Harbourfront living... where lifestyle includes easy access to both work and play

For the next few years anyone wanting to live along the lakefront in downtown Toronto will have to make a choice: Buy a resale condominium; purchase a suite at Pier 27; or get to the front of the line of new waterfront projects.

  June 06, 2008

Until the East Docklands starts development, Pier 27, at the foot of Yonge Street, is likely to be the only new condo project that sits right at the water'sedge. Interestingly that situation may suit many buyers to a T, say some condo industry experts.

"What a good many buyers want are the views of the lake plus easy access to the heart of the city and all the lifestyle amenities new projects offer," says Karen Kessel, vice-president sales and marketing at Milborne Real estate. "It is the overall ambience, the total package that really counts."

That overall package is indeed what is driving sales in the Harbourfront area, adds Eve Lewis of Market Vision Real Estate Corp. "Waterfront condos are all about lifestyle," she says. "Lifestyle is what drives this market. Men and women who want to live in the central Harbourfront area are after much more than just the views."

"Lifestyle includes easy access to both work and play. That is where projects in the city's central area shine," says Jane Renwick, executive vice-president of Urbanation Inc, a condo market research company.

"For singles and couples who work in the city, who like to be within walking distance of the great variety of shops, dining and entertainment the core offers, and like the idea of great views and easy access to the water, Harbourfront is their top choice," she says.

The problem is that almost all the sites right on the water are long gone. So too are many of those on the other side of Queen's Quay and even along Lakeshore Boulevard. That means new projects offer waterfront views instead of waterfront living.

The situation does not seem to have deterred developers, however. The Monarch Group has Quay West just behind the Tip Top Tailor building near Bathurst Street; Context Developments plans to build its Market Wharf tower south of the St. Lawrence Market on Jarvis Street and others are in the planning stages.

"All the projects currently on sale in the Harbourfront area are doing well from a sales perspective," says Ms. Renwick. "That should tell you about the appeal of the lifestyle they offer."

Nor are they cheap to buy. The current average price is about $510 a square foot, says Ms. Renwick. "That means small suite sizes suitable for single and couples but not for families."

But then again projects in the central Harbourfront do not make providing housing for families a priority. The focus is on luxury, even resort-style living.

That is where Pier 27 has positioned itself. Cityzen Development Group and Fernbrook Homes acquired a large chunk of industrial waterfront land and are now creating a new community based on international sunspot resorts.

"I don't think there is much doubt that the site is the last and greatest piece of waterfront land in the central core," says Cityzen partner Sam Crignano. "For most people this will be the last opportunity to own a home and a lifestyle that is the envy of North America."

Phases I and II seem inspired by the award-winning designs of structures along Biscayne Bay in Miami. They are identical 12-storey towers with huge balconies joined at their summit by a cantilevered bridge. Each of the 409 units has a large balcony or terrace or in some cases both. Ground floor suites have their own private patio, perfect for entertaining or just relaxing after work or on weekends.

Suites range from 550-square-foot, one-bedroom models, right up to expansive 1,721-square-foot executive residences. There are one-plus-dens, two-storey lofts, two-bedroom suites and two-plus-dens in addition to a number of townhomes along the lower levels. The entire project is set in lovingly tended parklands edged by a boardwalk along the waterfront. Prices start in the mid $300,000 range.

For those who want views of the lake with easy access to landmarks such as the Rogers and Air Canada Centres, the theatre and club district, and all the bells and whistles that go with downtown life, CityPlace has suites at Panorama up for sale. Panorama, unlike the rest of CityPlace, sits south of the Gardiner Expressway to the extreme west of the development.

The name comes from the spectacular views. Of special note in the 28-storey tower are the 16 Elite Suites on the topmost floors. These suites start at 1,503 square feet and top out at 1,680 square feet. Prices start at $850,000.

For those on more restricted budgets there is LTD just north of the corner of Bathurst and Fleet Streets. The location is absolutely perfect for anyone who enjoys Toronto's exciting heart-of-the-city lifestyle. LTD is just north of its big sister Malibu at Harbourfront on Bathurst Street, a stone's throw from Lakeshore Boulevard West. There are just 187 suites in its 15 stories and each offers Malibu's well-known focus on high quality and terrific value.

There are one-bedroom suites right up to two-bedroom-plus-den homes. Ground floor two-storey lofts boast patio walk-outs and are one-bedroom plus den suites or two bedrooms with two full bathrooms; all have huge windows. Prices start from the $190,000s and range up to more than $400,000 for the penthouses.

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