CONDOMINIUM

ICE CONDOMINIUMS

12 York Street

Cadillac Fairview and Lanterra Developments

Architects Alliance

Munge Leung

  • 57
  • 1372
  • 402 – 1,091 sq. ft.

Results

The development was 100% sold out in under two years, allowing for both buildings to be built together, saving time and money for the developer. Strategic incentive program met all sales and pricing goals in a very challenging post-credit crisis marketplace.

Challenges

  • Priced higher than the market at the time ($620 PSF vs. $570 PSF)
  • Large mixed-use development with large project team and multiple phases
  • Requirement that 10% of the project mix include three bedroom suites
  • Timing, launched Summer 2008, pre-credit crisis with the majority of sales achieved in the post-credit crisis climate

Strategy

The timing of the launch for ICE in the summer of 2008 gave the project excellent momentum in pre-sales, but with the credit crisis striking in Fall 2008, sales slowed significantly. Special consideration and attention was devoted to the unit sizes and suite mix of the second building after the launch of Phase 1. In the first building the three bedroom suites were over 1,000 sq. ft. and the units were located on lower floors, thus lowering the end prices and making them more affordable. No expense was spared by the developer on the sales office and model suite after the success of Maple Leaf Square. With the goal to rise prices over the life of the project, a strategic incentive program was developed to make the project attractive to both end users and investors. Average prices were approximately $620 PSF in the first phases and $660 PSF in the final phases.