41 Wilson Street | 103, 101 and 100 m | 3 x 30 fl | Under Construction

[TheRitsman]

Saw this ad on my feed, fun colours:

[urban_planner]

I wish the glass was going to be shaded like this just to change things up.

[StEC]

The colourful/playful render could just be nothing but I'm really hoping that the blue tower is actually a hint of a roof top dining and or lighting feature! Especially since they already hinted that lighting is a possibility from a previous comment.

[King&James]

Call me a skeptic, but this flash frost of interest rate increases and flow back to Toronto, will mean that this one will take a long time to get hammers swinging

[TheHonestMaple]

Originally Posted by King&James

Call me a skeptic, but this flash frost of interest rate increases and flow back to Toronto, will mean that this one will take a long time to get hammers swinging

I have to agree with you here. I think this one is far along enough that it probably will proceed to construction, but other projects that haven't quite reached this point are likely to stall out. I read an article the other day that over 5000 condo units in Toronto have already been cancelled, due to inflation and rising interest rates.

I'm expecting the next 2 - 3 years to be pretty bumpy for residential construction in general.

[Innsertnamehere]

there will be a small readjustment period but housing demand is so high I struggle to see total construction really drop too much.

[WhipperSnapper]

I don't find interest rates nearly as big as a factor in the residential boom as they are made out to be. Projects in Toronto are repositioned all the time as the market trends much faster than it takes to plan a development. Inflation is another matter. It will be worked out.

There are other factors at work that may lead to a correction coinciding with the rate increases. However, cracks in the engine have happened before that haven't stopped the upward trend (it's just a bumpy uphill climb)

[StEC]

Regardless of interest rates or a possible recession people still need a place to live and Canada has a housing shortage we are not keeping up with our population growth. we need to build 400,000 housing units a year primarily in BC & Ontario just to keep up with demand. We also have a skilled labour shortage to deal with too.

All these proposals and more will get built, maybe many will retool and switch from condos to rentals or they will be downgraded and cheapened but they will get built they have too or we will have a crisis on our hands.

The federal government has a target they know they need to hit so look for them to work with provincial governments to cut red tape, create incentives and train skilled people to build.

[mikevbar1]

I agree with whippersnapper and insertnamehere. There’s plenty of underlying fundamentals driving the market that have not changed, despite the fact that many think our problems are solved/the boom is over due to rising rates. This is a sign to me that the structural issues which exist will not be sorted out and the interest rate hike is just a bump in the road.

Developers likely see no fundamental changes to the market for current or even future plans, with no zoning reforms, no economic diversification for real estate cash to flow into, and the areas where demand is highest is, at worst, temproarily reconsolidating into urban cores. It’s a boon for Toronto, Hamilton and KW (amongst others) while suburbs and exurbs will perhaps see more dramatic slowdowns (thinkYork region, Milton, etc).

[TheHonestMaple]

Originally Posted by mikevbar1

I agree with whippersnapper and insertnamehere. There’s plenty of underlying fundamentals driving the market that have not changed, despite the fact that many think our problems are solved/the boom is over due to rising rates. This is a sign to me that the structural issues which exist will not be sorted out and the interest rate hike is just a bump in the road.

Developers likely see no fundamental changes to the market for current or even future plans, with no zoning reforms, no economic diversification for real estate cash to flow into, and the areas where demand is highest is, at worst, temproarily reconsolidating into urban cores. It’s a boon for Toronto, Hamilton and KW (amongst others) while suburbs and exurbs will perhaps see more dramatic slowdowns (thinkYork region, Milton, etc).

The interest rate hikes will crush demand, by design. You can actually already see the impending slowdown in the current price for copper, which is a primary indicator for future industrial growth. It's used in pretty much everything, especially building construction.

There will definitely be a slowdown in condo construction in the next two years, it's what the BoC wants (lower demand for all goods), and they will get it.

[mikevbar1]

Originally Posted by TheHonestMaple

The interest rate hikes will crush demand, by design. You can actually already see the impending slowdown in the current price for copper, which is a primary indicator for future industrial growth. It's used in pretty much everything, especially building construction.

There will definitely be a slowdown in condo construction in the next two years, it's what the BoC wants (lower demand for all goods), and they will get it.

I understand how this will affect demand, what I am trying to say is that the supply constraints which exist, and the factors which have driven location-based demand, still exist and will continue to. The near term will certainly see a slowdown, that much is clear. It is undoubtedly needed as well, considering the dire state of the real estate market and the economy at large. I am curious as to what things will look like in the aftermath; how high demand will still be, where it will be, and to what degree current projects will push forward or stall out. It might be just me, but it feels like we have seen a flurry of new proposals in the last few months, moreso than usual. Does this indicate funding that has been lined up? Or, perhaps it’s just bad timing from developers. As you’ve suggested, With rising rates, who is really going to consider buying a new condo right now for 2024 with 5%+ interest?

