Condo Profile: 200 Bay Street

I’ve long been a fan of this building and am always happy when a client decides to purchase here. Just minutes from Parliament Hill, 200 Bay St is one of downtown Ottawa’s little known condo secrets, and continues to offer excellent value for money, something that’s becoming rarer downtown.

Built in 1984-85, this is an intimate project with only 4 well laid out units per floor (63 in total) and of a reasonable size for the Buyer looking for one bedroom, or an affordable two bedroom with a home office, or space for the occasional guest.

There is not much in the way of amenities other than an exercise room, but this helps keep the condo fees down; the previously dark hallways have been updated with new lighting, new carpeting and new wallpaper. This is a functional and unassuming building from the outside, but ideal for those who prefer to take a pass on “new” and “trendy” in favour of location and value.

That said, those looking for something chic and exclusive would be more than impressed by the penthouse at 200 Bay, truly one of Ottawa's showpiece condos offering a full panorama of the city from every window. I attended an agent open house here a few years ago and the pièce de résistance was the rooftop terrace—every agent I saw was left speechless.
 
While many owners have renovated their units, even in their original condition the layout and space of the floorplans at 200 Bay provide excellent value for money. At ~875sqft these two-bedrooms may only feature one bathroom, but come with large laundry/utility room off the kitchen as well as a walk-in closet in the master bedroom. At just over 600sqft, however, the one bedrooms are the real gems of this building, featuring 25' x 12' of combined living/dining space, a kitchen with a view, and balconies over 15ft in length.

Those living in older condo units should take note of the simple but worthwhile renovations that only enhances the value of these vintage units: removing walls between kitchen and living room; ceramic tiles and hardwood flooring; and perhaps most importantly, the floor to ceiling renovation of an older bathroom.

September condo deals

Smart buyers took advantage of a slow month and reduced prices to sign on the dotted line, some of whom were handsomely rewarded:

A condo with a view in a renovated, well managed building: 1 bedroom with parking in Beechwood Village for just $208K

$270K for a nearly new 1-bedroom with stainless steel, hardwood floors and parking between the Market and U of O

2 bedrooms with parking in the East Market Lofts for $350K

Only $380K for a 2-bed/2-bath condo with parking
in a Charlesfort building!

$399K for a 1460sqft loft in Wellington Village, complete with parking and designer finishes... why buy new???

Modernization of 151 Bay almost done

After having residents cough up ~$10K per unit, the "modernization" of Park Square at 151 Bay St is almost done, including a complete overhaul of the underground parking garage. Although expensive, this is a welcome facelift for one of the grand old dames of Ottawa's condo community, built in 1978.

One of the city's original luxury addresses, this building still holds its own with comfortable, spacious units, good security, wide, inviting hallways and an excellent location in "the good part of downtown" as residents are keen to point out. A number of units have been upgraded with new kitchens, new bathrooms and hardwood flooring, and these are definitely worth checking out when they come up for sale.

And condo fees here remain surprisingly reasonable given the age, space and amenities, currently clocking in at 52—58 cents per sqft including hydro, heat and parking. (As a point of comparison, condo fees at Claridge Plaza I —built 30 years later in 2008— are anywhere from 42—50 cents per sqft, and don't include hydro.)

For sure, the shared laundry facilities on each floor are old school enough to deter many buyers, but with the average time on market 12 days for these units, clearly there are those who will take the space and quality over granite counters and stainless steel appliances.

Cathedral Hill set for September launch

Windmill Developments, the folks who brought us The Currents at the corner of Wellington & Holland (home of the GCTC), are having a go at their second condo at Queen & Bronson on land sold off by the Christ Church Cathedral, hence the name Cathedral Hill:

Having consulted extensively with both the City and the Centretown Citizen's Community Association has made the approval process relatively painless, not to mention the fact that the project's narrow footprint will have little impact on the views of the neighbouring Gardens condos across the street. As of last report all approvals are a go and sales will be launched in mid-September.

The preliminary list of features includes the usual suspects as well as a few novelties in the Ottawa condo market: wine storage, space to tune your skis and bike, yoga studio (or is Domicile already doing that?), a dog wash room and a charge station "should you contemplate an electric car in the future". Once again guest suites are being featured which already makes me wonder just how small these units will be.

