Tag Archives: massey ferguson tractor
Tracy Hanes – Toronto Star
At the time, the old Massey Ferguson tractor factory in the King West neighbourhood seemed anything but Downtown’s Next Address (DNA).
But Stonebridge Canderel Equity Group decided to take a chance on the site at the corner of King West and Shaw St. and try something innovative.
“We saw other condos and townhouses being built in the area that were price-point driven and didn’t have high-end finishes,” says Riz Dhanji, vice president of sales and marketing for Canderel Stonebridge. “We saw the area evolving and it was a young, urban crowd with different aspirations. They wanted more modern finishes, lower maintenance fees, open-concept suites, great design and better retail.”
The builder had agreed to keep most of the original factory building intact, which it transformed in 46 unique lofts and added brand-new units (DNA 1 and 2). The project has been completed since 2005.
“In 2002, it was a scary place. We were pioneers in the area. We really tried something very unique and we’re glad it went the right way,” recalls Dhanji. “It really paid off. But when we first did the retail component, it was very hard to sell. No way any retailers wanted to look at King West, but as Liberty Village started to evolve, the first couple of retailers came.”
Dhanji’s company launched what he claims was the first urban condo campaign selling lifestyle, complete with a 5,000-square-foot sales centre. The suites were decked out with European kitchens, stainless steel appliances, nine-foot ceilings and barn-style doors. And even thought they were priced considerably higher than other condos in the area, they sold.
“They turned out to be a great investment and people who sell them now get multiple offers,” says Dhanji. “The retail component has been a big component in the residential value. Before, it was small Mom and Pop shops. Now we’re seeing our urban model replicated along King West.”
(DNA retailers include RBC, Starbucks, GNC, Flight Centre and Canadian Newstand store.)
Coming soon will be DNA 3 at 1030 King St. W. on the north side of the street on the site of a former Chrysler dealership, across from the original DNA buildings.
“We are taking the brand to a whole new level,” says Dhanji. “The interior and exterior design will create a very unique condo in Toronto.”
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