toronto in 2012. But since then they’ve entered the city in a big way with high profile projects like the redevelopment of Honest Ed’s at Bloor and Bathurst.

  But what excites me the most about this King Street project is that they’ve selected Bjarke Ingels Group as the design architect. I’ve written about BIG a few times before and I’m a huge fan of their/his work. So I’m pumped to see what gets proposed here. It will not be typical.

  There are a few heritage buildings on the site. And it looks like some (but not all?) will be preserved. 

  Based on this post and discussion on UrbanToronto.ca, it’s not clear whether 489 King Street West will be preserved and incorporated into the new build (as was the case with a previous design). I sure hope it is though.

  2015.08.08