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Brandon Donnelly — Daily insights for city builders. Published since 2013 by Toronto-based real estate developer Brandon Donnelly. — Page 794

Cover image for Toronto is on pace to have more skyscrapers than Chicago -- so?

Toronto is on pace to have more skyscrapers than Chicago -- so?

I received a call from a reporter at the CBC today. She was working on a piece about the recent stat that Toronto is on pace to surpass Chicago for the most number of skyscrapers (150m or higher). The above chart is from Bloomberg.

In particular, she wanted to know (1) what this means for Toronto and (2) if Toronto has been focusing enough on design and architecture during this period of expansion. Can and will it be as beautiful as Chicago?

Here are the stats I was given (taken from the Council on Tall Buildings and Urban Habitat):

Toronto skyscrapers (150m or more)

67 done
32 under construction
59 proposed to be completed by 2023 latest

= 158

Chicago skyscrapers (150m or more)

126 done
8 under construction
11 proposed to be completed by 2024 latest

= 145

And here is more or less what I said and what I was thinking:

Toronto and Chicago are both important global cities. We (Slate) operate and have offices in both cities. The number of tall buildings is just one metric. Look at how few Los Angeles has. At the same time, I get what this signals. It's noteworthy. Chicago invented the skyscraper.

Chicago has a wonderful architectural history. (Raise your hand if you've been on that architectural boat cruise). But people often forget the fact that when most buildings are built there's an economic imperative and a private client. This includes back in the day in Chicago.

So the economic environment we have here in Toronto -- where people do work to, you know, get paid and companies think about things like profit margin -- isn't necessarily all that different from the one that birthed architecture that is now widely admired (oftentimes from a boat).

Toronto has some spectacular buildings and some shit ones. I'll let you all decide which ones are which. But I do think that Toronto is seeing a greater commitment to design. We recognize the value. But here's the thing: part of what makes this possible actually runs counter to what most cities want.

Housing has become more expensive and that makes it possible to spend more money on architecture. It's one of the great tensions of city building. We want developers to build more affordable housing, but we also want high quality building materials and "Capital A" architecture. Which is more important?

Finally, I do think that architectural styles need time to settle in, sometimes before we can fully appreciate them. We are seeing that start to happen with Brutalist architecture . And let's not forget about all of the Victorian homes that we tore down in Toronto. They weren't fashionable at that time.

It's easy to romanticize about the way things used to be done. It's harder, sometimes, to appreciate the now. But sometimes all it takes is a bit of time.

Cover image for Number of condo units built in New York City between 2009 and 2019

Number of condo units built in New York City between 2009 and 2019

  • Brooklyn
  • Development
  • Extell-development

A decade of ultra luxury condos. The New York Times published this story over the weekend talking about how the luxury condo boom of the 2010s transformed New York City, and in particular Brooklyn.

Below are two tables from the article : (1) The number of units built between 2009 and 2019 across the five boroughs and the city's top neighborhoods, and (2) the neighborhoods with the highest median sale price increase.

The overarching theme is that New York built too many "super-high-end condos" geared toward global capital flows. According to one developer interviewed for the article (Gary Barnett of Extell Development), it was unprecedented.

Apparently, the problem segment remains the $5 million to $10 million market. There's simply too much inventory, and that has developers both delaying launches and going with much smaller (and hence more affordable) unit mixes.

One stat that stood out for me was the new condo premium over resales. In 2011, the average sale price of a new condo in the city was about $1.15 million, which represented about a 9% premium over resale pricing.

While it is typical to see a premium over resales (the same is true in Toronto), the average price of a new condo in 2019 rose to $3.77 million, representing a 118% premium over resales.

For the rest of the article, click here .

The world's first programmable city -- Woven City

  • Architecture
  • Autonomous-vehicles
  • Bjarke-ingels

Last week was CES in Las Vegas. Some or many of you were probably there. One of the things that was announced at the show was a project by Bjarke Ingels Group for Toyota called the Woven City. Situated at the base of Mount Fuji in Japan, the development sits on a 70 hectare site and will eventually house some 2,000 people.

The objective is for it to act as a living laboratory for a number of new city building initiatives, ranging from autonomy and mobility as a service to multi-generational living and hydrogen-powered infrastructure. Woven City is intended to house not only residents, but also researchers who can test out and learn from these new ideas.

Below is a short video from Dezeen . It's entirely visual. No words. There's also an official website , but not much is up there yet. Hopefully there will be more soon. Construction is set to start next year (2021) and it'll be BIG's first project in Japan.

https://youtu.be/MsuX2OyHRvI

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Daily insights for city builders. Published since 2013 by Toronto-based real estate developer Brandon Donnelly.