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Tag Archives: Mercer Street

Luxury Living: The glam slam

National Post

Is the luxury homes market in the GTA coming back? There are many who say it never really went away.

Granted, projects offering suites at the lower range of the luxury scale – perhaps those priced at $850 to $950 a square foot – went through some doldrums. But according to companies such as RealNet Canada, which tracks the condo market, luxury condos above $1,000 a foot always sell at a relatively steady pace despite economic ups and downs.

“If you compare lower-end luxury sales with more modestly priced suites they both follow almost parallel courses,” says RealNet president George Carras. “When the condo market is down overall, so are those suites below about $950 a square foot.

“But for the super-luxury class, the people who have the money to afford them make their buying decision in good times and bad. It all depends on when they want to make a move.”

If, however, the state of your finances leaves you well below that super-rich class, there is indeed good news.

All forms of luxury homes in the GTA have come back with a rush. The Toronto area has probably never seen such a range of choice. Need a townhouse? Try the Townhomes of Lytton Park on Avenue Road south of Lawrence or Ancroft Place in South Rosedale just over the Sherbourne Street bridge.

How about a boutique mid-rise, which combines Yorkville’s rich history with a clean contemporary look? Zinc Developments Group has Hazelton 36. It incorporates the façade of the old St. Basil’s School into a sleek new terraced design.

For those who long for a life that almost makes you believe you are next to a highland salmon stream but still close enough to walk to the splendid boutiques, specialty stores and cafés of Bloor West Village, there is Riverhouse at The Old Mill.

How about a penthouse high above King Street West’s celebrated theatre and entertainment district? The new tower at 8 Mercer Street can make that dream come true, with its three levels of large two-plus-den and three-bedroom penthouses.

But city life is not everyone’s cup of tea. There are those whose idea of ultimate luxury is a large home on a 100-foot lot within a chip shot of a world-class golf course. They might find that dream home at the Glenbourne Custom Estate Collection right across from the Angus Glen course in Markham.

“It is really quite exciting,” says Barry Lyon of Barry Lyon Consulting. “Less than a decade ago, if you wanted a luxury condo, you went to one of the projects in Yorkville. Now there are choices all across the GTA…”

“Builders have recognized that people want choice; they want luxury homes that allow them to stay in neighbourhoods they love or to move to neighbourhoods that offer them what they consider the perfect lifestyle for their stage of life.”

That lifestyle might include a throwback to Manhattan in the 1920s through the 1950s when anyone who was anyone lived in a suite atop a five-star hotel. Central Toronto now boasts at least half a dozen of those.

It might still include a suite larger than most suburban homes, with a terrace almost large enough for a tennis court in the heart of Bloor Street’s glittering shopping district. Yes, we have those. In fact we even have a range of choices.

The theatre district, the financial core, the entertainment district, Lytton Park, Lawrence Park even the fringes of Forest Hill and Rosedale offer superb luxury suites and homes.

So, what is driving this spring and summer’s market? How have we managed to go from doldrums to boom times in a matter of months?

Experts such as Mr. Lyon and Jimmy Malloy of Chestnut Park Real Estate, recognized as one of the city’s top agents, say four factors are at play.

The first is the demands of simple demographics. Both point out that men and women on the leading edge of the Baby Boom have had to put on hold, for nearly two years, plans to downsize their existing domestic arrangements and launch themselves into a more carefree pre-retirement and retirement lifestyle.

“The kids are gone; the house is too big for them alone and they want to start a new life in the home of their dreams and in an area they love,” says Mr. Lyon. “But the recession has kept those plans at bay for the past 18 months to two years.”

The second factor is the resurgence of the resale market. The Toronto Real Estate Board says the first quarter of this year was the best on record, with 22,418 homes changing hands. New listings were up 42% from the same period last year and average home prices climbed every month.

“What this meant was that people saw they could once again easily sell existing homes – and get top dollar for them,” says Mr. Malloy. The ability to sell an existing home is absolutely crucial if you are planning to spend upwards of $1-million on a new luxury condo, he adds.

The third factor at play is the upswing in financial markets.

Men and women who saw recession-driven, steep declines in the value of their savings were in no mood to contemplate spending on anything except the basics, says Mr. Lyon.

“But now we have the markets rebounding … Canada weathered the recession better than any other industrial nation and we again have confidence in the future,” he says.

Not just confidence in Canada but in the future of the GTA as well. All predictions suggest the area will continue to grow through immigration by 100,000 new people a year. All of them will be looking for a place to live.

