One King West, 1 King St W: A Hotel-Condo Above a 1914 Bank Hall

One King West is unlike any other condo I show downtown. You can own a suite outright, live in it or place it in a hotel rental pool, and you walk in through the banking hall of a 1914 bank at the corner of King and Yonge. It is also a commercially taxed hotel-condo, and that changes the numbers in ways most buyers do not expect. I’m Jatin Dua, RE/MAX Quantum Realty.

A 1914 bank with a skyscraper on its shoulder

The base of the complex is the Dominion Bank building, designed by Darling and Pearson in the Beaux-Arts style with Renaissance Revival detail and completed in 1914. It originally stood 13 storeys; four floors were added on top as part of the project, bringing it to 17.

The new tower went up on the site of the old Michie & Co. grocery and wine store at 7 King West, demolished in 2001. Wikipedia gives 51 storeys and about 176 metres to the roof; EllisDon, the builder, describes a 50-storey tower integrated into the west half of the bank building; listing data says 49. The difference is mostly in how the bank floors and penthouse levels are counted.

The tower is famously thin for its height, which is why EllisDon installed a rooftop water ballast damper to reduce sway. Stanford Downey Architect Inc. worked on the heritage renovation. The Grand Banking Hall, with its Corinthian columns and tall windows, is now a large event space with a bar, and the original basement vault can be booked for private meetings and dinners.

Suites: hotel-sized, with two penthouses at the top

Wikipedia counts 575 suites in the complex, including two three-storey penthouses at the top of the tower. EllisDon’s project page describes the new tower itself as 330 suites, which suggests the rest sit in the converted bank floors, though I could not confirm that split.

Many suites were planned with hotel use in mind, so expect compact layouts, hotel-style finishes and a share of suites set up with two beds. I do not have reliable suite-size data for this building, so ask for the floor plan and the registered square footage of any suite you consider.

Not every owner uses the hotel pool. At the moment there are nine suites listed for lease, so a good number of owners rent long term instead. Ask which suites are in the pool and how the declaration treats short-term and long-term rentals, because the rules for a hotel-condo are different from an ordinary building.

How the hotel-condo model actually works

Every suite is individually owned. Owners can live in their suite, rent it themselves where the rules allow, or place it in the hotel pool and share in the hotel’s rental income. Some suites have been reconfigured with two beds to attract group bookings.

Ownership of the hotel business changed after the original development company entered creditor protection in 2007. The condominium corporation acquired the building’s common assets, including the hotel operation, and the owners now control the company that runs the hotel. That is unusual. It means the owners collectively carry both the upside and the risk of running a hotel.

Property tax is the other big difference. Wikipedia reports that owners disputed being assessed at commercial hotel rates rather than residential rates, and that suites are now taxed and valued as commercial properties. The same source cites rates of roughly 4% against about 1% for residential, so ask for the current tax bill on any suite before you compare it with a normal condo.

Living at King and Yonge

There is no more central address in the city. The PATH network, the bank towers, the St. Lawrence Market and the Eaton Centre are all close, and you can reach most of downtown on foot. Transit details are in the data panel on this page.

The flip side is that this is a working hotel in the heart of the Financial District. Expect hotel guests in the lobby and elevators, event traffic in the banking hall, and street noise at one of the busiest corners downtown. If you want a quiet residential lobby, this is not that building.

For the right owner, though, the location is the investment. A suite here is as close to the core as a residential address gets, and the heritage base gives the building a presence that no new glass tower can copy. Few buyers will ever get to walk home through a century-old banking hall.

Pricing, fees and the questions to ask

There are no suites for sale right now and nine for rent, so there is no current asking-price range to quote, and I do not have a reliable building-wide price per square foot to give you. That alone tells you something: this building trades rarely and in its own market.

Fees here include hydro, heat, air conditioning, water, cable TV, building insurance and common elements. That is a very full list. Parking is not among the listed inclusions, so confirm whether the suite has access to parking at all before you assume it.

Before you value a suite, ask for three things: the current commercial property tax bill, the hotel rental pool agreement and its recent results if the suite is in the pool, and a mortgage pre-approval that specifically covers a hotel-condo. Some lenders treat hotel-condo suites differently from ordinary condos, and that can affect your down payment.

For recent sold prices and rents, see the data panel or my building sold report.

Building specifications

Amenities at One King West Hotel & Residence

The amenities here are hotel amenities rather than a typical condo gym-and-pool list: a concierge, event and meeting space in the restored banking hall, a bar in the lobby and a historic vault you can book. Ask which services owners get as residents and which are charged at hotel rates. If a gym or pool is a must for you, confirm what the building actually offers residents before you commit.

Jatin’s honest take on One King West Hotel & Residence

One King West Hotel & Residence — frequently asked questions

Looking at St. Lawrence, the Financial District and Downtown Yonge more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.