Toronto Loft Conversions

We know classic brick and beam lofts! From warehouses to factories to churches, Laurin and Natalie want to help you find your perfect new loft. More »

Modern Toronto Lofts

Not just converted lofts, we can help you find the latest cool and modern space. There are tons of new urban spaces across the city. More »

Unique Toronto Homes

Not just lofts, we can also help you find that perfect house. From the latest architectural marvel to a piece of Toronto\'s Victorian past, the best and most creative spaces abound. More »

Condos in Toronto

We started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite. More »

Toronto Real Estate

For all of your Toronto real estate needs, contact the Jeffrey Team. Laurin and Natalie are dedicated to helping you find that perfect and unique new home to call your own. More »

 

Search Results for: century 21 real estate logo

Trump Opens Canada’s Tallest Condo Tower With $6 Million Toronto Suites

By Doug Alexan­der – Bloomberg​.com

Trump Inter­na­tional Hotel & Tower Toronto, Canada’s tallest res­i­den­tial build­ing, opened last week cap­ping a seven-year effort to bring the brand of bil­lion­aire Don­ald Trump to the country’s largest city.

The $500 mil­lion Trump tower is the first of three lux­ury hotel–con­do­minium projects open­ing this year in Toronto, after The Ritz-Carlton opened last year. The Four Sea­sons Hotel (FS) and Pri­vate Res­i­dences and the 66-story Shangri-La Toronto are also set to open this year.

Toronto’s rise of lux­ury hotel res­i­dences fol­lows a record year for tourism, with more than 9 mil­lion hotel-room nights sold in 2011, accord­ing to Tourism Toronto. The indus­try asso­ci­a­tion said the avail­abil­ity of lux­ury hotel options attracts “high-value vis­i­tors” to the city.

About 60% of the 118 res­i­den­tial units in the 65– story tower have been sold, with the remain­ing con­dos priced from $2.3 mil­lion to $6.3 mil­lion, accord­ing to Talon Inter­na­tional Devel­op­ment Inc., the owner and developer.

The build­ing also has hotel suites, owned by investors who can earn rev­enue when used by a hotel guest. About 85% of the 261 hotel rooms have been sold, with the rest priced from $967,000.

In this mar­ket, and at the prices I know those units have com­manded, that’s a pretty healthy ratio,” John Andrew, a real– estate pro­fes­sor at Queen’s Uni­ver­sity in Kingston, Ontario, said in a tele­phone interview.

An inter­na­tional investor bought a pent­house at Toronto’s Four Sea­sons for C$28 mil­lion, which the devel­oper said last year was the most expen­sive condo ever sold in Canada.

Lux­ury Tower

Talon, based in Toronto, bought the prop­erty at Bay and Ade­laide streets in the finan­cial dis­trict in 2004 and pro­posed a lux­ury tower with the Trump name. The Trump Hotel Col­lec­tion has a man­age­ment agree­ment to oper­ate the hotel, which was orig­i­nally slated to open in 2009. Design changes delayed the project, Talon said.

The closely held devel­oper arranged C$310 mil­lion in con­struc­tion financ­ing from Raif­feisen Zen­tral­bank Oester­re­ich AG (RZBOPA), an Aus­trian bank, in 2007 and started con­struc­tion with C$250 mil­lion in sales.

Buy­ers have come from around the world, with Cana­di­ans rep­re­sent­ing a “con­sid­er­able por­tion,” Talon Chief Exec­u­tive Offi­cer Val Lev­i­tan said in an e-mail. That por­tion is grow­ing as the project nears com­ple­tion, he said.

Early on, the bulk of pur­chasers were investors,” Lev­i­tan said. “Over the past cou­ple of years that mix has shifted much more towards peo­ple who are look­ing to use their suites as their pri­mary home, a down­town pied-a-terre or even as a cor­po­rate suite.”
Tak­ing Gamble

Investors of Toronto’s lux­ury units are tak­ing a gam­ble on a lim­ited mar­ket of wealthy vis­i­tors and dwin­dling prospects as com­pa­nies cut back on cor­po­rate travel, accord­ing to Andrew, direc­tor of the Queen’s Real Estate Roundtable.

I’m very skep­ti­cal that there is suf­fi­cient mar­ket to sup­port all of these hotels,” Andrew said in an inter­view. “There are not enough wealthy indi­vid­u­als run­ning around that are going to keep those hotels in business.”

Toronto will have about 1,000 lux­ury rooms after the Four Sea­sons and Shangri-La open, esti­mates Trump’s gen­eral man­ager Mick­ael Damelincourt.

Com­pared to what Chicago, Los Ange­les, Miami, Paris, Lon­don has to offer in terms of lux­ury hotels, it’s noth­ing,” Damelin­court said. “There is def­i­nitely a demand.”

