Tower 2 of The Kennedys Condos will have family-size units!

When we last spoke with Ali Akman, President of SAMM Developments, about The Kennedys Condos, he mentioned that the project had captured the attention of many young singles and couples. Now that The Kennedys is picking up steam, SAMM Developments has announced that Tower 2 in Phase 1 will feature mostly two-bedrooms.

60% of the units in Tower 2 will be two-bedrooms and feature larger layouts. 20% of these will be two-bedroom+den units and another 20% will be three-bedrooms.

“Approximately 70% of the suites in Phase 1 (Tower 1) are one-bedroom and one-bedroom+den layouts,” says Akman. “They are being received very well by registrants, and we have also had a lot of requests for larger suites. In downtown Toronto, developers are designing smaller suites to compete on price points. A three-bedroom layout there, for example, may measure in at just 750 square feet, which is as small and tight as it gets. At The Kennedys Tower 2, three-bedroom layouts will be 900 square feet and up. Most condo shoppers who want these bigger sizes have had to settle for 20+ year-old buildings that have lackluster amenities and higher maintenance fees. We are applying the same efficiencies we have learned through the industry to create the larger layouts at The Kennedys.”

This announcement could not have come at a better time. About a month ago when Urbanation released its second quarter new condo sales figures, they announced that there is a growing demand for larger units in the GTA.

Out of the top 20 selling condo developments in the GTA, 44% of the sales were two-bedroom and three-bedroom units, which is 35% higher than last year. Urbanation also found that one-bedroom sales decreased compared to five years ago.

“This is right in line with what we have noticed the past couple of years,” says Charles-Étienne Jaque, Director at Milborne Real Estate Inc. “My team within Milborne brings up to a dozen new projects to the market each year, and the demand for larger suites is growing, especially in recent months. SAMM Developments is an early adopter of the trend by using the level of interest in larger suites in Tower 1 to influence design in Tower 2."

The Kennedys is a three-phase project with two towers in Phase 1, and one tower each for Phases 2 and 3. That equals a total of four towers. With singles and couples buying in Tower 1 and families buying in Tower 2, The Kennedys is going to have a great mix of residents, making for a vibrant community. These two-bedroom units are also expected to be a better investment compared to the smaller units.

“If you look at Toronto, one-bedroom condos have not seen the same price increases of the larger suites in general,” explains Jaque. “There are also many more of the smaller condos available than larger suites. At The Kennedys, the spacious suites in Tower 2 are likely to see greater and faster increases in value.”

Register for The Kennedys Condos

Located at Kennedy Road and Highway 401, The Kennedys Condos really takes advantage of the value that the east end has to offer. And though there is clearly an investment opportunity here, most of the interested registrants have been end-users.   

“This is a Triple-A location, where you usually find mostly smaller suites that appeal to investors,” Akman adds. “At The Kennedys, the majority of our suites will attract end-users, which is wonderful. They may be first-time buyers who plan to have a family or people downsizing from a larger home in the area but still want a spacious suite. Add to that the fact that we have enlisted a dream design team, and the value is incredible.”

Page + Steele / IBI Group designed the towers and Tomas Pearce is working on the interiors. SKYGRID Construction is consulting on the project and Milborne is selling the units.

For more information, register for The Kennedys Condos!