St. Thomas Developments are planning a nine-story tower in the trendy Yorkville district of Toronto, offering the condos to house solely commercial activity.
“Commercial condos are something you see in New York, even in Chicago, certainly in Hong Kong and Europe,” says Patrick Quigley, president of St. Thomas Developments. “There are not a lot of commercial condos [in Toronto], this is relatively new.”
Commercial condos have taken in flight in Vancouver, and are currently common practice on the east coast. But the 93,000 square foot tower purpose-built for business would be a first of it’s kind in Toronto. “It just hasn’t really caught on in Toronto because the product has not really been available,” he added.
At $830 per square foot, Quigley is anticipating investors can charge around $40 per square foot monthly for rent. Units range in size from 600-1,800 square feet – the latter starting at $450,000 - with the option to combine units for more space. 25% of the building is already sold, and requires another 25% of inventory shifted in presales before construction can begin.
Could the project, scheduled for completion in the fall of 2014, breathe life into a condo market currently struggling for air?
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