Trump Hotel Col­lec­tion also over­sees five U.S. hotels includ­ing two in New York and one in Chicago, and a hotel in Panama.
Nobody Can Compete

If there is rivalry brew­ing among Toronto’s lux­ury hotels, the bil­lion­aire behind the brand name said he isn’t worried.

Toronto is a vibrant, great city. We have a great prod­uct,” Don­ald Trump told reporters Jan. 24 at the Amer­i­cas Lodg­ing Invest­ment Sum­mit in Los Ange­les. “Nobody will be able to com­pete with us.”

The Trump build­ing is in the heart of Toronto’s finan­cial dis­trict, ris­ing 277 meters (908 feet) among tow­ers bear­ing the logos of Canada’s largest banks includ­ing Bank of Mon­treal and Bank of Nova Scotia.

The Trump hotel fea­tures a two-level spa with pool, a 12,000-square-foot ball­room and 31st-floor din­ing at Stock Restau­rant Bar & Lounge. Rooms start at C$395 a night and go as high as C$20,000 for the 4,000-square-foot pres­i­den­tial suite.
‘Ele­vate Toronto’

Col­lec­tively, these lux­ury prop­er­ties help ele­vate Toronto to a level of being one of the elite cities in the world,” Alex Shnaider, chair­man of Talon, said in an e-mail. “It will ben­e­fit the city as a whole — mak­ing a great city even better.”

The hotel-condo idea remains “an unproven con­cept” for Canada, with uncer­tain invest­ment returns, said Yossi Kaplan, a Toronto real­tor with Your Choice Realty whose clients own units in the build­ing. Trump’s name res­onates more with for­eign investors than Cana­di­ans, he said, and most calls he gets on the project are from out­side the coun­try or recent immigrants.

Trump’s name was a draw for Toronto’s John Hut­son, who bought a 17th-floor hotel suite as an invest­ment and a 48th– floor two-bedroom condo to live in.

You asso­ciate Trump with spe­cial projects that have wow fac­tors,” said Hut­son, 50, a tax part­ner at Deloitte & Touche LLP whose office is a five-minute walk away. “The key is buy­ing the best. And from a qual­ity and loca­tion per­spec­tive, for my money, it’s Trump.”

—————————————————————————————————–
Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.

—————————————————————————————————–


Incom­ing search terms
  • how much is pres­i­den­tial suite at the trump in toronto
  • world­wide proptery port­fo­lio trump toronto
  • toronto condo pro­files live high trump inter­na­tional hotel & tower
  • The resistance movement

    Five years ago it seemed the gen­tri­fi­ca­tion of Park­dale was inevitable. So why hasn’t it happened?

    Danielle Groen – The Grid

    The lights are dim and the vol­ume inches higher at Parkdale’s new restau­rant, Grand Elec­tric. Bill With­ers is stuffed back into an album sleeve, replaced on the turntable by Dr. Dre’s The Chronic; in the crook of the L-shaped bar, two guys in their early 30s remind each other of the lyrics. It’s a Wednes­day in late Novem­ber, open­ing night, and every­one is crowded dark-denim-knee to dark-denim-knee. There are more than a dozen bour­bons lined up on wood shelves and as many Mex­i­can dishes scrawled on the black­board: tacos, pozole, pollo frito. At a red pic­nic table near the restaurant’s win­dow, a group of six demol­ishes the entire menu.

    So this is the new Park­dale, right? It’s the hip, well-heeled ful­fil­ment of a prophecy writ­ten six years ago on the yel­low stuc­coed wall of a Star­bucks seven blocks east: “Drake you ho, this is all your fault.” As soon as the Drake and Glad­stone made them­selves over and lured that green-mermaid bea­con of gen­tri­fi­ca­tion, it was only a mat­ter of time before the bistros and bou­tiques crept west past Duf­ferin, under Queen Street’s CN bridge, and reached into gritty Parkdale.

    Toronto Life first spot­ted gentrification’s fin­ger­prints back in 2005. In an arti­cle on Parkdale’s chang­ing land­scape, the mag­a­zine crowed, “Queen Street’s wild west­ern fron­tier is pret­ty­ing itself up faster than you can say yee-haw!” A year later, the Park­dale Lib­erty Eco­nomic Devel­op­ment Cor­po­ra­tion part­nered with Ryerson’s fourth-year urban plan­ning stu­dents on a study called “Man­ag­ing Gen­tri­fi­ca­tion in Park­dale.” And in early 2007, local politi­cians and city thinkers gath­ered at the library to pon­der the same, in a dis­cus­sion titled “Where goes the neighbourhood?”

