Project final

0 TAB L E O F CONTENT S

1 E x e c u K v e S u m m a r y

2 N e i g h b o u r h o o d

3 S i t e D e s c r i p K o n

4 A r e a C o n t e x t M a p

5 T r a n s p o r t a K o n

6 P l a n n i n g F r a m e w o r k A n d R e g u l a K o n s

7 D e v e l o p m e n t O p K o n 1 – 4 ‐ S t o r e y T o w n s

D e v e l o p m e n t O p K o n 2 – 4 ‐ S t o r e y S t a c k e d T o w n s

8 L o c a l A r e a D e v e l o p m e n t A c K v i t y A n a l y s i s

9 S a l e s C o m p a r i s o n s – A r e a D e v e l o p m e n t s

1 0 L a n d P u r c h a s e S u m m a r y

A p p e n d i x A : S a l e s R e p o r t – K e n n e t h & H o l m e s

S a l e s R e p o r t – B e a c o n C o n d o s

A p p e n d i x B : A r e a T o w n h o u s e R e ‐ s a l e s

1 E X ECUT I V E SUMMARY

Located in the neighbourhood of North York Centre, Icarus Developments and Tokyo Smoke Inc. have

agreed to terms to acquire a development site comprised of 3 properKes on the north side of Hounslow

Avenue and west of Yonge Street municipally known as 26, 28 and 36 Hounslow Avenue. Total area of

the combined site represents 0.38 acres (16,730sf).

There is potenKal to acquire the adjacent two properKes to the west for a total combined site area of

30,151 sf. The property immediately to the east is a vacant parcel owned by the City of Toronto and

measuring approximately 5,250sf in area. A porKon of these City lands is currently encumbered by a

Consumers Gas easement. Preliminary discussions with city staff have indicated that they may be open to

reviewing the property as surplus lands for sale.

The site is a short step to the shopping and trendy restaurants on Yonge Street. A 5 minute walk to the Yonge‐Finch subway staKon and within walking distance of the Yonge Street TTC bus line.

The proposed development concept is that of a 4‐storey townhouse development with above ground

parking or alternaKvely a 4‐storey stacked townhouse development with 1 level of underground parking.

The site is also suitable for midrise and potenKally high‐rise condominiums.

2 N E IGHBOURHOOD

North York Centre is a neighbourhood in Toronto,

Ontario, Canada. Prior to the AmalgamaKon of

Toronto in 1998, it was considered the central

business district of the former city of North York.

It is located along Yonge Street and surrounds the

Toronto subway staKon of the same name.

The Yonge corridor between Finch and Sheppard Avenues grew extensively aeer the opening of

the subway staKon. To relieve pressure on

downtown Toronto, the Official Plan for

Metropolitan Toronto encouraged high‐density

redevelopment at North York Centre (and other

suburban centres) permigng high r ise

condominium towers and office buildings. In the

past decade over 20,000 units of new housing

have been approved, with over 16,000 of these

present ly bui l t or under construcKon.

Condominiums pack this strip now growing

northward past Finch and extending south from

Sheppard toward Highway 401. The area has

become an increasingly vibrant part of Toronto

due to the dense residenKal populaKon and

numerous commercial and entertainment

desKnaKons.

3 S I T E D E S CR I P T ION

The site is comprised of 3 properKes on the north

side of Hounslow Avenue and west of Yonge

Street municipally known as 26, 28 and 36

Hounslow Avenue. A single family residence

currently encumbers each property. Total area of

the combined site is 16,730sf.

The subject site is 3 blocks south of the intersecKon of Yonge and Finch. Yonge Street is a

designated TTC serviced bus route and subway

line. It is approximately 500m from the Yonge‐

Finch subway staKon.

Land uses surrounding the subject site are as

follows:

North – the area to the north are comprised of

apartment buildings and high‐rise condominiums

along with associated tennis courts.

South – the area to the south are comprised of

townhouses.

East – the area to the east are comprised of high‐

rise condominiums.

West – Immediately to the west are single‐family

dwellings. (38 and 40 Hounslow). Adjacent to #40

Hounslow is Beecroe Road and single‐family

dwellings further west.

SUBJECT SITE

CITY OWNED LAND

4 AR EA CONTEXT MAP

SUBWAY

SITE

6 P LANN ING F RAMEWORK AND

REGULAT IONS

O F F I C I A L P L A N

The Official Plan designates the lands Mixed Use Areas. This designaKon provides for a broad range of

residenKal and commercial uses. The majority of the City's populaKon and employment growth is

planned to occur in Mixed Use Areas and the policies include general criteria for development in these

areas. The Official Plan also includes policies for a structure of transit‐based mixed use Centres that

support growth. This includes the North York Centre Secondary Plan in which the proposed development

is located.


