The French Quarter 2, 115 Richmond St E: The Lower-Priced Sister Building

The French Quarter 2 at 115 Richmond Street East is the building I mention when a buyer likes the Lombard Street sister but does not need the parking. It is an 80-suite Intracorp mid-rise from 2004, with suites larger than most downtown towers, a concierge and hydro in the fee. On a per-foot basis it has traded noticeably below its sibling, and the reasons are worth understanding. I’m Jatin Dua, RE/MAX Quantum Realty.

Two buildings, one block

The French Quarter 2 faces Richmond Street East, with its sister, The French Quarter at 120 Lombard Street, on the same block to the south. Both were built by Intracorp, both were registered in early 2004, and both are listed with FirstService Residential as manager, but they are separate corporations: TSCC-1594 here and TSCC-1579 on Lombard.

The practical differences are small but real. This building is slightly larger at 80 suites, condos.ca lists a concierge here and not at the Lombard building, and parking is not listed as a fee inclusion here, while it is at 120 Lombard. Ask whether the two corporations share any facilities, such as a garage ramp or amenity space, and read any shared facilities agreement in the status certificate.

At about 11 storeys, the building is mid-rise by downtown standards. You get a staffed lobby and a manageable number of neighbours, without the elevator queues of the large towers to the west.

Small buildings govern differently, too. With 80 owners, a few engaged people can shape the board, the budget and the rules. Ask how many owners turn up to the annual meeting and read recent minutes, because in a building this size they tell you a great deal about how it is run day to day.

Suite sizes and what Richmond Street means for noise

Suites start around 522 sq ft and run to about 1,411 sq ft, so even the smallest are a full one-bedroom size, and there are larger two-bedroom plans at the top of the range. That is generous compared with newer towers nearby, where 600 sq ft is often a two-bedroom.

Early-2000s plans tend to be practical, with real bedroom walls and decent storage. Unrenovated kitchens and bathrooms will show their age, so look at what has been updated and price the rest into your offer.

Richmond Street is a one-way arterial with a protected cycle track, and it carries steady traffic toward the core. Suites facing Richmond will hear it; suites facing into the block toward Lombard are usually quieter. Ask which side the suite faces and visit at rush hour.

Being mid-rise also shapes the view. At 11 storeys you are looking at neighbouring buildings rather than over them, so light depends on exposure and floor. Ask what sits directly across from the suite you like, check whether anything is proposed on the neighbouring lots on the City of Toronto development applications map, and see the suite in daylight before you commit.

The fee: hydro in, parking out

Condos.ca lists common elements, heat, hydro, air conditioning, building insurance and water in the fee. With hydro and heat bundled, your monthly cost stays steady through the seasons, which is useful for owner-occupiers on a fixed budget.

Parking is not listed. If you drive, confirm whether the suite comes with a deeded or exclusive-use space and a locker, and what a space would cost to rent if it does not. If you do not drive, this is exactly why the building can be better value than its sister: you are not paying for a space you will not use.

Because the energy costs flow through the corporation’s budget, look at how fees have moved over the past five years in the status certificate, and confirm hydro is still bundled for the suite you are buying.

Living near Jarvis and Richmond

Day to day, St. Lawrence Market and the restaurants along Front Street are a few blocks south, St. James Cathedral and its park are a short walk south-west, and the King East design and furniture strip is close by. Queen East, Moss Park and the shops at Yonge are all within walking range.

The biggest change coming is the Ontario Line. Metrolinx is building Moss Park station at Queen and Sherbourne, and work around the park has been under way for some time. Construction will be disruptive until it opens, and then this pocket gains a rapid transit link it has never had.

What The French Quarter 2 costs

Condos.ca puts the building average at about $753 per square foot, against about $894 for the Lombard sister. Some of that gap is parking, which is bundled at 120 Lombard and not here, and some is simply the small number of sales in two small buildings, which makes averages jumpy.

When I checked, there was one suite for sale and three for lease. With only a single active listing, I will not quote an asking price, and a single listing is not a market anyway. The sold record over the past year is far more useful.

In an 80-suite building, a few sales a year set the comparables, so suite condition, exposure and whether parking is included will move value more than the building average. Ask me for the building sold report before you make an offer.

Building specifications

Amenities at The French Quarter 2

The concierge is the real difference from the Lombard sister, and in a small downtown building it handles parcels, visitors and contractors in a way a key fob cannot. Add a rooftop deck, a party room and a meeting room, and the package is modest but well matched to a building of 80 suites.

Jatin’s honest take on The French Quarter 2

The French Quarter 2 — 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.