East Fifty Five will consist of a 25-storey tower with 276 residential units, with an average unit size of about 625 sf, and a targeted average price of around $395,000. A small commercial component consisting of 6,400 square feet (sf) is planned at grade.
This condominium apartment project is located at 53 Ontario Street, north of Adelaide Street East and is within walking distance of the Queen and King streetcar lines, and the George Brown College Hospitality and Tourism Campus. New employment is being added nearby as well, the new 17-storey Globe and Mail Centre is under construction, with the Globe occupying the top five floors. These key ingredients will make the project popular with end-users looking for a high-style project in the east end, and investors who want an ample supply of prospective renters looking to be close to work and school.
Lamb Development Corporation recently completed The King East just minutes from the subject site, and resale units in that project have sold for more than $600 psf on average in Q2-2014. East Fifty Five is poised for success with strong demand in the area known as Downtown East and almost no completed and unabsorbed supply.