[SteelTown]

Hamilton is the ‘it’ place to live: New condo project furnished by Louis Vuitton
https://www.insauga.com/hamilton-is-...9PFaIwiA5zIj5I

A new 30-storey, three-tower condo development was officially announced for the downtown Hamilton core and it’ll have Louis Vuitton written all over it.

The Design District at 41 Wilson St. will feature a podium of retail stores connecting the towers as it wraps around the 154-year-old gothic revival-style church at the corner of Wilson and Hughson St. North.

The project is being developed by Emblem. The Toronto-based company is also behind the condo project at 1 Jarvis St. in Hamilton, which sold out within 48 hours of launching, according to the company.

“The Design District will surpass anything ever seen in Hamilton before and accelerate Hamilton’s already exciting momentum about the ‘it’ place to live,” said Kash Pashootan, Emblem founder and CEO. “The name relates to the landmark location found in cities such as Miami, New York, and London. And this will be the chapter for us here in Toronto.”

IBI is in charge of the architecture and Burdifilek designed the interior.

“The elegant modern spaces draw from nature’s canvas – wood, stone, natural tones – to ensure guests and residents feel comfortable and refreshed,” reads the official press release. “The amenity spaces set a clear statement of luxury in a modern way, reminding one of a luxury hotel.”

Offering 931 suites above the retail podium, The Design District is expected to include an outdoor swimming pool, a connected social lounge, a gym, a yoga studio, a co-working space, and an “ultra-luxury” lobby lounge.

Furnishings in all the common areas will be provided by designer Louis Vuitton.

Emblem says it’s been impressed by Hamilton’s commitment to investing in the core.

“Part of downtown Hamilton’s attraction for Emblem and for new residents is the restoration of historic buildings, and a $500 million investment into a new Entertainment Hub and revitalization of existing venues: the FirstOntario Concert Hall, the FirstOntario Centre, the Hamilton Convention Centre, and the Art Gallery of Hamilton,” according to the press release.

“A Bell investment of $400 million will be the largest digital infrastructure investment in the city’s history. On the waterfront, a $140 million redevelopment project will transform the harbour into a beautiful, pedestrian-friendly community with a commercial village and a public plaza.”

The development will also be steps from the future light rail transit (LRT) line.

Emblem says the combined investment exceeding $1 billion is unprecedented in a community the size of Hamilton.

“The Design District will be the project of the year in 2022,” said Pashootan. “It captures all of the important aspects of a purchase including location with explosive upside appreciation, top walk and travel score, amenity experience non-existent within the area, finishes never seen before in this location, all combined at a starting price-point that will deliver immediate value.”

The price list and estimated date of completion were not available at the time of the announcement.

[Innsertnamehere]

https://renx.ca/emblem-launch-downto...condo-project/

EMBLEM Developments is launching sales for The Design District, comprised of three 31-storey condominium towers combining for 931 units in downtown Hamilton.

The Toronto-based developer acquired the 41 Wilson St. site a few years ago from partners for an undisclosed price and took it through the zoning and entitlement process so it’s now ready to be brought to the market.

“The Design District is going to be the largest project approved in downtown Hamilton,” EMBLEM founder and chief executive officer Kash Pashootan told RENX.

Units at The Design District will range from approximately 500 square feet to approximately 1,000 square feet and include studios through three-bedrooms, which Pashootan believes will appeal to a wide range of buyers. He’s not ready to announce pricing yet, but said units would be “very competitively priced” compared to what’s already on the market.

Pashootan expects all of the units to be sold by March of 2023, when construction is expected to begin. The three towers are slated for mid-2026 occupancy, with each one following about 30 days after the preceding building.

Construction not until March 2023, apparently.

Other good news:

The Design District will be EMBLEM’s second Hamilton development and it’s looking for more high-rise sites in the city.

“We believe that Hamilton is one of the most opportunistic areas for population growth and price appreciation because of a perfect storm,” said Pashootan, citing large government and corporate investments in the city, including the LRT, digital infrastructure and the revitalization of the harbourfront and downtown entertainment hub.

And a good sign:

“We have a long-term view as a business and aren’t focused on short-term profits at the expense of the design and quality of finish of the buildings we do. Every project we do is of a materially higher standard than what already exists in the area.”

[StEC]

Some bold statements made by Emblem CEO, I hope he lives up the hype!

[SteelTown]

These guys are killing it with the promotion, I see them all over social media.

• Video Link

[TheRitsman]

They really are. I didn't even realize they had advertising for 1 Jarvis, but it was intense.

[King&James]

That advertising in heavy rotation continues, not sure if my browsing cookies lite them up on multiple channels and sites, but very curious if they have enough converts to get the first tower underway?

[Innsertnamehere]

I’ve gotten multiple mailers for it as well from realtors.

[mikevbar1]

Just saw some ads for this in Vaughan. Seems like their trying to really draw in the GTA crowd with that.

[davidcappi]

Yeah the sales centre for this project isn't even in Hamilton lol - it's on King St East in Toronto just east of Sherbourne

They've got a scale model of the development and a bunch of kitchen mockups