Which Developer Will Partner With Mirvish and Gehry?

OK, now that the development has been proposed and the media hype is dying down. There is the question of which developer does Projectcore partner with to get the condo sales and commercial space leased. Another good question is what ratio will the project be in terms of its retail commercial and residential mix. If the project goes ahead as is, he will need a large and respected Toronto condo developer on board to assist with sales and contracting. I'm not saying Mirvish and Projectcore can't do it themselves, as we know that Mirvish did get the sales done for his One King project with a little help from Harry Stinston. But the One King project was not seen as a very successful way to sell a condo project.

Let's look at a few of the biggest developers that might be interested in teaming up with Mirvish on this project:

1. Great Gulf Homes

Hey, these guys are building the biggest project in Toronto now with One Bloor East fully under construction. They also have a stacked King West Portfolio, such as Hudson at King and Spadina and the Charlie Condos. If anyone can help Mirvish out it, Great Gulf.

2. Menkes

Listen the condo market is cooling there is no doubt. So how about diversifying the project and making one of the towers an office building, in a downtown core that can't build enough office towers. Once done bring in the master developer of the mixed use project, Menkes. Menkes has the most competent sales and development team in the city of Toronto. If you want an Office Tower, they got you. You want a condo tower?; they got you there too.

3. Tridel

The sure bet. That is what Tridel is all about, a condo development firm that never fails and only succeeds. And they have experience in mixed use developments. Their Hullmark Centre development is one of the biggest construction projects in the city right now. That project includes a condo, office and retail component.

OK that's my list, ... not much too it. But in my opinion sharing the risk and the rewards might be a better play for Mirvish on this development than going straight up. But only time will tell which path Projectcore decides to walk down. If they go it alone, they will be putting a lot of the risk of the project directly on the Mirvish Family. Team up with a trusted developer and you spread the risk/reward around.

Getting a Mortgage and Mortgage Insurance through National Bank Insurance for financing a loan to purchase at FIVE Condos is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at National Bank Insurance include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from National Bank Insurance is actually one of the major financing costs on home loans.

Investment Trusts have no taken to looking to purchase rental properties and acquiring mortgages through financing auctions by the banks looking to shore up their balances sheets in light of stricter government regulation. These regulations have actually made holding residential mortgages by the large financial institutions harder to hold. Currently investors are looking to increase their position in rental properties in Toronto, at the same time the federal government in co-operation with the financial institutions are making getting and qualifying for loans and mortgages more difficult

What is Condo Insurance?
Condo Insurance is required to protect your personal contents from theft or fire damage in your condo if these unforeseen events should happen you should make sure that you have adequate protection. Some items in your condo are will also be protected by your condo association insurance policy which covers the general building. The events that are covered by condo insurance include Fire, as well as Lighting. Other weather related causes such as Windstorms, and Hail are also covered. The major one that most people worry about is theft which is covered by condo contents insurance policies.