Yesterday I met with clients who recently purchased a condo at the Thompson Residences. Everything has been going great for them, but they verbatim said "I have a bone to pick with Lavelle". For those of you who don't know, Lavelle is a rooftop poolside resto-lounge that is all the stir right now in Central King West and sits above The Thompson Residences. On Saturday night, I was walking past Lavelle and saw the droves of young "up and comers" all bargaining their way past the line to mingle with the who's who. Unfortunately, the real audience for this type of venue is finding poor execution on reservations, lack of service and overall clumsiness on the part of Lavelle.
Here's the thing... managing that type of venue, and executing a lifestyle condo residence geared towards young professionals is a tightrope walk. Service, cache and value is something that city's like New York, LA and Hong Kong have been very profitable attaching a price tag to. In Toronto, we've seen many attempts including Soho House, Shangri-La, Thompson Residences and more.
Enter Charles Kabouth and Bisha.
In 2017, the new player to the condo game is a veteran of the lifestyle and nightlife game. No one in Toronto has done what Charles Kabouth has done. Charles' tenure as a nightlife impresario includes epic success at The Guvernment and a host of other nightclubs. His vision for Cabana Pool Bar has left many nay sayers simply saying "Wow, I didn't think Toronto could do that." His restaurants have continued to grow in popularity with names like Weslodge, Figo and America on everyone's hot list.
So what does this mean when it comes to condos?
I've written in the past about the Manhattanization of Toronto. The wealth and influence that is pouring into Toronto continues to drive demand for high-end luxury in all facets. Do you remember when Yorkvillle was the only place to purchase a condo over $800/sq. ft? Now they are popping up all over Entertainment District, King West, Financial Corridor, Queen West and even Leslieville. Buyers are craving Walkscores of 100 and the opportunity to participate in a true luxury lifestyle condo is coveted.
Bisha, will be younger and hipper then The Four Seasons but more refined then Fashion House.
Bisha is going to be a landmark residence. It will be the best execution of young money. For example, I think of a young fashion mogul client of mine when I think of Bisha. I think of my partying Bay Street Investment bankers when I think of Bisha. I think of my client who distributes wine when I think of Bisha. Bisha is going to be a place where you can party and walk home... err I mean take the elevator.
The difference will be in the management. Ink Entertainment is a partner in Bisha. They were the turnaround force behind America when the Trump Residences had a failing restaurant. Bisha will have the right players involved in the management. The construction side of Bisha will be Lifetime developments. They have built reputable buildings including Victory and Four Seasons Residences. The quality of construction and the delivery of product will be well executed.
The execution of the marketing and entertainment.... well that will be phenomenal. Bisha will become a place to be seen. It will be where the who's who are and it will offer great views of the city skyline from its rooftop pool and terrace. When the Leafs are doing well, or TIFF is happening, or Mastercard Fashion Week, Bisha will be where people want to be.
Bisha will be pricey but there is a market.
The market for high-end, badge-factor condos continues to grow. We can see this both with sale prices and average rents. Rents for example at The Thompson Residences are over $4/ft
Getting in at the ground level is an opportunity that exists right now. Exclusive listings that we have available:
Giselle Model: 1 Bedroom + Den 651 Sq Ft South View with Balcony
Daria Model: 2 Bedroom + Study 944 Sq Ft with Balcony
Please leave us a message or call us if you'd like to sit down.
Always happy to talk real estate!