Based on what I've seen at The Currents, I'd like to suggest a few more items for Windmill's checklist: higher quality finishes in the units themselves, specifically cabinetry and flooring, a well appointed lobby that reflects the overall price per square foot, and absoutely, definitely, please: a front door intercom that allows residents to buzz visitors into the building, rather than having to take the elevator downstairs and open the door themselves.

Central condos set to revitalize Ottawa's Mid-Town

The first phase of the Central project at the corner of Bank and Gladstone is shaping up nicely and if last night's ground breaking party for Phase 2 is any indication, the Central condos are set to breathe life into a rather sterile section of Ottawa that I refer to as 'Mid-Town'.

With The Glebe under the siege of construction for the next two years, those moving into the neighbourhood will be looking northwards on Bank St for shops and services. While there is already a good selection including Rama Lotus, Whalesbone, Bramasole Diner, Staples, the White Monkey and Spaceman Music, I look forward to the influx of new business that will set up shop to take advantage of the 500 plus new residents settling into the neighbourhood over the coming 2-3 years.

Out with the old, in with the new…

The former site of the Main Garage on the corner of Gladstone and Kent St has been demolished to make way for the Centropolis condo project:


Being a former gas station, excavation will require the removal of all contaminated soil and an environmental bill of health from the province before construction can start. At 4 storeys tall, this will be wood frame construction and add 121 condos to mid-town Ottawa, in my opinion a neighbourhood to watch.

An interesting side note: Claridge sought to develop this site in 2002, applying to the City for a variance which would permit 11-storeys, on a site zoned for five. The ensuing outcry saw the project cancelled and Claridge moved north a few blocks to build The Strand on the corner of Somerset and Kent, perhaps their most popular condo to date.

Tribeca Condos to Feature Sobeys Grocery Store

Good news for downtown residents as Sobeys confirms that they will be leasing the ground level retail space from Claridge Homes in the Tribeca project currently being built at the corner of Metcalfe and Nepean St.

If all goes according to plan, Sobeys could be ready for business as soon as the beginning of 2013:

Centretown News Online


The Sobeys' Urban Fresh concept was introduced in 2003, and outlets are opened in high traffic neighbourhoods with lots of condos. The target market is the urban professional living in small spaces, the idea being that condo living equals little storage hence daily shopping is a plus if possible. So far there are 11 such stores in Toronto (the CityPlace location is pictured above), but urban space of the size required is at a premium so expansion has been catch as catch can.

Despite the initial handwringing and concern that the Tribeca location is too "residential" for a retail operation of this size, one can't deny that Tribeca and Sobeys are a match made in (foodie) heaven. If the selection at the Sobeys Urban Fresh banner in downtown Toronto is anything to go by, Tribeca residents and neighbours will likely have their pick of ready made sushi, curry to go, wine, fresh seafood, fresh ground spices, dozens of different types of dried mushrooms and a hundred plus varieties of cheese, to name but a few offerings.

There is no denying that groceries are a major component of residential life which makes Tribeca an excellent fit. This Sobeys will also provide much needed competition to Hartman's on Bank St, not to mention giving residents genuine incentive to embrace a car free lifestyle.

Tribeca—ready, set, go…

I guess one of the nice things about being Ottawa's most prolific developer is that one needn't sweat the small stuff like financing to start construction.

While other projects scream "SOLD OUT" for months (and months) on end, Claridge has gone ahead and started construction on Tribeca with less than 50% of units sold. Amazing.

Given all the hype and anticipation leading up to the launch of this project, one wonders if Claridge didn't become complacent in their actual sales effort, banking on location alone to seduce buyers. The whole urban/NYC theme of this project speaks to a different style than Claridge is known for, and I for one would have liked to have seen some effort put into staging a floor model… as in "show me, I'm from Missouri".

Instead I found the recycled sales centre underwhelming, replete with tired graphics and bored staff who were all but chewing gum. Not exactly the way to convince a would-be buyer to write a cheque for $50,000 so it's just as well they've broken ground and are getting this project underway. As the saying goes: "If you build it, they will come". (Yes, a slight misquote, but close enough...)

