Hot New Condo Projects for 2011
One of the most common questions we get asked is “what’s the next big Condo project?” The truth is, until we have all the details (price, deposit structure etc.) it’s always difficult to predict which developments are going to be hot investment projects or just great projects full stop. We discussed at length our Top 10 for 2010, and now we’re going to talk about what’s hot for 2011.
1. The Yorkville (by Lifetime) in Yorkville
Any time a major developer sets up shop in Yorkville, we stand up and take notice.
Actually, scrap that. Any time Lifetime set up shop anywhere we stand up and take notice. When Lifetime set up shop in Yorkville, we REALLY take notice. We know very little about The Yorkville Condominiums, but we have seen a few exterior and interior renderings. With $700-$800 per square foot not uncommon in Yorkville among Resale developments and Pre-Construction, the expected price per square foot of $700-$750 is a bargain-in-disguise. With high end amenities such as a temperature controlled wine cellar and rooftop patios and an incredible building design, the Yorkville Condominiums is one of Toronto’s worst kept secrets.
We are hoping to get more information on the Yorkville in the coming weeks with a launch in February slated.
2. River City 2 (by Urban Capital) in West Don Lands
The first phase of River City was a huge success. While there was some skepticism about the untested location, all that has changed with news that the Corktown/West Don Lands area will be host to the 2015 Pan America games, and along with it comes new Stadia, Parks, Communities and Transit. We expect River City 2 to begin occupancy between 2013/2014 (to be confirmed) which will put it closing right around the time the developments for the Pan Am games to be completed.
In addition, Cityzen and another American Developer recently purchased a large plot of land in the nearby area, which points to further development for this Eastern district.
River City Phase 1 launched from approximately $450 per square foot. If we can keep River City 2 less than or around $550 per square foot – there is going to be some serious worksheets flying around.
3. Paintbox (by Daniels) in Regent Park
The Regent Park redevelopment is well under way. In 2010, Daniels released One Park West which had agents and clients lining up for THREE WEEKS in the fall. The Regent Park redevelopment is a 15 year plan, those who are looking to invest long term can get great prices (One Park West was less than $450 per square foot) that is sure to appreciate as the redevelopment progresses.
Daniels are one of the few builders around that “self-finance”, which allows them to begin construction before selling 75% of the development. It is not unusual for Daniels developments to be 25% complete before they start selling (sometimes, the development is COMPLETE before they start selling). As a buyer, that means you get the benefit of buying something with a much sooner closing and often, less deposit (You could buy at One Park West with just 5% down). Prices start from $200,000.
4. King Charlotte (by Brad Lamb) in Entertainment District
The Entertainment District is going places. It has some of the best new developments around, the new home to Toronto International Film Festival, a whole host of redevelopment along John Street (Toronto naming it the future “Cultural Spine of Toronto”) and some of the most popular condo developments in the entire city.
King Charlotte will represent Lamb’s third project in the Entertainment District (After Glas and the recently launched Theatre Park) and we’re quite excited to see what he has in store for the project. His design for Theatre Park was awesome, and Glas commands some of the highest per square foot price in the City. Details are still scarce, but it’s on the radar.
5. Cinema Tower (by Daniels) in Entertainment District
Multiple phases of any successful project always gets people motivated (River City 2, DNA3 etc.). When the first phase is one of the landmarks of a major city, then phase 2 deserves some extra special attention (with a cherry on top). Festival Tower is one of the major reasons for the redevelopment and increasing popularity of the Entertainment District.
The new home of the Toronto International Film Festival (Festival Tower, phase 1 of Cinema Tower) was an enormous success. The “movie themed” tower (complete with movie themed floorplan names, including the “The Eastwood” and “The Monroe” (no mention of “The Michael Bay” suite although I’m wondering if they were saving that beauty for Cinema Tower). As of writing, assignment units at Festival Tower are requesting as high as $1,000 per square foot (the jury is still on out on whether or not they will get that, but $700 per square foot is more in line with what we’re expecting market value to be).
Again, details for Cinema Tower are scarce bar a few exterior renderings, but it’s going to be a launch with a LOT of hype. Here’s hoping to reasonable pricing and deposit structure!
There you have it! The above 5 are the major developments on our radar for 2011. If you are interested in receiving the VIP treatment and would like to know as soon as these projects launch, and for the first opportunity to purchase – contact us using the form below!
