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Harmony Village Sheppard

Harmony Village Sheppard by City Core Developments was envisioned as a fully integrated community that provides a full range of amenities and services for seniors. The 3.5 acre property is located just west of Warden Avenue on a rectangular property with 329’ of frontage on Sheppard Avenue East. The development plan called for two towers fronting Sheppard at 32 and 33 storeys, two 10-storey buildings behind the taller towers (in the middle of the site) and a row of 3-storey townhouses at the north end of the property. A total of 823 residential dwelling units were proposed, comprised of 465 condominium apartment units, 341 rental apartment units and 17 townhouse units.

Fortress was a development consultant to this project from 2012 to 2017. Following the developers inability to execute on the project plan, the property was sold through a power of sale.

Project Updates

July, 2017

The power of sale process on this site was completed at the end of June. The court has accepted an offer by Pinnacle International One Lands Inc. (Pinnacle). There is a claims process to follow on this sale and more information will be available in the next quarterly update.

April, 2017

Fortress-Sheppard (2016) Inc. submitted an offer to the receiver to purchase the property.

January, 2017

Site Plan approval is nearing completion with the City of Toronto, while the developer continues to work on clearing subdivision conditions and work towards the larger construction loan to begin full-scale construction on this project. Sales have surpassed the 80% threshold and remaining suites are available from the $180s to the high $800s. Interested buyers should contact Baker Realty at 416-493-0123.

October, 2016

With GEO technical work complete and over 80% of the residential units sold, the developer is working on the larger construction loan to start full construction on this project.

July, 2016

With over 220 units sold in the main tower, the development team is now planning the project’s release of Phase 2. The geo-technical work is now complete on site, and the developer is reviewing full-financing packages for this mixed-use development.

April, 2016

With over 200 units sold in the main tower, the development team is now planning the release of phase 2 of this project. This phase includes a mid-rise tower and the townhomes lining the back of the parcel along Harmony Road. The current sales centre will be demolished and a new presentation gallery set up in a retail venue nearby.

January, 2016

Geotechnical drilling is ongoing on-site as well as a final sales push for the project. With over 65% sales, full construction is expected to be underway this summer.

July, 2015

A ground-breaking event was held earlier this summer, attended by local dignitaries and councillors. The sales at this project have now surpassed 50%, and geo-thermal drilling has begun on site.

April, 2015

The Harmony Village Sheppard project is nearing its construction stage and City Core is currently reviewing and finalizing a financing package from a group of lenders. With over 130 units sold, a number of incentives initiated by Baker Real Estate have helped move units. Permits for demolition, excavation and shoring are currently pending and a request for tender has been put out for the first stage of work, the geo-thermal drilling. Prior to the drilling start, there will be a ceremonial ground-breaking on site.

January, 2015

With Baker Realty now on board and new sales incentives including leaseback programs for investors, sales have been progressing well.

October, 2014

A major milestone for this mixed-use apartment development was reached when the project achieved site plan approval in September. Toronto’s largest new condominium broker, Baker Realty, has now come on board to manage the sales program at Harmony Village where over 100 units have already been sold. Submissions are being prepared for building permits.

July, 2014

The project received approvals from the City of Toronto on the draft planning report and a final hearing for the zoning amendments is scheduled for September where it is expected the zoning by-law amendment and site plan amendment will be approved. Following site plan approval, submissions will be made for building permits. Advanced discussions regarding construction financing are currently taking place.

March, 2014

Harmony Village has received a lot of media coverage lately including the CBC and Toronto Star. Over 300 brokers attended a VIP realtor event in February and the project opened to the public in March. The response has been overwhelming with over 2,000 registrants and 1,500 visitors to the sales centre since opening. With over 70 units of the first 100 released sold, the team has just released the remainder of the first building, keeping the sales team busy meeting the demands of excited purchasers and interested parties.

December, 2013

In early December, VIP purchasers were invited to come in by appointment to reserve units. A full-scale public launch is expected right after the Chinese New Year in February.

September, 2013

The city of Toronto hosted a community consultation meeting in June regarding the application from CityCore Developments for our envisioned mixed-use development project. This meeting offered community members an opportunity to learn more about the development and to connect with Jack Pong, President & CEO of City Core Developments and Harmony Village, the architectural team from Page + Steele/IBI Groupand other members of our project team. This month, the first ever Harmony Village will open its doors and welcome the community with the launch of Harmony Village Sheppard.

May, 2013

A public meeting was held in May and Harmony Village Sheppard is now ready to open for sales in the renovated presentation centre. There has been a lot of public interest in this project and sales are expected to move along swiftly.

February, 2013

The application for rezoning was sent in December, after the preliminary planning was unanimously approved by the planning committee. The planning department is now in agreement with the redesign of the building and consultants will be engaged once the zoning application is approved. There is another meeting planned with the Councillor once all the studies are complete for his review. The sales showroom is being renovated as they prepare for a full sales launch.

November, 2012

Signage is up, and the exterior work on the building is proceeding as scheduled. Construction scheduling has also commenced and the project remains on track as per initial projections.

August, 2012

New brochures, a new logo, and a new website are currently being completed. Current signage and exterior work on the sales centre will commence in early September.

April, 2012

Finalization of site plan is underway with the city