Real estate / en Vice-President, Operations and Real Estate Partnerships, Office of the /node/165880 <span class="field field--name-title field--type-string field--label-hidden">Vice-President, Operations and Real Estate Partnerships, Office of the</span> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>mark.teo</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2020-10-01T09:38:51-04:00" title="Thursday, October 1, 2020 - 09:38" class="datetime">Thu, 10/01/2020 - 09:38</time> </span> <div class="field field--name-field-url field--type-string field--label-above"> <div class="field__label">URL</div> <div class="field__item">https://vporep.utoronto.ca</div> </div> <div class="field field--name-field-tags field--type-entity-reference field--label-above clearfix"> <h3 class="field__label">Tags</h3> <ul class="links field__items"> <li><a href="/news/tags/real-estate" hreflang="en">Real estate</a></li> <li><a href="/news/tags/partnerships" hreflang="en">partnerships</a></li> <li><a href="/news/tags/orep" hreflang="en">OREP</a></li> </ul> </div> <div class="field field--name-field-campus field--type-entity-reference field--label-above"> <div class="field__label">Campus</div> <div class="field__item"><a href="/taxonomy/term/6953" hreflang="en">St. George</a></div> </div> Thu, 01 Oct 2020 13:38:51 +0000 mark.teo 165880 at 茄子直播 alumnus back from New York City to lead Four Corners strategy /news/u-t-alumnus-back-new-york-city-lead-four-corners-strategy <span class="field field--name-title field--type-string field--label-hidden">茄子直播 alumnus back from New York City to lead Four Corners strategy</span> <div class="field field--name-field-featured-picture field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/news_banner_370/public/2019-04-18-josh-mitchell-resized.jpg?h=afdc3185&amp;itok=Elr5djVM 370w, /sites/default/files/styles/news_banner_740/public/2019-04-18-josh-mitchell-resized.jpg?h=afdc3185&amp;itok=1snpLAom 740w, /sites/default/files/styles/news_banner_1110/public/2019-04-18-josh-mitchell-resized.jpg?h=afdc3185&amp;itok=3FKs5oTM 1110w" sizes="(min-width:1200px) 1110px, (max-width: 1199px) 80vw, (max-width: 767px) 90vw, (max-width: 575px) 95vw" width="740" height="494" src="/sites/default/files/styles/news_banner_370/public/2019-04-18-josh-mitchell-resized.jpg?h=afdc3185&amp;itok=Elr5djVM" alt="Photo of Josh Mitchell"> </div> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>noreen.rasbach</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2019-04-18T00:00:00-04:00" title="Thursday, April 18, 2019 - 00:00" class="datetime">Thu, 04/18/2019 - 00:00</time> </span> <div class="clearfix text-formatted field field--name-field-cutline-long field--type-text-long field--label-above"> <div class="field__label">Cutline</div> <div class="field__item">Josh Mitchell is 茄子直播's new director of real estate (photo courtesy of Josh Mitchell)</div> </div> <div class="field field--name-field-author-reporters field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/news/authors-reporters/jenny-rodrigues" hreflang="en">Jenny Rodrigues</a></div> </div> <div class="field field--name-field-topic field--type-entity-reference field--label-above"> <div class="field__label">Topic</div> <div class="field__item"><a href="/news/topics/city-culture" hreflang="en">City &amp; Culture</a></div> </div> <div class="field field--name-field-story-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/news/tags/schwartz-reisman-innovation-centre" hreflang="en">Schwartz Reisman Innovation Centre</a></div> <div class="field__item"><a href="/news/tags/alumni" hreflang="en">茄子直播</a></div> <div class="field__item"><a href="/news/tags/global" hreflang="en">Global</a></div> <div class="field__item"><a href="/news/tags/housing" hreflang="en">Housing</a></div> <div class="field__item"><a href="/news/tags/innovation-entrepreneurship" hreflang="en">Innovation &amp; Entrepreneurship</a></div> <div class="field__item"><a href="/news/tags/operations" hreflang="en">Operations</a></div> <div class="field__item"><a href="/news/tags/real-estate" hreflang="en">Real estate</a></div> <div class="field__item"><a href="/news/tags/u-t-mississauga" hreflang="en">茄子直播 Mississauga</a></div> <div class="field__item"><a href="/news/tags/u-t-scarborough" hreflang="en">茄子直播 Scarborough</a></div> </div> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Born and raised in Canada鈥檚 largest city, <strong>Josh Mitchell</strong> was eager to apply his knowledge in a new urban context upon completing his master鈥檚 degree in urban planning at the University of Toronto.</p> <p>But after spending six years at the New York City Economic Development Corporation, most recently as a senior vice-president of real estate transactions, Mitchell is ready to return home after accepting a position as 茄子直播鈥檚 director of real estate, where he will take the reins <a href="/news/four-corners-u-t-unveils-development-strategy-campus-housing-other-key-services">on the ambitious Four Corners real estate strategy</a>.