The Derby Lofts, 393 King St E: Two-Storey Lofts on an 1847 Tavern Site

The Derby Lofts is a building people walk past every day at King and Parliament without realizing it was one of the first purpose-built loft condominiums in Toronto. It went up in 1990 on the site of a tavern that had operated since 1847, with 26 two-storey suites behind tall panelled windows. It is small, it is quirky, and the corner it sits on is about to change dramatically. I’m Jatin Dua, RE/MAX Quantum Realty.

Not a conversion: a loft building before lofts were a trend

Most east-end buildings with “lofts” in the name are old factories. The Derby is different. The Derby Tavern, earlier known as William Wright’s Inn, operated on this corner from 1847 until the original structure was demolished in the late 1980s, and the current building was designed new for the site.

Sweeny&Co Architects describes it as the first two-storey open-loft condominium project in Toronto, built before “loft” became a residential marketing word. The firm also notes it was designed to close the view looking east along King Street, which is why the corner looks deliberate rather than accidental when you approach from downtown.

The architect also says the Derby cost less to build than most of its competitors while delivering higher quality. That is the developer’s own account rather than an independent review, but more than three decades on, the red-brick shell and the big panelled windows still hold up well against much newer buildings on King East.

There is one small discrepancy: the architect’s project page lists 24 units in one place and 26 in its description, while condos.ca records 26. The registered plan is the authority if the count matters to you.

Two-storey suites with real volume

The design idea was the two-storey open loft, and that is what you buy here. Red brick outside, large panelled windows, and inside, double-height living spaces with upper-level mezzanines. One recent listing described a 16-foot window wall, polished concrete floors with radiant heating, a wood-burning fireplace and a mezzanine den that could serve as a second bedroom.

That kind of space is wonderful for light and for anyone who works from home. It is less forgiving if you need closed bedrooms; a mezzanine is open to the room below, so sound and light travel. Think about how you sleep and who you live with before you fall for the ceiling height.

Because this is a 1990 building with suites that owners have renovated over the years, finishes vary a lot. Some suites have been taken back to concrete and steel, others are closer to original. Budget accordingly.

King and Parliament is about to change

This corner is on the edge of Corktown and the St. Lawrence neighbourhood, one of the oldest parts of the city, with protected heritage buildings around it. The Distillery District is a short walk south-east, and the King East design showrooms run west toward Jarvis.

The biggest change is underground. Metrolinx is building Corktown Station on the Ontario Line at King and Berkeley, a block west of this corner, with plans that take in the First Parliament site. Once open, that should make this one of the best-connected small buildings in the east end. Until then, expect years of construction, traffic changes and noise at your doorstep, especially in suites that face the intersection.

King Street East also carries streetcars and a lot of traffic, so ask which way a suite faces. The automatic panel on this page covers transit, schools and walkability.

A small corporation with few frills

Shared amenities are minimal: an underground parking garage, a security system, and pets are permitted according to condos.ca. There is no gym, concierge or party room.

With 26 owners, every large repair is shared among few people. condos.ca lists ICC Property Management. In a building this age, the questions that matter are about the reserve fund and the age of the roof, windows, garage and radiant heating system, not about amenities.

Radiant floor heating deserves a specific question. It is comfortable and quiet, but in an older building you want to know whether it is a shared hot-water system or electric in each suite, how old the boiler and controls are, and who pays when a loop fails under a concrete floor. Get that answer in writing from the manager or the status certificate.

Pricing a building with almost no listings

condos.ca does not publish a building average per square foot for the Derby, and with 26 suites that rarely trade, any average would be thin. Nothing was listed for sale at the time of writing.

When I price a suite here, I use the building’s own sales history, two-storey loft sales in nearby conversions, and the newer Corktown and Distillery mid-rises. The Derby’s double-height volume and corner location argue for a premium over a standard condo suite; its age and the coming construction argue the other way. Size also matters: one listing quoted two different square footages for the same suite, so confirm the number against the floor plan.

The fee includes common elements, water, air conditioning and building insurance. Heat and hydro are not listed as included, and parking is not listed in the fee, so confirm whether a space comes with the suite and whether it carries its own charge. For aggregate recent trades, see my building sold report.

Building specifications

Amenities at The Derby Lofts

There is effectively no amenity package here, by design. You are buying a double-height suite on a historic corner, and the shared budget goes to the building, not to a gym or lobby. If you want a gym or a rooftop, you will be paying for it elsewhere, so factor a membership into your monthly budget.

Jatin’s honest take on The Derby Lofts

The Derby Lofts — frequently asked questions

Looking at Church–Wellesley, Corktown, Moss Park and Cabbagetown more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.