When Opportunity Knocks…
When it comes to Toronto Real estate, everyone is always looking for the next up and coming neighbourhood or investment opportunity. Wayne Gretzky, when asked what makes a great hockey player said, “a good hockey player skates to where the puck is, a great hockey player skates to where the puck is going.” And, with Toronto Real Estate, the secret to being a great investor is the ability to see long-term and act on it. That long-term investment opportunity is in Toronto pre-construction. We’re talking about the city’s greatest up and coming development, Galleria Mall, and the time to act is this Spring.
A Sneak Peek at Galleria Mall
This Toronto pre-construction opportunity is located at the corner of Dupont and Dufferin on the old Galleria Mall. It will turn into a new 20-acre master planned community. The new high-rise community will feature 3,000 new residential condominiums with an 8-acre urban park. The entire plan is designed by architect, Hari Pontarini and will be developed by Freed and Elad. These two developers have great reputations and established track records as visionaries with experience in master planned communities.
Notably, the new neighbourhood considers every detail, part of which will enjoy a state of the art 75,000 square foot community centre. This is in addition to wider tree-lined streets and sidewalk promenades with retail shops, banks and grocery stores. Currently, the location is about a 10-15 minute walk to the Bloor Street Subway line. However, plans are being finalized for a new bus loop with the TTC that will run directly to the Bloor subway line.
The Neighbourhood
Up until the 1970s, the Dupont corridor was considered to be one of the biggest manufacturing hubs in city. At one point, Model T cars were built in the area. As manufacturing began to leave the area for the suburbs, the corridor had become more of a thoroughfare than a neighbourhood. But, all of this is about to change.
In a 2014 report published by the city and together with a series of new zoning by law, changes slated the corridors as an integral part of the city’s plan for new urban development. As such, currently there are eight condo projects underway on Dupont spanning from Spadina all the way past Ossington. Across this corridor, you’ll find RioCan, Lifetime, Tridel (with 2 projects) and Peter Freed developments. In a few years from now, this once desolate corridor will look and feel a lot different than it does today. And, the Galleria Mall project will be the anchor to the west.
Rendering of the intersection of Dupont and Dufferin, image courtesy of Freed and ELAD [image via UrbanToronto]
Various renderings of the proposal, image courtesy of Freed and ELAD [image via UrbanToronto]
There’s a lot happening in the immediate area of Dupont And Dufferin. Look no further than Geary Street and you’ll find the Galleria Mall only a stone’s throw away. What was once a very industrial manufacturing area is now becoming one of Toronto’s up and coming foodie destinations. Think early days of Ossington in this revival. It’s where all the cool kids are hanging out and it is very reminiscent of what Ossington was like just before it exploded.
Geary Street
If you haven’t heard of Geary Street, you’re missing out. The neighbourhood boasts part of the city’s top restaurant scene, where you’ll find:
Peter Freed is the visionary who built and made King West what it is today. His next big bet is on Galleria and in realizing the unrealized potential of Dupont and Dufferin. By all accounts, his bet is right on the money.
Get Excited About Toronto Pre-Construction
There are a lot of reasons to be excited about Galleria Mall. It’s not often that you get the opportunity to be part of and invest in a master planned community. And, right in the city where the area is rapidly gentrifying. One of the things we most often hear from clients is, I wish I could go back in time and have bought Toronto real estate. Or, there’s regret to have followed through on a Toronto pre-construction opportunity they had, but passed on it. Well, this is that chance right now that your future self will regret if you pass on it!
In fact, investing in Galleria Mall is the equivalent of being able to go back in time and buy into the Canary District on Day 1 when the entire area was literally just a 35-acre pile of dirt. And, this was when the first phase was selling at around $560.00 per square foot. Confucius once stated, “the best time to plant a tree was 20 years ago, and the second best time is right now.“
If you would like to plant your tree in Galleria Mall, please be sure to get on Fox Marin’s Platinum Access list. We are expecting the project’s first phase to be launching later this Spring.
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This article is written by Ralph Fox, Broker of Record and Managing Partner here at Fox Marin Associates. Ralph is a Torontonian native who recognized from an early age that the most successful people in life apply long-term thinking to their investments, relationships, and life goals. It’s this philosophy, along with his lifelong entrepreneurial drive and exceptional business instincts that help to establish Ralph as a top agent in the real estate market in downtown Toronto.
[image source: Reimagine Galleria]
