Cinema Tower will be located on Widmer street, in between Adelaide and King. The tower will rise 43 storeys and contain 444 units. It will not be physically connected to Festival Tower, however purchasers will enjoy a 3-year membership to Bell Lightbox (located in Festival Tower), and access to private, residents only TIFF screenings. Amenities will include a full size indoor basketball court, fitness studio, outdoor Urban Terrace lounge, guest suites, screening room, and party room.
Starting prices right now are around $700 per square foot at Cinema Tower with parking spots going for $42K. On the one hand, these price points make Cinema Tower more expensive than other area offerings like Peter Street Condos, Tableau, King-Charlotte, and the like. On the other hand, Cinema Tower isÃ‚Â arguablyÃ‚Â priced LESS than what Festival Tower is selling right now. (I say arguably because Festival Tower has not registered yet and therefore we only have assignment listings and hearsay to go by.) So is it a good deal or not? Well, if you believe that Cinema Tower is unique because of it’s connection to Bell Lightbox and TIFF, then it’s a great deal, if you believe that it’s ‘just another condo tower’, then it’s overpriced.
Looking at the history of Festival Tower, even when it launched several years ago, it was priced at a premium compared to other area offerings, yet it sold very well and appreciated in value extremely well. Cinema Tower will have high-end finishes, great amenities, a connection with Bell Lightbox, and the brand recognition that comes with itsÃ‚Â associationÃ‚Â with one of the world’s most respected Film Festivals. There is certainly a compelling case to be made that Cinema Tower purchasers will see a solid ROI by buying at prices on par or below that of the nearly completed Festival Tower half-a-block away.
With Daniels as the developer you get 3 significant bonuses as a purchaser:
- You know you are getting a well-built building with a high probability of being completed on time
- Construction has already started (because Daniels has the ability to build before selling-only a few developers can pull this off), meaning occupancy will start in about 2 years (versus 3-4 with other area developments)
- The deposit structure is only 15% up front with 5% at occupancy (presumably due to the fact that their financing requirements are not nearly as strict as the average developer who needs to pre-sell 70% before starting construction)
For all the details for the Cinema Tower Platinum VIP sale, please contact me.