September 15, 2010
Toronto’s Junction Triangle Lofts [map] by Ashley Ross offers a development with opportunities for entrepreneurs and artists.
Construction is nearing completion on this collection of 10 two-floor loft units designed to accommodate an eclectic mix of creative and professional uses. Move-ins are scheduled for October 2010.
It was four years ago that Ross first explored this rapidly-changing section of the city and realized its potential.
“I had a vision for what this area would become,” Ross says, “and the gentrification is happening right in front of our eyes. There are new galleries on Bloor, Wallace Film Studios is just down the road, and multi-billion dollar video game giant Ubisoft Entertainment has now built its Toronto headquarters directly across the street from Junction Triangle Lofts @ 229 Wallace, bringing hundreds of highly-skilled new economy jobs to the area. This neighbourhood already attracts artists and entrepreneurs who rent space, and I believe some of them would prefer to own their unit outright. With no rent to pay, they can put their money to work for themselves and build equity.”
What they can own is a 2,850 square-foot unit priced from $619,900.
Potential uses are vast, allowing for retail, commercial, workshops, studios and more.
Ross sees owners/investors using the spaces for software design and development, artist and photography studios, communication and broadcasting, publishing, custom workshops for sheet metal, carpentry, welders’ or contractors’ shops, performing arts studios and workshops, food wholesale/bakery/catering businesses, possible community service clinics or health centres, and even the option of brew-on-premises.
The light-industrial retail first floor of each unit is 1,430 square feet, with 14’8” ceilings and a walk-in entrance off Wallace Avenue. There is another entry at the rear, as well as a 10’ high overhead door with automatic door opener and parking for two cars. This floor also has a two-piece handicap-accessible finished bathroom. The 1,250 square-foot studio/workshop loft is an open-concept space with a 10’ ceiling, three-piece finished bathroom with glass enclosed shower, separate entrance off Wallace Avenue, and an entrance from the rear parking area. Plus, there is an open 180 square-foot rear roof terrace off this level.
“The front façade echoes Gothic architecture and blends well with the mixed built form of the surrounding properties,” Ross says. “It provides a fantastic addition to the cultural fabric of the neighbourhood.” The plans also incorporate a lot of natural light coming in through large windows, especially at the back, which has a southern exposure. The garage door has six glass panels, and there are two skylights in each unit.
“We provide a space that’s ready for a creative lifestyle, with primed concrete block, separate heating and air conditioning systems for each floor, and finished bathrooms,” Ross says, “but purchasers have tremendous flexibility to achieve what they want through upgrades and their own additions. They can install ceilings or keep the industrial look of the exposed steel beams and polished concrete floors. We also offer the option of some interior red brick, and we even provide a rough-in for a kitchen on the second floor. We left provisions for a future second floor hot water tank and separate electrical and gas meter, as well as security and intercom systems.”
Unit features include 6” reinforced smooth concrete slab-on-grade construction; oversized double-glazed insulated windows; 600-volt, 200-amp service with a main breaker; hanging pendant industrial light fixtures; and more. Maintenance of common elements includes snow shoveling of the parking lot, irrigation of the front landscaping, and private garbage collection for approximately $150 per month, making it carefree for the property owner or investor.
According to Michael Wacholtz of Freeman Real Estate Ltd., brokerage, “In this building, people can thrive on each other’s creative energies.
In addition to owning their place of business, some purchasers may choose to rent out the second floor. The influx of new employees in the area creates the need for additional amenities. The site is perfect for businesses that can provide merchandise and services for these new customers, and offers a great opportunity for investors. Interest in this neighbourhood is accelerating quickly; people will want to get in before it pops.”
Ashley Ross has over 10 years experience in developing unique properties that make striking statements in their neighbourhoods – most recently, Richmond Town Manors, on Richmond Street near Trinity Bellwoods Park. “That development was highly-successful because of the quality and workmanship, and an ideal location,” Ross adds. “I have just as much faith in Junction Triangle Lofts @ 229 Wallace. It will help to define the community. I believe we’re on the cusp of becoming the next hot area of growth in Toronto.”