Which brings us to the fourth factor – and that is something peculiar to the luxury market. As Mr. Lyon and Mr. Molloy explain it, luxury condo buyers are picky and prudent. They prefer to buy when they can finally see what they are getting.

That means the brisk traffic at luxury project presentation centres starts when the building begins to rise from the ground.

“Simply put, they want to see what they are getting for their money,” says Mr. Lyon.

That is why penthouse suites are the last to be released for sale even in moderately priced projects, adds Mr. Malloy.

“Luxury buyers also want to take their time before making a decision,” he adds. “It is not at all uncommon for them to come back and back again with their interior designer in tow, going over every small detail of their suite.”

That said, there may be a fifth factor influencing the luxury market: The ever-expanding range of choice.

“Great cities need diversity,” says Ken Zuckerman of the Zinc Developments Group. His company is creating Hazelton 36, that Yorkville boutique condo that incorporates the 1920s vintage St. Basil’s School. “Not everyone wants to live in the same area or the same kind of building.”

When you get diversity of choice, people who might not otherwise consider moving to a condo see alternatives that perfectly suit their taste and need, he explains.

David Silverberg, director of sales and marketing for Nexxt Development Corp. offers a hearty amen to that thought. Nexxt, in partnership with the Mizrahi Group, is building the freehold Townhomes of Lytton Park at Lytton Boulevard and Avenue Road.

“One of the things that is so exciting about this project is that we are bringing back to Toronto a much-loved form of luxury housing that simply has not been available largely because of land costs and the demand for higher densities,” he says.

“Not everyone wants to live in a condo and not everyone wants to live downtown. When we acquired this site we though it would be perfect for bringing back townhomes – freehold townhomes. If you want a healthy vibrant luxury market and a healthy vibrant city then choice is the key.”

Plans for future launches indicate the GTA has no worries there. Developers large and small have signalled their intention to bring new projects to market this summer. Minto Group, for example, will relaunch the St. Thomas tower at St. Thomas and Charles streets.

Canlight Hall Realty has purchased the 21 townhouses that make up Ancroft Place in South Rosedale and plans to update them and sell them as condos starting around June.

For those longing to remain in their much-loved Lawrence Park neighbourhood near Bayview Avenue south of Eglinton, The Tridel Group has launched Blythwood at Huntington, an elegant, brick-and-stone eight-storey mid-rise overlooking the Sherwood Park Ravine. While two-bedroom suites will start in the mid-$500,000s, larger homes on upper floors, including the penthouses, will have prices well above the million-dollar mark.

“It very much looks like this summer will mark a new and exciting stage in the GTA’s housing market,” says Mr. Malloy. “The range of options in luxury homes is going to be truly impressive.”

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  • Dancing out, daycares in

    In the heart of club land, one councillor pushes for a family-friendly city

    Natalie Alcoba, National Post

    Out of the concrete ashes of a cathedral-like fixture on the party-people circuit, a condo tower is slated to rise in Toronto’s once infamous Entertainment District.

    The Joker, with vaulted ceilings, had its last laugh several years ago on Richmond Street. It’s being replaced by a 36-storey residential/retail tower.

    Across the road, a trifecta of clubs are living on borrowed time — there’s a proposal to transform the southeast corner at Peter Street into a residential tower with a public plaza out front.

    The list goes on in a neighbourhood that is a bona fide club graveyard these days.

    At its height in the mid-2000s, the area extending north of Richmond, to the lake, from Simcoe to Spadina, was said to boast more than 80 nightclubs — the thickest concentration in North America — many of them of the “big box” fare that crammed hundreds of revellers into warehouses. Now, police, business and political officials peg it closer to 30 or 40. It’s been a gradual taming of club land, pushed in part by local councillor Adam Vaughan and his vision for a more “complex” neighbourhood that people walk in, not just through.

    A former broadcast journalist, Mr. Vaughan campaigned in 2006 to create a more family-friendly downtown, warning that such complexes as CityPlace, almost exclusively the domain of singles, risked succumbing to the kind of decay and disrepair seen in St. James Town, near Bloor Street north of Cabbagetown.

    His first term has revolved around development that pairs commercial with residential, and allows people with different sized families, and different socio-economic levels, to live in the same building or on the same block. This week he unveiled Canoe Landing Park, a focal point in the revitalization of the former railway lands near the Rogers Centre. There is also a proposal to build two new elementary schools, and affordable housing for families nestled around condo developments, all designed to diversify the demographics and allow young professionals to stay in the core.

