One of the city’s most anticipated development projects is currently in full swing. Yesterday, a lucky group of people close to the developers were invited inside to view the latest updates. Angelo Natale, Bobby Corrao, Frank Parisi and Carl Savarino were on hand to tour 40 people around the 61,152 square feet, seven-storey structure.
Before the tour began, Angelo Natale said that he and Bobby had seen the hulking building years ago, and upon inquiring about a possible purchase, they were told that the building was not for sale. “We saw it during one of our ‘weekend warrior’ trips,” said Natale. “We agreed that this was a building that we needed in our portfolio. But we were told that the owner wasn’t willing to sell. Four years later, I got a call that a property on Niagara might be ready to move. I was hoping that it was the same building, and it turned out to be the case.”
As the tour began, visitors were led up to the 7th floor where two showroom units were completed – a single facing east onto the city, and double facing west onto the river.
Bobby Corrao told me that when he initially began to show the units, he realized something interesting. He said that, in general, people coming in from the suburbs were more interested in the units facing the water, while city people were more interested in viewing the city. I agreed that that was a fascinating trend, and felt that the reason might also have something to do with the size of the units. Suburbanites are most likely coming from places that are larger in general, compared to urban dwellers. Due to the structural composition of the post and beam building, the hallways do not run through the center of the building, they are offset. The offset nature of the hallways meant that one side of the building would boast larger units than the other. It actually worked out to be a perfect design scenario. Those occupying the two-bedroom units face the water, while the single units get views of the tree-lined streets.
In the end, there is no bad view.
Regardless of which side of the city the units are facing, there is a heavy interest in living in The Crescendo – the building and the units speak for themselves. At this stage, seven units are rented. Carrao anticipates 70% of the units to be spoken for by July. The heavy interest thus far can be attributed to a number of selling (leasing) points. Tenants have access to a giant parking garage. The development team has announced that they have secured a restaurant-bar tenant that will occupy the entire first floor of the building – 5500 square feet, plus a small patio above the garage.
Points of interest include a dedicated bike storage units. The apartments are pet friendly. Each of the units will have an I-pad control wall system ““pre-loaded” with Resident Pay, “Parking Spot”, entertainment, night life, transportation and dining. Despite the traffic noise from the freeway (river side), the double pain windows virtually cancel out any sound. A 24 hour fitness studio will be built for tenant use only. There will be a rooftop terrace. To top it off, Niagara Street is being overhauled which will transition it from a thoroughfare to a more boulevard-esque urban street.
The only issue that I have with the project is that the units are not for sale. Hopefully someday the owners will convert the building into condos. This would be the perfect building to invest in. In the meantime, it’s the perfect place to lease. The views are stunning, the amenities rock, the access to a first floor restaurant is key, and the future of Niagara Street looks brighter than ever.