Tableau Condos is a new Condo Development by Urban Capital Property Group located at 117 Peter Street in the Entertainment District. Tableau Condos is one of the first major developments as part of the Richmond Street redevelopment from the old "Club Land" as the city plans to eliminate 2/3 of the clubs in the district.
|Developer||Urban Capital Property Group|
|Address||117 Peter Street|
|Completion Date||Fall 2014|
|Deposit Structure||15% in 9 months + 5% in 2013|
Tableau Condos is one of the top investor picks for 2010 given it's price per square foot, favourable deposit structure and previous success of the builder within the City (with projects such as Boutique, River City and Nicholas). Tableau (French for Table) will be a mix of retail and commercial on the first 5 floors (Under the "TABLE") and Residental on the 6th floor up (Above the "TABLE"). A "Table" will be build around the current building, which will form the base for the residential tower.
Tableau compares very favourably to other new developments in the Entertainment District and has been a very popular project amongst investors. In the first round of sales, Tableau sold 60% of the development in one shot – almost unheard of for a building of this size. Tableau is located in between the very popular King West & Queen West areas, giving residents the best of both the Entertainment along King and the Fashion along Queen.
In terms of pricing and deposit structure, Tableau compares very strongly compared to its competitors. There are a number of new Condo Developments in and around the Entertainment District as the area is currently undergoing a revitalization – projects such as The Mercer, Studio and 12 Degrees are all developments within a 5 minute radius of Tableau. At most developments, it is very difficult to find anything less than $600 per square foot, whereas Tableau starts at $550 per square foot making it a very popular choice.
|TABLEAU||117 PETER||$550-$575||FALL 2014||$0.52||$35,000||15% + 5%|
|The Mercer||8 Mercer||$575-$625||2015||$0.515||$45,000||15% + 5%|
|Studio||Richmond & Duncan||$575-$625||Fall 2013||$0.52||$35,000||15% + 10%|
|12 Degrees||25 Beverley||$600-$650||May 2012||N/A||$40,000||20% + 5%|
When determining the the pricing for a new development, it is very important to compare to the resale market. The resale market gives us valuable information on the current market in the neighbourhood and can also give us valuable information on how those condos have appreciated in the past few years.
|Development||Price/Sq.Ft.||Approx Appreciation Rate|
|18 Beverley (Pheobe)||$500-$550||9-11%|
|36 Blue Jays (SoHo Met)||$500-$550||8-10%|
|21 Nelson (Boutique)||$500-$550||9-11%|
|250-270 Wellington (Icon I & II)||$500-$550||9-11%|
We know that the Entertainment District has seen incredible returns over the last few years with appreciation rates hovering around the 10% per year mark. The building on 21 Nelson (Boutique) is located very nearby, and was also developed by Urban Capital which gives us a very good comparable.
The Rental Market in the Entertainment District is still finding it's feet a little. While some established neighbourhoods are beginning to see upwards of $3.00 per square foot for rent per month, the Entertainment District is still sitting around the $2.50 mark depending on the building.
|2 Bedroom||$2000+ (Note: Boutique has some suites at $1600-$2000)|
The numbers above are an average of the resale developments listed in the previous section and are there to give you an idea of the rental market as of today.
ARTICLES ABOUT THIS DEVELOPMENT BY TALKCONDO
- Tableau Release Penthouse Collection With Great Incentives
- A Look Back at the Best New Developments of 2010
- New Condos in Toronto For Less Than $600/sq.ft.
by Roy Bhandari on April 28, 2011
by Roy Bhandari on January 5, 2011
by Roy Bhandari on March 3, 2011
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