</p> <p>The new strategy not only addresses the need for more student and faculty housing, innovation space and active retail space, but also sets a goal of generating revenue for the university.</p> <p>鈥淚t was always my intention when leaving 茄子直播 to go and look at another city, take those skills and experiences and bring it back home and do something impactful,鈥 Mitchell says. 鈥淭he Four Corners strategy is incredibly comprehensive and has a thoughtful vision.</p> <p>鈥淐oming into it with that groundwork already locked in, I鈥檓 excited to finally take that vision and excel when the rubber hits the road and negotiate the best deals for the institution.鈥</p> <p>Recently approved by Governing Council, the Four Corners strategy focuses on building commercially viable non-academic amenities and services on the edge of 茄子直播鈥檚 downtown Toronto campus as well as at 茄子直播 Scarborough and 茄子直播 Mississauga. An example of such a project is the&nbsp;<a href="/news/landmark-100-million-gift-university-toronto-gerald-schwartz-and-heather-reisman-will-power">new Schwartz Reisman Innovation Centre</a>, a 750,000-square-foot innovation complex made possible through a $100-million investment by Onex founder and CEO Gerald Schwartz and Indigo founder and CEO Heather Reisman.</p> <p>Revenue generated from Four Corners projects will be used to set up a strategic investment fund for the university, with a goal of eventually matching the annual revenue generated by 茄子直播鈥檚 endowment.</p> <p>Mitchell says Four Corners鈥 鈥渄ouble-bottom line鈥 real estate strategy is what attracted him.</p> <p>鈥淲e鈥檙e making sure that this project is financially feasible, but more importantly, the strategy is about enhancing academic and non-academic elements of the 茄子直播 student experience,鈥 he says.</p> <p>鈥淚t鈥檚 not just about financial returns 鈥 there鈥檚 a greater purpose there.鈥</p> <p><strong>Scott Mabury</strong>, 茄子直播鈥檚 vice-president of operations and real estate partnerships, calls Mitchell 鈥渢he best possible person鈥 to roll out Four Corners.</p> <p>鈥淭his is a bit of a homecoming for Josh after going down to New York City, arguably one of the most competitive real estate markets in the world,鈥 Mabury says. 鈥淭here, he demonstrated an ability to succeed in creating projects that bring people together even if their interests are disparate or perhaps not aligned.鈥</p> <p>One of the New York projects Mitchell recently spearheaded is the forthcoming <a href="https://ny.curbed.com/2018/6/27/17510050/union-square-tech-training-center-city-planning-approval">Union Square Tech Training Center</a>, located in Manhattan鈥檚 鈥淪ilicon Alley.鈥 The 240,000-square-foot mixed-use building will have 70,000 square feet reserved for a training centre, which has been touted as helping bridge the gap between the tech industry and New Yorkers seeking affordable job training.</p> <p>鈥淗e understands the business from top to bottom, east to west, and we鈥檙e extremely fortunate to be getting someone with this track record and experience to the 茄子直播 team,鈥 said Mabury.</p> <p>As for Four Corners, Mabury cites the new <a href="/news/u-t-reaches-agreement-build-23-storey-student-residence">23-storey student residence at the corner of Spadina and Sussex Avenues</a> as an example of how the development strategy aims to meet the university鈥檚 鈥 and the city鈥檚 鈥 needs. He adds that plans to develop more housing at 茄子直播 Scarborough and 茄子直播 Mississauga are also under way.</p> <p>Finding innovative ways to fulfil the needs of the 茄子直播 community is something Mitchell is looking forward to doing through the Four Corners strategy.</p> <p>鈥淭here鈥檚 basically a laundry list of amenities that would really enhance the downtown Toronto campus, as well as the Scarborough and Mississauga campuses,鈥 he says. 鈥淭hose are incredibly opportunistic portfolios. There鈥檚 underutilized land to do really interesting things with.鈥</p> <p>Another plus: coming back to work at his alma mater after a six-year hiatus from the city means seeing 茄子直播 with fresh eyes.</p> <p>鈥淏eing born and raised in Toronto, you grow up with certain biases about the city,鈥 he says.</p> <p>鈥淏ut when you leave for five or six years and come back, you see everything with a fresh perspective. I鈥檓 really looking forward to doing that.