R EGULAT IONS

N O R T H Y O R K S E C O N D A R Y P L A N

The subject lands are designated Mixed Use Area “H” within the North York Centre Secondary Plan. This

designaKon permits insKtuKonal uses that are not predominately offices, residenKal, public parks and

recreaKonal uses.


R EGULAT IONS

The Secondary Plan limits development on this site to a maximum Floor Space Index (FSI) of 2.6 Kmes the

lot area with the ability to use density incenKves to increase the permimed density by 33%, for a total

maximum density of 3.45 Kmes the lot area. Among other mamers, the incenKves implement the

Secondary Plan policies such as providing adequate bicycle storage faciliKes, private indoor amenity

space, and a monetary contribuKon toward the provision of public recreaKon centres and/or toward the

cost of the City acquiring lands necessary for the compleKon of the planned service roads and associated

road network.


R EGULAT IONS

The Secondary Plan also limits the maximum height for this site. The maximum height is 70% of the

horizontal distance from the Relevant ResidenKal Property Line (RRPL). In this parKcular case, the RRPL is

the boundary line of the North York Centre Secondary Plan to the west of Beecroe Road and is

approximately 82.7m west of the western boundary of the subject site. According the maximum

permimed height would 57.9m, which translates into 19 storeys based on an average floor height of 3m.


R EGULAT IONS

Z O N I N G B Y ‐ L A W

The subject properKes are zoned as One‐Family Detached Dwelling Fourth Density Zone (R4). This zoning

permits single detached dwellings and accessory buildings. Immediately to the north, east and south are

designed mulKple residenKal zones.


R EGULAT IONS

A R E A B U I L T F O R M C O N T E X T

The area is currently characterized with a high concentraKon high‐rise apartment and condominium

buildings to the north, south and east. Townhouses exist immediately to the east and south of the site. A

stable low‐rise residenKal neighbourhood comprised of single‐family dwellings characterizes west of the

site. The current proposed site plan is reflecKve and reinforces the exisKng building sizes and built forms

in the area.

P R E L I M I N A R Y A N A L Y S I S

We are of the opinion that the highest and best use of the site would be that of a high rise residenKal development at a height of 19 stories, within the height restricKons of the current secondary plan. Due

to the fact that a high‐rise exceeds the current permission for floor space index of 3.45 FSI by a

substanKal amount, such development plan would be challenging and would require a re‐zoning

applicaKon and an official plan amendment. Given the built form adjacent to the site, we believe a more

low‐rise form of development would meet the requirements of the secondary plan and be welcomed by

the city in the form of townhouses and stacked townhouses. Such forms would require a re‐zoning

applicaKon only.

7 D EVE LOPMENT OPT ION 1 :

4 ‐ S TORE Y TOWNHOUSE S

26-36 Hounslow Avenue

Toronto, Ontario

Project No. 15065

27 October 2015


33

HOUNSLOW

AVENUE

Option A - Four-Storey Townhouses

Level 1 & Parking Plan

ZZoning (North York 7625):

Height Limit:

Total Combined Lot: ++/- 16737sf (+/-1555sm)

Level: GBA (sm) GBA (sf)

Ground (excluding garage) 267.6 2,880

Floor 2 280.2 3,016

Floor 3 280.2 3,016

Floor 4 280.2 3,016

Total (North Block): 1,108.2 11,929


Ground (excluding garage) 240.8 2,592

Floor 2 521.0 5,608

Floor 3 521.0 5,608

Floor 4 521.0 5,608

Total (E & W Block): 1,803.8 19,416

Total (All Blocks): 2,912 31,345

Floor Space Index - FSI: 1.87

182.0 sm

Proposed Height:

Note: all calculations are preliminary

*Note: GBA is used to calculate the FSI

Average Unit Size (excluding garage)

East & West Blocks

North Block

OPTION A - 4-Storey Townhouses

8m

Site Area

R4

Number of Units

16

4 Storeys, 12m




Toronto, Ontario

Project No. 15065

27 October 2015


44


Level 2 Plan

HOUNSLOW

AVENUE

Unit Areas

Unit 1 1,874 sf

Unit 2 1,954 sf

Unit 3 2,061 sf

Unit 4 2,122 sf

Unit 5 2,037 sf

Unit 6 1,874 sf

Unit 7 1,874 sf

Unit 8 1,874 sf

Unit 9 1,874 sf

Unit 10 1,855 sf

Unit 11 1,991 sf

Unit 12 1,991 sf

Unit 13 1,991 sf

Unit 14 1,991 sf

Unit 15 1,991 sf

Unit 16 1,991 sf

TOTAL 31,345 sf




Toronto, Ontario

Project No. 15065

27 October 2015


55


Levels 3 & 4 Plan (Typical)


