One of the highlights of 2018 was when Menkes broke ground at Sugar Wharf in Toronto at the beginning of January. Well, it looks like the momentum carried forward for the rest of the year - according to a recent report by Altus Group, Sugar Wharf was the best-selling new condo in Canada in 2018!
The first phase of Sugar Wharf is a 25-storey office tower with 690,000 square feet of space. There will be multi-level retail space and a new flagship LCBO. This tower alone is big news for the East Bayfront area - now throw in the fact that the master-planned community will also feature five new condos and a mid-rise rental building.
The five condo towers will range from 64-90 storeys. When the first two launched last summer, Menkes sold 1,241 of the 1,463 available units. That’s 85%! This success was seen in a year of cooling, as new condo sales fell 38% compared to 2017.
"We are so pleased that buyers were as passionate about this project as we are," says Jared Menkes, Executive Vice President, High Rise. "The strong response to Sugar Wharf is especially meaningful coming out of 2018, where many builders experienced a shift in market conditions. Increasingly, there has been a flight to quality by prospective homeowners, opting for brands they know and trust, and we are fortunate to be one of those brands."
Located on the northeast corner of Queens Quay East and Freeland St., Sugar Wharf is an 11.5-acre community featuring luxury residences, offices, restaurants, shops, a new two-acre park, and what will be the city’s first vertically integrated school.
When complete, there will be approximately 7,500 residents and 4,000 office workers in Sugar Wharf. Another exciting thing is that the city’s underground PATH system is expanding east of Yonge and each of the buildings at Sugar Wharf will be connected to it.
Work on the site is currently 40 feet below grade, and completion of the condos is scheduled for 2022. The office tower will be complete by 2021.
With new condos expected to remain the most affordable housing option for singles, couples and families in the Greater Toronto Area, we expect Sugar Wharf’s success to keep going strong through 2019!
Feature image via CNW Group/Menkes Developments Ltd