The First Sunday School Lofts, located just north of Danforth between Donlands and Pape subway stations, has been highly-anticipated by the MrLOFT team. It's not often we see a new Toronto loft development spring up close to the Danforth and when that development maintains at least some historic elements, well, you've got our attention.
While we typically advise clients buy re-sale whenever there are comparable options (far less risk involved and pre-construction lofts are often over-priced, even by today's market standards), the listings shortage we've been experiencing with Toronto lofts for sale is pushing more buyers towards new loft developments, whether they be soft lofts or a hard lofts.
If you're interested in buying a Toronto loft but having trouble finding a re-sale property that fits the bill OR if you're a Riverdale / Danforth die-hard but you're not in love with the existing "few and far between" lofts in the area (namely, the Glebe Lofts and the Printers Row Lofts), this project warrants a closer look.
The First Sunday School Lofts is a new project by Grid Developments which is a merger of Urban Fabric Development and Aykler Developments (Steam Plant Lofts, East Village Leslieville, Harbord Towns, etc.).
The facade is a restoration of a heritage building located at 14 Dewhurst Boulevard whereas the residences themselves appear to be a totally modern, soft loft addition. There's not a lot of information released yet on the project but we do have the early renderings to share with you:
You'll see the developer plans to use a combination of brick colours - red and charcoal - and that the large, arched windows on the historic facade along with stone trim / decorative mouldings are the main decorative features. The 72 residences will contain either balconies or access to a green roof deck.
Interior designs including floor plans (the word is suite sizes will be larger than norm) along with the price list are yet to be released. As such, we're reserving judgment until we have more information but, unfortunately, the exterior renderings fall a little flat to our eyes. We can't help but feel a little uninspired by Grid's box-like aesthetic. Even the historic facade feels forced and lacks a certain charm.
But we're still holding out hope for this one. A lot can change in the coming months once suites are released, as the developer tests the waters with pre-sales. In fact, we've seen designs completely re-developed if pre-sales aren't strong. The area is definitely a tick for us in the "yes" box and a great, east-end alternative for a more mature buyer who's not into the young professionals scene of the Leslieville lofts along Carlaw, Broadview and Queen St E.
Not only are loft buildings a rarity along the Danforth or anywhere in East York, this particular stretch of the Danforth between Pape and Donlands is ripe for development. It's just steps to two subway stops and prime Greek Town but still early enough in that transition phase that investors should see a good return - when buying at the right price, in the right project, that is.
If you're interested in the First Sunday School Lofts, drop us a line at email@example.com or reach out directly to one of our Loft PROs and we can advise you on the opportunity here as more information is released.
While Toronto's east end continues to boast some of the hottest neighbourhood real estate markets in the GTA, loft lovers have really been limited to a few pockets like Riverside along Broadview and Queen, Leslieville along Carlaw and Queen and a few scattered options further east in The Beach.
Take a look at our Toronto loft map and you'll see how clustered developments are close to the DVP with little in the way of options for people looking in some of the east end's hottest upcoming neighbourhoods like Greenwood-Coxwell and the Upper Beaches, to name a few.
The good news is that there are a number of new loft developments in construction / in the planning phases east of Pape. They tend to be on or near main east/west arteries like the Danforth, Gerrard and Queen.
If the Sunday School project doesn't float your boat, here are a few other options to consider:
East Village (Gerrard & Greenwood, touted by developer as Leslieville but it's arguably Greenwood-Coxwell)
St Leslieville Church Lofts (Jones & Queen)
Loft Forty Five (Connaught & Queen)
And if you're open to a condo, have a read of this post by our colleagues over at Condos.ca on the condo boom happening in The Beach and Upper Beaches. It'll give you a list of some of the exciting new condo projects happening there.
All rendeings & map © Grid Developments, 2016.