Can this property actually work as a multiplex?
The Toronto Multiplex Feasibility Workshop
Understand What Must Be True Before the Project Can Work
Learn how to evaluate a multiplex opportunity the way a developer would — connecting buildability, rents, costs, financing and returns into one decision-making framework.
By the end, you’ll be able to test whether your project works, understand what is driving the result, and know what needs to change if it doesn’t.
Live Online: Join the workshops from anywhere
Dates: TBD
Time: 5-7 pm ET
Actual summary output from the first Toronto Multiplex Feasibility Workshop. Financial values have been obscured.
WHAT CHANGES WHEN YOU START THINKING LIKE A DEVELOPER
Can I Make the Numbers Work?
Most people come to a feasibility analysis looking for an answer:
Does the project work?
But a useful pro forma does something more important. It shows you why the project works — or why it doesn’t.
During the first workshop, participants learned to challenge questions such as:
How much equity is actually required?
- Which assumptions have the greatest impact on the outcome?
- What happens if rent, construction cost, timing or interest rates move?
- Which costs have been left out?
- Is the problem the design, the land price, the financing — or the project itself?
- At what point should you revise the concept, pause, or walk away?
The goal is not to produce a better spreadsheet. It is to make a better development decision.
A LOOK INSIDE THE FIRST LIVE WORKSHOP
A Pro Forma Is More Than a Spreadsheet
What Participants Wanted to Solve Before They Entered the Room
A Spreadsheet Is Easy to Find. Assumptions You Can Defend Are Harder.
These concerns shaped the first workshop. What happened in the room helped us refine where the next edition needs to go deeper.
“I can’t make the numbers work.”
“I need greater assurance of the inputs.”
“How do I balance the cost of land with the cost to build?”
“I need a clear go/no-go framework.”
The Toronto Multiplex Feasibility Workshop was created to address these exact questions.
We use a representative Toronto multiplex pro forma as the working model, but the objective is not simply to complete the spreadsheet.
The objective is to help you understand which assumptions matter, where they come from, how to challenge them, and how to recognize when a project needs to change.
Who Should Attend
This workshop is designed for property owners, investors, and emerging developers considering a multiplex project in Toronto who want to understand whether the numbers genuinely work before committing significant time, money, or equity.
Past sessions have included live Q&A with legal and financing specialists covering entity structuring, CMHC MLI Select mechanics, and equity requirements — not just Payam's perspective.
This workshop is a good fit if you:
- Own a property or are considering acquiring one and want a clearer way to determine whether the development opportunity makes sense.
- Need a more defensible way to decide whether to proceed, revise the concept, negotiate differently, or walk away.
- Want to understand how much equity may actually be required, not just the headline financing available.
- Are struggling to understand why a project does or does not pencil once the full cost of development is considered.
- Have started a pro forma but are not confident in the assumptions behind it.
You do not need to be a financial modelling expert
This workshop is not about building the most complicated spreadsheet. It is about learning how to identify the assumptions that matter, challenge them, and use the numbers to make a better investment decision.
This workshop may not be the right fit if:
- You are looking for a generic downloadable pro forma with no explanation.
- You expect every property to produce a feasible development opportunity.
- You are looking for a guaranteed investment return or a shortcut around proper due diligence.
The goal is not to convince you to proceed with every project. It is to help you recognize the right project—and walk away from the wrong one.
YOUR WORKSHOP FACILITATOR
Payam Noursalehi
B.Eng. · MBA · PMP
Payam Noursalehi is the President of Solnik Construction Group and a construction and real estate development professional with more than 20 years of experience across engineering, project management, construction management, development management and private equity investment.
His work focuses on helping owners and developers evaluate, plan and deliver complex urban residential projects, with particular experience in mid-rise, multi-unit and infill development across the Greater Toronto Area.
Payam is also the host of Real Estate Development Insights and the founder of Mid-Rise.ca, where he shares practical information about development, construction, financing and project delivery.
