One Park Lane III, 211 St Patrick St: Downtown Space at $572/sq ft

One Park Lane III is the last of three towers in a complex that was built for people who wanted a house-sized suite downtown. Suites here run from about 835 to more than 1,800 square feet, the fee pays for hydro, heat, cable and parking, and the per-square-foot price is one of the lowest you will find this close to University Avenue. The age of the building is the reason for that price, and I want you to buy with your eyes open. I’m Jatin Dua, RE/MAX Quantum Realty.

The last phase of One Park Lane

One Park Lane is a three-tower complex on the block north-west of Simcoe and Dundas: 280 Simcoe Street to the east, 195 St Patrick Street to the west, and this building, the north tower, at 211 St Patrick Street. The towers share a glass-enclosed lobby with a fish pond and planting, and this phase is known for its landscaped garden entrance.

The public numbers do not line up neatly. Condos.ca lists this tower at 16 storeys and 127 suites under MTCC-574. Dash Property Management describes the complex as three 14-storey towers with about 350 suites, built in 1981, and lists MTCC 569 as the corporation for the complex. Because the corporations and their shared-facility agreements matter for your fees, confirm in the status certificate exactly which corporation your suite belongs to and how shared costs are split.

One local condo site credits the original phase to Camrost-Felcorp. Condos.ca does not name a developer, so treat that as likely rather than confirmed.

A wider range of suites than its sister towers

This tower offers the widest spread in the complex. Condos.ca puts suites at roughly 835 to 1,829 square feet, so you can find a generous two-bedroom-plus-den at one end and a suite that rivals a semi-detached house in floor area at the other. Many of the current listings are two- and three-bedroom plans with a den.

The layouts are of their time. Expect separate kitchens, defined dining rooms, deep closets and long hallways rather than open plans with a kitchen island. For many downsizers that is a plus, because their dining table and their art actually fit. For a younger buyer who wants an open loft feel, it means renovation budget.

Condition varies a lot between suites. I would look at one original suite and one fully renovated suite in this tower before deciding what a particular unit is worth, and ask the seller what has been updated: windows and convector units are the expensive items in a building of this age.

What the fee really buys

Condos.ca lists cable TV, air conditioning, common elements, heat, hydro, building insurance, parking and water as included. That is close to an all-in housing cost. In a typical new downtown tower you would pay separate bills for hydro, often for heat and cooling, and for internet or cable, and parking would be a separate purchase.

So the fee is large in dollar terms. The two suites listed for sale when I checked carried fees from about $1,056 to $1,581 a month. Measured against what you would otherwise pay in utilities and parking, that number looks less alarming, but it is still a fixed cost that rises over time, so check the last few years of fee increases in the budget.

One more point: because the complex shares a lobby, pool and recreation space, part of your fee goes to shared facilities. Ask for the shared-facilities agreement and the most recent reserve fund study for both your own corporation and the shared components.

The location, day to day

You are on a quiet street a short walk from the Art Gallery of Ontario and Grange Park, with Chinatown and Kensington Market to the west and the University Avenue hospitals, the University of Toronto and the Financial District within walking distance. Transit, schools and Walk Score are covered in the data panel on this page.

Because the complex sits back from Dundas, the north tower is quieter than you might expect for this corner. The trade-off is that the immediate block is institutional rather than lively, so your evenings out will be a few minutes’ walk away on Queen, Dundas or in Kensington.

The area around you is also not standing still. New towers keep arriving along Dundas, Queen and University, which adds shops and restaurants but also construction noise and more competition for renters. For an owner who plans to stay, that steady change mostly helps; for a landlord, it means newer, smaller units competing for the same tenants.

Price per square foot and what is asking

Condos.ca puts the average price here at about $572 per square foot, which is low for a downtown address within walking distance of the core. That discount is the market pricing in three things: a building more than 40 years old, a high bundled fee and layouts that many buyers will want to renovate.

When I checked, two suites were listed for sale, with asking prices from about $895,000 to $1.4 million. That range shows how much the price depends on size and finish rather than on the address.

If you are comparing this with a newer condo, compare total monthly cost: mortgage, fee, plus the hydro, heat, cable and parking that would be extra elsewhere. For recent sales and leases, use the data panel on this page or request a building sold report.

Building specifications

Amenities at One Park Lane III

The pool, whirlpool, steam rooms, squash court and rooftop solarium are shared across the three towers, which is what lets a building of this size carry them. If you swim or play squash, that alone can replace a club membership.

Jatin’s honest take on One Park Lane III

One Park Lane III — frequently asked questions

Looking at Queen West, Trinity-Bellwoods, Kensington and Little Italy more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.