The Globe and Mail article The Toronto area’s booming urban real estate market could be on the verge of a revival, as some of the most desirable buildings in the city begin to sell for the first time in years.
For years, Toronto’s downtown core was an attractive place to live, but developers have had a hard time finding developers willing to put a new project on the market, and many of those developers are facing competition from new developments in the surrounding suburbs.
With more new construction coming to the area every year, some developers are looking at the possibility of redeveloping the existing downtown core and making the city’s central core even more attractive to homebuyers.
The downtown core is undergoing a rebirth in recent years, and is now home to a new condo tower, a high-rise apartment building and a new retail and hotel complex.
Some of the biggest names in the real estate industry are currently working on new projects downtown, with the biggest of those projects in the area being a $1.5 billion, three-tower condo development called CIMB.
It’s been a slow start to the development, as construction was delayed a couple of years due to environmental concerns, but it’s still being built.
The project is scheduled to go up in 2017, and could be the biggest project of the next decade.
As of this week, the project is still under construction, but some of its most notable features include: The towers will have a rooftop garden, and will be the tallest of the three towers, and the tallest in the neighbourhood, at 858 metres.
The new development will have an indoor garden, a swimming pool, and a sauna.
Construction on the project will begin next year, and there is talk that it could open in time for the Toronto Blue Jays’ season opening, though there is no concrete timeline for that.
On the surface, the new development is a big win for the area, as it brings many of the buildings downtown to a downtown that was already considered one of the more attractive in the region.
The towers, for instance, have a combined height of 1,711 metres and will include offices, a retail space and a restaurant.
The developer says it will be an attractive location to live in for people who want to live close to the waterfront, but the buildings won’t have enough height to be affordable for a typical family.
Other buildings in downtown Toronto have recently undergone some renovations, including a new office building and residential towers, but there has been little development in the central area of the city.
“The downtown area is an important part of the community and it’s a part of our community that we can all benefit from, and it really should be a part that we look forward to having more of in the future,” said Coun.
Mike Layton, who represents the area.
There are also other new developments that are currently under construction in the downtown core, including: A new condo building is expected to open in 2017 that will have 1,700 residential units, and two hotels, including the hotel-casino complex, are expected to be completed by 2020.
A new luxury condo complex is also being built in the centre of the downtown, and plans are underway to expand it to accommodate 1,600 residential units.
Another condo development is being planned for the north end of the core, and another hotel and condo development in Parkdale is also expected to come online by 2020, with another hotel coming online by 2021.