Psst... true or false?

Gossip heard by the water cooler this past week:

• Three $1-million condo units to be built over top of Caffe Mio in Wellington Village
• Richcraft to build a 9-storey condo at the corner of Rideau St and Charlotte
• The controversial Artisan proposal on Hamilton Ave is already being shopped around by its developers (...no word on any takers for the project, and no word on what Mona Lisa thinks...)

The Mondrian Now Complete: Pool Party Anyone?

Kudos and backslapping all around last week as construction of The Mondrian was officially completed, and christened with a pool that finally opened for business:


Residents celebrated, most fittingly, with a pool party last Thursday night.

Despite the initial grumbling and legal threats being uttered as residents settled in (ah, the joys of new construction!), now that the dust has settled, my own impressions of this project are mostly positive. While the building features some of the smallest condos in Ottawa, the efficient use of space in most of these floorplans (emphasis on the word "most") makes them very liveable for the working city dweller.

That said, I can appreciate that this is not a building for everyone: the gritty, industrial design and small spaces are definitely geared towards a younger demographic of wannabe urbanites. But for those who enjoy living on the edge —real or imagined— The Mondrian's stellar location combined with spacious bathrooms, solid cabinetry, and (again, mostly) well considered floorplans have proven to be a hit, particularly on the resale market where units have been selling quickly, and for a tidy profit.

Lastly, a shout out to The Mondrian's daytime concierge who is as cheerful and helpful as a concierge could be, and provides a cordial greeting to residents and visitors alike.

Light Rail Condo Connection?

As plans for Ottawa's Light Rail Transit (LRT) project solidify, city planners may actually be contemplating yet another attempt at a collaboration between Claridge and the City—as incredible as that may seem after the Tribeca/Portrait Gallery fiasco.

You see, a little known fact is that Claridge struck an $18 million deal with Shamrock Parking in 2008, giving them ownership of some of the city's choiciest development opportunites. First and foremost is the surfaced parking lot at 383 Albert St which lies directly across the street from Constitution Square...


...and is right on the city's proposed site for an underground transit tunnel and a station platform to serve the western edge of downtown. It is also a hop, skip and a jump from Alterna Saving's parking lot, where the City was planning to build the Ottawa Library's new main branch.

City planners have been referring to this as the "Library Site" and the plan was to build the entrance to the tunnel at the base of the Library that connects to the station platform:


Small problem: the City was unable to negotiate the purchase of this site from Alterna Savings [click for article], and the better—much better—idea of relocating the Library's Main Branch to the old Union Station across from the Chateau Laurier is slowly gaining steam. So thoughts turn towards Claridge, who will be developing the gap pictured above between Constitution Square and the now defunct "Library Site".

Claridge's proposal for this lot calls for 3 rather Toronto-esque condo towers, one at 22-storeys and the other two at 28 storeys, housing a total of 485 units. Given that the LRT would be right at their doorstep, City Hall staffers have been musing as to whether Claridge would be amenable to a direct link to an underground LRT platform from their proposed complex.

On the surface, this is a very attractive proposition for both retailers and residents, particularly those averse to the intensity of Ottawa winters:

But this becomes less attractive when the discussion turns to who will pay to maintain and service an underground link that includes elevators, escalators, a lobby and a security system.

I applaud the idea in theory but with condo fees already averaging 35 to 40 cents per square foot for new construction, Claridge will need to do some number crunching and careful negotiation with the city if this idea—a very good one mind you—is to be economically feasible for all affected... City of Ottawa taxpayers included.

Tribeca Launch Rescheduled

With the sales centre still not quite ready, Claridge has revised Tribeca's VIP launch to Thursday, February 25. Those interested in attending the "pre-release" must register directly with Claridge Homes (link below) to receive an invitation by email as soon as the date is confirmed:

Tribeca Registration

Welcome to Tribeca (the Claridge version)

With suite names like "Bowery", "Times Square" and "Broadway" over at Claridge Plaza 3, it would seem that Claridge is in a New York state of mind these days. So welcome to Tribeca, Claridge's latest ambition for downtown Ottawa slated for 187 Metcalfe St between Lisgar and Nepean:

(Architect's drawing of a bit of NYC in Ottawa)

If this location seems familiar, recall the joint bid by Claridge and the City of Ottawa for the national portrait gallery that the federal government was pretending to sponsor back in 2008.

