‘Poor Door’ Apartment Developer In San Diego Threatens To Sue

  • On February 18, 2020 ·
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‘Pinnacle High’, a construction project by Vancouver-based Pinnacle International was going to include 32 storeys for rental apartments and a separate 8 storeys as ‘no rental’ apartments. People with low income will have restrictions from entering from the main door. There will be denial of access to them for the pool or the rooftop. The Civic denied the project first in July and then in October based on criticism for segregation. The Pinnacle's law firm- Allen Matkins Leck Gamble Mallory & Natsis, threatened to take legal actions in November. They want to sue because they believe that the civic overstepped their authority. The letter was addressed to Civic President Andrew Phillips, the city attorney’s office and the City Council. Details of the letter The letter said that the civic could reject a project based only on its design. By refusing Pinnacle High, the Civic violated the city’s municipal code. Their main point was the cancellation of the project by Civic. The developer Pinnacle International was responsible for building an affordable housing project. They also said that the Civic did not mention the reason for denying the project. They stated in the letter that this act by Civic was erroneous, and it has violated multiple laws. When the design for Pinnacle High was proposed in the first meeting, it brought on severe criticism from members of Local 619 Southwest Regional Council of Carpenters. The new plan for Pinnacle High received the approval by the Civic. This is because the city has come up with new laws. One of the laws is that the builders will get approval for low-density projects as long as they built low-income houses within a 1-mile radius of the development. The original plan would have served 58 affordable housing units, yet it received lashings from the public. The Civic The Civic is restricted to rejecting the projects based on designs. Yet, it has a squabble with the builders regarding not having enough density in the plans for the wish of more housing. The civic decided to absolve itself last year. Due to this reason, all major downtown development projects would go to the city. The plans that have started with the civic will continue to be with them. However, the city would be handling the newer ones. “Poor door” In New York City, an apartment building named Extell opened with a separate door for low in-comers. This building was nicknamed as the "poor door." It is similar to Pinnacle Highs in its restrictions for low incomers as well. Jesse Garcia, a carpenter's union member, asked in a July civic meeting if a person's value is judged by their income. She also added that people of San Diego deserve dignity and equality. She urged everyone to say no to "poor door." In the July’s civic meeting, the legal counsel of Pinnacle- David Dick stated that the builder should be appreciated for coming up with subsidized housing. This is because it is not the usual norm amongst the other… Read More >>

TDRP Unimpressed With Pinnacle Etobicoke

  • On January 4, 2020 ·
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Members of the Toronto Design Review Panel (TDRP) have, for some time, been in general agreement on the need to develop that part of Dundas Street just west of the Kipling subway station. However, the redevelopment plan submitted by Turner Fleischer Architects last week on behalf of Pinnacle International was met with a healthy dose of skepticism and some outright disdain.  The distaste expressed by panel members had little to do with the sheer number and size of the towers envisioned by Pinnacle, (which had already been scaled back a bit from an earlier master plan submission). The resistance this time stemmed from what panel members saw as a general lack of imagination on behalf of Turner Fleischer. A typical criticism decried the sameness of the design with similar towers "stamped across the site" in cookie-cutter fashion. Panel members emphasized the need for a diversity of building heights, materials, placement and footprints. They urged Pinnacle and their design team to rethink the massing of the structures and to up the number of large 3-bedroom units from the current 7 (a mere 0.24% of the total 2,864 proposed units). That recommendation was based on the theory that a genuine "mixed use" development needs to attract a "mixed demographic." Meaning the units shouldn't just appeal to single professionals but to families as well. Panel members and the development team spent a fair amount of time arguing about the economics of the proposed changes. Still, developer resistance did not dissuade panel members from insisting that the current proposal was a non-starter. One panel member bemoaned the lack of "heart" in the proposed design. While another characterized the plan as being too heavy on engineering and too light on architecture. Others decried the "overbearing sameness" of the design and suggested it reflected a "monoculture," bottom-line mindset that ignored Toronto's rich architectural history. The proposal put forth by Pinnacle International and Turner Fleischer last week included six residential towers that would range in height from 34 to 43 stories. With all exhibiting the same pedestal/tower design ethos and little, if any, stylistic differentiation. That, in all likelihood, is going to change as a result of the official resistance that reared its head at the hearing. Also likely to undergo a significant change is the layout of the proposed green spaces that wind their way through the development. Panel members expressed their desire that the current two park plan be revised. They strongly suggested the architects remove the access road which bisects the current plan. This would create one large uninterrupted green space that would be both safer and more pleasing to the eye. They also expressed their unhappiness with the fact that the proposed massing of the residential towers would leave any greenspace in shadow for most of the day. Thereby rendering it cold and inhospitable. Pinnacle and Turner Fleischer expressed their view that such changes will greatly increase the cost of the project. Yet in the end, they vowed to do their best to… Read More >>

