123 Portland, 502 Adelaide St W: Minto’s 14-Storey Mid-Rise with Big Suites

123 Portland is the building I show buyers who are tired of 40-storey towers and want something that looks like it belongs on a downtown street. It is a 14-storey Minto building from 2024 at the corner of Adelaide and Portland, with cream-toned piers, a strict window grid and some of the larger suites in this part of town. The fees are high per square foot, and I will explain why that is not the whole story. I’m Jatin Dua, RE/MAX Quantum Realty.

A mid-rise that behaves like a city block

Sweeny &Co designed 123 Portland as a perimeter block, the kind of solid, street-lining building you see in older European city centres. Instead of a podium with a glass tower on top, you get one disciplined mass at the corner, about 49 metres tall, clad in cream-toned piers with recessed window frames that give the facade real depth.

The ground floor is arranged with some thought. A retail or restaurant unit takes the south-west corner, while the residential entrance sits on the quieter Portland Street side. Along Adelaide the building steps back to widen the sidewalk and give some cover from the weather.

The design won recognition before it was built, including Multifamily Community of the Year at The Nationals in 2020 and an OHBA People’s Choice award. Awards do not make a building good to live in, but they do tell you the developer spent money on the outside, which tends to hold up at resale.

Larger suites, and the Juliet-balcony question

The suite range here is unusual for downtown: about 496 to 1,789 sq ft. Most new towers nearby top out at a modest two-bedroom, while 123 Portland has three-bedroom plans and larger suites that suit downsizers and families who want to stay downtown. That size mix is the main reason the building exists, and it is why I send move-up buyers here.

The regular window grid lets the floor plans change from floor to floor, and the architect describes each window as a full-height Juliet balcony that opens inward. That is elegant, and it brings a lot of air into the suite, but a Juliet balcony is not a balcony. If you want to sit outside, ask exactly which suites have a real terrace, and do not assume from the renderings.

With only about 116 suites over 14 floors, you have far fewer neighbours per floor and per elevator than in the big towers around Spadina. That means a quieter lobby and shorter waits for the elevator. The trade-off is fewer owners sharing every repair bill.

Internet in the fee, and a smart-home building

Condos.ca lists internet among the fee inclusions, along with common elements, building insurance and water. Minto runs the building on a smart-home app; residents book the shared kitchen and dining room through it, and the lobby has a parcel room for deliveries. If internet really is bundled, that removes a monthly bill most downtown owners pay separately.

Heat and hydro are not listed as inclusions, so expect your own meter. Before you compare this fee with a tower down the street, add the internet bill back onto the other building, and check whether that building charges extra for its parking.

Parking is not listed in the fee here either. Downtown, smaller suites are often sold without a space, so if you own a car, make parking part of the offer rather than something you hope to rent later. The same goes for a locker if you are downsizing from a house.

Living at Adelaide and Portland

The daily reality here is a corner that is busy but not frantic. Adelaide is a one-way arterial, so the noise on that side is steady traffic rather than nightlife, and the Portland side is calmer. Queen West is a short walk north, and the King West restaurant strip is a short walk south.

This stretch between Spadina and Bathurst keeps changing, with new mid-rise and tower proposals on many nearby blocks. Before you buy, check the City of Toronto development applications map for anything planned next door, because a new building on the next lot can take your light.

What 123 Portland costs

Condos.ca puts the building average at about $745 per square foot. That is lower than many new towers nearby, but the average is pulled down by the large suites: bigger suites almost always sell for less per square foot, so do not read the figure as a discount on a one-bedroom.

When I checked, five suites were for sale and five for lease. Asking prices ran from $570,000 to $1,199,000. The one-bedroom-plus-den listings were asking $570,000 to $650,000, and the three-bedroom listings $1,169,000 to $1,199,000.

Fees are the catch. Monthly fees across those listings ran from about $718 to $1,342, which works out to roughly $1.15 per square foot, well above most newer buildings nearby. Part of the gap is the bundled internet and the cost of running a small building with full concierge, and part is simply scale. A smaller building spreads its staff and rooftop costs over fewer suites. Read the budget and ask how the reserve fund contributions were set. If you want a value check on a specific suite, I can pull the comparables through my building sold report.

Building specifications

Amenities at 123 Portland

The amenities are few but well chosen: a gym with a stretching area, a lounge that works as co-working space, a bookable kitchen and dining room for about ten people, a pet wash, and a rooftop with cabanas, grills, fireplaces and city views. There is no pool, which helps keep long-term costs in check.

Jatin’s honest take on 123 Portland

123 Portland — frequently asked questions

Looking at King West, Liberty Village and CityPlace more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.