鈥</p> <p>&nbsp;</p> </div> <div class="field field--name-field-news-home-page-banner field--type-boolean field--label-above"> <div class="field__label">News home page banner</div> <div class="field__item">Off</div> </div> Thu, 18 Apr 2019 04:00:00 +0000 noreen.rasbach 156302 at Rising housing prices and Scarborough鈥檚 social revolution /news/rising-housing-prices-and-scarborough-s-social-revolution <span class="field field--name-title field--type-string field--label-hidden">Rising housing prices and Scarborough鈥檚 social revolution</span> <div class="field field--name-field-featured-picture field--type-image field--label-hidden field__item"> <img loading="eager" srcset="/sites/default/files/styles/news_banner_370/public/16-07-21-Scarborough%20condos.jpg?h=afdc3185&amp;itok=M9jtgTSx 370w, /sites/default/files/styles/news_banner_740/public/16-07-21-Scarborough%20condos.jpg?h=afdc3185&amp;itok=ipthTfg7 740w, /sites/default/files/styles/news_banner_1110/public/16-07-21-Scarborough%20condos.jpg?h=afdc3185&amp;itok=w9O3nKUt 1110w" sizes="(min-width:1200px) 1110px, (max-width: 1199px) 80vw, (max-width: 767px) 90vw, (max-width: 575px) 95vw" width="740" height="494" src="/sites/default/files/styles/news_banner_370/public/16-07-21-Scarborough%20condos.jpg?h=afdc3185&amp;itok=M9jtgTSx" alt="Scarborough condos"> </div> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span>krisha</span></span> <span class="field field--name-created field--type-created field--label-hidden"><time datetime="2016-07-21T13:03:59-04:00" title="Thursday, July 21, 2016 - 13:03" class="datetime">Thu, 07/21/2016 - 13:03</time> </span> <div class="clearfix text-formatted field field--name-field-cutline-long field--type-text-long field--label-above"> <div class="field__label">Cutline</div> <div class="field__item">The suburban skyline in Scarborough. Photo by Benson Kua, via Flickr</div> </div> <div class="field field--name-field-author-reporters field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/news/authors-reporters/bianca-quijano" hreflang="en">Bianca Quijano</a></div> </div> <div class="field field--name-field-author-legacy field--type-string field--label-above"> <div class="field__label">Author legacy</div> <div class="field__item">Bianca Quijano</div> </div> <div class="field field--name-field-topic field--type-entity-reference field--label-above"> <div class="field__label">Topic</div> <div class="field__item"><a href="/news/topics/city-culture" hreflang="en">City &amp; Culture</a></div> </div> <div class="field field--name-field-story-tags field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/news/tags/u-t-scarborough" hreflang="en">茄子直播 Scarborough</a></div> <div class="field__item"><a href="/news/tags/real-estate" hreflang="en">Real estate</a></div> <div class="field__item"><a href="/news/tags/housing" hreflang="en">Housing</a></div> <div class="field__item"><a href="/news/tags/utsc" hreflang="en">UTSC</a></div> <div class="field__item"><a href="/news/tags/geography" hreflang="en">Geography</a></div> </div> <div class="field field--name-field-subheadline field--type-string-long field--label-above"> <div class="field__label">Subheadline</div> <div class="field__item"> 鈥淭he city of Toronto as a whole, Scarborough in particular, is in the midst of a social revolution,鈥 says city studies professor </div> </div> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>July is looking to be another record-breaking month as housing prices in Toronto continue to soar.</p> <p>Scarborough, in particular, has seen the steepest increases this year. Prices of single detached houses in the area have risen to an average of $625,000&nbsp;鈥&nbsp;a 44 per cent increase since 2012. Are these the tell-tale signs of a real estate bubble?&nbsp;</p> <p>Writer <strong>Bianca Quijano </strong>spoke with&nbsp;Professor <strong>John Miron</strong> from the department of human geography.</p> <hr> <p><strong>On why suburban Scarborough has&nbsp;seen a surge in housing prices:</strong></p> <p>The traditional argument in real estate is that prices of different classes of real estate assets in different neighbourhoods increase at the same rate. There can be exceptions. If you鈥檙e in an area of Japan affected by the radioactivity from Fukushima then property values are going to be depressed for a long time. &nbsp;It鈥檚 a long-term economic perspective that may or may not be correct when we鈥檙e looking at mortgages in the short-term.</p> <p>When I was a young man I bought an apartment in downtown Toronto. My parents lived in suburban Scarborough. I lived in my condominium for 30 years. It cost $45,000 when I bought it. It had two bedrooms and two bathrooms. My parent鈥檚 house was also $45,000. It had four bedrooms, 2.5 bathrooms, two-car garage, detached and on a good-sized lot. Forty years later I sold my parents鈥 house for more or less the same price as I could have gotten for my apartment.</p> <p>There鈥檚 no such thing as local hot markets or cool markets 鈥&nbsp;at least not over the longer term. In the shorter term, when you talk to real estate agents there are hot markets and cold markets. For a moment, one area looks attractive and people start buying. Then it gets expensive, prices get pushed up and people start looking somewhere else that鈥檚 similar but not as expensive. So they start buying in that neighbourhood. It鈥檚 like popcorn. It keeps moving around. But when you view it over five years or ten years, they all tend to increase together.