2024 Fall Issue of Urban Land - 93

elevator costs. He emphasized that the
project would not have been possible
without the incentive program and the
easy permitting process, as their absence
would have made the development too
risky. The chart below shows where Astra
Group spent its money on conversion at
Cornerstone. Total conversion costs came
to $354 per square foot (0.09 sq m),
well below that of a new building.
1 St Clair West
Developer: Slate Asset Management
Location Toronto, Ontario
284,000 square feet (26,000 sq m)
Estimated completion 2024
Originally built in 1968, this office building
stands 12 stories tall. Slate Asset
Management considered adding 37 stories
of residential on top of the existing
structure to create a mixed-use building
in one of Toronto's most desirable neighborhoods-Yonge
& St. Clair. While this
office-to-mixed-use residential conversion
is still in the entitlements phase and
some of the details are yet to be finalized,
Slate's plan proposes to redesign
office floors with new interior partitions
and revitalize the ground floor retail and
lobby experience. As the original zoning
by-law submission describes, the original
plan is to keep the elevators, exit stairs,
and, if possible, use the existing structure
and MEP shaft. Slate will probably have
to replace the HVAC system, a cost that
varies, based on the local government's
requirements for sustainability measures.
At present, the city of Toronto
assumes a 1:1 office replacement in the
event of development of redevelopment.
Slate's original application has shown 1:1
office replacement. In recent months, the
city of Toronto has lessened this requirement,
especially in areas where there are
no " in-force " office replacement policies.
In a zoning resubmission, Slate is likely
to reduce or eliminate the office component,
and include an increased residential
area, and possibly affordable housing,
which reflects most office-toresidential
conversions or redevelopments
in Toronto.
As part of the development, Slate
plans to retain the precast cladding
panels, replacing the existing windows
with a mix of high-performance glass
and operable units. Windows can significantly
affect a project's bottom line.
Renovating a window wall to a curtain
wall can make up 15 percent of the hard
cost conversion budget in a typical
office to residential conversion, according
to Veronica Green, a vice president
at Slate. The ground-floor windows and
new door requirements to revitalize
CONVERSION COSTS FOR CORNERSTONE BUILDING
Expense
% Total
Mechanical Systems
Exterior
Interior Walls
Electrical
Recessed Balconies
Sprinklers and Alarm System
Remaining Hard Costs, Soft Costs,
& Acquisition
Total
Development Cost
11%
9%
8%
7%
3%
3%
60%
100%
Buildings that
are considered
the 'worst' office
buildings-typically
Class B-often are
the best candidates
for conversion to
residential uses. "
Cost (USD)
$3,108,000
$2,516,000
$2,294,000
$1,924,000
$740,000
$740,000
$17,020,000
$28,342,000
FALL 202 4
URBAN LAND
93
INDUSTRY VOICES
2024 Fall Issue of Urban Land

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