    But so far, the shiny con­dos, which have come to dom­i­nate the east­ern side of the under­pass, haven’t been built. Parkdale’s social-service hubs remain—almost two dozen of them, in an area roughly bor­dered by Ron­ces­valles and Duf­ferin, the train tracks north of Queen and the lake. Step out­side Grand Elec­tric on a late Novem­ber night and you’ll find a pawn­shop imme­di­ately to the left. Along the same stretch, there are bright cof­fee houses and Asian gro­cery stores, a mul­ti­cul­tural asso­ci­a­tion and a Fran­cis­can food-service min­istry, a jew­ellery stu­dio, dentist’s office and a knit­ting café. There’s a legal-aid clinic and a com­mu­nity health cen­tre in the base­ment of which, this spring, a food co-op will open—Toronto’s first in 28 years.

    In the last four years, there was a lot of talk about what’s going to hap­pen to Park­dale,” says Heather Dou­glas, exec­u­tive direc­tor of the neighbourhood’s busi­ness improve­ment area. “We’ve seen some change, but nowhere near to the extent that every­body pre­dicted.” Alan Walks, a geog­ra­phy and plan­ning pro­fes­sor at U of T, agrees: “Park­dale is still one of the areas that is slow to be affected by the onslaught of gen­tri­fi­ca­tion in the inner city of Toronto.”

    What hap­pened here? Parkdale’s gen­tri­fi­ca­tion, it seems, was cut off mid-yee-haw; the west­ward march of Queen Street didn’t quite breach Dufferin.

    But because of the archi­tec­ture that Park­dale was given, and the stub­born­ness that Park­dalians bring, some­thing else has taken place. It’s not exactly gentrification—instead, it’s a more inclu­sive kind of evo­lu­tion, one that reflects and caters to the diver­sity of this neighbourhood’s res­i­dents and encour­ages them to stay put.

    In its clas­sic form, gen­tri­fi­ca­tion occurs when the social makeup of a neigh­bour­hood trans­forms from work­ing class to mid­dle class and higher. That’s often seen through the decon­ver­sion of rental hous­ing: Nice old build­ings, built orig­i­nally for owner occu­pa­tion then turned into rental units, are reclaimed by own­ers once more. A broader view of gen­tri­fi­ca­tion would include new con­do­mini­ums or for­mer ware­houses trans­formed into lofts, since they cre­ate space for mid­dle– and upper-class res­i­dents, as well. Either way, lower-income renters are out of luck.

    There are signs of clas­sic gen­tri­fi­ca­tion in the neigh­bour­hood. “Above Queen, espe­cially west of Lansdowne—that area has changed very much,” U of T’s Walks says. “The hous­ing is low-rise on beau­ti­ful streets, and a lot of the rentals there have been changed into owner-occupied houses.” Along the side streets north of Queen, Buga­boo strollers now appear about as often as shop­ping carts.

    I live on the sec­ond floor of a lovely, creaky Vic­to­rian row house near the Park­dale LCBO (loca­tion!), and I’ve been known to panic that every improve­ment my land­lord makes to the place is a trou­bling sign she wants to move back in. But then I reas­sure myself by softly repeat­ing: Park­dale is a com­mu­nity of ten­ants. Some 77% of us rent our hous­ing, com­pared to a city-wide aver­age of 32%. In South Park­dale, below Queen, that num­ber climbs to 91%. Ten­ants are here because the archi­tec­ture exists for them here: there are low– and high-rise apart­ment build­ings, bach­e­lorettes and enor­mous man­sions that were divided into units almost a cen­tury ago.

    If the dom­i­nant stock for rentals is main­tained in its cur­rent form, then the gen­eral social com­po­si­tion is likely to main­tain, as well,” says Walks. He cites the mid-rise, high-density apart­ment com­plexes along Jame­son Avenue—those sandy-brick boxes that sprouted up in the ’50s and ’60s—as an anchor for Parkdale’s low-income res­i­dents. Known locally as “the land­ing strip,” Jame­son has pro­vided the first home for waves of new immi­grants. In the 1980s, West Indi­ans and Tamils came; in the late 1990s, Tibetans did, and now they num­ber almost 2,000 in Park­dale. Three years ago, thou­sands of Roma joined them, flee­ing vio­lence in Hun­gary. Com­mu­nity iden­tity is strong here: In 2009, a pub­lic art project snapped 250 black-and-white head­shots of Jameson’s res­i­dents and tiled them onto tree planters that line the busy street.

    There’s the dan­ger that a condo behe­moth or two could dis­rupt all that. But ward coun­cil­lor Gord Perks thinks it’s an unlikely sce­nario. “Those apart­ments are built on very tight sites, so you couldn’t knock them down and put in some­thing big­ger,” he says. The com­mu­nity has also taken active steps to ensure that hous­ing remains for its lower-income res­i­dents. The Park­dale Pilot Project, a decade-long munic­i­pal pro­gram that legal­ized room­ing houses in Toronto, was com­pleted in 2009, with almost 80 houses licensed and improved. Because of that, Perks says, “we’ve cre­ated a hous­ing stock which means that close to 1,000 peo­ple can’t be dehoused by the marketplace.”

