Last weekend we stopped by the showroom for the new developments that are going in at the corner of Ossington and Rebecca St. It is a condo building with both loft suites and townhomes which face out onto Rebecca called Motif – Lofts and Towns.
What we found fascinating about the experience is that the marketing of Motif is all about the Ossington experience. There was a wall with a map and pictures of all the great places we talk about in the neighbourhood. Pictures of Bohmer, YogaSpace, the Crooked Star and Sweaty Betty’s are what sells this new condo development.
And that caché of living in our little neighbourhood comes with a price. The loft suites start around $350k or so, for about 650 sq/ft and go up to $725k for the ones with decks and are as big as 1400 sq/ft. The townhouses go between $800k and $1.2M. As a comparison to local houses, ZooCasa shows houses close with by 3 bedrooms for in the $450 range, including driveways. According to their website, it looks like half of the units have already been taken, and almost all the one bedroom lofts, so clearly this is a place people want to be, and are willing to pay for it.
According to their architectural drawing it looks like there will be some retail space below. We asked about whether there were any retail tenants who had signed on to take the space and were told that there was nothing yet, but that they are picturing a clothing retailer. Now that the moratorium is over, will a chef come and look at the space? or will the Starbucks scouts be looking for the next location? or will it be another great retail spot like Jonathan + Olivia?
I’ll bet our local merchants are happy their spots are being used to sell these upscale condos. This will certainly change the neighbourhood again, and we’re looking forward to what’s next. It’s hard to imagine 3 years ago being able to sell something like this on Ossington at all, let alone for premium prices.