by Suzanne Wintrob, Special to National Post | March 1, 2015
For Rent in Toronto: Swank new apartments (and surprise! They’re not investors’ condo units)
“Rental is here to stay,” says Mr. Wager, vice-president of development at Shiplake Properties, the privately owned firm run by Toronto’s Latner family, which has been managing rental properties for more than 60 years. “What we’ve learned in the recent timeframe is that condos have been the de facto rentals. And that tells us one thing: The demand is there.”
Shiplake Properties has four new rental buildings on the go in mid-town: at Yonge Street and Davisville Avenue is Balliol Park, currently under construction, which comprises a 30-storey, 320-unit tower and a 14-storey, 179-unit building; and, at Yonge and Eglinton Avenue East, two rental towers of 24 and 26 storeys called Lillian Park totalling 520 units and awaiting city approval.
All four properties promise the same amenities found in the slew of high-rise condos dotting the city’s skyline — from hardwood floors, high-end appliances and in-suite controlled heating and air conditioning to fitness and yoga studios, theatre rooms and party rooms. There will even be in-suite washer/dryers, ending the chore of carting dirty clothes to the laundromat or down the basement for that dreaded communal laundry experience.
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