‘Condos are definitely the topic of conversation,’ says realtor
In the 1989 film, Field of Dreams, an Iowa farmer played by Kevin Costner hears a voice that tells him, ‘If you build it, he will come.’ After constructing a baseball diamond in his cornfield, Shoeless Joe Jackson and other baseball legends emerge to play ball.
That same philosophy is transforming Yonge and Eglinton though, of course, it’s in the form of the Eglinton Crosstown LRT. With a growing number of condos sprouting up since plans to build the 19-kilometre line were announced, it’s credited by many with transforming the relatively quiet intersection into the ‘Las Vegas of Midtown Toronto.’
The Eglinton condominium by Menkes are under construction at the corner of what the developer dubs ‘Yonge + Connected.’ The neighbourhood scores top marks in just about every category, from entertainment, eateries and shopping to transit, employment, health and lifestyle.
“Our future residents recognize the appeal of a project like this in a neighbourhood like Yonge and Eglinton, and the connectivity of this neighbourhood to the rest of the city,” says Mimi Ng, vice president sales and marketing residential.
In September, Reserve Properties and Westdale Properties announced their joint venture: Line 5. “The impact the new LRT will have on Yonge and Eglinton is hard for people to conceptualize,” says Shane Fenton, COO of Reserve Properties. “It’s not hyperbole to say this is going to drastically change Toronto. With rapid transit in every direction, Yonge and Eglinton will emerge as the new centre of the city.”
In keeping with the way Torontonians live their lives today, Line 5 will feature a separate Uber lane to alleviate car traffic off of Broadway Avenue, an expanded parcel room for everyone’s daily online shopping packages and a hot/cold storage to keep delivery food warm.
Yael Bunting, a realtor with Keller Williams, has lived at Yonge and Eglinton for more than a dozen years and never lived more than three kilometres from the intersection. Being in the “downtown of midtown” has countless advantages, including every amenity you could possibly need within walking distance but within a true neighbourhood.
“It’s a unique pocket in the city,” she says. “The homes have been here for years and years so it’s a very established neighbourhood in that sense but condos are definitely the topic of conversation. They’re going in because of the new LRT, which is really revitalizing the neighbourhood.
“When I moved here 12 years ago, it was the Yonge and Eglinton that had been the Yonge and Eglinton for years. I loved it but there wasn’t as much energy. Now, with all these condos, not only are you getting more people, you’re getting more retailers and restaurants.”
That’s particularly appealing to young professionals. “Many have already lived in the downtown core and want a neighbourhood feel but still want amenities and to be close to public transit,” says Bunting. “We’re also seeing young families because the housing market has become out of reach for them.”
The average freehold house has netted $1.756 million to date this year and the average number of days on the market is 14. In a five-month period ending in mid-October, the average condo sold for $716,000 and was on the market for 17 days.
Of course, revitalization comes with growing pains that include never-ending construction. Another downside for young families is that local schools are bursting at the seams so their kids may be bused to neighbouring school districts.
Nor can you overlook the busy subway station, which will only get busier once the Eglington Crosstown is complete in 2021. “Residents see it both ways,” Bunting says. “Some like the restaurants and retailers coming in but others see the construction, noise and high rises as more of a nuisance…I remind people that we’re going to get through this and it will be great.”
Source:: Toronto Sun – Movies