Pre-Construction Condo Opportunities
I’ve lived in Leslieville near Queen and Logan for 11 years now and the changes to the area during this time have been quite remarkable. And there is a lot more change to come!
There are several condo development projects which have recently launched, or will be launching very soon. There is the new four building Riverside Square project by Streetcar just west of Queen and Broadview; the new Daniels project just east of Queen and Logan where Jim’s Restaurant and the garage lot is located; and the redevelopment of the Broadview Hotel (formerly Jilly’s). This is a considerable amount of development in just a few short blocks! This area along Queen Street East, between the DVP and Carlaw, will undergo a tremendous amount of change over the next four years – as if it hasn’t already! And, just across the bridge west of the DVP is River City, a 4 phase condo project (2 phases are now complete). Beside it will be the Canary Condos – and the list goes on and on!
Interested in buying a pre-construction condo?
There are generally two reasons to buy a pre-construction condo:
1) Appreciation / Investment potential is high
2) The opportunity to live in a brand new unit and choose all of your own finishes is attractive to many
Please see below for details on just a few of the interesting current and upcoming projects. If you have questions about these developments, or purchasing a pre-construction condo in general, please feel free to give me a call anytime!
River City (West Donlands)
River City, by developer Urban Capital, is a four phase condo development project located just west of the Don Valley and just south of King Street.
Phases 1 and 2 are now complete. Phase 1 consists two black condo buildings – one 16 storey building along King Street East and the second 6 storey building along Lower River Street. Both buildings are connected by a 3 storey enclosed bridge. Phase 2 is a 12 storey white condo tower to south and immediately beside the other two buildings. In the middle of the three buildings is a pretty sleek looking, however somewhat small, outdoor pool.
There are plans to build another 480 condos over the next few years in two more buildings. Phase 3 consist of a 29 storey tower to the south of where the current condo buildings have been built and beside it will be another 11 storey condo building (Phase 4).
The Canary District
Dundee Realty and Kilmer have partnered on this project. Anchored at Front and Cherry Street, the Canary District is where the 2015 Pan Am Village was located. It is also adjacent to Waterfront Toronto’s spectacular new 18-acre Corktown Common park. With an emphasis on maximizing green spaces through courtyards, laneways, on terraces and along secondary pedestrian routes, Canary District will be a highly walkable neighbourhood, designed with health and wellness in mind.
The master site plan for Canary District shows the various components of the entire neighbourhood, which will be built in phases. The first phase will be Canary District Condominiums (Block 11) as well as George Brown College Residence (Block 1) and YMCA (Block 14). This will be immediately followed by Canary Park Condominiums (Block 4), and Blocks 3 and 15 (affordable rental housing). Future phases will include Blocks 12, 13 and 16 (market condominiums).
The Canary District development is a mixed-use community that will boast a variety of different housing options. Canary Park itself is made up of two mid-rise buildings, one at 12 and the other 16 storeys, along with loft units and townhomes, totalling 437 units. All of the buildings in the Canary District have been designed to reach LEED Gold Standards and will feature green roofs. Altogether when the District initially opens in 2016, there will be 808 market units, 253 units will be designated as affordable housing. There will be a George Brown College residence as well, connected to the Cooper Koo Family YMCA, the city’s newest fully outfitted recreation centre and to which the Canary District residents will have close access. Retail will be found at ground level along the district’s central spine, and pedestrian friendly 30 to 40 foot wide granite paved walkways along Front Street will connect the neighbourhood to the 18 acre Corktown Commons, which itself connects to more than 1800 km bicycle and pedestrian trails extending through Toronto and across Southern Ontario.
Redpath Condo Development (Yonge & Eglinton)
A project by Freed and Capital Investments who feel that this is one of the most exciting condominiums to launch in Toronto this year, and one with a substantial investment upside.
Yonge and Eglinton is going through massive transformation in a few different ways. The massive government investments in public transit and the new LRT line (costs over $5 billion dollars), will significantly improve the way people use public transit though the city, making Yonge and Eglinton one of the citys Transit Anchor hubs (per city of Toronto). In addition, public sector investments will result in increased density, employment, and population – all indicators for future price increases in real estate. (Occupancy fall 2018)
7 St. Thomas Street (Bay & Bloor)
This new commercial condominium project behind the Manulife Centre promises to be a stunning looking building and a fantastic investment opportunity.
Why pay rent when you can own your office space? Condominium office ownership allows companies the ability to lock in their occupancy costs, therefore giving them greater control on their future expenditures. From an investment perspective, when purchasing in a prime location, the ability to profit from the long term appreciation is major asset.
These are just a few of the many, many new and exciting condo development projects going on right now in Toronto. For more information on these, or other development projects, please feel free to contact me anytime!