Tag Archives: lanterra developments
Is Toronto’s condo market at a crossroads?
Mega-projects and towers flood city despite growing concerns
Russ Blinch – Reuters
Barry Fenton walked to the bank of floor-to-ceiling windows in his 30th-floor uptown Toronto penthouse suite and declared, “This is the best view of the city.”
To the south, a mass of steel-and-glass skyscrapers glinted in the bright autumn sun. Several cranes were in motion on unfinished buildings, a common sight in a city in the midst of a residential building boom.
“If you look around the core, every building you look at has a different look to it, a different ambience,” said the energetic co-founder of Lanterra Developments, one of the city’s most active builders. “That’s important.”
Mr. Fenton, 56, says he is confident the city’s condominium market will remain strong – despite warnings that it is all moving too far, too fast – and has an ambitious lineup for future development. And he is not alone in his optimism.
Toronto’s seams are bursting with new condo and hotel towers designed by star architects like Frank Gehry and built by famed developers like Donald Trump.
But Mr. Fenton and others face formidable obstacles: an infrastructure buckling under soaring density rates, the laws of supply and demand and preservationists who says too many new towers are destroying the city’s character.
Canada’s central bank drew a bead on the city of 2.6 million this month in its weighty “Financial System Review,” warning of “potential future supply imbalances” in the condo market.
The Bank of Canada noted that the number of unsold condominiums in pre-construction has doubled, to 14,000, over the past year.
Greater Toronto home sales have slowed after years of steady increases. Sales fell 16% in November from the same month a year ago, according to the Toronto Real East Board. So far, however, prices are flattening, not falling, as some analysts have predicted.
In defiance of warnings by the central bank and economists, two mega-projects were unveiled within days of each other in October – a three-tower condo complex to be designed by Gehry and a multi-tower office project that includes a massive casino.
RACE TO THE TOP
More skyscrapers – 147 of them – are being built in Toronto than anywhere in North America, according to Emporis, the German data provider. That is twice as many as in New York, a city with about three times the population.
Toronto is getting taller fast. Fifteen buildings that will be more than 150 meters high are under construction, more than anywhere in the western hemisphere.
The recently completed Trump International Hotel topped out at 277 meters, just shy of Toronto’s tallest skyscraper, the 72-story First Canadian Place, which is 298 meters. That height could be exceeded by a couple of major projects on the drawing boards, including the Mirvish project.
(The city’s tallest freestanding structure, however, is the CN Tower, which soars over Toronto at 553 meters.)
“Toronto is creating a very sustainable future by building condos downtown,” said Daniel Libeskind, the American architect, who was in Toronto in October for a ceremony for one of his latest projects, the 57-story L Tower, with its sweeping, curvaceous, design that rises above the city’s modernist Sony Center for Performing Arts.
“It fights urban sprawl and brings people into the heart of the city.”
While building in big American cities and in Western Europe cratered following the financial crisis four years ago, Toronto never stopped booming. Demand for residential space has been strong, and while the office market has also been healthy, most of the new developments have been for condo projects.
Lanterra’s Mr. Fenton said his company has built some 9,000 condominium units in Toronto over the past 10 years and now has “in the hopper” up to 6 million square feet of property in downtown Toronto that is being rezoned for new projects.
Lanterra gained prominence over the past five years for the development of Maple Leaf Square, which included two condo towers, a hotel and office space, near the city’s hockey shrine, Air Canada Center, on land that had sat vacant for years.
Now it is “one of the hottest places to be,” said Mr. Fenton.
“ONE TOWER LEADS TO ANOTHER”
Some worry that Toronto can’t handle much more development.
Despite decades of debate about transportation policy, Toronto has just two subway lines, a fleet of charming but lumbering streetcar lines and crumbling roadways.
Commuters in Toronto spend at least 80 minutes in traffic a day, on average – worse than what commuters face in London or Los Angeles – according to the Toronto Board of Trade.
Toronto’s City Planning Department did not respond to numerous requests for comment.
There is also concern about soaring neighborhood density rates. The city’s waterfront area has seen the most growth. Its population has soared 134% in a decade and is up 66% in the past five years, to 43,295, according to city data.
Toronto’s aging energy grid is strained. In July, downtown Toronto endured an eight-hour blackout after a transformer blew due to high demand. There was a similar outage last January.
THE MEGA-PROJECTS
Now two of the most ambitious projects the city has ever seen are being floated.
First out of the gate was theater impresario David Mirvish, who with his father, the late Ed Mirvish, helped create Toronto’s vibrant arts and theater scene.
In early October, Mirvish unveiled a plan for three condominium towers, with up to 85 floors each, that would be the city’s tallest buildings.
A podium at the buildings’ base would house two museums, including one for the Mirvish family’s contemporary art collection.
The Mirvish buildings would be designed by Gehry, the celebrated Canadian-born architect whose 76-story 8 Spruce Street residential tower was just completed in New York.
“These towers can become a symbol of what Toronto can be,” the 83-year-old Mr. Gehry said at project’s unveiling. “I am not building condominiums, I am building three sculptures for people to live in.”
