Carlesson Carlton
Sherry Noik-Bent, National Post
Published: Saturday, November 10, 2007
Condominium developments are often plotted along a subway line. An attractive proposition -- proximity to the TTC makes it easier to travel around the city. In the fourth article in an ongoing series, This is My Stop, Post Homes looks at new condos and their neighbourhoods along the Yonge Street subway line.
Their car may have made the trek down the 401 from small-town Ontario, but that's as far as it got. It wasn't long after arriving in Toronto that Chris Wood and his girlfriend, Joanna Chatterton, realized owning a vehicle was more hassle than it's worth.
"As much as I thought it was going to be a really difficult transition," he says, "I posted my car and it was gone in less than 24 hours -- and I didn't miss it, really, for more than a second."
Many condominium buyers are declining the purchase of a parking spot, which can run to $30,000 per spot, when they buy into developments near Yonge and Carlton streets. Says one owner, "It just doesn't make sense economically."
So when the couple, both 33, bought a two-bedroom, two-bath suite at the Met at Yonge and Carlton, the decision whether to add on a parking spot was a no-brainer. "I realized that it just doesn't make any sense economically or practically to have a car in downtown Toronto."
They weren't the only ones at the Met who declined to spend nearly $30,000 just to park a vehicle worth, probably, $30,000.
"A lot of our purchasers embraced the project because of its location ? a lot of them don't have cars," says G.P. DiRocco, vice-president of builder Edilcan. "In fact, we've gotten away with a lot fewer parking spots than even we believed we would need from the outset." Initially approved for four levels of underground parking, so many purchasers skipped the option (which
wasn't even offered to buyers of smaller suites) that Edilcan succeeded in eliminating one whole level.
Its central setting is one of the reasons Yonge and College is proving to be a big draw for would-be condo dwellers. It may lack the posh Fifth Avenue feel of Yonge and Bloor, and it's not all tarted up with neon and night spots like Yonge and Dundas, but the relatively unassuming historic intersection has its own charms.
"I think what we've done at Yonge and Carlton is we've really opened up a gateway to the east side of Yonge Street," Mr. DiRocco says. "The Carlton area is a little edgier, and I think we've softened that edge quite a bit."
The Met alone is bringing nearly 750 new residential dwellings to the hockey-stick-shaped crook at that corner, between the two towers --43 and 33 storeys, respectively -- and several townhomes facing Granby Street, the last of which have just been released (themet.ca). In designing the pair of elegant curved-wedge buildings, Mr. DiRocco says, "We've tried to mimic a lot of the Art Deco architecture in the area, so taking nuances from Maple Leaf Gardens, from the Carlu."
In fact, the Carlu was just one piece of the Yonge-College revitalization puzzle. Right behind it sits the mammoth College Park Residences. The 1,100 suites of Phases 1 and 2 are sold out, and Phase 3 is slated to come to market later this year or early next year with hundreds more. (Register at collegeparkcondos.com.)
When Canderel-Stoneridge began the project five years ago, recalls marketing director Riz Dhanji, "the whole block was kind of desolate, very depressed." Indeed, the once-impressive College Park retail complex was languishing, virtually empty. Mr. Dhanji credits the influx of his condo purchasers with attracting shops like Winners, Dominion and DeBoers, which have the place hopping "like a mini Eaton Centre." Residents never even have to go outdoors to get their Timbits or catch the TTC.
A further plus at Yonge and College is that it's more affordable than Yonge and Bloor. Mr. Dhanji cites the example of a penthouse in Phase 2 that can be had for between $ 600 and $ 700 per square foot, as compared
to $1,000 or more in the Bloor-Yorkville area just a few blocks away. "It's great value for the location."
That's why two more condo projects are going up nearby: Lanterra's Murano and Menkes's Lumiere, both of which have sold briskly.
For Menkes in particular, building in proximity to public transit has always been a modus operandi; the developer was one of the key players in the growth of so-called downtown North York, responsible for nearly 5,000 residential units along the corridor of Yonge between Sheppard and Finch over the past decade.
"We feel that the subway lines are important," says president Alan Menkes. "We really want to choose the right locations to be in."
Mr. Wood and Ms. Chatterton, who just moved into the Met last month, see this as the right location for them -- walking distance to both their jobs, in a neighbourhood where "it seems like every day I see something new or things change," Mr. Wood says. Besides, the money they saved can be better spent on other things, possibly a cottage. And how would they get to this hypothetical cottage without a vehicle? With car-sharing services and rental cars, of course.
"It doesn't take a mathematician to figure it out," he jokes. "Three-day weekends twice a month -- it still doesn't compare to what it would cost to own and maintain a car. There are certain lifestyle choices that people make when they choose to move to an area like that."
© National Post 2007