Rêve Condos, 560 Front St W: Tridel Mid-Rise at Front and Portland

Rêve is a Tridel building, and for a lot of my buyers that is the first and last thing they need to hear. It is a mid-rise at Front and Portland, built in 2011 when this stretch was still mostly parking lots and low industrial buildings, and it now sits a short walk from The Well. The building is solid; the question is whether the fee structure and the suite you are looking at are right for you. I’m Jatin Dua, RE/MAX Quantum Realty.

A mid-rise that steps down to its neighbours

Rêve was designed by Wallman Architects in partnership with Burka Architects. Its main feature is the massing: about 13 storeys on Front Street, stepping down to nine storeys at the back. That is the sort of transition the city now asks for on most mid-rise sites, and it means the upper rear floors have setbacks and terraces rather than a sheer wall.

UrbanToronto described the project, while it was under construction, as quickly changing the face of a former industrial area, and that is exactly what happened. The townhomes just east of the site went from open skies to living beside a mid-rise, and since then the blocks around Front and Spadina have filled in with much bigger projects.

The storey count is slightly inconsistent between sources. Listing data and the Globe and Mail’s launch coverage say 13 storeys, while an UrbanToronto photo caption refers to the building capping off its 14th storey. A mechanical level or a skipped floor number can explain the difference. It does not change much for a buyer, but it is worth knowing if you see both figures.

Built for first buyers, with a few large suites

When Rêve launched, Tridel pitched it as an answer to a shortage of smaller, more affordable downtown suites. According to the Globe and Mail, studios, one-bedrooms and one-plus-dens made up close to 80 per cent of the building, and about 80 per cent of the suites sold at the opening.

At the other end is what Tridel called the Dream Collection: a smaller set of suites with terraces of up to about 500 sq ft or layouts close to 1,500 sq ft. Those are the suites to watch if you want space, because they come up rarely and they are the main reason the building’s size range runs as high as 1,455 sq ft. Listing data puts the smallest suites at around 645 sq ft, while the launch materials started at 540, so check the floor plan of any suite you look at rather than relying on the range.

Original finishes were plank laminate floors, cultured marble bathroom counters and stainless steel appliances, with quartz or granite counters as an upgrade. That was standard for the price point in 2011. Fifteen years on, expect many suites to be original or partly updated, and price that in.

Launch pricing is a useful reminder of how far this area has come. The Globe and Mail reported that most suites were priced between $200,000 and $300,000 when sales opened, and the building was pursuing green certification, with energy-efficient windows, low-VOC materials and low-flow fixtures. Those features are now ordinary, but they were a selling point in a building aimed at first buyers.

What the fee does and does not cover

Listing data shows the fee covering common elements, air conditioning, water and building insurance. Heat is not listed. That is the opposite of many older downtown buildings, where heat is bundled, so when you compare Rêve with a neighbour that includes heat, add your own heating cost back before you decide which is cheaper.

Parking was sold separately at launch, and the Globe and Mail reported that it was offered only with one-plus-den suites or larger. That means many of the smaller suites have no parking at all, which matters if you drive and also affects who you can sell or rent to later. Confirm whether the suite you are viewing comes with a spot or a locker.

Front and Portland today

The location has changed more than the building. The Well, a short walk east at Front and Spadina, has added a large retail and food hall to what used to be an empty stretch of Front Street, and the King West restaurant strip is a few blocks north. Liberty Village and the Fort York area are to the west.

For daily life, that means a grocery run, a gym class and dinner can all be done on foot, which was not true when Rêve was sold. It also means more people on Front Street, more construction traffic in recent years and more competition from newer buildings for the same buyers and tenants. Rêve competes on management, maturity and Tridel’s name rather than on newness.

The rail corridor runs south of Front Street, so south-facing suites look over the tracks toward CityPlace and the lake. Depending on height, that is either an open view or a source of noise, so visit at different times of day. The data panel on this page covers transit, schools and walkability.

Prices and fees at 560 Front Street West

The building averages around $955 per square foot. For a 2011 mid-rise that is a strong number, and it reflects Tridel’s reputation, the location and how much the area around Front and Spadina has improved.

Three suites are listed for sale, asking between $575,000 and $1,090,000, with a one-plus-den in between. That spread across unit types is useful: you can see what the building’s rarer large suites command against the one-bedrooms.

Fees on current listings average about $1.00 per square foot. At launch, the Globe and Mail reported fees of about 52 cents per square foot, so they have roughly doubled since 2011. Some increase is normal, but at this level, and without heat included, the fee is a real part of the cost. Ask for the budget and reserve fund study to see where it is heading.

Building specifications

Amenities at Rêve Condos

The rooftop terrace is the amenity that matters most, because outdoor space is scarce for the many small suites here. The rest is a solid, practical package with no pool.

Jatin’s honest take on Rêve Condos

Rêve Condos — 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.