Billed as being “sensitive to downtown premiums and a starter-home budget,” the units are yet another way that Toronto is catching up with the world — tiny units are the norm in places like London, New York, Hong Kong and Tokyo. Here, these suites start at $249,000 for 300 square feet. More than half the units are priced at less than $350,000.
They’re a perfect size and location for a piéd à terre, but first-timers might like them to live in, and yet others will use them as investments (the brochure suggests a return of about 5% to 7%).
The building is right at the sweet spot of hip Queen West, the University Avenue stretch of offices and hospitals, and mere blocks from the downtown business and financial core. The Yonge-University subway and the iconic Queen streetcar are right at the corner.
Dubbed Smart House, the architecture of this 25-storey building is pretty standout, with staggered red balconies creating visual interest and a unique ID for the building. There’ll be retail on the first two floors and office on the next two. The 241 suites will span floors five to 25.
The little suites are super sweet, with efficient design meaning no square inch goes to waste (there are such cool features as retractable countertops and dining tables, and sofas and desks that double up, and even movable partitions, so that the space is what you want it to be at any particular moment; see it on the video at the Smart House site; renderings weren’t available yet). Amenity space includes a fully equipped gym, guest suite, party room and outdoor terrace with barbecues, tables and lounge areas.
Smart House has big condo names behind it: Urban Capital and Malibu developers, II x IV Design and architectsAlliance. What is smart living? Here, they say it’s “urban dwelling based on multi-function components using minimal space to maximum effect to provide an affordable solution to downtown-minded individuals and investors comfortable with the cutting edge.”
Besides, the developers say, “in 2013, it is gracious and green not to sprawl. In the right hands, small is mind-blowingly functional.”
SOURCE: THE NATIONAL POST