Developer Concord Adex explains why it took so long to put the three-story units hoisted above CityPlace on the market
The entertaining space in the Bridge Suites unit unveiled on Wednesday.
You can’t miss that bridge between two condo towers high up in the Toronto skyline in the middle of CityPlace. This week, condo developer Concord Adex finally revealed what has been store for that connecting structure erected over a decade ago.
Called Bridge Suites, it’s the centrepiece crown jewel to CityPlace. Built inside the Parade development’s SkyBridge, the two suites are lofty three-story condo apartments on the 33rd floor with peak views of the lake to the south and the city to the north.
One of those condos connected to the square shaped East Tower in Concord’s Parade development, is spoken for by company. They have not released immediate plans for it. The slightly larger unit connected to the cylindrical west tower is on sale this week, listed for $4.55 million.
The new owner of the luxury three-bedroom, 4,168 square foot condo – “Canada’s highest and largest suspended residence” – will also enjoy a private three-car garage; private storage space; finishes and furnishings from LIV design studio; and an 823-square-foot outdoor terrace on the third level entering into a sunroom and bar to entertain.
While not the first development in the world utilizing a bridge like Kuala Lumpur’s commercial Petronus Towers, the Toronto condo is the first we know of constructed as a place to lay your head.
“It was always meant to be a residential suite,” says Isaac Chan, Concord Adex’s VP of sales and marketing. Chan says the company has fielded numerous requests for the empty space in the SkyBridge. While the amenities centre on the lowest level of the SkyBridge has been open to Parade residents, as well as filming for TV shows like Suits, the purpose of the remaining levels has remained a mystery.
“We wanted wait for the rest of the community to build out,” Chan explains, regarding the secrecy and why it took nine years since the Parade buildings were complete to unveil and sell the area’s focal point.
The bottom line is the views weren’t ready.
“You’re no longer looking at construction anywhere nearby. Given the suite’s position, you look out to the park, the community centre, everything from your left to the right is all completed.”
Concord dubs the 40-metre, 450-tonne bridge, which took 14 hours to lift into place, an engineering feat. The listing price is a steal compared with the cost of mounting such a suspended residence. But given the one-of-a-kind nature of the units, no one’s really expecting the suite to sell so low, even in this market.
According to real estate platform Strata.ca, the more luxurious and coveted penthouse units took the biggest hit in 2020. The average price of a Greater Toronto Area penthouse dipped $45,417 (six per cent) down to $680,717, from $726,134 in 2019.
The timing doesn’t really worry Chan. He says condo units saw a boost in sales in December, and the market trends don’t really apply to Bridge Suites.
“Toronto is becoming a very big and sophisticated real estate market right now,” says Chan. “In a sophisticated market, you can get various performances in different segments, different areas. Condos in the west side of downtown or the water side of downtown might perform differently than an other part of downtown. There could be 50 other high rises in downtown. But where would you find one that’s on a bridge?”