MASTER PLAN COMMUNITY

WATERPARKCITY MASTER PLAN COMMUNITY

219 Fort York, Toronto, M5V

Lanterra Developments

Page + Steele IBI Group Architects

Munge Leung Design Associates

  • 38
  • 491
  • 375 – 1,088 sq. ft.

Results

After a slow start, all sales targets were met and the entire project, all five buildings were sold out in 10 years. Starting sales prices began at the launch around $285 PSF and the last phase sold out at $430 PSF.

Challenges

  • Location was unproven, south of the Gardiner Expressway with no other residential buildings or amenities nearby
  • Site of an old brewery, and the land had to be remediated (perceived contamination issues)
  • Timing was unlucky, with the opening launch on September 3, 2011. After 9/11, of the 100 sales made at the opening, 94 cancelled
  • Slow start to the sales program meant creative sales tactics had to ensure all sales goals were met

Strategy

After the unfortunate launch timing and loss of consumer confidence in the marketplace, a strategic incentive program was utilized that combined multiple techniques to ensure all sales goals were achieved. A combination of cash-back, upgrades, giveaways, contests, free common expenses free locker free parking, as well as a flexible deposit structure were all tools used at the appropriate times to generate sales. Learning from each previous phase, every building had slightly different floor plans, sizes and configurations to respond to market demands and conditions.