Richcraft heads to Little Italy

Richcraft Homes is set to join SOHO and Domicile in the development of Little Italy/Dow's Lake, as they negotiate the final details of the purchase of the Dow Honda dealership on Carling Avenue, just west of Preston Street:

Between the recent construction on Preston St and the anticipated expansion of the O-train track immediately to the west, Dow Honda feels the time is right to move.

So far no specifics details have been released about Richcraft's development plans, which is set to include a mix of residential, office and retail space in this most enviable location just steps from Dow's Lake Pavilion. Given the disappointing results seen at SOHO Parkway on Parkdale, I don't believe I'm alone in welcoming a new developer into this neighbourhood.

Parkdale condo glut?

Tunney's Pasture workers and fans of Ontario microbrews will note with sadness the closing this month of The Cottage and a Kitchen on Parkdale Avenue after the owners received an offer too good to refuse.

The property—coincidentally a stone's throw from the new SOHO Parkway—has been purchased by Richcraft with the intention of building condos. Further north on the same stretch, Urbandale has secured a parcel of land with a view to more of the same. If the Urbandale development is even half as good as what they've done with Riverside Gate, then this space will be one to watch:


But with 8 condo buildings north of Scott St, it seems that this section of Parkdale is poised to become another condo alley (ghetto?) similar to Laurier Ave West.

Given the number of units in the neighbourhood there is very little turnover and with good reason. For the most part these 1980s buildings feature spacious, well built units in an excellent location that used to be under the radar. But most are more than 20 years old, and these are dog years when it comes to condos. It will be interesting to see how these established projects hold their value against the glamour and size of these upstarts.

Sandy Hill Condo Boom

Being one of the city's most popular neighbourhoods, it comes as little surprise to see the northwest corner of Sandy Hill undergo a condo boom. In fact, one could ask what took so long to develop this nook given that The Lanesborough, just off King Edward Ave, is probably Domicile's most sought after building on the resale market.

Directly across the street, construction is underway for Richcraft's Galleria II after a 5-month delay. This is the second phase of a premium project that has gotten off to a great start with quality construction and finishes in Phase I, and boasts an excellent location convenient to both the Market and the University:


To the north of The Galleria, Claridge has fenced off the National Bank and started demolition on the adjacent lots. With Claridge Plaza II nearing completion, construction on Claridge Plaza 3 is slated to start next month, a project that will add another 226 condos to the neighbourhood:


Last and least, the proposed site for Daly Square on the corner King Edward Ave remains devoid of any activity. The signage claims that 90% of its 47 units are sold, but there is no word as to when construction will begin despite the estimated occupancy date of August 2011:

Condo of the Week: The Galleria at 200 Besserer

I recently had a chance to visit this new building and my first impression was favourable, mostly because of the location of this project.

Straddling the Market and Sandy Hill, The Galleria is well situated to offer the flavour of an established neighbourhood alongside the buzz and bright lights of urban life. Nestled on Besserer St between King Edward and Cumberland, this 12-storey building fits nicely along the northern perimeter of Sandy Hill, and the south facing units offer serene, residential views with a feel good vibe.