According to statistics released by the Altus Group, 2018 proved to be a year marked by caution from homebuyers and investors, as the Greater Toronto Area housing market started to shift from the speculative growth patterns of the last decade. While the report shows 2018 new condominium sales dropped 38% from the record high in 2017, figures remain close to the market's ten-year average, and despite the decline, new condos remained the main source for the city's growing housing needs in 2018.
Toronto was home to some of the most in-demand condo developments in 2018, many weathering the storm with central locations and marquee features. Among these, the first condominium phase in Menkes Developments' 11.5-acre Sugar Wharf community in the East Bayfront area has the distinction of being the best-selling new condominium project in Canada for 2018. Launched in Summer 2018, the first phase's two towers have sold 1,241 units, or 85% of the total 1,463 units on offer.
The architectsAlliance-designed Sugar Wharf Condos Phase 1 is already well under construction, with excavation now bottomed out at a depth of over 40 feet. The first crane is now in place, marking the start of forming for the underground garage levels. Work on the first phase residential towers is slated to wrap up in 2022.
"We are so pleased that buyers were as passionate about this project as we are," reads a statement from Jared Menkes, Executive Vice President, High Rise. "The strong response to Sugar Wharf is especially meaningful coming out of 2018, where many builders experienced a shift in market conditions. Increasingly, there has been a flight to quality by prospective homeowners, opting for brands they know and trust, and we are fortunate to be one of those brands."
Meanwhile, the community's office tower at 100 Queens Quay is progressing smoothly since breaking ground in January 2018. The 25-storey, B+H Architects-designed office tower will bring approximately 690,000 ft² of Class AAA space and roughly 300,000 ft² of multi-level commercial retail space, including a new flagship LCBO store, to the northeast corner of Queens Quay East and Freeland Street. The tower's first tenants are expected to move in in Spring 2021.
Once all phases are built, the community will be home to the office tower, five condominium towers varying in height from 64 to 90 storeys, and a mid-rise rental building. The completed community will be the largest mixed-use development on the Toronto Waterfront, supporting 7,500 residents and 4,000 office workers.
Additional information and images can be found in our database file for the project, linked below. Want to get involved in the discussion? Check out the associated Forum thread, or leave a comment in the field provided at the bottom of this page.
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|Related Companies:||architectsAlliance, B+H Architects, Cecconi Simone, Enwave Energy Corporation, McIntosh Perry, Menkes Developments, NAK Design Group, Stephenson Engineering, The Mitchell Partnership Inc., Urban Strategies Inc.|