Sugar Wharf Residences, part of the upcoming mixed-use development on Toronto's Waterfront ranks #1 for new condominium unit sales
TORONTO, Feb. 8, 2019 /CNW/ - Menkes Developments Ltd. is proud to share that according to new data released by Altus Group, a leading provider in real estate data and advisory services, Sugar Wharf was the best-selling new condominium project in Canada for 2018.
In a year where buyer confidence and sales activity had downshifted, this is a major feat for the company.
Located on in East Bayfront at the northeast corner of Queens Quay East and Freeland Street, the Sugar Wharf community will encompass 11.5 acres and will include luxury residences, offices, restaurants and shops, Toronto's first vertically integrated school, and will be anchored by a new two-acre park. Once complete, Sugar Wharf will be the largest mixed-use development on the Toronto Waterfront; home to 7,500 residents and 4,000 office workers. All buildings within the development will be connected to Toronto's indoor PATH pedestrian system which is being expanded east of Yonge Street.
The residential component of the community, designed by architectsAlliance, will include five condominium towers, varying in height from 64 to 90 storeys, and a mid-rise rental building. In summer 2018, Menkes launched the first two residential towers and sold 1241 condo units out of a total of 1463 units (85%).
"We are so pleased that buyers were as passionate about this project as we are," said Jared Menkes, Executive Vice President, High Rise. "The strong response to Sugar Wharf is especially meaningful coming out of 2018, where many builders experienced a shift in market conditions. Increasingly, there has been a flight to quality by prospective homeowners, opting for brands they know and trust, and we are fortunate to be one of those brands."
According to Altus, new condominium sales fell 38% from the record high in 2017; though remain close to the ten-year average for the market. Industry experts predict new condos will remain the primary source for additional housing needed to keep up with the pace of immigration.
Development is well underway at Sugar Wharf Residences. Excavation at the site progressed to over 40 feet below grade. Completion of the towers is slated for 2022.
The Sugar Wharf community officially broke ground in January of last year with the first phase of the project, 100 Queens Quay East, a 25-storey office tower, featuring approximately 690,00 square feet of Class AAA space.. In addition to the new office building, the community will include approximately 300,000 square feet of multi-level commercial retail space, including the new flagship LCBO store. Expected occupancy for the office tower is spring 2021.
Menkes Developments Ltd. is an award-winning, fully integrated, private real estate company involved in the design, construction, ownership and management of office, industrial, retail and residential properties. Founded in 1954, the company is one of the largest private developers in Canada, with a primary focus in the Greater Toronto Area. Menkes is known for its innovative, multi-disciplinary approach and particularly for its expertise in large-scale, mixed-use development. Past projects include the Empress Walk entertainment, shopping and residential complex in North York City Centre, the Four Seasons Hotel & Residences in Bloor-Yorkville and two landmark projects in Toronto's South Core district, 25 York (TELUS Harbour) office tower and the two million square foot Harbour Plaza Residences / One York commercial retail complex. Visit www.menkes.com for more information.
SOURCE Menkes Developments Ltd
For further information: Jamie Okorofsky, Menkes Developments, Tel: 647-252-1952, Email: Jamie.Okorofsky@menkes.com