4 ‐ S TORE Y S TACKED TOWNHOUSE S


Toronto, Ontario

Project No. 15065

27 October 2015


66

HOUNSLOW

AVENUE

Option B - Stacked Townhouses

Level 1 Plan

ZZoning (North York 7625):

Height Limit:

Total Combined Lot: ++/- 16737sf (+/-1555sm)


Floor 1 488.7 5,260

Floor 2 512.2 5,513

Floor 3 571.1 6,147

Floor 4 571.1 6,147

Total (North Block): 2,143.1 23,069 (excl. roof enclosure)


Floor 1 245.3 2,640

Floor 2 252.3 2,716

Floor 3 314.7 3,387

Floor 4 314.7 3,387

Total (South Block): 1,127.0 12,131 (excl. roof enclosure)

Total (All Blocks): 3,270 35,200 (excl. roof enclosure)

Floor Space Index - FSI: 2.10

109.0 sm

Proposed Height:

Note: all calculations are preliminary

*Note: GBA is used to calculate the FSI

Number of Units

30

Average Unit Size

4 Storeys, 12m

OPTION B - Stacked TownhousesR4

8m

Site Area

North Block

South Block




Toronto, Ontario

Project No. 15065

27 October 2015


77


Level 2 Plan

Unit Areas

Unit 1A (Upper) 1,392 sf


Unit 2B (Lower) 996 sf








Unit 6B (Lower) 1,029 sf


















TOTAL 35,200 sf

Note: Unit Areas exclude roof level enclosure.




Toronto, Ontario

Project No. 15065

27 October 2015


88


Level 3 & 4 Plan




Toronto, Ontario

Project No. 15065

27 October 2015


99


Roof Level Plan




Toronto, Ontario

Project No. 15065

27 October 2015


1010


Parking Level Plan

8 LOCA L AR EA D EVE LOPMENT AC T I V I T Y

ANA L Y S I S

A C T I V E A R E A D E V E L O P M E N T S

A. 31 Horsham Ave – ApplicaKon to permit

standard condominium consisKng of 208

residenKal units in the 18‐storey tower and

20 mulKple amached townhouses with 217

residenKal parking spaces, in proposed

underground parking garage. – STATUS ‐

Approved August 2011. Under ConstrucKon.

Known as Celsius Condos.

B. 75 Canterbury Place ‐ To permit 30‐storey (92

metres) residenKal condominium consisKng

of 386 units, having a gross floor area of

24,249 square metres and FSI of 4.99. The

proposed development will also provide 390

motor vehicle parking spaces on site within a

6‐storey underground parking garage. STATUS

– Under municipal review.

C. 448/456 Kenneth Avenue ‐ The applicant

proposes to construct a 3‐storey townhouse

project containing a total of 29 stacked

townhouse units comprising 8 units in the

westerly building and 21 back‐to‐back stacked

townhouse units in the easterly building. The

applicant also proposes 35 underground

parking spaces. STATUS ‐ Approved May

2013. Sales pre‐registraKon phase start.

A B

C

9 S A L E S COMPAR I SONS –

A R EA D EVE LOPMENTS

SITE

9 S A L E S COMPAR I SONS –

A R EA D EVE LOPMENTS

Development Name

Developer Construc;on Status

No. Of

Units

No. Of

Stories

Unit Sizes

(sf)

Unit Prices

Current Available

(S/sf)

Sales As of

August 2015

Beacon Condos

Sorbara

Development Group

MarkeKng

372

35

487

To 1,346

$289,800

To $930,800

$611

309

83% Sold (13 months)

Kenneth and Holmes

Fieldgate

Homes

MarkeKng

29

3

791

To 1,457

$498,880

To $819,,880

$600

Pre‐

RegistraKon Phase

10 L AND PURCHASE SUMMARY

APPENDIX A

–

Sales Report: Kenneth and

Holmes

This document has been generated under license with RealNet Canada Inc. for Kevin Chan on 27-Oct-2015 and is subject to all terms and conditions contained therein.

© RealNet Canada Inc. (1995 - 2015) All rights reserved. No part of the information presented herein may be reproduced, stored in a retrieval system, or distributed, sublicensed, transferred, in any form or by any

means, electronic, mechanical, photocopying, recording, or otherwise without the prior written consent of RealNet Canada Inc.