Two weeks later, Oxford Properties Group, a Canadian developer with a $20-billion global real estate portfolio, announced a $3 billion makeover of the downtown convention center, just south of the Mirvish and Gehry project. It envisions a casino, two hotel towers and two office towers that would be among the tallest in the city.
Adam Vaughan, a city councilor whose district would encompass both projects, said a lot more planning is needed. He had kinder words for the Mirvish proposal – “it’s a transformative and astonishing proposal” – than for Oxford’s project, which he called “all out of proportion.”
“It’s time to have a really smart conversation about how we are building this neighborhood because there is a hell of lot of density arriving not just with this project but with all the projects that have been approved,” he said in an interview.
AT THE KIT KAT
Al Carbone, owner for the past three decades of the Kit Kat restaurant, doesn’t think people like Mr. Vaughan are listening to him, as the councilor and other politicians are not heeding the growing concerns about the rapid pace of development.
He said buildings are springing up too close to lot lines, creating jammed sidewalks and alleyways. And the sun does not shine on the streets like it once did.
He supports the Mirvish project, which would preserve his street, known as Restaurant Row. But he is battling a separate 47-story building that would go up steps away from his restaurant.
The plan, which still must be approved, would retain the historic facades of buildings on the street, which Mr. Carbone believes will destroy the character of the row.
“It’s a tough battle,” said Mr. Carbone, who launched the website SaveRestaurantrow.com to drum up support in opposition to the project. “You can’t have a condo on every corner.”
WHERE IS TORONTO HEADED?
Some believe Toronto is at a crossroads as developers, politicians and citizens debate the rapid changes the city’s urban landscape.
David Lieberman, an architect who also teaches at the University of Toronto’s architectural school, agrees the new developments have been good for the city, but he is not sure the city’s citizens are ready for it.
“We have such an excellent opportunity to get things right, but there is the Canadian conservatism,” Mr. Lieberman said, sipping coffee in his studio in an old downtown Toronto house. “Canadians in their city building are not risk takers.”
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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.
—————————————————————————————————–
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Stellar sellers in GTA condo market
Lisa Van de Ven – National Post
Whether you’re in the market for a big-name amenity-rich condo-hotel, or an intimate boutique building with all of the finest features, Toronto’s luxury developers have something for sale. Here’s what’s on offer in the Greater Toronto Area’s luxury condominium market.
The Residences at the Ritz-Carlton, Toronto
Delayed gratification isn’t your thing? Then The Residences at the Ritz-Carlton, Toronto may be. With the condo-hotel built and occupied, and the amenities up and functioning, there’s not much you’ll have to wait for. “Anyone walking in to buy today gets the full ambience of luxury,” says Barbara Lawlor. And the building by Graywood Developments, Cadillac Fairview and Ritz-Carlton comes with all of the fixings you’d expect from a five-star hotel: There’s 24-hour concierge service, a doorman, valet parking and a spa, to name a few. “Residents can enjoy The Ritz’s legendary service in their home,” says the president of Baker Real Estate, the site’s exclusive broker. Remaining suites range from 1,512 to 6,020 square feet and from $2.1-million to $9.65-million.
One Bloor
If a building’s success starts with its location, One Bloor went in with winning odds. In Toronto, it’s hard to get better than the junction of Yonge and Bloor streets, on two subway lines, close to shopping and a jaunt from Yorkville. Developer Great Gulf created a building worthy of the site. The 75-storey Hariri Pontarini-designed glass-clad tower is now under construction. “It’s beautifully curvaceous,” says Alan Vihant, Great Gulf’s senior vice-president of high-rise. “It has these great lines, great curves, a very sensuous form.” Remaining suites range from 530 to 1,727 square feet and from $534,990 to $1,831,990.
Bisha Hotel & Residences
What exactly is “affordable luxury?” For one, it’s what Lifetime Developments and INK Entertainment were striving for at Bisha Hotel & Residences. And according to Mel Pearl, that meant smaller units and more emphasis on the lifestyle outside the suites’ walls. “We wanted people to be engaged in living beyond their condo,” says the Lifetime principal. “A great place is when the bar and the restaurant is busy.” And the condo-hotel will have a lot of public amenities to keep crowded, including a 24-hour café, a bar and lounge, a casual dining restaurant and a rooftop restaurant. Suites range from 379 to 699 square feet and from $303,900 to $532,900.
Living Shangri-La Toronto
Living Shangri-La may not have the same brand recognition in Canada as it has in Asia, but the Toronto location at University and Adelaide has certainly seen its share of success. The 66-storey condo-hotel is now 85% sold out, with occupancy underway. Buyers have come from around the world. “There’s no specific buyer group – we’ve had all types of people,” says Michael Braun, marketing manager for Westbank Corp., which developed the site with Peterson Group. “There are single people and older couples, as well some who bought a suite for their kids or someone in their family attending university in Toronto.” Suites range from 891 to 4,431 square feet and from $993,600 to $9,322,500.