    Had hous­ing stock turned over and been replaced by glass con­dos for the upwardly mobile, Walks says, “You would’ve seen a lot of new busi­nesses move into Park­dale.” The reces­sion has, unques­tion­ably, played a role in slow­ing that devel­op­ment. But there’s another rea­son that it has been dif­fi­cult for bars and restau­rants (and bars mas­querad­ing as restau­rants) to find a toe­hold. “Gord Perks is play­ing a very, very active role in terms of new liquor licences,” Park­dale BIA exec­u­tive direc­tor Heather Dou­glas says.

    Exactly how active? Every time a liquor licence is applied for, the Alco­hol and Gam­ing Com­mis­sion of Ontario noti­fies the city; coun­cil­lors may then declare the licence to be against munic­i­pal inter­est. Perks does that every time. Gen­er­ally, licences are still granted, but not before he has sculpted some con­di­tions; Kanji Sushi, a restau­rant being built on Queen, saw 13 stip­u­la­tions added to its liquor licence. Among them: no audi­ble noise after 11 p.m. and, aside from spe­cial occa­sions, no cover charge.

    That’s not to say that Queen Street hasn’t become notice­ably louder and more crowded, espe­cially on week­end nights. Last year, Perks con­fessed to The Globe and Mail that he was con­cerned Park­dale would become the next West Queen West. But his fears have since abated. Or at least, he tells me, “It will be a long time com­ing, and over my dead body.”

    My friends are mostly east-enders now. They live in nicely appointed if archi­tec­turally unmem­o­rable houses; they get their cheese and cof­fee beans in Leslieville. None of them is really any closer to the down­town core than I am, but some­times it can be tricky to entice them under the Queen Street bridge, even if din­ner and drinks await on the other side. Occa­sion­ally, a mild joke is made about what else might await them there, too.

    There’s still that stigma of, ‘Why would I go to Park­dale?’” con­firms the BIA’s Dou­glas. “‘It’s all drugs, pros­ti­tu­tion, vio­lence.’” Samten Tser­ing, owner of Tsampa Café, arrived in the neigh­bour­hood from Tibet 10 years ago. At that time, he recalls, “I heard there were a lot of drug deal­ers, drug users, street hook­ers. I hear that still. But it’s not true! I don’t see it.”

    Toronto Police sergeant Jeff Zam­mit has patrolled Park­dale, on and off, for 24 years; he says friends and fam­ily con­tinue to raise an eye­brow when he men­tions where he works. “They’ll go, ‘Ooooh, that’s a bad area,’” he says. But by what met­ric is safety mea­sured? If it’s crime, then rates are down in Parkdale—by the end of 2010, the annual num­ber of sex­ual assaults had dropped from the pre­vi­ous year, and instances of theft, break­ing and enter­ing, rob­bery and assault had plum­meted by two-thirds. Crime cer­tainly hasn’t van­ished here: It remains a dense neigh­bour­hood with the inevitable big-city prob­lems. But across Toronto, the decline of those same rates is mea­sured mostly in sin­gle digits.

    And if it’s drugs, then the com­po­si­tion of drug users has also changed. While they are still a pres­ence in Park­dale, accord­ing to Zam­mit, mar­i­juana has largely replaced crack. “It’s a softer drug, so what we call our ‘clien­tele’ is a lot softer to deal with than your hard-nosed crack­head,” he says. “We have to dig to find crack use. Park­dale is very safe.”

    There is a dis­tance, then, that exists between the way Park­dale can be per­ceived by peo­ple who don’t live or work within its bound­aries and the way it is expe­ri­enced by those who do. The CN under­pass along Queen Street doesn’t just serve as the phys­i­cal bar­rier to Parkdale—it presents a psy­cho­log­i­cal bar­rier, as well: a scarcely lit, usu­ally pud­dled strip that promises the same kind of sketch­i­ness on its west­ern side. That can intim­i­date fam­i­lies, who might pre­fer to put down roots in Ron­ces­valles or the Junc­tion.

    But the dis­tance between the per­cep­tion of Park­dale and the real­ity has been present since the vil­lage was first incor­po­rated in 1879. Con­ven­tional wis­dom holds that the neigh­bour­hood began as Rosedale’s lake­side ana­logue, a leafy sub­urb sup­plied with expan­sive man­sions that catered to the über-rich. Only Park­dale never was a tony enclave—it may have pro­moted itself that way to the press and poten­tial land buy­ers, but its demo­graph­ics were, from the out­set, far more mixed. Because of its prox­im­ity to train tracks and fac­to­ries, half of Parkdale’s first house­holds were actu­ally work­ing class; the most com­mon occu­pa­tion at the time was “railwayman.”

