In the big picture of Toronto developments, Medallion Capital Group‘s 260 High Park Church Lofts & Residences is not a large project. However, for Medallion it is a major step as the firm moves from being a management partner to direct involvement in the development.
Medallion has now broken ground at 260 High Park, which re-envisions the former Alhambra Church on the southwest corner of Annette Street and High Park Avenue in Toronto’s West End.
“We’ve been associated with other projects, but on the condominium development side it’s been in more of a management role,” Medallion co-founder and president Chris Giamou told RENX. “260 High Park is our first project that we’ve taken it from inception to close.
“We’re vested in this project, whereas in the past we were not.”
The 260 High Park development
The project features 15 lofts ranging from 837 to 3,081 square feet in the repurposed church, and 55 additional suites from 632 to 2,567 square feet in a new four-storey condo surrounding it.
The layouts are: one bedroom; one bedroom plus den; two bedroom; two bedroom plus den; and three bedroom plus den.
Prices range from $1 million to under $4 million for the church lofts, which include stained glass windows, and from the $600,000s for the new residences.
The new residences are more than 90 per cent sold and the overall project is more than 75 per cent sold since launching during the summer. The sales presentation centre is at 2150 Bloor St. W.
Construction will start this winter and occupancy is slated for the fall of 2021.
Amenities at 260 High Park include: a courtyard entrance; a lobby with seven-day-a-week, 24-hour-a-day concierge; a multi-purpose lounge with a two-way fireplace; a private dining room with a walkout to a private outdoor garden; a fitness centre with cardio equipment, a yoga studio and private change rooms; and a landscaped rooftop area with a lounge, barbecue and fire pit.
The team involved with 260 High Park also includes: Finegold Alexander Architects for the heritage conversion of the church; Turner Fleischer Architects Inc. for the contemporary residences; ERA Architects for the heritage conservation plan; MEP Design for landscaping; U31 for interiors; Wilkinson Construction Services Inc. for construction management; and Milborne Group, the lead broker.
Toronto-based Medallion was formed in 2016 by Giamou and his son Mike, who together have more than 50 years of experience in the real estate industry.
The full-service real estate development and asset management firm also provides residential and commercial mortgage services and has an in-house real estate agent to help clients buy or sell their properties.
Medallion has managed residential projects across the Greater Toronto Area, including approximately 4,000 newly constructed residential units, and more than 700,000 square feet of commercial, retail and industrial space.
In addition to its own money, Medallion’s funding comes from private investors, project partners, primary lenders, mezzanine financing and surety bonds.
“Develop-and-sell appeals to our profile and experience, as well as to our investor group,” said Giamou. “We’re a hands-on organization, we’re team-oriented and we get results for our clients.”
Medallion’s investment strategy
Medallion doesn’t land bank and doesn’t have any other active developments, because Giamou said Toronto is “a crazy market right now to try to make a deal that’s feasible.”
Giamou does due diligence for site suitability and a thorough pro forma analysis with respect to revenue and construction costs per square foot, as part of Medallion’s cautious investment strategy.
“Sub-trades are really in demand all over the Toronto area, so prices that have been historic are out of date within three or four months,” said Giamou. “We look to be satisfied with the suitability of the site and making sure that the financial parameters meet our expectations before we move forward with an actual offer.
“It does take a little bit of time and, unfortunately over the last six months, there were two sites that we were very close on and preparing to provide an offer, and they fell through just because of timing. But, we are looking to add to our portfolio of development sites.”
Past Medallion projects
Past Toronto projects Medallion has been involved with include:
* Chateau Royal, a mixed-use condo at 650 Mt. Pleasant Rd. with 98 residential units and 15,400 square feet of retail;
* a Zamani Homes development of 25 townhomes at 91-99 Finch Ave. W.;
* River Hill Condos, a mixed-use condo at 2088 Lawrence Ave. W. with 135 residential units and 2,400 square feet of retail;
* Pacific Century, a mixed-use condo at 500 and 550 Queen’s Quay W. with 435 residential units and 5,000 square feet of retail;
* a mixed-use condo at 99 Avenue Rd. with 60 residential units and 3,200 square feet of retail;
* Town & Country and Town & Country II, condos at 1 Lomond Dr. and 2 Aberfoyle Cres. with 221 residential units;
* Alexandra Gate, a mixed-use condo at 2 Alexandra Blvd. with 31 residential units and 3,000 square feet of retail;
* a commercial retrofit at 295 Davenport Rd. with 18 residential units;
* the Concorde Square and Concorde Place mixed-use project on Concorde Place with 983 residential units and 525,000 square feet of office space;
* and the renovation of the Hazelton Lanes shopping centre (now known as Yorkville Village) at 87 Avenue Rd.