A few questions for Sam Mizrahi, President of Mizrahi Developments, the company developing The One at Yonge and Bloor in downtown Toronto – the 85-storey, uber-luxury retail (including an anchor tenant that will occupy 17,000 square feet of prime corner retail space) and restaurants, hotel and condominium tower (with multi-level penthouses) currently going up on the southwest corner of Yonge and Bloor.
The One – designed by world-renowned Foster + Partners of London with Toronto’s award-winning CORE Architects Inc. – is offering zero compromise for the discerning buyer. As well as features like the innovative elevator technology and private entrance is the building’s glass enclosed and marbled Sky Lobby on the 6th floor where residents and guests can have a drink before heading up to the suite, a concierge desk there addressing all conceivable needs, a garden terrace 100 feet above Yonge and Bloor, featuring an infinity pool with dramatic views of the city. Uniformed valets will park and retrieve the resident’s car from underground parking.
The One is scheduled for opening in the Spring of 2023.
Mr. Mizrahi says his team has sold 75% of the units since sales got going last January.
IN TERMS OF SALES, WHAT HAVE BEEN THE TRENDS?
“The trend for the summer was definitely for larger scale units – 3,000 square feet, to over 6,000. I call it ‘true luxury’, established through a full-featured home layout. There is room for privacy as well as room for entertaining. The only way you can achieve true luxury is a condo that has a full family home layout, like you would have in a single family home. Everyone talks about true luxury, but it’s not just about the finishes, the quality of the suite, the hardwood floors, the plumbing fixtures, the lighting fixtures. It’s about a design that is similar to what you find in a custom built home in Rosedale, Forest Hill, or Lawrence Park. You can’t get true luxury like that in a 1,500 square foot condo.”
ONE OF THE COMMON QUESTIONS IS THE SPEED OF THE ELEVATORS, FROM THE TOP FLOOR TO THE BOTTOM (TRAVELLING 1500 FEET IN ONE MINUTE) – ESPECIALLY RELEVANT FOR RESIDENTS WHO WILL BE LIVING HIGHER UP
“This is a big selling feature. We are putting in technology where it is as quick as going into your single family home, or a normal condo building. Comfort is not just in your living space. It’s how you move throughout that space, and through the building. The elevators know your movements and start to learn the building’s flow. If the elevator knows that four people on the 64th floor typically leave for work between 8 and 8:15 a.m., then it will float in those areas, responding quickly to the request to come up or down. You don’t want to be delayed, to come down to go to work, get the car, whatever. People through luxury learn this and start to ask those questions.”
WHO HAS BEEN BUYING AT THE ONE?
“We have seen very little investment buyers. The vast majority of the unit holders are end users, who are looking to live there. Maybe two per cent are investment buyers. You can count them on one hand. Over half the buyers are Boomers. They love the location. They love the connectivity with the city. You can walk anywhere from here – the art galleries, shopping on Bloor, restaurants, movie theatres. They want that lifestyle. They love the architecture of the building, the quality of the build. Also, the ability for them to come in and customize their units. They have a selection process, and they feel like they are getting a custom home.”