Yorkville Plaza by is a condominium conversion of the old Four Seasons by Camrost Felcorp.

Camrost has had great success selling their other big conversion project: Imperial Plaza on St Clair at Yonge, and I suppose they decided to stick with the ‘plaza’ nomenclature on this one. You won’t find the words ‘Four Seasons’ anywhere in the marketing of this project, as it is clearly NOT affiliated with the Four Seasons brand in anyway whatsoever, but they are simply converting the iconic old Four Seasons hotel building. Future plans are for a brand new tower to the south of this tower as well.

If you are looking for a new condo in the heart of Yorkville for under $400K, you basically have zero options. Enter Yorkville Plaza. There will be plenty of small suites, and the largest in the building will only be 750 sq ft. This building is perfect for:

1. The Rosedale, Forest Hill, Moore Park baby boomer or retiree who is looking for a downtown Pied a Terre residence.
2. Parents of UofT students. If your child is at UofT or will likely be studying there in the future, there are plenty of studios and 1 bedrooms that would be perfect.
3. Investors looking to get into short-term executive rentals – again, these small suites in this location are PERFECT for this type of usage. Small, furnished 1 bedrooms in Yorkville rent out for as much as $3500/month for short term rentals.

For floor plans and pricing for Yorkville Plaza, and your opportunity to purchase now before any public release, please contact me.

In case you missed it, Menkes has confirmed that the penthouse at the Four Seasons in Yorkville has sold to an international buyer. 8000+ square feet for $28M. So what does the sale of the most expensive apartment in Canadian history tell us about the condo market in Toronto? I think it says a few key things:

1. Four Seasons is King. By setting such a massive record that will likely not be surpassed for possibly 10 years or more, The Four Seasons brand is now clearly the number one luxury condo-hotel in Toronto. I often talk about the “Big Four” of Toronto condo-hotels: The Ritz-Carlton, Shangri-La, Trump Tower, and The Four Seasons. The penthouse sale once again solidifies The Four Seasons as the most prestigious brand in this sub-market.
2. Yorkville is King. As much as there are many great streets, intersections, and neighbourhoods in Toronto, this sale reminds us that Yorkville is still #1 in the eyes of the truly elite buyers.
3. Toronto is King. This could not happen in any other city in Canada. Vancouver, for all its high-priced real estate, has (to my knowledge) never seen a condo sale north of $22M. Montreal? Forget about it. The penthouse of the Ritz in Montreal sold for $15M. Toronto is the best market in Canada to invest in real estate and we should be proud.
4. Expect other Dominoes to Fall in 2011. I have a feeling the other condos on the market in the $10M+ range will sell this year. No one likes to be the first to set a new price precedent, but once it is set, similar properties tend to move quickly. Suddenly the penthouse at Aura at 13,000 square feet is looking like a bargain at $17M…
5. No more complaining about $600 per square foot! With this property selling at over $3000 per square foot, Toronto buyers need to see this as a signpost for the future of Toronto. Those who are stuck in the mindset that anything over $600 per square foot is ‘too high’ or irrational may be right, but they need to consider the overall trajectory of the market as well.

Questions or comments? Contact me directly or leave a comment below.

This condo is launching in 2011. Get on the VIP list by contacting me today!

Description Coming Soon!

The Yorkville is the latest development from Lifetime Developments. Lifetime has been behind some of the hottest projects downtown over the last several years including X2, The Four Seasons, Victory, BISHA, and Liberty Market Lofts to name a few.

The location is strictly NOYO (North Yorkville), and I suspect the prices should reflect this  (we won’t be seeing $1000PSF in this building).  Still, although it’s on the other side of Davenport, it’s still only about 5mins walk to either Bay and Bloor or Yonge and Bloor, or Yorkville institutions like Sassafraz and Pusateri’s.

The architecture itself I think will polarize, as some will no doubt love it for it’s unique, bold shape, while others will malign it for trying to do too much (investors will only be asking, ‘will it make me money?’).

Amenities will include the usual 24hr concierge, gym and yoga studio, party room, roof top terrace, pool, PLUS some extras like piano lounge and wine cellar.

