A developer I know told me four years ago that if I could put together a deal for the land at the corner of St. Mary’s Street and Bay Street, that he would buy it in cash in a heartbeat.

I told him that land was long, long gone, and one day it would be a condominium.

Well, that day is here, and the condo is just around the corner…

First thing’s first: the name is stupid, I know.

“U” Condominiums?  What the heck is that?

But let’s not judge based on names!  I mean, I might not have dated “Bertha McMann” if I was judging based on names, but she taught me how to bench press 300 pounds and how to shave…

“U Condominiums” is a development consisting of two towers, 45 and 55 stories respectively, built in between St. Joseph’s Street and St. Mary’s Street at Bay.

This location is ripe with some of Toronto’s most historic buildings as it is steps from St. Michael’s campus of the University of Toronto.  There was some objection to the development at first, since it’s essentially being built on a church parking lot, but the developers made some concessions along the way including the inclusion of a new urban park which will be a focal point of the entire “U” neighborhood.

Picture this location in your mind’s eye for just a moment.  You’re a block from Bay/Bloor, two blocks from Yorkville, and a few city blocks from the centre of the downtown core.

The area, in my mind, is perfect.

In recent years, Bay Street has become littered with new developments, whether condominiums or “high-end rentals.”  Both sides of the streets are lined with 40+ storey towers, and I’ve always silently asked, “What is so special about Bay Street?”  The name has a certain connotation with the Toronto Stock Exchange, but that is Bay Street south of King Street; not at all the same section of Bay Street we’re talking about approaching Gerrard.

I’ve always thought of this stretch of Bay Street to represent somewhat of a “no-mans land,” since Bay/Bloor is a frenzy of activity, as is Bay/King.  But the area where U-Condominiums is being constructed is removed from the frenzy of Bay/Bloor while still being walking distance to Yorkville, and it’s located in a historic setting with churches, trees, and an unmistakable ambiance.

I really like this project.

But let’s go back to the ridiculous name, for just a moment.

I know you’re all wondering, what is “U” with respect to the condominium.  Well, as per the marketing, it’s you.

Maybe YOU are this guy:

Or maybe YOU are this girl:

Or perhaps you are this girl, and this guy’s chest:

Get it now?  “U” Condominiums is all about you.  And why shouldn’t it be, if you’re borrowing from ritzy Yorkville and upscale Bay Street.

This brings me to what I like about the project: the price.

I’ve been reviewing a lot of developments lately which are simply priced too high to ever see a return in the short or even medium term, in my opinion.  And I have absolutely no idea what to make of the prices of Yorkville developments such as Four Seasons, where prices rise as high as $1600/sqft.

But U-Condominiums, while being located a couple of blocks from Yorkville where prices rise to $1600/sqft and just north of areas of Bay Street and developments such as Aura where prices exceed $700/sqft, is modestly priced around the $600/sqft mark.

Now don’t get me wrong – I still think $600/sqft is a ton of money to pay for a condominium in pre-construction, but I’m also very traditional, and I would much prefer a house in North Toronto, Leslieville, or Bloor West Village before I ever purchase a “luxury” condo in a 50-storey tower.  So putting my bias for houses and economical resale condos aside, I have no problem opining on condos such as “U Condominiums.”

And I give it the thumbs up.

Travel south on Bay Street towards the huge glut of condos near Wellesley, and what do you see?  Not much, other than concrete and glass.

But U-Condominiums is being built in an area with very little surrounding it other than the quaint University of Toronto campus.

It’s the best of both worlds: it’s close to the areas you want to be around, but it’s removed enough to not feel like you’re living in condo-city like so much of our downtown core.

And just because the price is lower doesn’t mean they’re skimping on the amenities.  Each tower will have it’s own state-of-the-art, 4,500 square foot amenities area, intended to emphasize the theme…..you.

There are your typical bells & whistles: exercise room, yoga studio, library, lounge, steam room, sauna, billiards room, and a huge party room with a fully-stocked bar and a wrap-around terrace with a panoramic view of the city.

The condominium units only go as large as 1500 square feet, but there are three-storey townhouses lining both Bay Street and St. Michael’s Street that will enclose the U-Neighborhood.  And something tells me these wont be the same narrow, cramped stacked-townhouses that I wrote about last week.

But I’ve left my favorite feature for the end…..patios!  All the units have large balconies and terraces, even the smallest units.  Look at these measurements:
Innis model – 542 square feet, with 132 square foot balcony
King model – 892 square feet, with 277 square foot balcony
Massey model – 1477 square feet, with 400 square foot balcony

All the units have at least a balcony, and all are quite sizeable when compared to the actual square footage of the unit.  Compare this to some of the $700/sqft pre-construction condos that barely have a 4×6 cubed patio to step out onto.

Stupid name aside, I think “U-Condominiums” is a great investment, a great place to live, and I’m not turned off by the design like so many other new developments.

I’m not in the market for yet another condo, but if I were, I’d look here first…