Tower plan was company’s first foray into condo development
At the October 16 2012 information meeting to which area residents were invited, a company representative named Kevin Chan said the condo tower would be the first development project undertaken by the two men who were principals of Icarus Developments. Mr. Chan added that, while no formal development application had yet been filed with the City, the company expected to submit the required paperwork within another month or so.
As months passed and no development application for 81 Wellesley appeared in listings on the City’s website, I wondered whether the project would proceed. It now appears that, like the mythical Icarus, the condo tower plans have crashed and burned. When I passed the property this morning, I noticed a large “for sale” sign has been erected on the north side of the site, facing Wellesley Street. The sign includes a contact telephone number for four named representatives of CBRE Limited, a real estate brokerage. (However, I haven’t been able to find a listing or any further information about the property on the CBRE website.)
Neighbourhood residents who have seen the CBRE sign are now wondering whether the property will be snapped up by another, more experienced, development firm, which might pursue a condo plan of its own. But the mere fact that 81 Wellesley is back up for sale, only a year and a half after it was sold for a reported $4.5 million, will undoubtedly rekindle lingering community resentment over the rushed demolition of the Odette mansion.
As one neighbourhood resident who saw me taking a photo of the “for sale” sign remarked, “This just goes to prove there was absolutely no need whatsoever for them to tear down those beautiful old buildings.”
April 19 2013: The CBRE Limited sign in front of 81 Wellesley East
Be cautious, councillor Kristyn Wong-Tam is playing both sides. She loves the development dollars. She cozies up to the residents but is in bed with the developers. Kristyn Wong-Tam it seems will approve extra floors on developments already approved, but she says “they pay alot for those extra floors” but what do local residents get in exchange? Kristyn Wong-Tam does not share updated information with resident groups to help there cause at council to fight these developers, but will contribute the information at a time were the group will look unprepared. Don’t be fooled she knew about 81 Wellesley development long before any demolition was planned. I hope we remember 81 Wellesley St. loss at the next election, or Church St. will look like Bay St..
A proposal on my street (2 GloucesterSt.) were the residents have less then the size of a sheet of paper is going to lose park space due to the plan and will put what park there is at present into almost total shade. But the wonderful development dollars will help not our local neighbourhood but mostly the Reference library and Regent park, with some going to a park upgrade (Cawtra park) that was already promised almost ten years ago as part of the 519 expansion. The expansion of course took even more parkland on the south side of the building away from the area residents.
looks like the project was cancelled seeing as the property is now up for resale