Reserve Properties and Westdale Properties are banking on the Eglinton Crosstown light rail transit line bringing more activity to Toronto’s Yonge Street and Eglinton Avenue area, and plan to add to it with Line 5 Condos.
“Westdale and Reserve have been looking to collaborate, and Yonge and Eglinton was an area both firms agreed is bursting with energy,” said Reserve chief operating officer Shane Fenton.
“Westdale had been a part of the early redevelopment in the area when they brought The 88 On Broadway to market in 2005. Reserve’s offices have been located at Yonge and Eglinton for the last 20 years.”
Line 5 Condos will be located at 117-127 Broadway Ave., currently home to a rental apartment building which will be demolished. The site, just west of Mount Pleasant Road, was purchased from that building’s ownership group.
Fenton said they are in “early stages” of also planning a new, purpose-built rental apartment building across from the Line 5 Condos site as a replacement, and to add further vitality to the neighbourhood.
“There is $5.3 billion in infrastructure investment going into the new LRT. While that line stretches 19 kilometres, we believe the impact on Yonge and Eglinton is going be significantly bigger. It’s going to be a fully integrated mobility hub. We believe it makes sense to develop along transit corridors.”
Line 5 Condos features
Aside from the attractive location and proximity to transit, Line 5 Condos will also be desirable for its: dedicated ride share pick-up area; an oversized parcel storage area; and hot and cold storage in the lobby to ensure that food ordered online will be enjoyed as it should be.
Line 5 Condos, designed by Toronto-based IBI Group, will feature a 36-storey tower, a 33-storey tower and an eight-storey podium. It will be clad with high-contrast metal, mesh and natural materials, while featuring oscillating patterns, layers and textures.
Line 5 Condos’ interior, designed by Toronto-based U31 Inc., will feature an oversized lobby reminiscent of a boutique hotel. It will have a café tuck shop that operates during peak hours.
There will be a state-of-the-art fitness centre of more than 10,000 square feet on the ground floor. It will overlook a “Zen garden” and include dedicated spaces for on-demand interactive training systems, personal training and yoga. There will also be a spa with a steam room, saunas and a pool with a nanotech skylight.
An upper amenity floor will have a co-working space and social club which opens to a pool through a glass wall. Line 5 Condos will also include two communal kitchens, three outdoor lounges, an art room, an outdoor theatre, a library and game spaces.
Sales for the first phase of Line 5 Condos, which will feature 450 of the project’s 930 suites, will begin this fall. The unit mix will range from studios to three bedrooms and sizes will go from 380 to 1,200 square feet. Prices will start in the $300,000s and condo fees will be approximately 58 cents per square foot.
Fenton expects first occupancy of Line 5 Condos in September 2022.
Reserve and Westdale
Reserve is a family-owned company which develops residential, retail and mixed-use properties. It has been involved in more than 100 projects encompassing more than 12,000 homes and two million square feet of commercial and retail space across North America.
Toronto-based Westdale is another family-owned company which owns, manages and develops real estate across North America.
Its Canadian portfolio includes close to 7,000 residential units and more than 2.5 million square feet of retail, commercial and industrial space. It owns and manages close to 47,000 residential units in 200 properties in 30 cities, as well as 1.8 million square feet of retail and commercial space in the United States.