Historic King Eddy opens doors to condo residents

New owners plan 145 residential suites in luxury hotel

King Edward Private Residences
Location: King Street East
Developer: King Edward Realty Inc.
Size: 500 to 2,000 square feet
Price: low-$400,000s to over $1-million
Contact: To register, visit www.kingedward.ca

Starting June 12, buyers will have a rare opportunity to claim a section of a legendary, century-old hotel – accommodating visiting dignitaries such as Elizabeth Taylor and The Beatles – as their own personal palace.

Under the new ownership of King Edward Realty Inc. – whose partners include Dundee Realty Management Corp., Skyline International Development Inc., Serruya Realty Group Inc. and Alex Shnaider, a principal of Talon International Development – 145 residential suites will be created within the Le Méridien King Edward Hotel at King and Victoria streets.

“There’s been a lot of hotel-branded residences that we’ve seen in Toronto, but not only is this the only historical offering right now … but a landmark for Toronto culture for over 100 years,” says Jason Lester, chief operating officer of Dundee Realty.

“Not only is it unique to Toronto, but it’s also one of the most unique offerings, probably in North America.”

These luxury condominiums will occupy the former fashion mart on the third, fourth and fifth floors of the hotel, which is a designated heritage building that was constructed by George Gooderham of Gooderham and Worts Distillery and opened for business in 1903.

“[Owners will] have attachment with something that has a lot of history and culture,” says Mr. Lester. “People like to have talking pieces about where they stay and where they live.”

However, another incentive to purchasing a suite within an existing structure are price points up to 50-per-cent less than new hotel/condominium projects in the works.

“Other hotel offerings … you can’t get a unit for under a million dollars,” says Mr. Lester. “Quite a few of [the units here] will be in the low $400,000s.”

Furthermore, buyers can check out hotel facilities before units are completed by June 2012.

“You can go there for their spectacular Sunday brunch or have drinks after work at the Consort Bar,” says Mr. Lester. “You can’t do that at too many condo projects.”

Some changes will be made to the two-storey lobby and spa and fitness centre in order to preserve the hotel’s historic characteristics and introduce modern designs and materials. The Royal Club lounge will also be revamped for both preferred guests and residential owners to enjoy.

In addition, bellmen, porters, concierge and valet attendants are on site.

Interested buyers can select from studios, one-bedroom, one-bedroom-plus-den and two-bedroom plans. “The average size is around 650 square feet,” says Mr. Lester. “It’s described as the quintessential pied-à-terre.”

Suite will have six-foot soaker tubs, 9.5-foot ceilings and full height kitchen cabinetry. The original double hung windows will be replaced with operable replicas.

“The other unique thing about the hotel is that because of the way it was designed … they have all these internal light wells and courtyard views,” says Mr. Lester.

“For those owners that prefer to have a very quiet suite, they’re absolutely ideal because you are right downtown and there’s no traffic going by.”

The Design Agency will oversee the interior design of the condominiums, which will feature baseboards, crown mouldings and coffered ceilings in some cases, paired with contemporary limestone and marble countertops.

“They’ve retained some very traditional elements, but also combined it with some modern elegance,” says Mr. Lester. “It’s going to be understated, not pretentious.”

Maintenance fees are not yet determined. Parking will not be included, but spots can be rented monthly.

The hotel is centrally located, near a pharmacy, banks, a 24-hour supermarket and the St. Lawrence Market, as well as restaurants, theatres and shops.

“We’re 30 seconds from the subway and three minutes to the downtown business district,” adds Mr. Lester. “It’s a great location.”

Sydnia Yu (Jun. 10, 2010). Historic King Eddy opens doors to condo residents. Toronto — From Friday's Globe and Mail. Retrieved from http://www.theglobeandmail.com/real-estate/historic-king-eddy-opens-doors-to-condo-residents/article1599527/?cmpid=rss1