No pricing has been released yet but I would anticipate something in the $750-$850PSF range for this location (in other words, probably slightly below One Bloor prices). That number may seem shocking, but rest assured that it is well supported by the resale market for Yorkville with units at the nearby 18 Yorkville (by Great Gulf Homes) selling routinely in the $800PSF range (for suites with parking).

Lifetime projects are always HOT when they first release. I expect a frenzy of demand from the investor community, especially for the suites under $500K. For floor plans and pricing and your opportunity to buy at the upcoming VIP sales event, please contact me.

Graywood is the renowned developer of The Ritz‑Carlton, Toronto and has earned the reputation as a significant force in the residential condominium market. MOD is led by industry veteran Gary Switzer, the former head of high-rise development at Great Gulf Homes (one of the GTA’s major development companies) for more than 20 years, who spearheaded several award-winning landmark condominium residences in the city’s core. Both firms focus on creating high-quality residences in premier locations that feature innovation and design excellence.

Taking the concept of creative design to a new dimension, FIVE St. Joseph will marry the future and the past by tying in components of the existing heritage architecture with the stunning modern tower. Graywood and MOD enlisted highly respected Hariri Pontarini Architects to create the contemporary iconic exterior. Among this firm’s accolades is a coveted Governor General’s Medal in Architecture, recognizing outstanding achievement in design excellence.

The articulated sculptural tower will rise from a podium that includes several of the small shops that have lined Yonge Street since the 1880s and are undergoing a restoration by ERA Architects to house new retail venues. ERA is restoring a four-storey 1905 Gothic Revival warehouse façade on historic tree-lined St. Joseph Street that will become the condominium’s entry. Retail shops will line charming cobblestoned St. Nicholas Street, and topping off the podium design is a roof garden designed by acclaimed landscape architect Janet Rosenberg and Associates, to serve as an urban oasis for residents. The resulting building will inject the St. Joseph-Yonge intersection with panache that references the prestige of the Bloor-Yorkville area to the north.

Multi-award-winning Cecconi Simone Inc. rounds out the design team with interiors that speak to the edgy sophistication of the urban professionals and entrepreneurs whose distinctive tastes attract them to this area. The amenities in the building are focused on entertaining and relaxation, and have an attitude. “FIVE ON FIVE” offers the complete package for fitness and fun, and “THE GARDEN ON TWO” is a tempting urban escape.

Situated a few short blocks south of Bloor Street on the west side of Yonge, FIVE St. Joseph will offer a fantastic location in the strategic hub of many of Toronto’s most exciting amenities. Those who work at Queen’s Park, in one of the world-renowned hospitals along and around University Avenue, the Royal Ontario Museum, Gardiner Museum, or any of the multitude of shops, restaurants and office buildings in the vicinity, or who attend the University of Toronto or Ryerson University will find it easy to walk or take the subway to work or school.

At FIVE St. Joseph, purchasers will be able to choose from a variety of styles from heritage lofts to tower suites, with studios, one-bedroom, one-bedroom + den, two-bedroom and two-bedroom + den layouts. Sizes range from a 400 square-foot studio to a 1,400 square-foot terraced penthouse. Prices start from just the mid $200s.

Coming soon to Avenue Road and Davenport, Pears on the Avenue by Menkes. For more information on the upcoming VIP sales event for this project, please contact me.

This project will be sure to once again ignite the debate over what exactly is ‘Yorkville’ and where the boundaries of this neighbourhood end. Many developers have jumped on the Yorkville marketing train over the past few years, billing their projects in the streets adjacent to Toronto’s most prestigious locale as part of the Yorkville scene.  However anyone who has spent time in the heart of Yorkville (Bloor-Cumberland-Yorkville) will tell you that moving a block or two in any direction will put you in some very different surroundings.

Regardless of whether Avenue Road and Davenport is in Yorkville or not, there is no question it is a great location.

With prices said to start in the mid $400s for this project, I am expecting the prices per square foot to be in the $700+ range. This will almost certainly be a project aimed at end-users (as opposed to investors) particularly ‘down-sizers’ from the Yorkville/Forest Hill/Annex neighbourhoods. Expect this to be a big trend over the next couple decades – mid-size projects in Toronto’s poshest neighbourhoods aimed at getting empty-nesters and retired baby boomers out of their 2000-3000 sq ft homes and into 800 sq ft condos down the street. Ditch the maintenance of the home but keep your postal code.

Questions? Contact me.