U Condos on Bay Street

U Condos are Under Development

Here is some information on this project, from the city of Toronto. - Keep in mind that this project began work in November in 2010 and has yet to reach ground level. It will take a while before it begins to impact the skyline.

Anyways here are the facts, and just the facts..

City of Toronto

 Development concept includes:



Street-wall Buildings

* Three-storey street-wall buildings along Bay Street and St. Mary Street, and a row of townhouses north of Cloverhill Wing. Use of roof for amenity space.
* St. Mary Street built form could be more of a domestic feel with raised landscape beds and a few steps up from street to residential units.
* Bay Street built form could include non-residential uses and with entrances flush with sidewalk. Materials include stone and wood trim.



Towers

* Proposed west tower (45 storeys) south of St. Mary Street.
* Proposed east tower (55 storeys) on the Bay Street frontage.
* Both towers have 750 square metre floor plates and are set behind street-wall buildings.
* East tower could have a high, transparent ground floor to permit views between the park to the south and the proposed courtyard area to the north of the tower as well as from Bay Street.
* Towers could be light via the use of glass.


Open Space

* Open space extended to the north of Cloverhill Wing. A green wall feature could be incorporated into the base of the east tower’s south elevation.
* Opportunity for a green feature along the base of the west tower’s west elevation facing St. Michael’s playing field.
* Pedestrian movements through new open spaces and an entrance along the Bay Street frontage.

Getting a Mortgage and Mortgage Insurance through BMO 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 BMO 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 BMO Insurance is actually one of the major financing costs on home loans.