Pinnacle Toronto East: Affordable Luxury in the East End

  • On September 17, 2019 ·
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Pinnacle International brings high-visibility one, two and three-bedroom condominium suites to the Sheppard and Warden avenues area with their Pinnacle Toronto East project. With Pinnacle Toronto East, the company infuses new life into a much-loved neighborhood that has been historically under-served. Families, working professionals, downsizers and investors are all going to find plenty to like about the twin 30 story towers, the 16 townhouses and the large multi-bedroom units of the free-standing 11 story tower in this cluster. Price Prices start at a very modest $379,000 for 505 square foot 1 bedroom units with each unit having its own parking spot and locker included in the price. Anson Kwok, Pinnacle's VP of Sales and Marketing, characterizes the new development as "very family-driven" and says the larger units, in particular, will fulfill a long-standing need in that area for large, multi-bedroom suites. The Future of Pinnacle Toronto East Kwok envisions Pinnacle Toronto East becoming a hub for the Sheppard and Warden area. He cites easy access to highways 401 and 404, the nearby Don Valley Parkway and the high number of chain and ethnic restaurants in the area. He also notes that within a few minutes’ drive of the new development are three large, busy malls; the Fairview, the Scarborough Town Centre and the Agincourt. But that’s not all. Really driving home the family-friendly aspects of the project are a range of public and private schools within walking distance as well as Scarden Park, Vradenberg Park, Lynngate Park and more.  Kwok says Pinnacle Toronto East is going to command a strong presence “because it’s actually much larger” than most other buildings in the neighborhood. But that doesn't mean it will have a disruptive appearance. On the contrary. Great care was taken during the design phase to ensure the buildings reflect the material and aesthetic considerations of the area. Amenities The project also reflects an enlightened environmental attitude and is being built to the city's Tier 2 Green Standards. That means bicycle parking, energy-efficient lighting, electric vehicle recharging stations and more. Each tower will feature 24-hour concierge service along with an exercise room, kid's play area, outdoor terrace, barbeque areas and more. The interiors are being styled by Tanner Hill Associates, who are currently developing interiors for the nearly complete ME Living Condos at Markham and Ellesmere in Scarborough. The interiors at Pinnacle Toronto East will feature quartz countertops, stainless steel kitchen appliances, wood flooring, and floor to ceiling windows providing breathtaking views of the city skyline. With construction now underway Pinnacle is looking forward to having the first occupants move in during November of 2021. According to Kwok, the project represents a bold step for Pinnacle, which until now had focused almost exclusively on the West End with projects like the massive Pinnacle Etobicoke. With workers now on site Kwok expects that things "will come together pretty quickly" going forward. Pinnacle Toronto East is now accepting registrations. You can sign up via the official website (pinnacletorontoeast.ca) or by calling 416-925-6119 during… Read More >>

