When completed, One Bloor will arguably be Toronto’s most iconic condo development in history.
The project has been estimated to cost $1 billion and when finished, it will become the second tallest structure in all of Toronto. Presently, the First Canadian Place is the second tallest building in Toronto however after construction on One Bloor is completed, the only thing taller will be the CN Tower. The most recent proposal has One Bloor standing at eighty-two storeys high.
In case you haven’t heard, One Bloor will be Toronto’s tallest condo tower than it has ever built. The price per square foot for condo units at One Bloor is expected to be between $1,200 and $3,000 at initial value, marking it as one of the most expensive buildings within city limits. Just compare this to the average price per square foot of buildings in the surrounding area, ranging from $784 to $893 currently, and it’s not difficult to see the massive difference in value.
One Bloor is being planned as the home for many different sized units and commercial businesses. Among its most impressive will be four unique 3-storey penthouses valued at approximately $20 million each, making these some of the most expensive Toronto condos.
18 Floors at its Base already Reserved
The first eighteen floors of the condo development are actually not going to be condos at all. Instead, these floors have been reserved for retail outlets, restaurants, event spaces, and a boutique hotel that may be sized up to 11 floors total. There are some big names in property development and commercial markets coming together to make One Bloor a reality.
A recent report from The Globe and Mail revealed for One Bloor a waiting list of more than 7,000 people. Despite that waiting list and advertisements still prominently displayed on the One Bloor website, there are only a reported 416 units planned according to the most recent proposal.
One Bloor set to Officially Open by 2023
Construction is officially set to come to a close within the next six years and by the year 2023, One Bloor will be open.
Though this is years away, the opening of One Bloor is going to be an important moment in Toronto real estate history. In terms of the high-end condo market, it’s going to have a big impact on pricing, amenities, and values in the coming years. The high price per square foot some may call unrealistic yet by the looks of the waiting list, there are more than enough people willing to put up the money for a unit.
It does bear noting that different proposals have been entertained as to how many units One Bloor will contain. As many as 564 residential units have been allotted and as many as 132 hotel rooms. The amenities are expected to be multiple swimming pools; a fully equipped exercise facility; rooms for yoga, aerobics, and pilates; a full spa; a meditation lounge; a relaxation lounge; a forested garden; a martini bar; and numerous others.
Assuming it opens on time by 2023, imagine what Yonge-Bloor will look like a decade from now. Nothing will compare – not on location, size, or advantage. The most prestigious, luxury condo units in Toronto are going to be settled into this building. For years to come, One Bloor is likely to become an icon of the city’s ongoing real estate boom.