    In the 1970s, thou­sands of mental-health patients were dis­charged en masse from Toronto’s insti­tu­tions, and more than half of them found their way from the nearby Queen Street Men­tal Health Cen­tre to Park­dale. This is usu­ally held up as the cat­a­lyst of the neighbourhood’s fall from grace; as the Toronto Star’s Joe Fior­ito writes, “We opened the doors of our var­i­ous asy­lums and let peo­ple fend for them­selves. So began the rapid con­ver­sion of our once-grand man­sions into room­ing houses.”

    But plenty of those once-grand man­sions were already gone. In the early 20th cen­tury, as clerks, car­pen­ters and seam­stresses moved in, many of the area’s estates—then con­sid­ered too large for sin­gle, ser­vant­less families—were refash­ioned into multiple-unit flats. When work­ers streamed into the city dur­ing the world wars, that hous­ing con­ver­sion only accel­er­ated; by 1951, a full 70% of the neighbourhood’s for­mer single-family dwellings had been par­celled into apart­ments. De-institutionalized patients chose Park­dale because room­ing houses already existed for them there.

    Park­dale has never been an easy place to accu­rately define. But sad­dled with a stigma that makes too much of its pre­cip­i­tous decline, it has become an easy place for gen­tri­fiers to overlook.

    By legit­imiz­ing cer­tain ways that peo­ple live, they can par­tic­i­pate in soci­ety,” says Vic­tor Willis, exec­u­tive direc­tor of the Park­dale Activ­ity Recre­ation Cen­tre (PARC), a drop-in com­mu­nity cen­tre near Sorau­ren Avenue. Early this year, PARC opened a sup­port­ive hous­ing unit next door for mem­bers bat­tling addic­tion and mental-health issues. The 1913 her­itage build­ing that con­tains the unit had become one of Toronto’s largest ille­gal board­ing houses, with 55 rooms and fewer than 10 toi­lets; in 1998, a fire there killed two peo­ple and left 49 more home­less. Now renamed Edmond Place, the prop­erty boasts 29 self-contained, afford­able apart­ments and a 50-year lease from the city.

    When PARC first pro­posed Edmond Place at the end of 2006, there was con­sid­er­able resis­tance from the Park­dale com­mu­nity. “I had been in office three days,” recalls Perks. “And I had to go to a meet­ing and lis­ten to a group of res­i­dents com­plain that it would lead to low-income men stand­ing on Queen Street smoking.”

    Willis and his col­leagues real­ized they could improve how they engaged with the neigh­bour­hood, so they hired 10 ambas­sadors from the cen­tre and sent them out to speak with busi­ness own­ers and res­i­dents on PARC’s behalf. “We shared our expe­ri­ences with men­tal health or addic­tion,” says Ter­ence Williams, an ambas­sador who him­self strug­gled with men­tal ill­ness and had been home­less for two years. “Peo­ple learned that we were really involved here. There had been a lot of NIM­BY­ism, but with most of the com­mu­nity, we went from a space of NIMBY to a space of YIMBY: yes in my back­yard.” When Edmond Place held an open house in late 2010, nearly  $10,000 was raised from the com­mu­nity through dona­tions at the door.

    As Parkdale’s exist­ing neigh­bours have moved toward greater tol­er­ance for all mem­bers of their com­mu­nity, new res­i­dents have also brought with them a sense of social con­science. Roger Rien­deau, pres­i­dent of the Park­dale Res­i­dents Asso­ci­a­tion, has seen an influx of young Toron­to­ni­ans in the area, buy­ing houses or becom­ing renters. “What I’m impressed by is their more inclu­sive atti­tude,” he says. “I moved to Park­dale in 1983. The gen­er­a­tion that lived here then would have been fear­ful of diver­sity, because they aspired to a more homo­ge­neous Park­dale. But I’ve found the thir­tysome­thing gen­er­a­tion is mov­ing in because of the diver­sity, rather than in spite of it. They like the nature of the community.”

    Perks agrees. “No one in their right mind moves to Park­dale if they want every­one to look the same and act the same,” he says. “So there is a bit of self-selection that goes on.”

    That’s true not just for the neighbourhood’s res­i­dents, but for the com­mer­cial space in the area, as well. Busi­nesses are com­ing to Parkdale—50 new ones in the past two years, although at eight% the vacancy rate is four times as high as neigh­bour­ing Ron­ces­valles and West Queen West. Still, what’s opened here recently is a reflec­tion of Parkdale’s com­plex makeup: a Tim Hor­tons, not a Star­bucks; vin­tage shops like Philis­tine and more upscale restau­rants like Keriwa Café; social ser­vices such as Edmond Place and the Break­away methadone clinic.