Toronto Condo Market Update for 2015

  • On December 14, 2015 ·
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Following years of slow growth, the condo market in Toronto finally came back to life at the beginning of this year. In January, builders were completing more than 10,000 new condo units, representing eight times more than the monthly average for the number of condos under construction in the last 10 years, according to a report published by The Globe and Mail. Most of the new condo units had already been sold. Even so, the vast number of new condos assisted in increasing the number of unabsorbed units to a historical high. Local Condo Market Rebounds from Previous Economic Concerns The news was certainly good for the local condo market, which had been surrounded by concerns from both international organizations as well as federal regulators regarding increasing household debt throughout Canada. An increasing condo boom in Toronto also served to underscore the fact that lenders finally began to venture back into the market this year. In the past, largely due to pressure from federal regulators, banks had fled the condo market in Toronto, opting to work only with large-scale developers and typically requiring developers to prove a large percentage of presales prior to issuing an agreement to finance construction of a new building. With the condo market finally beginning to boom again, lenders this year became willing to finance up to 75 percent of a project's value. Many lenders have also eased presale requirements, requiring fewer presales while demonstrating an increased confidence that builders will locate buyers for unabsorbed units. Moving further into the year, the Toronto Real Estate Board announced that condo sales remained strong year-over-year. In the third quarter of this year, condo sales were up by nearly 11 percent compared to Q3 2014. The Toronto Real Estate Board went on to report that the local condo market has proven to be a critical contributor to overall home sale growth this year. Such sales growth is expected to continue into the fourth quarter, with Toronto on track to hit a new condo transaction record for the year. Both Demand and Sustained Sales Growth Remain Strong in Local Market While the condo unit absorption rate continued to grow over the past year, increasingly tighter market conditions helped to drive sustained price growth. During the third quarter, annual growth in both average selling prices and median selling prices outpaced the annual inflation rate. The average condo sales price increased by 5.4 percent year-over-year, while the median condo selling price increased by 4.4 percent. An increase in the supply of listings in the local Toronto area has further benefitted the condo market. During the first three quarters of 2015, sales growth exceeded the level of growth in listings, which could indicate the presence of pent-up demand in the Toronto condo market. Investor-held units listed for sale were absorbed rapidly even while new projects were completed. Moving forward into 2016, the local condo market should remain well on track for another banner year. Visit oneyongecondo.ca to learn more. Read More >>

PreConstruction condo advantages vs Resale

  • On December 14, 2015 ·
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Preconstruction condos have become all the rage. If you are considering buying a condo, you may wonder whether your best option would be to buy a condo in the preconstruction phase or buy an existing unit. There can be advantages and disadvantages to both options, and understanding what to expect in both scenarios can help you determine which option is right for you. Pros of Buying a Presale Condo Among the biggest benefits to buying a preconstruction condo is the fact that since the unit has not yet been constructed, you have far more flexibility in your ability to customize the unit to truly make it your own. With an already existing unit, this would be much more difficult, time-consuming, and often expensive. Therefore, if you have specific tastes or have a certain idea in mind for your future home, a presale condo can be a good option to ensure your home is exactly how you would like it. Additionally, buying a condo early in the development phase typically allows you to take advantage of the lowest pricing. In most cases, condo prices appreciate over time. If you wait until the unit is constructed, you will usually pay a higher price. While you will generally need to put a down payment on a presale condo, just as you would when buying an existing unit, when you decide to sell the unit, you can still bring in 100 percent of the unit's value. A longer closing period also means that you have more time to save for the down payment. There can also be numerous timesaving benefits to buying a condo in the preconstruction phase. Along with having more time to save, you also have more time to downsize and determine how you wish to furnish your new unit while it is under construction. If you are under a lease or other type of contract for another property, the construction period would also give you more time to complete that contract. Cons of Buying a Presale Condo While there are obviously many advantages to buying a presale condo, there are also a few drawbacks to consider. For instance, when buying a presale condo, your money will be tied up during the construction period with no return on that investment until the condo is completed. Developers strive to ensure projects are completed on time, but the reality is that there can be potential delays in completion due to labor shortages, weather, inspection problems, supplier issues, etc. Keep in mind that layout plans are subject to change, as the developer has the right to make such changes. During the construction period, a number of factors could come into play that could result in the developer needing to make changes. It should also be kept in mind that market values can potentially change during the course of the construction period. Prior to buying a unit, make sure you have considered all of the pros and cons of purchasing a presale condo. Doing so can… Read More >>