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Lake Suites at Lakeside

Lake Suites at Lakeside

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Lake Suites at Lakeside

Dan Menchions
Dan Menchions, Partner, II by IV Design

What influences are we seeing today with regard to amenity spaces in new condos?

In the current market, expectations are so much higher than what they use to be. People want authenticity and quality. We have also seen a considerable trend that is giving more emphasis on incorporating hospitality features into condominium interiors. For example, at Lakeside, we focused on creating interior spaces with comforts and qualities reminiscent of a boutique hotel. The lobby warmly welcomes all residents; the party room is complete with dining, kitchenette, lounge, fireplace, a games area and access to exterior amenities; the theatre and lounge spaces are designed with a bar and island; and the fitness room and yoga/personal training studio offer a luxurious retreat from the comfort of your own home.

You describe II by IV Design as “experts at interpreting current and emerging consumer behaviours, attitudes and expectations.” What exactly are you hearing and seeing?

We are always researching new design trends and travelling the world to be inspired. There is always innovation happening, and our job is to identify the best option for a particular project. We don’t have a signature style and we really work hard to understand each of our projects in depth, and offer unique design solutions best suited for the client’s needs.

At Lakeside, for example, the aesthetic feels modern, but with classic detailing, which will uphold their style and remain visually significant for many years.

What are the key features at Lakeside, and what kind of spaces have you designed?

Lakeside is a highrise community in quite a significant location in the city, south of the Gardiner, across from Sugar Beach, steps from Lake Ontario. It’s a key project for the emerging East Bayfront neighbourhood that is poised to become a key live/ work/play district in downtown Toronto. It will offer a mix of sustainable residential communities, state-of-the-art workplaces and renewed connections to the water and parklands, creating tranquility in a busy city. Everyone – people of all different ages and stages, including families – will want to live here. The area is also being planned to become a true extension of the downtown core.

At Lakeside, we designed the interior spaces for the third building, Lake Suites, which sits at the most southern portion of the site and is the residence closest to the water.

How is Lake Suites’ unique location reflected in the amenity spaces?

Tying into the recreational culture of the waterfront, outdoor condo amenities include a rooftop putting green, outdoor dining and barbecue spaces, as well as a fireside lounge with picturesque views of Lake Ontario.

The rooftop putting green is very different and unique for downtown living. Being so close to the water, it provides an opportunity for residents to enjoy an outdoor recreational culture on the waterfront from the comfort of their own home. Residents will also have access to a rooftop swimming pool on the podium of the adjacent Park and Sky building, as part of the masterplanned development.

Lobby interiors are inspired by the surrounding waterscape, with colours such as warm woods, cool blues and accents of grey. Light wood panelling is contrasted by dark, full height custom doors and hardware. Other features include integrated millwork and bespoke lighting, as well as an art program inspired by the waterfront. The contemporary appeal of the lobby extends through the design of all amenity spaces and residential suites.

For further information on Lakeside or to register call (416.968.9196) or visit the website.


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New ground-oriented homes surpass $1 million

New ground-oriented homes surpass $1 million

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New ground-oriented homes surpass $1 million

The average price of available new single-family ground-oriented homes in the GTA has now surpassed $1 million, the Building Industry and Land Development Association (BILD) announced February 23, 2017.

In January, the average price of new single-family lowrise homes, which includes detached, semi-detached, row and townhomes, increased to a record $1,028,395, according to Altus Group, BILD’s official source for new-home market intelligence. Prices of new ground-oriented homes grew 25 per cent in just one year.

The average price of a new detached home increased to an unprecedented $1,316,325 in January. Ten years ago, the average price was $444,368. Meanwhile, the average price of a new GTA townhouse was $879,619 last month compared to $328,989 in January 2007.

“The GTA is facing a severe shortage of housing supply, particularly for single-family homes which sell as soon as they come to market,” said BILD president and CEO Bryan Tuckey. “When there aren’t enough homes to satisfy demand, prices increase and that is exactly what has been happening in our region over the last decade.”

There were just 1,524 new ground-oriented homes available for purchase in builders’ inventories at the end of January, a near record low. At this time in 2007, there were 18,400. Meanwhile, supply of new detached homes declined to 534, the lowest ever recorded in the GTA; 10 years ago there were 12,242.

The average price of new condominium apartments in stacked townhouses and midrise and highrise buildings in the GTA reached $507,511 in January, also setting a new record. The average price per square foot reached an unprecedented $625. New apartment prices have grown 13 per cent since January of last year, increasing by almost $60,000. A decade ago the average price was $322,569.

“Our industry is implementing provincial policy by building more condominium apartments and less ground-oriented housing,” Tuckey said. “A decade ago, condominiums represented just 42 per cent of available inventory compared to 88 per cent in 2017.”

After years of healthy supply, the number of new condominium apartments available for purchase began to decline. In January 2017 there were 11,529 new condominiums in builders’ inventories across the GTA, which is a 10-year low.

Overall there were 13,053 new homes in builders’ inventories across the region in January compared to 31,461 a decade ago.

“Today in the GTA there are less than half the overall number of new homes available to purchase than there were a decade ago,” Tuckey said. “Lack of serviced developable land, excessive red tape and frequent delays in the development approval process have all been large contributors to our housing supply crisis.”

New condominium apartment sales were the strongest recorded for a January following a record year in 2016. There were 1,199 homes sold across the GTA in January, most of which were sold in the City of Toronto. That is an 11 per cent increase over last year.

“Demand for condominium apartments is coming from a variety of sources,” said Patricia Arsenault, executive vice president of research consulting services at Altus Group. “Among them: end users who prefer the locations and amenities afforded by condominium apartments, families who might have opted for a single-family home but have been shut out of that segment due to lack of available product, and investors who are the key providers of new rental supply for the GTA’s growing population.”

Sales of new single-family homes declined to one of the lowest Januarys in the last decade. There were 741 homes sold across the region of which 369 were detached.

January New-Home Sales by Municipality:

January ’17

Lowrise

Highrise

Total

Region

2015

2016

2017

2015

2016

2017

2015

2016

2017

Durham

147

337

185

10

52

34

157

389

219

Halton

337

122

154

152

42

105

489

164

259

Peel

292

239

209

43

74

82

335

313

291

Toronto

25

98

33

605

774

750

630

872

783

York

330

251

160

117

138

228

447

389

388

GTA

1,131

1,047

741

927

1,080

1,199

2,058

2,127

1,940

Source: BILD

bildgta.ca


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