Due for Disruption — New Projects that will Change Toronto’s Real Estate Landscape
The pace of change in the Toronto real estate industry is picking up — and this shift is greatly driven by the changing customer expectations, preferences and behaviors; the need to embrace broader trends like co-working and the sharing economy; as well as a confluence of transit and community-oriented developments.
THE WELL, a new, open and vibrant mixed-use community in Downtown Toronto West (https://urbantoronto.ca/database/projects/well)
Although every region has its own opportunities and challenges, Toronto’s rapid real estate market expansion over the last decade continues to lead and reshape Canadian cities across a sprawling metro area in terms of investment and development prospects.
As the city’s construction sector gathers steam, new projects on the horizon are bound to alter Toronto’s real estate market; and entrepreneurs and investors would be hard pressed not to consider these as opportunities for their businesses or sectors.
A proposed mega-development in downtown Toronto was announced in June, helmed by Oxford Properties Group. The $3.5 billion Union Park project will be one of the largest mixed-use projects in the city’s history; highlighting how the Toronto’s vertical growth spree continues to pick up momentum.
Spread over a four-acre site just north of two city landmarks, Rogers Centre and CN Tower, the development plans call for twin curved 58 and 48 storey office towers and apartments surrounded by newly landscaped public parkland, and 4.3 million square feet dedicated to new mixed-use office, residential, and retail spaces.
This development comes at a time when large-scale mixed-use projects are in the midst of a construction boom. The Well, a new and vibrant mixed-use community radiating brilliant urban design in the heart of Toronto, has become a lively destination that draws visitors, residents and employees to its poised retail mix, premium amenities, innovative office space, meaningful entertainment, cultural and wellness events. The Well reflects the heart and soul of the city, inspires us and contributes to a well-balanced life.
The Arbour by Moriyama & Teshima Architects, is set to be a sustainable showstopper project. The architects proposed a timber-framed, terracotta-clad ten-storey building concept, designed to maximize access to natural light and fresh air. The Arbour will consist of modern student housing, classrooms, student workspaces, childcare facility and Canada’s first Tall Wood Research Institute set to dramatically reshape the neighborhood.
At 85-storey, The One is yet another intriguing project set to become the country’s tallest skyscraper when complete, and second-tallest man-made structure, after the CN Tower. Designed by renowned architect firm Foster + Partners, the under-construction luxury condo at Yonge and Bloor Street features a champagne-hued metal exoskeleton with seven levels of retail and restaurant space, 175-room hotel and roughly 60-floors stack of condo apartments. This new wave of transit and community-oriented development adds to Toronto's ongoing evolution as a world-class city to live and work in.
Final thoughts
Toronto, with its fast-growing innovation hub, shows few signs of slowing down. The real estate industry is progressing despite its previous shortcomings and sprawl — and the rapid densification taking place is transforming every part of the city.
The next five years will be very telling about the future of Toronto’s real estate market, with an explosion of large-scale mixed-use, traditional rental apartments and extended-stay hotels being the most ambitious and transformative projects ever to hit the city.