GENERAL SUMMARY

Inventory Number: ON-HGH-1917

Builder: Fieldgate Homes

Development Name: Kenneth & Holmes Urban Townhomes

Contact Number: 416-992-7972

Location: 40 Holmes Avenue

42 Holmes Avenue

Region: Metro

Municipality: North York

Sub-Market: North Yonge Corridor

MLS Zone: C14 - North York

LINKED PROJECTS

Property History

Crystal Park

Land Sale to an Improved Property

448-456 Kenneth Avenue - 2009-09-25

PROJECT SUMMARY

Site Status: Active

Product Type: Stacked

Construction Type: New Construction

Construction Status: Pre-Construction

Number of Units: 29

Number of Storeys: 3

Opening Date: 2015-07-30

First Occupancy Date: 2016-10

Sales (for 2015-09): 2

Unit Sizes (sf): 791 to 1,457

Unit Prices: $542,880 to $863,880

Currently Available $/sf: $629

Original $/sf: $628

Mortgage Program: Open

Details:

Sales Company: RE/Max Realtron Realty Inc.

Maintenance Fee ($/sf/m): $0.35

Details:

Notes: Excludes hydro. Includes water.

Date Taken:

2015-08-20




CONSTRUCTION STATUS PHOTOS

SALES HISTORY

2015JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

NO.

UNITS

TOTAL

SOLD

REM

INV% SOLD

1 BEDROOM 0 0 1 1 1 0 100%

2 BEDROOM 0 11 1 28 12 16 43%

Total 0 11 2 29 13 16 45%

PRODUCT SUMMARY

Unit Type

NO. UNITS % OF BLDG

SIZE RANGE PRICE RANGE $/SF RANGE

TOTAL SALESLOW HIGH LOW HIGH LOW HIGH

1 BEDROOM 1 3% 873 873 $604,880 $604,880 $693 $693 1

2 BEDROOM 28 97% 791 1,457 $542,880 $863,880 $686 $593 12

Total 29 100% 791 1,457 $542,880 $863,880 $686 $693 13

Floor Premium:

Prices Updated on: 2015-10-05

2015




FLOOR PLATE

Building Section

D1

873 sf




FLOOR PLANS

ADDITIONAL PROJECT INFORMATION

Parking Notes: Underground parking included in purchase price.

Deposit Notes: $2,500 due on signing; 5% minus $2,500 in 30 days; 5% in 90 days, 5% in 180 days, 5% on occupancy

Storage Available: Yes

Storage incl. in Condo Price: Yes

Storage Price:

Project Amenities: Landscaped courtyard with walking paths and gazebo.

Suite Features: Appliances: stainless steel fridge, gas cooktop with convection oven, range hood, built-in microwave, dishwasher; stacked white

washer/dryer. Kitchen: contemporary European-style, soft-closing cabinetry with deep upper cabinet above fridge as per plan, quartz

countertop with tile backsplash, island as per plan, under-cabinet valence lighting. Bathroom: contemporary European-style soft-closing

cabinetry, quartz countertop, tiled tub/shower enclosure, frameless glass shower enclosure with door as per plan. Flooring: porcelain tile in

foyer and bathroom; ceramic tile in laundry room; laminate throughout excluding tiled areas as per plan. Other: rooftop terrace, courtyard,

patio as per plan.

Ceiling Height: 9 ft.

Comments: Kenneth & Holmes Urban Townhomes began selling on July 30, 2015. There were no firm sales for July as all deals were subject to the

10-day conditional period. (updated August 21, 2015)

Kenneth & Holmes Urban Townhomes is situated on the site of a former project by The Hallstone Group of Companies called Crystal Park

(see Linked Projects section for the record). Crystal Park was launched in March 2009 and was subsequently cancelled a few months later.

The project consisted of 29 stacked townhouse units and had sales of 4 units according to our sources. It is our understanding that

purchasers were released from their deals. Fieldgate Homes acquired the site from The Hallstone Group of Companies in September 2009

(see Linked Projects section for the record). (updated August 21, 2015)