    The BIA’s Heather Dou­glas has noticed a con­certed effort by new busi­nesses to work with the char­ac­ter of Park­dale, not against it. “They’re not chang­ing the face of Parkdale—they’re adding to what’s already here,” she says. “We’re not quite shiny. But we like that.” That’s why, she explains, when the BIA designed its new logo in 2009, the name Park­dale was writ­ten on an obvi­ous slant. “It’s not exactly straight. It’s got its own edge.”

    Not every­thing is exactly straight at Grand Elec­tric, Parkdale’s new Mex­i­can restau­rant, either—likely because own­ers Ian McGrenaghan and Colin Tooke built much of it them­selves, often after watch­ing YouTube videos on how to oper­ate power tools. An unframed map, tacked on the wall, is illu­mi­nated by a string of light bulbs; the striped nap­kins are actu­ally IKEA tea tow­els. It all feels far less glossy, far more DIY than your typ­i­cally gen­tri­fied bar.

    We want this restau­rant to be as approach­able and inter­est­ing as pos­si­ble,” McGrenaghan says. “It’s rare to find a neigh­bour­hood that’s not fully gen­tri­fied and that’s filled with nice, sup­port­ive peo­ple from all ends of the spec­trum.” The appeal of the loca­tion, he says, is the peo­ple cur­rently com­ing through the door, not the higher-income peo­ple who might swing by in a few more years. “I’m not blind to the fact that a condo is going up,” McGrenaghan says. “But we’re enam­oured with Park­dale as it is now.”

    Ah, yes, the condo. Ten years ago, Royal Queen Devel­op­ment pur­chased land at the south­west cor­ner of Queen and Duf­ferin; this spring, it intends to break ground. Res­i­dents are watch­ing that cor­ner care­fully, wait­ing to see if Q Loft is finally the har­bin­ger of Parkdale’s long-anticipated gen­tri­fi­ca­tion. Prob­a­bly not. “Almost 30 years of liv­ing in Park­dale has taught me that our diver­sity is not going away,” says the res­i­dents association’s Rien­deau. When Q Loft pre­sented its blue­prints to the com­mu­nity, the com­mu­nity, char­ac­ter­is­ti­cally, came back with ideas of its own: Instead of the pro­posed glass, a brick façade would bet­ter match Parkdale’s land­scape; the major­ity of Q Loft’s eight sto­ries should be stepped back from the street. Changes were made on the basis of this dia­logue. And Q Loft says half of the 50-odd units already sold have been ear­marked for rent, in keep­ing with Parkdale’s tenant-heavy composition.

    Cer­tainly, the con­do­minium will have an effect on the area, and per­haps another devel­oper will be tempted to fol­low suit. But any Park­dalian too con­cerned about Q Loft’s impli­ca­tions need only glance at the map it uses online to entice prospec­tive buy­ers. The major­ity of restau­rants, shops and ser­vices on Parkdale’s side of Duf­ferin have been left off entirely; instead, it stretches east, loop­ing down to Lib­erty Vil­lage and extend­ing all the way to Bathurst. Posi­tioned next to fit­ness clubs, Trin­ity Bell­woods Park and the Drake Hotel, Q Loft stands con­spic­u­ously at the map’s west­ern­most edge. The condo has already found its gen­tri­fied neighbourhood.

    ———————————————————————————————————————
    Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

    Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
    They did not write these arti­cles, they just repro­duce them here for peo­ple
    who are inter­ested in Toronto real estate. They do not work for any builders.

    ———————————————————————————————————————

    Toronto Real Estate on Facebook     Toronto Real Estate on Twitter     Toronto Real Estate on LinkedIn


    Incom­ing search terms
  • effects of tibetan immi­grants on park­dale neighbourhood
  • Toronto’s king of clubs turns to hotels

    By Tony Wong – Toronto Star

    Charles Khabouth is no stranger to rolling the dice when it comes to churn­ing out new ven­tures aimed at fickle consumers.

    As Canada’s largest night­club oper­a­tor he is an estab­lished brand, the most pow­er­ful man in Toronto’s enter­tain­ment dis­trict. A pope to the city’s night denizens hopped up on lychee mar­ti­nis and techno.

    But his lat­est project is his biggest gam­ble yet. And this time he’s put his name on it.

    Khabouth is build­ing a $150-million hotel and con­do­minium named Bisha. That’s short for Bechara, Khabouth’s child­hood name.

    You can hardly miss it. A giant bill­board embla­zoned with his logo is already planted at 56 Blue Jays Way, the for­mer home of the Sec­ond City com­edy troupe in down­town Toronto.

    The size of the ven­ture begs the ques­tion: Khabouth has con­quered the club world, but can he suc­ceed in North America’s tough­est condo market?

