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TORONTO, July 18, 2017 /CNW/ – GWL Realty Advisors (GWLRA) today launched their flagship purpose-built rental building and the largest of its kind in terms of number of units currently under construction in Canada. Located at the southeast corner of Bay and Gerrard Streets in the heart of downtown Toronto, the Page + Steele designed amenity-rich building will introduce 595 rental suites into one of the tightest rental markets in recent history.
Unveiled today as The Livmore, the 43-storey apartment tower offers extensive amenities and features: media room, party room with kitchen facilities, every unit with en-suite washer/dryer and custom features and finishes, full service fitness and yoga rooms, a pet spa and outdoor dog run area, and a Sky Lounge on the 26th floor providing panoramic views of the city.
With vacancy levels of both purpose built and condo rental at historic lows, The Livmore will contribute significantly to meeting the rental needs in Toronto’s downtown core. And the message – Lease is More — is a simple one. That is, without the financial constraints of a mortgage, interest rates, property taxes and maintenance fees, life offers more of everything — play, entertain, read, breathe, laugh, cycle, think and Livmore. The project is walking distance to streetcar and subway stations, universities, medical/hospital services on University Avenue, Yorkville shopping and restaurants, and the financial and theatre districts.
The wisdom of renting resonates with prospective residents but also with politicians and financial experts. Speaking at today’s launch about the need for more downtown rental housing was Councillor Kristyn Wong-Tam. “Purpose-built rental is in high-need, particularly in the downtown core,” said Wong-Tam. “Toronto is now the 4th largest city in North Americaand growing. As our city expands, there needs to be a selection of housing options and I am pleased that GWL Realty Advisors is at the table to serve this demand.”
Toronto’s chief planner Jennifer Keesmaat added, ” The Livmore is an essential contribution to our city – 570 new units of purpose built rental will be added to our housing stock right in the heart of the city, adding housing choice. It also fulfills a key objective of our city building through the provision of a complete community, that includes excellent amenity space and public space and new affordable housing.”
Paul Finkbeiner, president of GWL Realty Advisors, spoke about how the LEED Gold-targeted project was developed, while Todd Nishimura, Director, Leasing and Marketing of Vertica Resident Services, property manager for The Livmore, spoke about the benefits of renting from a professional property management company. “We wake up each morning with a focus on providing the best experience for the renter, with an on-site team available to help. We provide quality, professional service that strives to be the best in the property management business.”
Media and guests were invited to “play” on the 8-foot high interactive hoarding running along two sides of the construction site. The first of its kind in Canada, the hoarding features an xylophone and drums that people can actually play, an interactive word puzzle and funhouse mirrors, all meant to evoke the spirit of doing more with life through the freedom of renting.
Alex Avery, author of The Wealthy Renter, outlined the financial wisdom of renting versus owning in today’s real estate market and, more specifically, why renting in a purpose-built rental building makes sense. “Torontonians are witnessing the rebirth of an industry that died nearly fifty years ago: luxury rental living,” Avery says. “Professionally managed and offering security of tenure, LivMore will be a great addition to the complex Toronto housing market. And not a moment too soon.”
It’s a story that has played out in every major city, from New York, Paris, and London to Rome, Hong Kong and Tokyo. Renting, rather than owning a house or condo has many benefits. Developers, having observed these trends, are switching from building condos to rental. But it’s a housing form that requires specialized construction knowledge and property management expertise.
GWL Realty Advisors has been developing and managing commercial and multi-residential properties for over 25 years with a number of award-winning, in-demand projects across Canada. Under its Vertica Resident Services property management division, GWLRA has a sterling reputation for creating stable, well-maintained rental housing. “Over time, we’ve acquired specialized skills and expertise unique to rental developments – The Livmore represents putting that expertise to use by bringing to market something we feel will change apartment rental in Toronto,” said Finkbeiner.
One of the great advantages of purpose built rental is the security of tenure it provides to the renter. With much of Toronto’s rental stock individually owned, tenants are at the mercy of a landlord who may decide to sell or move in at any time.
First occupancy for The Livmore is scheduled for late spring 2018. To learn more about refined rental living and to receive construction updates and rental information as it becomes available please register at thelivmore.com.
GWL Realty Advisors
GWL Realty Advisors Inc. is a leading real estate investment advisor providing comprehensive asset management, property management, development and specialized real estate advisory services to pension funds and institutional clients. To learn more about GWL Realty Advisors, please visit gwlra.com.
Vertica Resident Services
A division of GWL Realty Advisors, Vertica Resident Services is a multi-residential property management company with a collection of over 40 rental apartment buildings located in cities across Canada. Vertica is dedicated to providing residents with personal, professional and responsive service. Vertica buildings are impeccably clean, are well located next to services, amenities and transit, and continually strive to be environmentally efficient. The company creates a sense of community within each property, while also connecting with the surrounding neighbourhood through social-responsibility programs. All of this combines to deliver the best customer experience for the renter, making Vertica a place to truly call home. To learn more about Vertica, please visit vertica.ca/about.
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