133 Hazelton Residences
“It’s not really downsizing,” says Sam Mizrahi of the lifestyle he’s offering in the boutique project 133 Hazelton Residences. While many of the site’s buyers are coming from low-rise homes, they’re moving into suites that are nearly 3,000 square feet. “They’re looking at this as the next chapter in their life,” says the president and CEO of Mizrahi Developments. With only 35 units in total, the building, which started construction in July, promises an intimate environment and prime location – in fact, its Yorkville address is a big part of its draw. Remaining suites range from 1,600 to 2,400 square feet and from $1.8-million to $3.2-million.
The Perry
Bigger is not necessarily better. With just 45 units, The Perry may not have the heft of some of Toronto’s other luxury sites, but that’s exactly the point. “We’re truly designing a boutique building in terms of scale,” says Maryam Mansouri. Buyers at the intimate project will still be knee-deep in luxury, though, with a one-year membership to the concierge service Quintessentially in addition to the 24-hour onsite concierge, and a prime Avenue and Davenport location. “It has the essence of peace and tranquility, being in the Annex, yet it’s steps from Ramsden Park, Yorkville, Bloor and top-notch restaurants and shopping,” says the vice-president of site developer Mansouri Living. Suites range from 540 to 1,458 square feet and from $344,990 to more than $3-million.
Trump International Hotel & Tower, Toronto
An international brand doesn’t always mean international buyers, but for the Trump International Hotel & Tower, Toronto that’s exactly the case. About 60% of the condominium-hotel’s buyers are from outside of Canada, which still leaves enough Canadian residents to stock up on maple syrup. And with the building well into construction, those purchasers will be able to start moving in later this year, enjoying services such as onsite catering and the use of two chauffeured S-class Mercedes. “The hotel below and the five-star services are great attributes for residents and really add to their lifestyle of convenience,” says the site’s director of marketing, Howard Tikka. Remaining suites range from 1,310 to 3,273 square feet and from $2.3-million to $6.6-million.
Four Seasons Private Residences Toronto
Think of “luxury” and “Toronto” and there are a few condominium projects that immediately come to mind. For most, the Four Seasons Private Residences Toronto is on the top of that list. The condominium-hotel, first announced in July 2005, is now coming to completion. The hotel itself opens Oct. 5, while condo occupancy has been underway since September. “I know some of the other mixed-use condos have attracted more of an international buyer, but for us it’s been predominantly Canadian – a lot of Torontonians,” says Mimi Ng, vice-president of marketing with Menkes Developments, partner on the project with Lifetime Developments and Alcion Ventures. Remaining suites range from 1,200 to 2,000 square feet and from $1.8-million to $2.7-million.
77 Charles West
Why did developer Aspen Ridge Homes ask architect Yann Weymouth – one of the brains behind the iconic glass pyramid at the Louvre in Paris – to design its luxury building, 77 Charles West? “We wanted out-of-the-box thinking, and something really prominent,” explains marketing director Christene DeGasperis. The gamble paid off. With construction underway, fewer than 10 suites are left of the 52 total. And when occupancies start early next year, buyers will be able to add some design flair to their suite interiors, too. “We’re offering the services of Mike Niven Interior Design to help customize each suite,” Ms. DeGasperis says. Units start from approximately 1,500 square feet and $1,599,990.
The Britt
What was once the Sutton Place Hotel will now be The Britt, a condominium building that’s the newest project by Lanterra Developments. “It’s a project that has a lot of history to it,” says president and CEO Barry Fenton. “When you mention Sutton Place, I bet nine out of 10 people have been through or driven by, so the location is superb.” The former hotspot is being revitalized and expanded, then restyled by Alessandro Munge of Munge Leung, with inspiration straight from Britain’s boutique hotels. Suites range from 334 to 1,300 square feet and from the $300,000s to $1.2-million.
277 Davenport
Toronto’s condo market may be trending towards smaller suites, but Burnac Enterprises never got that memo: Units at Burnac’s 277 Davenport range from large to extra-large. And with just 10 of them spread over seven storeys, you can’t expect to stay a stranger long in this compact condo. “You’re going to know your neighbours,” says president Ted Burnett. Designed by Hariri Pontarini Architects, the building, just west of Avenue Road, is a contemporary mix of glass, stone and bronze. “It’s a unique New York-style building,” he says. Suites range from 1,750 to over 3,600 square feet and from $1,679,000 to $3,395,000.
181 Davenport
Can Mizrahi Developments hit the jackpot twice? They’re betting on it, with the recent release of 181 Davenport, a condominium building adjacent to their 133 Hazelton Residences project. “That block really commanded another building that was complementary to 133 Hazelton,” says president and CEO Sam Mizrahi. With 90 units, the new endeavour is slightly larger than the developer’s first luxury-living foray; buyers can also combine and customize suites. “It’s a European-style building, and offers a similar lifestyle as 133,” the developer adds. Suites range from just under 1,000 to 7,000 square feet and from $500,000 to $7-million.
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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














Success Tower – 33 Bay Street





