Leaside Park Terrace, 1 Leaside Park Dr: A 1998 Office-to-Condo Conversion

Leaside Park Terrace is not what most people picture when they hear the name. It is a seven-storey former office building on the edge of Thorncliffe Park, converted by Invar in 1997 and 1998 into 144 condominium suites with retail on the ground floor. That history explains the layouts, the parking and the price, which is among the lowest per square foot in this part of the city. I’m Jatin Dua, RE/MAX Quantum Realty.

An office building turned into condos

City of Toronto records from 1998 describe the building, then addressed as 7 Overlea Boulevard, as an existing seven-storey office building that Invar was converting to residential and commercial use. The former Borough of East York approved the zoning change in May 1997 and site plan approval followed that August, and the City’s lawyers later dealt with releasing the condominium agreement from individual suites at 1 Leaside Park Drive as units were sold.

The approved plan set out two commercial units on the ground floor, 144 residential suites on floors two to seven, 144 locker units and 238 parking spaces. In other words, every suite was planned with a locker, and the garage has substantially more spaces than suites, which is unusual and useful.

Office conversions behave differently from purpose-built condos. Floor plates are deep, column spacing follows an office grid, and window lines are set by the original facade. That can mean wide, regular suites, but also interior space that sits a long way from the glass. Walk the suite in daylight and see how far the light reaches.

Suites: one-bedrooms, mostly, and bigger than you’d expect

The 1997 zoning approval described the building as 144 one-bedroom suites, and condos.ca records sizes from about 689 to 923 square feet. That is a generous one-bedroom by today’s standards; many new one-bedrooms in Toronto are well under 600 square feet.

The upper end of that range suggests some plans have a den or a second room, so confirm the layout and whether any den has a window or a door. In a conversion, the floor plans on file matter, because suites on the same floor can differ depending on where they sit in the old office footprint.

Because the building is almost all one-bedroom suites, it is a narrow market. That keeps prices accessible, but it also means your eventual buyer is most likely a first-time buyer, a single downsizer or an investor.

Thorncliffe Park, Leaside and the Ontario Line

The building carries a Leaside name but sits in Thorncliffe Park, the neighbourhood just east of Leaside, wrapped by branches of the Don Valley. Condos.ca places it in Thorncliffe Park in the former East York, and on the same street, City records show a separate condominium development by Leaside Green Inc. at 2 to 22 Leaside Park Drive from the same period.

The biggest change nearby is transit. Metrolinx is building the Ontario Line through Thorncliffe Park, with a station on Overlea Boulevard. When it opens, this part of the city will have a far more direct rapid transit link south toward downtown than it has today. The data panel on this page shows current transit, schools and Walk Score.

Construction brings its own short-term disruption, and the area’s look will keep changing for years. If you buy now, you are partly buying the future of the neighbourhood, so think about how long you plan to stay.

Living with retail at grade

The ground floor was planned for about 2,033 square metres of commercial space, split into two commercial condominium units. That gives residents shops or services at the door, but it also means the building shares its site with businesses that keep their own hours, deliveries and visitors.

Ask how costs are shared between the residential and commercial units, and whether there is a shared facilities agreement. In mixed-use buildings, the split for items such as the roof, the structure and the garage can make a real difference to your fee over time.

It is also worth asking who owns the commercial units and what uses the zoning allows. A quiet office tenant and a busy restaurant make for very different neighbours.

Leaside Park Terrace on price

Condos.ca puts the building average at about $521 per square foot. That is one of the lowest figures I have seen in this part of the city, close to Leaside Park at 11 Thorncliffe Park Drive at about $506 and above The Jockey Club at 21 Overlea Boulevard at about $469. South Leaside low-rises such as Leaside Gate at 955 Millwood Road, at about $650, sit noticeably higher.

Some of that discount is location and some is format. A converted office building does not command the same price as purpose-built Leaside low-rise, and almost every suite here is a one-bedroom. But on a per-square-foot basis, it is one of the more affordable ways to own a large one-bedroom in the east of midtown.

The fee covers common elements, building insurance, water and parking, per condos.ca. Heat and hydro are not listed, so ask how the suites are heated and metered. There was one one-bedroom listed when I checked, which is not enough for an asking range. For recorded sale figures, see the data panel on this page or ask me for a building sold report.

Building specifications

Amenities at Leaside Park Terrace

The amenity package is modest: a party room, a meeting room and visitor parking. The practical extras are the ones from the conversion plan, a locker for every suite and a garage with more spaces than suites. Ask whether any of the extra parking spaces are owned by the corporation and rented out, since that income can help the budget.

Jatin’s honest take on Leaside Park Terrace

Leaside Park Terrace — frequently asked questions

Looking at Leslieville, Riverdale, the Beaches, Danforth and Leaside more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.