Menkes’ Sugar Wharf Canada’s top selling condo in 2018
Sugar Wharf Residences by Menkes Developments Ltd., part of the upcoming mixed-use development on Toronto’s Waterfront, was the best-selling new condominium project in Canada for 2018, according to Altus Group, a leading provider of real estate data and advisory services.
In a year where buyer confidence and sales activity downshifted, Menkes sees this is a major feat.
“We are so pleased that buyers were as passionate about this project as we are,” says Jared Menkes, executive vice-president, Highrise. “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.”
Located in East Bayfront at the northeast corner of Queens Quay East and Freeland Street, the Sugar Wharf community will encompass 11.5 acres and 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 will be connected to Toronto’s indoor PATH pedestrian system, as the development includes plans to expand the PATH 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 midrise rental building. In summer 2018, Menkes launched the first two residential towers and sold 1,241 of a total 1,463 condo units (85 per cent).
According to Altus, new condominium sales fell 38 per cent from the record high in 2017, though they remain close to the 10-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.
Construction 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 2018 with the first phase of the project, 100 Queens Quay East, a 25-storey office tower, featuring approximately 690,00 sq. ft. of Class AAA space. In addition to the new office building, the community will include approximately 300,000 sq. ft. of multi-level commercial retail space, including the new flagship LCBO store. Expected occupancy for the office tower is spring 2021.