Newmarket condo is first in 30 years
August 3, 2019
There is something unique about to happen in Newmarket – construction of the first high-rise condominium building in 30 years.
To be located on Davis Drive, The Davis Residences at Bakerfield is the first phase of a 4.4-acre master-planned community that eventually will consist of three towers and offer upwards of 500 suites.
With suite prices ranging from $400,000s to $700,000+, Daniel Berholz, president The Rose Corporation, which is developing the project, said that even without its expected growth rate, “Newmarket desperately needs smart alternatives to high-priced family homes.”
That the city itself has shied away from approving high-rise structures is obvious. Berholz estimates that while there have been three condo projects built since the late 1980s, all were low to mid-rise in nature.
The 15-storey structure, he added, will appeal to seniors seeking to downsize and put away a tidy savings by selling homes they no longer need for a more carefree option and young professionals and families in search of an affordable first home.
Designed by Toronto architecture firm RAW and slated to meet LEED Silver requirements, indoor amenities will include a lounge with fireplace and gallery, state-of-the-art fitness centre and yoga studio, party room with kitchen and furnished guest suites.
The building itself will be “surrounded by a communal 20,000 sq. ft. park with a children’s playground.” It also may be the first high-rise condo in three decades, but it certainly won’t be the last as both city staff and politicians are gearing up for a massive expansion plan in York Region, which is fore-casted to record the highest rate of growth in the Greater Golden Horseshoe between now and 2039.“
Over the next decade, York region will be investing $6.6 billion in capital growth plans, with over 80 per cent of the budget allocated to improving infrastructure,” said Newmarket mayor John Taylor.
“The Region is planning to welcome over 600,000 people, representing a 63 percent population increase over the next 20 years and with the average resale price for a single detached home currently north of $1.3 million, additional affordable housing is a necessity.”
The Davis, the developer said in a release, “will be at the heart of this emerging region that is naturally poised for a residential density boost.”
If you look at Newmarket on a map of York Region, which is the third densest municipality in the province, said Berholz, it is a small square, “but there is a heck of a lot of people living in it.“
It was a very low-rise based community up to recently. There are a couple of pockets of high-rise buildings nearby the project but other than that it’s a lot of single-family homes. What has happened up at New-market as things emanate from the core is that the prices and the development start densifying.”
He also described both city and region staff and politicians as being forward thinking in that they under-stand the growth mandate and they want to create a self-sustaining economy.
“They also know they need a mix of housing. Those options should include low-rise and high-rise, rental and condos.”
Source: Toronto Sun, Homes & Décor