This was an arduous and drawn out affair with much name calling and finger pointing in the media. Some councillors decried Claridge for "blackmailing" the city for permission to build 27 storeys in an area zoned for twelve. The end result? Claridge was granted permission to build 27 storeys in an area zoned for twelve, despite that the federal government cancelled plans for a portrait gallery altogether:

(Tribeca's twin towers as seen from Nepean St)

Now that the dust has cleared and the bad PR has faded, work is well underway for the February 2010 launch of Tribeca, downtown Ottawa's largest condo project to date with two 27-storey condo towers along Nepean St, office and retail space, and a bank of townhomes on Lisgar St.

In an attempt to "contribute to the fabric of the neighbourhood" (as quoted in the Centretown News in November 2009), Tribeca's commercial space calls for a grocery store and daycare centre at ground level, both of these essential services that are sorely lacking in downtown Ottawa.

Taking a cue from the name Tribeca, I note with interest that this project will be marketed as "NYC-style lofts", which is quite a departure for Claridge. Could this edgier side of Claridge be in response to Urban Capital's success with The Mondrian and Central? Certainly the curved facade of the eastern tower is some of the most risqué design Ottawa has yet to see:


Plans filed with City Hall call for 9 units per floor, larger than comparable units at The Mondrian, mostly open concept and some with exposed pillars, ranging in size from studios at 532sqft and 1-bedrooms at 645sqft, up to 1065sqft for a 2-bedroom suite:


Tribeca is due to be launched this coming month. Given Ottawa's recent thirst for urban condos and this project's choice location just a block from Elgin St, I predict that Tribeca could be Claridge's fastest selling project so far.

The Mondrian: Hot Child in The City

The Mondrian has now registered as a condominium corporation and unit owners—some of whom have been paying occupancy fees since last summer—have now received the deeds to their condos.

During the occupancy period owners were unable to list their units for sale on MLS. The incorporation of The Mondrian is already impacting prices in the downtown condo market with 4 units listed last week, all of which sold over the past weekend. I myself represented one of these units, which sold after more than 30 visits, more than a dozen direct calls and multiple offers.

If there was any idea that Ottawa's condo market might be slowing down, then resale activity in The Mondrian puts this to rest. A few observations:

• The 1-bedroom condo market isn't hot, it's on fire


• It's only January but buyers are already out in droves, most with mortgage pre-approvals in hand


• The Mondrian's mix of location, low condo fees and amenities—particularly the concierge, terrace and fireplace lounge with billiards & bar—is proving to be a huge hit with urbanites


• Buyers looking on their own will find that the most desirable 1-bedroom condos downtown are sold by the time the listing agent returns their call

Confirmed Location for SOHO Lisgar

My earlier guess at SOHO Lisgar coming to the Golden Triangle was a wrong one at that, but I have now confirmed that in fact Mastercraft Starwood plans to redevelop the site at Canus Plastics (just east of Bank St) into their latest bank of Ottawa luxury condos...


...with a third project—SOHO Champagne—planned for Dow's Lake/Little Italy, reputedly on the long defunct "Acquerello" site that was recently sold after being marketed for $5.6 million.

Claridge brings "Tribeca" to downtown Ottawa

The sales centre originally used to sell Claridge Plaza was moved to the corner of Lisgar and Metcalfe this past week, where it will be reworked into a NYC-style loft as part of Claridge's latest project, Tribeca (perhaps better known as the site of the now defunct Portrait Gallery):


No doubt buoyed by the recent feeding frenzy over Claridge Plaza 3, Claridge is now moving full steam ahead with downtown Ottawa's largest and most ambitious residential development: two 27-storey towers of NYC-style "lofts" which are set to include office space, a major grocer, daycare and townhomes fronting Lisgar Street. The sales centre is scheduled to open February 2010. More details to follow in another post.