    The changes to the Entertainment District also mean couples staying to raise their children, or moving in. It means more parks, more small businesses, cultural spaces and hybrid developments that shorten the commute to an elevator ride between home and office. Smaller lounges are sprouting up. The Ontario College of Art and Design already owns three buildings in the area (home to former clubs); the new Toronto International Film Festival Bell Lightbox is under construction. It also involves slowing down the traffic a little: Mr. Vaughan wants to test out turning Richmond and Adelaide streets, now four-lane thoroughfares that go in one direction, into two-way streets. He calls it a “high-tech” version of Kensington Market.

    The plans are dramatic, and if realized would completely transform the area. They also have their skeptics. How many young families can afford the $600,000 condos in the core? And with an estimated 10,000 more people moving into the area in the next 10 years (double what currently exists) will the Entertainment District lose its buzz?

    “It’s going to be entertainment for everybody instead of just 20-year-olds who come down to listen to house music,” said Mr. Vaughan, who raises his children downtown, and has prodded condo developers to build 10% of units large enough for families.

    The latest complex, approved this week at Richmond and Duncan streets, has 94 units large enough to raise children. A daycare opened up across the street five weeks ago.

    “I think fundamentally we’re seeing the social and cultural shift in the downtown core,” said Mazyar Mortazavi, who owns TAS DesignBuild, which is building on the former Joker site. “You need the diversity to activate the neighbourhood,” he said, “and once you begin to have the attraction of that diversity, that’s when you begin to see the change.” —

    Oliver Geddes remembers the club district’s heyday. It was the late 1990s and his family was running Easy & the Fifth night club, Money, and This is London. But then things started to get out of hand, with new clubs opening up every other week and inexperienced owners eager to cash in.

    “When they didn’t knock it out of the park, they lowered the bar, and they start working with some of the less savoury promoters and people in the industry who brought the crappier patrons. And that’s when the violence started,” Mr. Geddes said. That was around 2005, he says. The subsequent years saw numerous shootings, and murder.

    Police flooded the area with extra enforcement on bicycles, on horses and on foot. Security cameras turned on. In recent years, crime has been on the decline, said Staff Sergeant Kevin Suddes, with 52 Division’s Community Response Unit. The drop in shootings is obvious, but there are also fewer assault calls and slightly fewer arrests, he said.

    Violence, especially drunken, messy fights, is still an issue, and every weekend members of Toronto’s Anti-Violence Intervention Strategy squad roll in to help keep the peace.

    Enter players such as the Ontario College of Art and Design, with students who relish taking over raw space and transforming it. OCAD will gain exhibition space near its burgeoning satellite campus when Aspen Ridge Homes builds 742 residential units in two towers at Duncan and Richmond streets. OCAD needs the room, said Peter Caldwell, vice-president of finance and administration.

    Painting and drawing students have already been toiling away on big projects in buildings at Duncan and Richmond. Sometimes, worlds collide. An idea to “animate” the streets by showcasing students at work through big picture windows loses its sheen every time clubbers stumble out of bars and bang on the glass. “The students get unnerved by this, they end up wanting to cover the windows,” Mr. Caldwell said.

    Janice Solomon, executive director of the Entertainment District Business Improvement Area, believes that when TIFF’s Bell Lightbox opens up, and the towers are complete, the population will surge and demand will spur commercial growth. Already, Ms. Solomon sees more people walking dogs, more small children and babies. The nightlife will always remain, she said, but it will be a range of venues.

    Donald Rodbard, co-founder of the King-Spadina Residents Association, says he hasn’t really noticed a big difference in the area yet — most of the condo projects are under construction — but there are at least two daycares. Joseph Ko opened up Kinder College on Richmond Street five weeks ago, and about half of his clients live in the condos nearby.

    “We’ve really seen a huge change in the downtown area,” said Sarah Baker, a Kinder College parent, who lives on Queen’s Quay with her husband and 13-month-old son. “We both walk to work, which is absolutely one of the reasons we decided to stay downtown.”

    While Mr. Rodbard, who has fought against the concentration of big clubs, welcomes the shifting demographics, he is also wary of the pendulum swinging too far in the other direction.

    “This particular part of the downtown is going to be heavily residential. Our fear is we may be going from one extreme to another, from party and night clubs, those are in the decline, and now we may not have an Entertainment District.”