    Toron­to­ni­ans are spoiled for choice when it comes to boxes in the sky. In the sec­ond quar­ter of the year the city had 272 con­do­minium projects on the mar­ket — the most of any met­ro­pol­i­tan area on the con­ti­nent. Another condo? Yawn. Another bou­tique hotel? Take a number.

    We want to be able to have the hip fac­tor of a bou­tique hotel, but with the atten­tion to detail of a Four Sea­sons,” says Khabouth.

    There is saw­dust in the air, and ear­lier in the week his sales office was cov­ered in plas­tic sheets, but Khabouth’s vision is tak­ing shape.

    It all starts with the doors,” says Khabouth, point­ing to over­sized, ornate dark wood doors with elab­o­rate gold han­dles. “That’s the first thing peo­ple see. Impres­sions count.”

    Khabouth’s style is Prince of Per­sia meets Philippe Starck. In his restau­rants, vel­vet and gold accents and dan­gling beaded cur­tains clash with angu­lar gran­ite and glass, recre­at­ing the Per­sian lounge for the 21st century.

    Not sur­pris­ingly, the new project will be opu­lent, with a dis­tinctly night­club vibe.

    Bisha’s hotel will have two themed floors: a black and red themed Rock and Roll floor, and a Hol­ly­wood Floor with a Bev­er­ley Hills vibe. Like his clubs, there will be a huge amount of space — 30,000 square feet devoted to ameni­ties includ­ing food and bev­er­age and a fit­ness centre.

    On top of the 41-storey devel­op­ment, Khabouth’s INK Enter­tain­ment, along with Life­time Devel­op­ments prin­ci­pals Mel Pearl and Sam Her­zog, plan to build 332 condos.

    We want to cre­ate a hotel brand from scratch,” says Pearl. “This hasn’t been done in Toronto since Issy Sharp built the Four Seasons.”

    The part­ners hope that the Bisha con­cept can be expanded to other cities to take a place among other hip hotel brands, such as W and Thomp­son Hotels.

    The con­cept might sound silly. Who would care about a Johnny-come-lately Cana­dian brand when the world is filled with bou­tique wannabees?

    That was the ques­tion Pearl asked him­self when he set to build a hotel in Toronto. Life­time started out as a low-rise devel­oper before branch­ing into down­town con­dos. The com­pany cur­rently has eight projects on the mar­ket, with a C.V. that includes part­ner­ships in Lib­erty Mar­ket Lofts and the Four Sea­sons Hotel and Res­i­dences, the highest-profile condo project in the city.

    But devel­op­ing a new brand is a lot riskier than sim­ply hir­ing a man­age­ment com­pany such as a Ritz Carl­ton or Trump. The part­ners know that get­ting a cus­tomer to com­mit to an over­priced Red Bull or two is one thing. Sell­ing con­dos that will go from more than $300,000 to over $1.5 mil­lion will prove more difficult.

    Pearl hooked up with Khabouth through Bisha designer Alessan­dro Munge, who had worked for both men. Pearl, a youth­ful look­ing 55-year-old with a pen­chant for jeans, already knew Khabouth by reputation.

    Khabouth, 49, grew up in Lebanon. Even though he has cou­ture tastes — he owned his own Hugo Boss bou­tique, drove a Fer­rari and his wife is a for­mer model — Khabouth wears a sig­na­ture dark urban safari jacket and could eas­ily be mis­taken for a bike courier.

    He worked three jobs in high school; his first was at a McDonald’s. When he was 22, he started his first night­club with a $30,000 loan. He hit it big when he used the pro­ceeds from his first ven­ture to rent a decrepit space at Rich­mond and Dun­can in 1986, cre­at­ing what would become the city’s enter­tain­ment district.

    The pri­vately owned INK gen­er­ates now more than $30 mil­lion in rev­enues annu­ally, accord­ing to Khabouth. It owns and oper­ates the mas­sive Guvern­ment and Kool Haus night­club com­plex on the city’s water­front, the largest such venue in Canada with more than 50,000 square feet on the main floor, and the This Is Lon­don night­club in the enter­tain­ment dis­trict. It also owns the Drag­on­fly Night­club in Casino Nia­gara and a string of restau­rants, includ­ing Ultra Sup­per Club on Queen Street and Spice Route, an Asian-influenced bistro bar on King Street West.

    This year, Khabouth is finally being rec­og­nized by the main­stream busi­ness com­mu­nity. He is on the short list of nom­i­nees for an Ernst & Young Entre­pre­neur of the Year award.

    Khabouth has been likened to Canada’s Ian Schrager, the for­mer Stu­dio 54 owner cred­ited for cre­at­ing the widely copied bou­tique hotel con­cept in Manhattan.

    He was the Toronto orig­i­nal, here before the über-hip Drake and Glad­stone hotels. Before Peter Freed devel­oped the city’s west end and brought in a newly opened Thomp­son Hotel with its rooftop pool par­ties. But it took him a lot longer to get in the business.