A REAL DEVELOPMENT LESSON FROM THE WORKSHOP
More Units Do Not Always Mean a More Feasible Project
Maximizing unit count can cause a project to cross important building-code, servicing and cost thresholds.
In this excerpt, Payam explains why developers need to identify those thresholds early—and understand how much runway they have before the original concept stops working.
HOW THE WORKSHOP WORKS
One Case. One Model. Multiple Scenarios.
We will work through one representative Toronto multiplex case from the initial property assumptions to the stabilized financial outcome.
Together, we will build the model step by step, discuss where each assumption comes from, and examine how changes in land cost, rent, construction cost, financing and timing affect the project.
What We Will Build Together
2 Step-by-Step Working Sessions + Live Q&A
Section 01
Define The Project
- Property and acquisition assumptions
- Proposed unit count and unit mix
- Gross and rentable building area
- Development timeline
- Hold, refinance or sale strategy
Section 02
Build The Development Budget
- Land and closing costs
- Hard construction costs
- Soft costs and consultant fees
- Municipal costs and allowances
- Financing and carrying costs
- Contingency and commonly missed items
Section 03
Model The Income & Financing
- Rental revenue
- Vacancy and operating expenses
- Net operating income
- Construction financing
- Equity requirement
- Stabilized value and takeout financing
Section 04
Challenge The Deal
We will test what happens when:
- Land costs more than expected
- Rents are lower
- Construction costs increase
- Financing becomes more expensive
- The project takes longer
- Stabilized value changes
The objective is not to make every project look feasible. It is to understand what must be true before you decide to proceed.
WORKSHOP DETAILS
Two Live Working Sessions
This is not a prerecorded course or a passive webinar. We will build the model together, step by step, and leave time throughout the sessions to explain the assumptions and answer questions about the representative case.
Live Online: Join the workshops from anywhere
Dates: TBD
Time: 5-7 pm ET
Workshop Materials
Participants will receive:
- The completed illustrative Toronto multiplex pro forma
- A reusable blank version of the model
- Supporting assumptions and cost checklists
- The sensitivity analysis developed during the workshop
- Access to the recordings for 10 days
Your Investment
- Early Bird Rate: $395 + HST ($446.35) -
- Regular Rate: $495 + HST ($559.35)
FREQUENTLY ASKED QUESTIONS
Before You Register
What exactly will we do during the workshop?
In our first session, we built the pro forma for one defined Toronto multiplex case, step by step — this session works the same way, with an updated case.
Will you review my individual property or pro forma?
No. We will build and challenge one representative Toronto multiplex model together. The workshop does not include a review, validation, or feasibility opinion for each attendee’s individual property or project.
Will I receive the spreadsheet?
Yes. Participants will receive the completed illustrative model and a reusable blank version after the workshop. The model is provided for the participant’s own use and may not be resold, redistributed, published, or represented as a Solnik-approved feasibility analysis for another project.
Do I need advanced Excel experience?
No. Basic familiarity with spreadsheets will be helpful, but the workshop focuses primarily on development assumptions, financial logic, and interpretation—not on advanced Excel programming.
Is this workshop only for experienced developers?
No. It is intended for property owners, aspiring or first-time developers, investors evaluating multiplex opportunities, and professionals who want to better understand Toronto multiplex feasibility. It is not intended as a basic introduction to real estate investing.
Will this tell me whether my own property is feasible?
Not by itself. The workshop will provide a framework for evaluating feasibility, but an actual property requires site-specific planning, design, construction costs, financing, legal, tax, and market advice.
What happens if I cannot attend live?
Registered participants will receive access to the workshop recordings for 10 days. Because the workshop is interactive, live attendance is strongly recommended.
What is the cancellation policy?
Registrations may be cancelled for a full refund until 7 days before the workshop. After that date, registrations are non-refundable but may be transferred to another participant by providing written notice before the workshop.
Educational-use notice: This workshop and its materials are provided for educational purposes only. They do not constitute legal, planning, tax, accounting, appraisal, lending, engineering, architectural, investment, or site-specific development advice. All assumptions must be independently verified for an actual property or project.