13 Mar Young developer to build condo for young families
The GTA is flush with high-rise condominium tower one that caters exclusively to young families and millennials is another story.
Altree Developments under the leadership of its 31-year-old CEO Zev Mandelbaum plans to do just that at 30 and 44 Zorra St. in Etobicoke with the construction of a 35-storey building scheduled to be completed by the end of 2021.
Part of a massive planned retail and residential development in an area bound by Islington Ave. and Kipling Ave, to the east and west and The Queensway and Gardiner Expressway to the north and south, plans call for a “diverse mix of studio, one bedroom, two bedroom and three-bedroom units.”
Sherway Gardens is nearby as is a cinema and numerous restaurants and other retail outlets, but the real attraction is expected to be its proximity to a fully-equipped park across from what was formally now zoned for industrial land that will cater to both parents and children.
Mandelbaum says he spent the last two years assembling land and putting together parcels in an area he felt was good for redevelopment potential.
“I saw this as the next community within a community in the city of Toronto. If you walk around the area there is not a lot of residential high-rise where you can create urban living in the heart of that area.
“When I zeroed in on the zoning, I saw an opportunity where there is going to be tons of development — towers, mid-rises, homes down the block and a number of practical amenities. Then there is this massive park being planned for the centre of the area that spans well over eight acres and about half of it is already built that will contain everything from swing sets to waterfalls and benches.”
Located near The Queen- sway between Kipling Ave. and Islington Ave., 30 and 44 Zorra will consist of 340,000 square feet of gross residential floor space with pricing for the cost of a condominium starting in the high $300,000s.
“You will be able to get a home here for well under $500,000 even with the largest units,” says Mandelbaum. “Try getting that in downtown Toronto. There is barely anything under a thousand bucks a square foot. I think a thousand bucks is cheap given what condos are currently going for.
“The propensity for people to live in homes is very difficult and the mortgage stress test means that if you want to buy a single detached home the way a lot of people envision you have to drive at least an hour-and-a-half away from Toronto.”