</p> <p>Scarborough is not really this new wonderful place to live. Compared to others it was just a relative bargain. House prices in Scarborough will eventually go back into the same state relative to other parts of Toronto that it was in before.</p> <p><strong>On Scarborough's social revolution and how real estate markets affect&nbsp;the way we live:</strong></p> <p>The city of Toronto as a whole, Scarborough in particular, is in the midst of a social revolution. This social revolution is changing the way we do things, the nature of consumption and behavior, what鈥檚 acceptable, what鈥檚 not acceptable. To me it鈥檚 evidenced in the condominiumization of Toronto. I lived for 30 years in one of the first condominiums of Toronto. To me, what it means is increasing control over the daily lives of its residents.</p> <p>Over time, there is a growing body of rules that you have to adhere to if you鈥檙e going to live in one of the condominiums or townhouses that are coming up. If your aspirations don鈥檛 match with that of the project, the only alternative for you is to sell your unit and buy property somewhere else.</p> <p>People will find themselves increasingly constrained. In the old days, if you lived in a single detached house, you could pretty much do things that you wanted to do: playing loud music and having friends over late at night are examples. But in condominiums your freedom to live the kind of life you want is becoming more restricted.</p> <p>Also, new residents typically want something different from what previous residents occupied. With hot housing markets in existing neighbourhoods, we find much new construction, renovation, and often intensification. Construction noise, traffic and congested schools can be very disruptive to existing residents. Existing residents who are homeowners can take some solace in knowing their property values have gone up, for renters however, there may be little upside.</p> <p><strong>On whether&nbsp;Toronto&nbsp;is in a housing bubble:</strong></p> <p>I say 1986 to 1988 was clearly a bubble. Prices doubled in three years. Then they fell by 30 per cent. Somewhere between three months and a year was all it took to fall 30 per cent. I use that as a benchmark. Prices have to increase that quickly again for this bubble to burst. I don鈥檛 think we鈥檙e at that stage yet. Prices certainly have gone up very rapidly from 2005 to the present time but it will come to an end. The general rule is that the rate of increase of house prices is about two-thirds of the rate of increase of the Consumer Price Index. We鈥檙e well above that level at the moment. But there will be a period coming up soon where it will be much slower.</p> <p><strong>On buying a house in&nbsp;Scarborough:</strong></p> <p>Don鈥檛 think of housing as a good investment. It鈥檚 not a good investment 鈥 over the long term it generally loses ground relative to the Consumer Price Index. If you want to invest in the long term so that you earn more than the rate of inflation then you have to invest in something other than housing. In 1988 when the prices dropped in Toronto it wasn鈥檛 until 2005 that they started rising substantially. So if you bought a house in 1988, at the height of the market, in 2005 you still hadn鈥檛 recovered your money and that was 17 years later. People think that prices will keep increasing forever and ever. That鈥檚 not true. We have protracted periods where prices have not increased very much at all.</p> <p>How you balance all of your priorities in life is also another thing to keep in mind. For example, now I live in an old part of Pickering built in the 1950s. &nbsp;It鈥檚 by Lake Ontario, backing onto the Rouge River. It has ample parking, lots of big trees and shade. It鈥檚 a wonderful area with 50 to 100 ft. lots. You go to a new subdivision in Pickering and the houses are built very close together. You can鈥檛 step on your driveway without looking at your neighbour鈥檚 car. There are no trees, no privacy, no shade. I look at this and think that people can鈥檛 possibly live here. But they all sell quickly. Some people don鈥檛 want to spend their money on housing. They want to spend it on other things that are more important to them. That trade-off determines what people are going to buy.</p> <p><a href="https://www.flickr.com/photos/bensonkua/6790950450/in/photolist-5Adove-ja3Mbz-5zYqyR-jbHqhe-ja65C3-jbJfDA-ja5cTr-bm6oYA-ja5brt-bypBaT-jbFXFx-jbJhKj-ja64Th-ja3Hgk-ja672A-eSaCfN-jbFWpp-jbFYmR-jbLfdy-dhMXK6-oEQbci-8N6wvM-d9kuWu-fmc7tt-j8wqYg-4FrXxv-Ber2Ad-dxJXrE-rQ4uQR-ced6Ts-dxJWV9-7hwUps-4XE6di-rEKNjC">See the original of the photo&nbsp;at the top on Flickr&nbsp;</a></p> </div> <div class="field field--name-field-news-home-page-banner field--type-boolean field--label-above"> <div class="field__label">News home page banner</div> <div class="field__item">Off</div> </div> Thu, 21 Jul 2016 17:03:59 +0000 krisha 14708 at