Description
This project, 150 Pearl Street Condos is a pre-construction condominium development in Toronto’s Entertainment District. Developed by the Conservatory Group, this project is proposed to stand 59 storeys and house 610 units.
This condominium will occupy a great site, right on the northeast corner of Pearl Street and Duncan Street. Currently the site of both a vacant lot and two heritage buildings, the developers have asked EI Richmond Architects to help transform the corner. The proposal calls for a 59-storey building with a 6-storey podium that incorporates the preserved heritage facades. The podium will contain a mix of commercial and lobby space, along with almost 11,000-square-feet of indoor and outdoor amenities for condominium residents. These amenities are planned for the 5th, 6th and 7th floors.
EI Richmond’s modern tower will provide a contrast to the historic base and consist of a vertical element next to the main body. The tower will be articulated with step backs and a pattern of alternating balconies, while a distinctive point tower will be recognizable on the downtown skyline.
The developers have proposed a unit mix of consisting of 366 one-bedroom suites, 167 one-plus-den-suites and 77 two-bedroom suites. An underground parking garage will provide 123 parking spaces for residents.
Conveniently, this development site sits in two key areas. It’s part of both one of the city’s “regeneration areas,” and the province of Ontario’s downtown “urban growth centre.” Both designations have been given to indicate a location where substantial is growth is planned. The project is being designed to follow both city and provincial guidelines that encourage development in areas where appropriate levels of infrastructure will be able to support this future growth.
What does this mean for you as an investor? It means you get to be part of a neighbourhood that’s already vibrant, in-demand and culturally-rich, and will continue to develop over the years.
Location & Neighbourhood
The Entertainment District is currently home to some of the city’s most talked-about clubs, bars and eateries, while historic warehouses dotting the stretch give a nod to the area’s history. Many of these warehouses now house creative and technology companies, as well as studios and galleries. Some of the city’s most beloved theatres and concert halls are nearby, including the TIFF Bell Lightbox, headquarters for the Toronto International Film Festival. Units here command some of the city’s top rental rates and are in high demand with young and creative professionals, as well as executives who work in the nearby Financial District.
Yet there are even more exciting things planned for the area’s future. The building is just a block from a redevelopment that will see a brand-new Ontario College of Art and Design (OCAD campus), along with extensive gallery, office and creative space.
