263 Adelaide, located in the heart of Toronto’s Entertainment District, is planned to be a modern 47-storey, mixed-use multi-family residential and commercial development. It is expected to have 390 professionally designed residential units and 1,752 square feet of rentable retail space on the ground level. Unlike typical development properties, 263 Adelaide generates a significant current income that covers most of the expenses related its operating budget, including the first mortgage.
263 Adelaide will feature an elegant 47 storey glass tower overseeing Toronto’s iconic Entertainment District. The project consists of a mixed-use podium and tower including 435 residential units with ground level retail. The building is located on Adelaide Street West – Between John Street and Duncan Street in one of Canada’s premier neighbourhoods.
Over the past decade, the Entertainment District has transformed into one of the country’s highest priced markets in which to rent, while maintaining record low vacancy rates. This combination of strong rent growth and low vacancy rates is key to long-term investment success.
Ideal Location – 263 Adelaide is located in Toronto’s Entertainment District, a vibrant neighbourhood that is home to some of the nation’s most iconic landmarks – including the CN Tower, Rogers Centre and the Princess of Wales Theatre. It is the city’s cultural centre for sports, dining, nightlife and the arts.
Strong Rental Growth – The Entertainment District has experienced solid growth in rental rates, becoming one of the highest priced submarkets in which to rent in Toronto. During the past 5 years, rents per square foot have increased by over 20% to approximately $3.34 PSF.
Demand for Purpose-Built Rentals – The significant increase in Toronto home prices has created a major barrier to homeownership. With the average detached home price in Toronto above $1 million, many people simply cannot afford the down payment and ownership costs. This has led to a strong demand for high-quality purpose-built rentals as people look for professionally-managed, secure housing.