Where does luxury meet value in downtown Toronto real estate? You may not expect it to be the building formerly known as Trump Hotel and Residences, but indeed, it is the St. Regis Toronto. The tumultuous and even controversial history of the building has, if anything, contributed to the great price for such luxurious property.
Currently, the condominium units are going for about $1,200 per square foot, whereas comparable luxury units are up to $1,700 a square foot. Jim Burtnick, Senior Vice President of Sales at Sotheby’s International Realty, states that the St. Regis Toronto is now:
the best value in 5 star hotel and condo residences.
The Rough History
In case you aren’t familiar with its history, construction started as the economy went into the 2008 recession. It went through many struggles until finally opening in 2012 as the Trump International Hotel and Tower Toronto. It was and still is the third tallest skyscraper in Canada and the tallest mixed-use building in Canada. The hotel portion of the building occupies floors 2 to 31, and the condominium residence units are on floors 32 to 57.
After opening, sales were sluggish. By mid-2017, 74 out of the 118 residences were still unsold. The building was also getting negative publicity for its affiliation with Trump, who had just restricted people from primarily Muslim countries from entering the US.
In June 2017, JCF Capital bought the property from The Trump Organization, believing that the property had bright prospects under the right management. JCF partnered with Marriot to bring to Canada its first St. Regis, a brand synonymous with wealth and luxury. The hotel portion of the building was bought by InnVest Hotels LP, who invested $20 million in upgrades. For a little over a year, the building was being redesigned and upgraded, and it finally opened as St. Regis Hotels and Resorts on November 28, 2018.
An Overlooked Gem
During the opening, fashion icon Jason Wu, who is best known for designing the dresses of Michelle Obama, announced that it’s “a new era of glamour arriving in the city with the opening of the St. Regis Toronto.” Is this an overstatement? You can decide for yourself.
Let’s start with the condominium units. They are brand new with a modern design, featuring Italian hardwood flooring, solid wood doors, steam showers, and pot lights. The units range from 1,500 square ft. to a massive 12,000 square ft, and all units feel extremely spacious with 10.5 foot coffered ceilings.
Units also feature large windows with breathtaking views of the city on both sides, and are provided with top-end appliances.
St. Regis residences get access to international standard 5-star amenities, including a pool, gym, spa, bar, and the award-winning Louix Louis restaurant.
Photo by Marriott.com
Photo by Marriott.com
They also purchase the benefits of hotel clients, including laundry, housekeeping, and room service. Some of the higher-end suites on the top floors even get private elevators, free valet parking, and a $20,000 allowance to spend at any St. Regis location around the globe.
Next is the building’s the design. During the rebranding, the building’s interior was redesigned by DesignAgency to be more much airy, open, and inviting than the previously dark and heavy ambience. The 31st floor, the top of the hotel portion of the building features a stunning, 18.5 ft ceiling-wide mural. Given its proximity to other major attractions like the CN Tower and the Scotiabank Arena, this building is worthy of tourist visits too!
Speaking of location, the St. Regis Toronto is located at the heart of downtown, on the border between the financial district and the entertainment district. This means residents get all the luxury and convenience of the St. Regis brand while also living at the heart of this vibrant city. There are also many top-quality restaurants all around the area, along with quick access to the PATH for shopping and entertainment. Everything residents need is within a walking distance!
Photo by Marriott.com
St. Regis Lobby by Marriot.com
Finally, the St. Regis management nurtures a community environment for residents, who are mostly young professionals and young families working in the area; many even have children. The management team will organize resident-only events like wine tastings in its residential lobby, providing great opportunities for the residents to connect with their neighbors.
The Future of St. Regis Toronto
Currently, there are a few remaining choice suites available starting in the mid-$1 million range and up to the low $3 million range. Compared to other 5-star hotel/residences in the city (e.g., Ritz-Carlton, Shangri-La, Four Seasons), St. Regis suites are by far the most well finished and the best value.
Yet given its past, the building is currently off the radar of many agents and prospective buyers. But with the recent rebranding and remodelling, it won’t be long before the realtors and the general public awaken to this luxurious opportunity in the heart of the city.
Jim Burtnick comments:
The early birds will enjoy the windfall that current exists until the rest of the population wakes up to this hidden gem.
So, contrary to popular belief, there are still a few “deals” to be had in Toronto luxury real estate. You just need to know where to look (or have a realtor who knows)!
If you’re looking for a unit at St. Regis residences, contact us for more info or have a look at Unit #3405 which is available for sale!