New Condo Projects on King West
August 31, 2011
Lamb Development Corporation and partners Fortress Real Capital have established two new projects in the King West district, Brant Park and King Charlotte.
King Charlotte is a 232 unit condominium on Charlotte Street just south of Oxley. The project had a strong launch due to a one day exclusive opening for invited brokers; pre-sales were pushed to 60 per cent during the initial availability.
Brant Park is located at the corner of Brant and Adelaide Street West, which overlooks St. Andrews Park. The design incorporates “a quietness and practicality that fits the area,” notes Peter Clewes from architects Alliance.
Zafar Khawaja, Vice President at Fortress Real Capital says, “There is excellent value in the condominium market, especially here in Toronto. Good developers like Brad [J Lamb, President and founder of Lamb Development Corp] have the skill to see these opportunities and craft quality projects that look great in the skyline and on the balance sheet.”
A rendering of King Charlotte
Urbanation’s most recent report on the Toronto condo market forecasted growth, noting that the second quarter in 2011 broke nearly all existing records, including new condo sales, active projects, active units, new condo launches and quarterly unit registrations. There have been 24,731 new condominium sales over the past 12 months, topping the previous record high of 22,654 set in the fourth quarter of 2007 by nine per cent. The second quarter of 2011 also reported 39,196 condominium units under construction in 153 projects around Toronto.
“Low vacancy rates and a 100,000 people a year coming into the city is why we love Toronto projects,” noted Jawad Rathore, Fortress CEO. “Demand currently outstrips supply and that makes for a profitable market.”
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