    Khabouth under­stands the irony. The man who orig­i­nated the lifestyle club looks like he’s com­ing late to the all-night party he started.

    And besides, Canada already has a bou­tique chain. Khabouth was beaten to the punch by Que­bec City’s Chris­tiane Ger­main. In the ’90s she stayed at Schrager’s first hotel, Mor­gans in New York, and was inspired to do some­thing north of the bor­der. (A Hotel Le Ger­main in Toronto opened in 2002; a sec­ond is planned to open this fall beside the Air Canada Centre.)

    Being late is one thing, but it doesn’t mat­ter how late you are if you’re incom­pe­tent,” argues Pearl. “I think peo­ple who buy into Bisha will see that they are get­ting value, they will see it in the execution.”

    The devel­op­ers under­stand that just because you build it, patrons won’t nec­es­sar­ily appear. You need buzz.

    This is, per­haps, the entrepreneur’s com­pet­i­tive advan­tage in the hotel game.

    Under INK, Khabouth books dozens of musi­cal acts every year and plays host to celebri­ties and rock stars in his many clubs. Last year, he esti­mates he rented more than 1,500 rooms at Toronto hotels to host his out-of-town acts. This year INK was the offi­cial host for the Much Music Video Awards, orga­niz­ing offi­cial after par­ties for stars such as Justin Bieber and Miley Cyrus.

    In the brave new world of prod­uct place­ment, nowhere is the power of celebrity more pro­found than in the hos­pi­tal­ity indus­try. You are where you dine and sleep.

    Today, paparazzi in front of Nobu in New York or Thompson’s Hol­ly­wood Roo­sevelt pro­vide per­fect global mar­ket­ing. Whether it’s hand­bags or hotel rooms, celebri­ties move product.

    I know this city,” says Khabouth. “I know the hotels. I know the night­clubs. I know the peo­ple. I’m not say­ing this because I’m try­ing to boast. It’s a fact.”

    Pierre Bergevin , pres­i­dent of real estate con­sul­tancy Cush­man & Wake­field, says there is still room for good bou­tique hotels in the city.

    Just try and get a room dur­ing the film fes­ti­val,” says Bergevin. “They attract a higher-spending cus­tomer with good dis­pos­able income that isn’t nec­es­sar­ily on a cor­po­rate budget.”

    Bergevin says the small size of the hotels also means that there is less chance of saturation.

    But like hip night­clubs, hot hotels can be yesterday’s news. Main­tain­ing an edge will be chal­leng­ing. And then there is the ques­tion of too much product.

    What keeps me awake at night? That the (condo) mar­ket will crash,” Khabouth says bluntly.

    Sales in the new condo mar­ket were down 8% in the sec­ond quar­ter of 2010 com­pared with the first. Some ana­lysts say there are already too many projects on the market.

    Pearl remem­bers 1989 in Toronto all too well. His com­pany had 40 low-rise homes in North York that had been sold. Only four closed the year the bub­ble burst.

    We learned some hard lessons,” says Pearl. “You never say never — the econ­omy can always go south. Or your ego can get the bet­ter of you.”

    Pearl says he has seen too many projects fail because of hubris. Of devel­op­ers who think it’s cool to get into the hotel and restau­rant busi­ness because they want to hang out with models.

    This isn’t about van­ity, about hav­ing a place to crash,” says Pearl. “We’ve seen that movie before. Our num­bers have to work.”

    Pearl says Life­time is con­ser­v­a­tively man­aged and takes on strate­gic part­ner­ships to diver­sify. Khabouth claims he is not lever­aged on any of his exist­ing com­pa­nies. The part­ners say they are fund­ing the start-up costs, includ­ing the elab­o­rate show­room, entirely with cash.

    Once con­struc­tion starts, the build­ing will be debt financed. But first, they have to sell con­sumers on the idea of buy­ing into the Bisha lifestyle.

    Adver­tis­ing for Bisha shows a sen­su­ous black and white image of a woman’s face, blind­folded by a lace hand­ker­chief. It sug­gests the good life with a hint of S&M, not all that dif­fer­ent from the under­ground club scene Khabouth helped cultivate.

    But after con­quer­ing the club world, it remains to be seen whether he can cre­ate a hotel brand that will bear his name.

    This is tak­ing every­thing I know — all my dif­fer­ent skills — and putting it in one project,” says Khabouth. “It’s some­thing that hope­fully will be around for my kids and grandkids.”

    ————————————————————————————————————–

    Con­tact the Jef­frey Team for more infor­ma­tion  -  416−388−1960

    ————————————————————————————————————–


    Incom­ing search terms
  • charles khabouth wife
  • charles khabouth ferrari
  • charles khabouth con­tact info
  • s & m club toronto