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Since the release of a stirring set of renderings that reveal what is behind the glamourous glass and bronze elevations of 8 Elm, the public’s reception of the high-end development, from Reserve Properties and Capital Developments, has proven to be overwhelmingly positive. In the less than two months the project has been on the market, the sales team has been closing deals faster than the temperatures have been dropping, reporting that 500 units have officially been sold.
Designed to stand at a towering 69 storeys, with a height of 218m, the success of 8 Elm has been a process of leveraging a once-in-a-lifetime site. Located at the northwest corner of Yonge and Elm Streets, few locations in the City can offer more in terms of transit connectivity, walkability, and neighbourhood character. In terms of being connected to the pulse of the "big city," 8 Elm is about as close to the action as it gets, being steps away from Yonge Dundas Square. The site is only elevated further by the historic built heritage, a quality which Elm Street is revered for, and an element that has become a key aspect of the design.
Recognizing the intrinsic value of a site like this, the development team made several strategic moves to maximize the potential of the impending development. Most importantly, the project was framed as a reflection of the essence of the 5-star hotel reimagined as a model for the highest form of condo living. Next, architects IBI Group were retained, along with award winning interior design firm Cecconi Simone, to deliver a design that expressed the luxury of the project’s identity, a message that is made clear in the selection of materials alone, not to mention the amenity spaces. And to take it all a step further, the team recruited the help of Marvel movie star and Toronto native Simu Liu to add a unique perspective to the design process.
With 500 units sold in less than two months, Reserve and Capital are seeing the results of their approach that sought to deliver a project designed to a standard consistent with that of the irreproachable location. “The response to 8 Elm is a testament to the ongoing demand for living opportunities in prime neighbourhoods that are close to transit,” said Shane Fenton, Chief Operating Officer, Reserve Properties, in a press release. “In addition to having the best location in the city, we have received exceptionally positive feedback about the quality and efficiency of our suite designs. We are thrilled that our efforts were met with such enthusiasm.”
Fenton’s sentiment was shared by Capital Developments Co-CEO and Co-Founder, Jordan Dermer, who commented, “Towers like 8 Elm do not come around often, so buyers were able to look around short-term economic uncertainty to the long-term appeal of owning in this location.” Adding the numbers to Dermer’s point, 630 of the 892 total units were made available, putting the percentage of sales at almost 80%, a success rate that any developer would be happy to see.
UrbanToronto will continue to follow progress on this development, but in the meantime, you can learn more about it from our Database file, linked below. If you'd like, you can join in on the conversation in the associated Project Forum thread or leave a comment in the space provided on this page.
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