    Joe Ferraro, another Kinder College parent who lives in Stouffville, is skeptical that downtown living will ever take off for families. “Number one is the affordability issue,” he said. “The only families I know are the ones that have been there for a long time. They’re established.”

    Just south of King and John, Adam Vaughan is building skyscrapers in the sky. He knows this neighbourhood like the back of his hand; as if holding imaginary blocks, he stacks the future developments north and south of us. At the corner, a crane is moving material for a new high-rise. In a “master plan” drafted by the Entertainment District BIA, John Street will become the “spine” of the area, or a “cultural corridor.”

    A tower going up directly in front of us, on Mercer Street, “will deal with the alley, and frame it a little bit differently so it isn’t so disgusting,” Mr. Vaughan said. The development “opens up” Mercer, where there’s a strip of historic buildings, and closer to Adelaide there are plans for a “theatre museum,” he said.

    The local planners would like to pioneer a new format in which a lawyer, for example, could set up a practice in a small commercial floor in the podium, while living in a penthouse above.

    “We think that with all the development that is coming into this area, you’re going to have a need for dentists and doctors and real estate agents,” Mr. Vaughan said.

    “If you have that range of ages, a variety of stores, success builds on success. It’s very easy to say that government shouldn’t mess with the market and you should just continue to build what sold yesterday, today. But the reality is that we have to build a city for tomorrow and that means thinking about planning for the next decade.”

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  • King Street tower proposal pits prominent architect against city hall

    By Natalie Alcoba, National Post

    Prominent Toronto architect Peter Clewes and condo king Brad J. Lamb are facing off with city planners who oppose building a “beautiful” 45-storey tower in the heart of the theatre district.

    Mr. Lamb, a prolific salesman turned developer, believes the soaring structure will be a jewel in Toronto’s high rise crown. He and Mr. Clewes, of architectsAlliance, have teamed up with Niche Development, HarHay Construction Management to create 224 King Street West with a public park on what is now a parking lot, next to the Royal Alexandra Theatre.

    City staff, however, have given the project an “aggressive no,” as local councillor Adam Vaughan puts it, because they say the height matches nothing in the neighbourhood and could set a precedent for demolishing historical buildings in the King-Spadina corridor.

    “There’s lots of good things about the project, the way it steps back from King Street and gives the Royal Alex a really dignified position on the street, the public square next to it,” said Mr. Vaughan (Trinity-Spadina), who called the building beautiful. “I’ve talked to David Mirvish, and a place for the theatre crowd to gather and mill about is wonderful.”

    He said the difficulty is that that the building will rise in a very tight space, between Duncan and Simcoe streets, and could present “significant consequences” for the heritage buildings in the neighbourhood.

    “Once you hand out that kind of density on a site with heritage buildings, it makes economic sense to demolish,” he said. And it sets a precedent on King Street, he argues, which will open the floodgates to requests for 40-storey plus condos “and it’s impossible to say no.”

    Mr. Clewes, of 18 Yorkville and Tip Top Lofts fame, says as the city intensifies, King West is the next logical area to develop. Both he and Mr. Lamb consider the height a “non issue” because there are a stack of approved tall buildings in the vicinity, including the 66-storey Shangri-La at University and Richmond, a 38-storey building at John and Mercer streets, the Ritz Carlton and the 35-storey Boutique building where residents are currently moving in. As for threatening the future of historical buildings, “our submission is that they are protected under heritage legislation,” said Mr. Clewes.

    “The idea was that when you’re driving up to this property you wouldn’t even notice it was a high rise. You would just think it was an open park and then towards the back of the lot is this high rise that doesn’t even feel like it’s on King Street, it feels like it’s on Pearl Street,” said Mr. Lamb, who said the public space in the front that would include a vertical wall of water that would freeze into an ice sculpture in the winter. “It’s a stunning beautiful piece of urban architecture from a park standpoint, and then there’s no tower like this in the city.”

    The plan is to build six suites per floor, with 9.5 to 10 foot ceilings, and prices ranging from $350,000 to $2.5-million, or about $600 a square foot. “We want it to be the most beautiful residential piece of architecture in the city,” said Mr. Lamb, who believes city planners are “wildly wrong” about what the building should be. “It would be a shame to build something in the order of 15 to 20 storeys, and fill the whole thing in like a big ugly block.”

    The proposal will be debated at next week’s Toronto East York community council. The developers say they have already filed an appeal to the Ontario Municipal Board, in case council sides with the planners.

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