Matthew Slutsky
August 13, 2010

Urban Capital Property Group cannot be very happy right now. In fact, I am sure that there are a lot of people who purchased at their Nicholas Residences who are not very happy right now.

On Wednesday the committee of adjustment refused an application by Urban Capital Property Group to add six more storeys to the Nicholas Residences.

As such, for the time being, the condo project at 75 St. Nicholas St. will remain a proposed 29-storey condominium.

Here is the quick scoop:

1. In 2008 the developers of the project originally applied to build a 44-storey building on the property;
2. Last Fall the City approved a 29-storey building;
3. Urban Capital requested six more storeys in May, which was not heard until Wednesday.

Why? There were concerns about the impact of an extra 54 housing units on the area. 54 units could potentially house 100+ people, which is a lot more traffic and congestion to the neighbourhood.

I have not been following the project very closely, but this seems like a phenomenal location for as much density as possible. There is great shopping near by. There is excellent public transportation. There are universities within a 10 minute walk. There is a need to revitalize the area with more residential living. Check out the project, and the competition on our new-residential development map.

Will it create more traffic? Who cares. The slower the traffic, the more people will use our public transportation system.

The developers have until Aug. 31 to file an appeal. I hope they win.

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