Nautique by Adi Development Group near Burlington’s waterfront will have 170 suites.
BUILDER/DEVELOPER Adi Development Group
Size 452 to 1,316 square feet
PRICE High $200,000s to the high $700,000s
CONTACT To register, visit adidevelopments.com
Adi Development Group brought modern and innovative condominium concepts to Burlington, but the local company wants to make bigger waves by the city's historic downtown district and waterfront.
This month, preview events will reveal plans for a sleek glass tower with 170 high-end suites with starting prices less than $300,000.
"Downtown is a very expensive place to live. There's been other projects in the area that recently launched with [prices at] $800 to $1,000 per square foot, but we're not anywhere near that," chief executive officer Tariq Adi says.
"[Plus] we're offering a better package – from our amenities to the types of finishes we're putting out – but we're coming in at a phenomenal price for someone to get into the downtown for an average price of $300,000 to $400,000."
Demand for new infill projects such as this one – 30 minutes west of Toronto on a vacant parking lot at 374 Martha St., at Lakeshore Road – intensifies among professionals acquiring their first home to locals downsizing from multimillion-dollar estates.
"Even the condo product currently down there is very outdated, but very expensive, at the same time, so it's very prohibitive to own," Mr. Adi says. "I was on MLS looking downtown condos recently and I couldn't find anything under $780,000, because there's no availability … or if it was being sold, it was very expensive."
The neighbourhood's allure stems from its mix of natural and man-made attractions.
"We're lucky in Burlington now to have a gorgeous waterfront that is absolutely open to the public realm with Spencer Smith Park – one of the largest parks in the city – right along the water with beautiful trails and walkways, Burlington beach, tons of stores, shops and restaurants," Mr. Adi says.
"It's very walkabout and we've got a bike lane in place … a bus terminal maybe 200 metres away from the site."
Residents can also feel as if they've escaped to a resort with on-site lounges, bar, yoga deck, outdoor pool and terraces, including one with flexible walls to a sixth-floor clubhouse.
"We've got Cecconi Simone doing the designs on the interiors, so it's very beautiful and very Miami- and water-inspired," Mr. Adi says. "We want to create amenity spaces people will actually use and love to have in their building."
This project's contribution to the street will not only be double-height retail space in the five-storey podium, but also a modern design Raw formulated with one side encased by a curtain wall and the other with balconies zigzagging upward and protruding outward.
"I didn't realize how boring high-rise buildings were until I started designing a high-rise building," Mr. Adi says.
"So we went with a reflect glass that will take advantage of the blue water and skies, so it feels clean and reflective, almost creating a mirror effect and blends into the skyline."
Inside, the façade's transparency will allow for floor-to-ceiling windows in the one- to two-bedrooms-plus-den suites. "We're about 700 to 800 square feet on average, so they're very spacious and every unit almost has an indoor/outdoor space," says Mr. Adi, citing a recessed balcony encased in glazing as an example.
A model suite will showcase standard finishes, including custom European kitchens with islands and designer cabinetry.
"We have beautiful barn doors for bedroom doors and we have ceilings up to 111/2-feet in some suites, which is absolutely gorgeous and luxurious, especially taking advantage of the views on the water," Mr. Adi says. "No one else is doing anything like that around here."
Depending on unit sizes, monthly fees will vary from 44 to 62 cents a square foot with most averaging 55 cents.
Occupancy is expected for 2018.