In Toronto, there’s never any shortage of new and exciting real estate developments in the works. While the most buzz-worthy spots are often residential, a commercial project sometimes comes along that really gets people talking. Enter East Harbour. This mixed-use space, which is planned for the east side of downtown, is going to completely transform the area. I believe that it’s also going to have a positive impact on the lives of many Torontonians—including those who don’t live in the immediate vicinity.
If you’re curious about the East Harbour development, here are five things you should know…
1) It will be great for the job market
Toronto’s job market is booming. A growing number of companies (including many in the tech sector) are popping up downtown, but there’s a problem. Currently, we’re absorbing about 1 million square feet of office space per year. Demand is high, and we don’t have nearly enough product to meet it. Without a doubt, East Harbour is going to help. The development will provide about 10 million square feet of new office space. In addition, it’s going to bring a whopping 50,000 new jobs to the east side of downtown.
2) Its proportions are impressive
East Harbour is impressive not only with regards to job creation, but when it comes to the project’s sheer size. At over 60 acres, it’s the largest commercial development planned in Canada right now. It’s going to meet many needs with its office space, retail sites, eateries, entertainment venues, parks, and public spaces. The whole project will be centred around a major transit hub, which will also take up its fair share of space. Given the number of roles East Harbour is set to fill, it’s no wonder the site is going to be so big!
3) It will combine office and retail space—innovatively
First Gulf, the developers of East Harbour, have decided to devote 80 per cent of the project to office and hotel space. The remaining 20 per cent will be comprised of retail sites, restaurants, and entertainment. Architecturally, the project will combine preserved historic buildings (like the area’s soap factory) with beautiful modern design. The spaces will be interconnected in such a way that visitors can move freely between them without going outside (perfect for cold Toronto winters), though there will also be outdoor facades. Also worth noting: East Harbour is a registered EcoDistrict, which means its developers are committed to ensuring a low carbon footprint.
4) Transit will be key
At the centre of East Harbour, you’ll find a major transit hub that will be second only to Union Station in scope. Subway, streetcar, and commuter train routes will serve the development—which is a very good thing, given the number of new jobs being created. As of now, there’s a new GO station, potential Subway Relief Line stop, and LRT extension planned. Put simply, transit will be a critical part of East Harbour’s success. Fortunately, the public-transportation piece of the puzzle has been carefully planned out.
5) It’s ideally located
There’s no question that the east end of downtown is a lively, central area. Thanks to recent investments in the vicinity, it’s also primed for future growth. One of the most notable projects that will impact East Harbour is the Don Mouth Naturalization. Put simply, Waterfront Toronto will build infrastructure designed to prevent several new communities—including East Harbour—from being flooded. From roads and bridges to parks and aquatic habitat, a number of new additions will help naturalize the mouth of the Don River while providing flooding protection.
6) There’s no shortage of condos nearby
In recent years, east Toronto neighbourhoods like Riverdale and Leslieville have become some of the trendiest in the city. The need for housing in these areas has increased dramatically—and with East Harbour on the way, it will almost certainly continue to grow. The professionals hired to work here are going to need somewhere to live, and condos in nearby residential communities will fit the bill. In other words, now is the perfect time for savvy investors to dive in and purchase the right unit!
Thinking of buying an investment condo downtown, in the east end, or beyond? I can answer all of your questions. Call or text me at 416-500-5360, or send me an email at rashid.notash@rogers.com and ask away!
Images courtesy of eastharbour.ca
