The area bounded by Sherbourne St., King Street East, Parliament and Front Street is set to redevelop into Toronto’s next great neighbourhood. For decades, this downtown east area has not been on the radar for much except for the Greyhound Station, the Toronto Sun facility, vacant parking lots and very little market value housing.
However, over the last few years high end furniture retailers have spread along King East, establishing the furniture/design
district. This was truly a welcome sign and an indicator for the start of better things to come.
Over two years ago, software giant SAS completed their new Canadian head office at King Street East and Ontario Street with the ground floor being occupied by another furniture and design name, Bulthaup Kitchens.
Over a year ago, Context Developments started building an attractive assisted housing project on King Street East (just east of Ontario Street). Designed by Peter Clewes of Architects Alliance, the building is setting a new precedent for city housing. The King Street retail portion of the building is the flagship location of upscale furniture retailer, Kiosk Mobilia, selling the wares of stunning Italian furniture design company, B&B Italia and the French line Ligne Roset and represents another great edition to King St. E.
Recently renovated in fantastic fashion is the building formerly known as The Aluminum & Crown Stopper Company, located at 334 King Street East. It is one of the most beautiful signature warehouses in Toronto. The property was completely renovated and upgraded. It now houses more top end furniture retailers, high-tech companies, and design studios. A little over two years ago, Harhay Construction Management started their stunning 14-storey high design condo project East. East was also designed by modernist architect Peter Clewes of Architects Alliance. The project is 85% sold and will be completed by September 2009 and will offer a two-level mezzanine style retail space as the piece de resistance.
The latest word is that recently the Toronto Sun decided to put their enormous building up for sale. The offering attracted multiple bidders; the rumour is that the winner was the Canadian REIT Riocan. Additional rumours indicate that their plan is to build an urban style IKEA store, topped off with several hundred luxury condominiums.
Lamb Development Corp. has launched it’s new 15-storey development called The King East, at King Street East and Parliament; one of the last potential development sites along King Street in the original ten blocks of old Toronto. The high-style red brick and glass structure will house 186 suites along with a large mezzanine style retail element with 20+ foot ceilings. The building is 50% sold, fully approved, and construction is expected to commence in late 2009. In addition to these incredible changes, another new condo project, “Bauhaus” has just launched at Sherbourne and King Street East.
At the nearby St. Lawrence Market, four major new projects are in various stages of development (VÜ, Market Wharf, London on the Esplanade, and L Tower). Concert Properties is planning a new major development at Church and Front Street East. This huge population of the St. Lawrence Market area feeds the retail stores along King Street East.
Clearly, Downtown East is morphing into another vibrant and exciting neighbourhood. As the changes continue to occur, we will see property values rise making the Downtown East another great area to invest in. No wonder Toronto is known as an exciting, cosmopolitan and diverse metropolis. We just keep reinventing ourselves! Now, that’s staying current!!
Kimme Myles is a Sales Representative with Royal LePage R.E.S./Johnston & Daniel Division. Kimme is a regular contributor to the Muddy York Blog. Kimme’s email address is kimmemyles@royallepage.ca and website is located at www.kimmemyles.com
