The partnership is a continuation of a longstanding relationship – DiamondCorp chief executive officer Steve Diamond was Lifetime’s lawyer on a number of applications before founding his development company in 2008.
The solid relationship between the two parties includes successfully shepherding the rezoning process for the 60-acre Celestica site at the corner of Don Mills Road and Eglinton Avenue East in Toronto half a decade ago before it was sold to another development group.
“Steve’s group is probably the top group when it comes to zoning and getting approvals, and we look at it from the sales, marketing and construction side,” Lifetime principal Brian Brown told RENX. “Marrying those two expertises is very beneficial.”
Prime downtown location
The 1.248-acre Queens Quay parking garage site was acquired from Canada Lands Company for $100 million in February 2020 when the federal Crown corporation realized there were better uses for the site because it was in such a prime location.
Both firms have equal ownership stakes and are involved in all stages of the development.
The Wallman Architects-designed Q Tower is within easy walking distance of public transit, Harbourfront Centre, Roundhouse Park, Rogers Centre, Scotiabank Arena, CN Tower, Ripley’s Aquarium of Canada, Billy Bishop Toronto City Airport, Jack Layton Ferry Terminal, the underground PATH pedestrian walkway, Lake Ontario and much more.
“We think all those great amenities are enough of an attraction to bring people down to the site and give them comfort that they're making a good decision in buying a property at this time,” Brown noted.
What Q Tower will offer
Q Tower will have 902 units, ranging in size from studios to three-bedroom suites. Some will have terraces.
There will be 27,000 square feet of amenities within the building, including a fitness centre, a lounge, co-working space and pet facilities.
U31 is the interior designer for Q Tower, which will feature paintings from German-born, Los Angeles-based artist and photographer Michael Moebius — including images of Queen Elizabeth II and James Bond.
While the existing parking structure will be demolished, Q Tower will include an underground commercial parking garage as well as parking for residents.
There will be 330 vehicle parking spaces and a bicycle storage space for each unit.
Pricing hasn’t yet been disclosed, but sales will launch in October.
It’s hoped that construction will begin in mid-2024 and occupancy will take place in 2030.
Other Lifetime projects in Toronto
Residents will begin moving into the 14-storey, 307-unit XO Condos at King and Dufferin streets before the end of the year. Brown said the neighbouring 19-storey, 404-unit XO2 Condos is scheduled for completion by the end of 2024.
Oscar Residences — a nine-storey, 155-unit condo with 83,000 square feet of commercial space at 500 Dupont. St. — should be completed next year as well.
There are approximately 4,000 units approved for development in Lifetime’s pipeline, according to Brown.
The company is looking to launch sales for a 59-storey, 614-unit condo at 36 Eglinton Ave. W. next year.
Moving just north of Toronto, Brown hopes sales for the first phase of Panda Markham will begin next year.
The 5.8-acre site at Highway 7 and Warden Avenue will become a mixed-use community with five residential towers ranging from 28 to 48 storeys supporting retail at grade.
Farther down the line
No launch dates are scheduled at this point, but Lifetime has received approvals from the City of Toronto to build:
- a 34-storey, 430-unit condo at 111 River St.;
- a 14-storey, 117-unit condo at 485 Wellington St. W.;
- and a 13-storey, 58-unit condo at 504 Wellington St. W.
Lifetime is going through the rezoning process for:
- a proposed 48-storey, 614-unit condo at 141 Roehampton Ave.;
- and a proposed 29-storey, 217-unit condo at 49 Jackes Ave., where the company’s head office is located.
“We’ve got a lot on the go and there’s a lot keeping us busy,” Brown said. “It's more timing the market than anything else that's holding us back.”
Brown said Lifetime is always looking for new acquisition opportunities though easy-to-zone development sites are hard to come by.
He’d also be happy to partner with DiamondCorp again for future projects, he added.