The Toronto condo market is always on top of architecture and design trends. Most recently, the new luxe trend rising in the condo world is the combination of modern condominium spaces with a selection of hotel units — sometimes in the same tower.
According to data from Urban Toronto, the city is currently home to 32 active hotel developments. This figure includes both proposed and approved plans — as well as projects currently under construction. It encompasses hotels being developed from scratch, as well as comprehensive redevelopments of existing hotel properties. Together, these new developments will encompass 708 new suites across the city.
Torontonians — as well as frequent visitors to the Big Smoke — may already be familiar with some of the existing hotel/condo developments out there. These include downtown’s The Ritz Carlton, Shangri-La and The Four Seasons, which occupies prime real estate in stately Yorkville. We have to say, we completely support this modern twist that offsets the high cost of doing business in the energetic, urban core.
The new wave of hotel and condominium residences promises even more resort-like amenities, luxury brand partnerships and striking architecture. Many of these new projects are packaged in modern boutique buildings, with 150 hotel suites or less — and the following are a few of our favourite examples.
This development — which celebrated its soft opening just in time for the 2017 Toronto International Film Festival — is created by Lifetime Developments and the renowned hospitality and clubbing empire, INK Entertainment. Its hotel space will be handled by the upscale chain Loews and features a rooftop restaurant and pool deck. It stands at 44 storeys, and it has 355 residential units.
The former Courtyard Marriot, located at 475 Yonge Street in the Church and Wellesley neighbourhood, is being completely demolished to make room for two contemporary structures. The development will house 988 residential units and 289 hotel suites. This pair of stylish towers will also sport 21,000 square feet of indoor amenity space, and 11,000 indoor amenity space, and occupancy is set for 2022.
This sleek, 35-storey tower is proposed by hospitality magnates Manga Hotels. Proposals for this building call for 227 residential and 242 temporary suites, housed in an architecturally-striking building with copper elements adorning its facade. This project has the potential to really revitalize this community by adding a sleek and welcoming hub to the area while boosting the local economy.
Mizrahi’s Development’s project — which is on track to become one of Toronto’s tallest residential structure at 85 storeys — recently announced plans to add eight floors of hotel space to its towering figure. It will have 416 residential units, and occupancy is set to begin in 2023.
Nobu marks the first time the luxury hospitality brand has stepped foot in Canada. It’s Mercer Street location will eventually be home to two striking towers with 700 residential and temporary suites, as well as the eponymous Nobu eatery with its celebrity-endorsed Asian fusion cuisine.
If you’re an investor, you’ll likely find that having a high-end brand attached to your unit, such as Nobu, contributes to a desirable ROI and boosts the demand in today’s rental market. The addition of high-end tourist accommodation can also help boost appreciation for the entire neighbourhood, especially in a location like Jarvis and Shuter streets, which is on the verge of transformation.
So, what’s it like to live in one of these luxury hybrid buildings?
For one, if you’re considering buying as an end-user, keep in mind that the hotel aspect will make for a busier complex with visitors coming and going at a steady pace. Although these kind of condominiums usually separate the residential floors, you still may end up sharing a lobby or amenity space with this crowd. Many thrive on this high-energy, cosmopolitan vibe.
Additionally, in a building that shares amenity space between guests and permanent residents, you might also end up with more reasonably-priced condo fees — as maintenance costs will be somewhat absorbed by guest fees. Sometimes these residences also offer permanent residents the same perks as visitors, like room service or housekeeping.