Quickly becoming a commanding presence at the southeast corner of Bay and Gerrard, GWL Realty's development at 43 Gerrard Street West was officially launched as 'The Livmore' today. Designed by Page + Steele / IBI Group, the building—which will be operated by GWL's Vertica Resident Services—is garnering attention as one of Downtown Toronto's relatively few purpose-built rentals, coming online amidst a plethora of condominiums and a historically tight rental market.
Already standing at a height of 22 storeys, the 595-unit tower is set to be topped out at 43 storeys by early 2018, with occupancy slated for mid-2018. With the tower rising and cladding beginning to shape the lower levels, the rental project is being introduced to the market much later than most of Toronto's residential condominiums, which typically rely heavily on pre-construction sales.
Standing apart from Toronto's comparatively steady supply of new-build condos, the project's status as a purpose-built rental building drew plaudits from local councillor Kristyn Wong-Tam, as well as Chief Planner Jennifer Keesmaat. Speaking at today's launch, Wong-Tam praised the infusion of rental supply as a "lasting contribution to community-building" and inclusivity, while Keesmaat emphasized that the security of tenancy offered by new rental housing stock can help "stabilize an imbalanced housing market."
Keesmaat explained that the glut of condominiums has created a housing market where much of the rental supply is provided through privately owned condo suites, leaving too many Torontonians at risk of having to leave their home. Combined with expanded rent control legislation, the introduction of purpose-built rental supply will help protect tenants, the Chief Planner stressed.
As construction continues, new interactive hoarding has been installed along Bay Street. Featuring a giant xylophone, a series of vertically mounted drums, and a letter board, the hoarding adds a cute touch of cosmetic vitality to the street-level. On Gerrard, meanwhile, a funhouse mirror is meant to provide a similar dose of levity. According to Vertica's Todd Nishimura, announcements regarding retail tenants are also forthcoming, with "a number of exciting opportunities in the works."
We will keep you updated as construction continues, and the project's upper levels take shape. In the meantime, you can learn more by checking out our Database file, linked below. Want to share your thoughts? Leave a comment on this page, or join the ongoing conversation in our associated Forum thread.
|Related Companies:||Cecconi Simone, Flynn Group of Companies, GWL Realty Advisors, IBI Group, Land Art Design, PCL, Stephenson Engineering, Vertica Resident Services|