Construction begins on Central Condominiums

This week saw the end of an era with the demolition of Bank Street's Metropolitan Bible Church, making way for downtown Ottawa's latest condo development, Central:


Courtesy of a heritage designation, the church's Bank St facade will be left intact and form the centerpiece of Central's resident lounge, complete with WiFi, billiards and a media room for movies and other big screen events.

I like what I've seen so far at The Mondrian so am optimistic that Urban Capital's latest condo will breathe new life into this part of Ottawa's mid-town, as well as providing a bridge between The Glebe and downtown proper. More on Central to follow in a subsequent post.

Update: Claridge Plaza 3 Now On Sale

The wine flowed freely and the crowds were thick and giddy at yesterday's pre-launch for Claridge Plaza 3:


Phase 2 is well underway with an occupancy of early 2011 and Phase 3 begins in early 2010 with the demolition of the National Bank of Canada building on the southeast corner of Rideau and Cumberland St. In keeping with Phase 1 and 2, Claridge Plaza 3 is offering much the same formula: basic yet affordable urban home ownership, steps from all the fun and madness of the Byward Market.

The floorplans for Phase 3 seem to suggest that Claridge has decided to focus their attention of two groups of buyers: the first time urban dweller more concerned with location and price than size or upgrades, and the affluent baby boomer also looking for a prime location but with the view, space and amenities to show for all of their hard work.

Given that these units won't be ready until mid-2013, pricing for Claridge Plaza 3 represents great value in light of how Ottawa's downtown condo market has been performing over the past few years. Another posting follows with pricing and details of my picks for this project.

Food for Thought: Claridge Plaza Phase I

"I have been renting in Phase I of Claridge Plaza for almost a year. I recently bought a townhouse in centretown and will be moving shortly. A few observations on Claridge Plaza..."

Positive

• Location is great—three minutes walking to the Market or Rideau Centre and even closer to the beer, liquor, grocery and drug stores
• Views are good on most sides even from units that aren't that high
• The daytime security guy is excellent
• The lobby has a hotel-like look

Negative

(Note I am a tenant, and the owner and property manager have not pressured Claridge to fix the problems—it may well be they would fix these problems if pressed by the owner.)

• The hardwood floor creaks like an old house
• The base appliances in the kitchen are terrible (major freezer burn within a few days no matter what the temperature setting, stove is not a self-clean model, dishwasher does not clean anything below the heaviest setting)
• The pool is tiny, even by condo standards
• The "gym" is small, has limited equipment, no proper climate control (never the right temperature) and has a very low ceiling (anyone over about 5'10" would probably hit their head using the treadmill)
• The elevators have been problematic from day one
  

"Demographics—I previously lived in the East Market which was mostly young professionals with a few empty-nesters and most units were owner-occupied. There appear to be few white collar workers in the building and a lot of students or people that seem to work in the service industry. I realize I am stereotyping a little, but I am guessing there are a lot of units being rented out (or owned by parents) which is not good for the long term viability of the building."

"Trucks—this isn't Claridge’s fault, but all four streets surrounding the complex are used by trucks, nearly 24/7. In addition, Rideau is a major bus route and Cumberland is the main route into the market for the Laurier fire station. I find it almost impossible to leave a window open or use my balcony."

—Claridge Plaza Tenant

For Sale: Large 1-bedroom condo with parking

Something of a rarity these days: a large (770sqft) 1-bedroom condo, downtown, with parking. Priced at $256,000, this unit is in immaculate condition and ready for its new owner to move in. This condo is on the 4th floor of The Strand at 429 Somerset St West:



Perhaps one of the best spots downtown, The Strand is not only minutes from offices and Parliament Hill, but has a grocery store right across the street, as well as any number of shops, bars, restaurants and services within a 4-block radius in any direction. Built in 2003, this is a well built, secure and reasonably priced building with very large floorplans by new construction standards.

The Strand also happens to be one of the few downtown buildings with a live-in superintendent as well as underground parking for visitors. And now that they have just added two gas BBQs for residents to use in the building's private courtyard, The Strand is easily one of my top three picks for downtown condo living.

In the market for a 1-bedroom unit? Full details can be found at the link below:

http://www.429somersetwest.com