CURRENT AND PREVIOUS INCENTIVES

Status From To Details

1 Bedroom

2 Bedroom

APPENDIX A

–

Sales Report : Beacon Condos




GENERAL SUMMARY

Inventory Number: ON-HGH-1780

Builder: Sorbara

Development Name: Beacon

Contact Number: 416-226-5200

Location: 5200 Yonge Street

Region: Metro

Municipality: North York

Sub-Market: North Yonge Corridor

MLS Zone: C7 - Toronto

LINKED PROJECTS

Property History

5218 Yonge Street - 2011-05-02

PROJECT SUMMARY

Site Status: Active

Product Type: Apartment

Construction Type: New Construction

Construction Status: Under Construction

Number of Units: 372

Number of Storeys: 35

Opening Date: 2014-06-05

First Occupancy Date: 2018-05

Sales (for 2015-09): 0

Unit Sizes (sf): 487 to 1,346

Unit Prices: $292,755 to $950,800

Currently Available $/sf: $611

Original $/sf: $594

Mortgage Program: TD Canada Trust

Details:

Sales Company: In2ition Realty

Maintenance Fee ($/sf/m): $0.49

Details:

Notes: Excludes hydro.

Date Taken:

2015-09-18




CONSTRUCTION STATUS PHOTOS

SALES HISTORY


NO.

UNITS

TOTAL

SOLD

REM

INV% SOLD

1 BEDROOM 35 4 1 15 7 4 1 76 67 9 88%

1 BEDROOM + DEN 64 4 2 2 3 6 1 89 82 7 92%

2 BEDROOM 54 1 3 11 12 13 0 175 94 81 54%

2 BEDROOM + DEN 13 1 1 2 0 0 0 20 17 3 85%

PENTHOUSE 0 0 0 0 0 0 0 12 0 12 0%

Total 166 10 7 30 22 23 2 372 260 112 70%


NO.

UNITS

TOTAL

SOLD

REM

INV% SOLD

1 BEDROOM 1 3 1 1 0 3 0 0 0 76 76 0 100%

1 BEDROOM + DEN 2 2 0 1 1 1 0 0 0 89 89 0 100%

2 BEDROOM 4 6 9 4 2 7 0 0 0 175 126 49 72%

2 BEDROOM + DEN 0 0 1 0 0 0 0 0 0 20 18 2 90%

PENTHOUSE 0 0 0 0 0 0 0 0 0 12 0 12 0%

Total 7 11 11 6 3 11 0 0 0 372 309 63 83%

PRODUCT SUMMARY

Unit Type

NO. UNITS % OF BLDG

SIZE RANGE PRICE RANGE $/SF RANGE

TOTAL SALESLOW HIGH LOW HIGH LOW HIGH

1 BEDROOM 76 20% 487 487 $292,755 $297,800 $601 $611 76

1 BEDROOM + DEN 89 24% 641 641 $375,144 $375,144 $585 $585 89

2015

2014




2 BEDROOM 175 47% 688 909 $386,600 $473,800 $562 $521 126

2 BEDROOM + DEN 20 5% 796 796 $447,800 $447,800 $563 $563 18

PENTHOUSE 12 3% 1,227 1,346 $883,800 $950,800 $720 $706 0

Total 372 100% 487 1,346 $292,755 $950,800 $562 $706 309

Floor Premium: $1,000 per floor.

Prices Updated on: 2015-07-15




FLOOR PLATE

Floor 3

Shimmer

487 sf

Celestial III

496 sf

Celestial II

496 sf

Dazzle

554 sf

Gleam

592 sf




FLOOR PLANS

ADDITIONAL PROJECT INFORMATION

Parking Notes: Parking available for purchase at $39,550.

Deposit Notes: $5,000 with agreement; balance of 5% in 30 days, 5% in 60 days; 5% on January 20, 2016; 5% on occupancy

Storage Available: Yes

Storage incl. in Condo Price: No

Storage Price: $3,955

Project Amenities: State-of-the-art fitness centre, Zen spa, steam rooms, dining room with kitchen, guest suites, lounge, games room.

Suite Features:

Ceiling Height: 9 ft.

Comments:

CURRENT AND PREVIOUS INCENTIVES

Status From To Details

Current 2015/06 5% off the purchase price (net of HST) on all units. Free window blinds, free assignment (Valued at

$5,000), capped Development Charges. Confirmed on 07/15/2015. Subject to change without notice.

Agents must confirm the presence, value & availability of incentive with vendor in advance.

Previous 2015/04 2015/05 For a limited time only, receive 3% off one bedroom plus den units; 4% off two bedroom and two bedroom

plus den units; free window blinds; free assignment; integrated appliances; wide plank pre-finished

flooring throughout and capped development charges. Confirmed on 04/23/2015. Subject to change

without notice. Agents must confirm the presence, value & availability of incentive with vendor in advance.

1 Bedroom

1 Bedroom + Den

2 Bedroom

2 Bedroom + Den

Appendix B

‐

Area Townhouse Resales

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