Lanterra launches Natasha and keeps GTA’s hectic development pace | RENX
Lanterra Developments will launch the sale of a 47-storey, 436-unit condominium in downtown Toronto, Natasha The Residences, in September because it maintains a sustained pace of development in the city.
âI prefer towers that are in that 40- to 50-story range,â Lanterra COO Christopher Wein told RENX. âYou can build them relatively efficiently as opposed to very tall towers, which tend to be very time consuming.
âWe also like unit counts in the range of 450, so you end up with the type of community that we think is a real great place for condos in Toronto. It’s big enough to have some really awesome amenities and common areas that we can share among all the residents, but it’s not as big as some mega-towers where you find yourself north of 1,000 units.
âIt’s an enormous density within the same building. You start to have the impression that you have too many neighbors and it is difficult to build a community around 1,000 families, whereas 400 is really good.
The site at 263 Adelaide St. W., southeast corner of John Street, was marketed by BMO Capital Markets on behalf of its owner. Wein said he started the “relatively complex negotiation” in early 2019 and the company closed the $ 69 million acquisition in November 2020.
âThere were almost receivership type issues, so I had to go through a legal process and the whole deal had to be approved by the courts. “
The neighborhood and the building
While the neighborhood surrounding Natasha The Residences is known as a destination for entertainment and culture, with Four Seasons Center for the Performing Arts, TIFF Bell Lightbox, Princess of Wales Theater and more being located nearby, it is also increasingly becoming a business district.
âWe love this part of town,â Wein said. “We believe it’s a perfect juxtaposition of commerce, culture, entertainment and recreation.”
Natasha The Residences will retain the original heritage facade of the Purman Building, which was erected in 1915, as a five-story base.
Units will range from studios of 370 square feet to three-bedroom suites of over 1,200 square feet. Buyers who want more space can combine units.
âWe don’t really build penthouses in the Toronto market anymore,â Wein said. “We find that if someone wants a unit north of 1,500 square feet, it’s best to let them combine units and customize them however they want.”
Amenities at Natasha The Residences will include: a lobby on the sixth floor with a 24-hour concierge; a fitness center; a multimedia content studio equipped for the production of films, photos, audio and social media; a spa with infrared sauna; outdoor entertainment spaces, including a pizza kitchen and Korean-inspired barbecue tables; a social lounge which also serves as a laundry; coworking spaces; a concert piano hall; a children’s play area; and a pet spa.
Neither the prices nor the condo fees were disclosed. Wein hopes to begin construction in the summer of 2022, with occupation taking place at the end of 2026.
Natasha Koifman Connection
Natasha The Residences is inspired by NKPR founder Natasha Koifman, who opened her PR and communications firm near the site almost 20 years ago and still lives in the area.
Lanterra is a long-time client of NKPR and he based the design and personality of the building around its founder, who was involved with hotels, restaurants and other customers nearby.
âShe’s a strong female entrepreneur who has created a fairly large and successful business,â Wein said. âWe know that the entertainment district attracts young entrepreneurs and up-and-coming mobile technicians, as well as people in the service and hospitality industries.
“A lot of people would aspire to be as successful as Natasha and have Natasha’s lifestyle.”
Quadrangle BDP is the architect of the project, while Alessandro Munge of Studio Munge incorporated elements of Koifman’s fashion sense – heavy on black, white and bold primary colors – into interior spaces.
Koifman will act as spokesperson and assist in the marketing of Natasha The Residences.
11 Wellesley and TeaHouse condominiums
The project maintains a constant flow of important developments by Lanterra.
The 740 residential units of the KPMB Architects and IBI Group-designed 11 Wellesley are busy and efforts are being made to close the commercial side, Yonge & Wellesley offices on the park, which has retail on the first floor and 46,074 square feet of office condos on the second and third floors.
About 20 percent of office condo units are still available and marketed by CBRE. Occupation began this month in some units that have sold. The retail space is fully leased and includes a virtual entertainment center.
The 1.6 acre L-shaped Dr. Lillian McGregor Park, which is part of the development, is expected to be completed by the end of September.
The 832 suites on the 52 and 25 floors architects alliance– designed, Asian inspired TeaHouse Condominiums at 501 Yonge St. are sold. The north tower is fully occupied and the south tower will be occupied by the end of October. Leasing started for a small retail element of the project.
Artists’ Alley, Rodeo Drive and Notting Hill
The Hariri Pontarini Architects-designed artists alley at 234 Simcoe Street is a planned mixed-use community with 39, 36 and 17 story residential buildings with over 1,000 units, as well as office and retail space. Fewer than 40 units remain unsold, mostly larger suites that were held up but are now on the market.
The podium is forming and Wein said construction is ahead of schedule. He expects Artists’ Alley to be sold out by the end of the year.
The 32- and 16-storey towers of Hariri Pontarini Architects-designed Rodeo Drive Condominiums To CF Stores in Don Mills currently rise above the podium. Less than 50 of the 633 combined units of the buildings remain unsold. Wein predicts that the occupation will begin in a year and a half.
The IBI group designed Condominiums in Notting Hill is a master plan community comprising four residential buildings with 1,320 suites at 4000 Eglinton Ave. W. near Royal York Road. About two-thirds of the homes are sold and construction is expected to begin in the coming months.
âWe have enough sales for finance and construction etc., but that still leaves a few hundred units in stock, so we will continue to make new releases in Notting Hill throughout the fall and through. ‘next year,’ Wein said.
50 Scollard, 31 Parliament, Glenhill and Spirits
About 70 percent of the units are sold. Sales will continue throughout the construction process, as there are some very large units that will likely replace the homes of residents of the affluent areas of Forest Hill and Rosedale.
Wein said sales of Unit 428, Architectonic and IBI Group-designed 31 Joint ownership of Parliament were “robust” and sufficient to start construction. Demolition of an existing building at the site just south of the Distillery District is expected to begin in early December, and construction on the new building is expected to begin in the first quarter of 2022.
Soil remediation work has started and official construction is expected to begin on the nine floors and 113 suites Condominiums in Glenhill, near Bathurst Street and Glencairn Avenue, this fall. Some units exceed 3,000 square feet and Wein expects sales to be active during the construction period.
âThere is a really strong market for large family style units and multigenerational units,â he said. âWhen you build large units that replace houses, people tend to buy throughout the building process. It’s a little different from downtown condos.
Lanterra works with City of Toronto site planning officials for the Hariri Pontarini project Spirits Condominiums in Don Mills CF stores. Wein said it likely won’t go to market until the end of next year.
“We are a high density mixed-use developer focused on Toronto and we are not venturing outside of Toronto,” said Wein, who noted that the company has a land reserve that could accommodate projects for the next one. decade.