Peter & Adelaide Condos, 350 Adelaide St W: Warehouse Look, Tower Scale

Peter & Adelaide is what most downtown buyers picture when they say they want something new near King West: a tall, recent tower, a short walk to the office towers and the restaurants, and fees that haven’t crept up yet. Graywood and BBB Architects also tried to make it look like it belongs to the warehouse district instead of ignoring it. The catch is that you are buying into a building with almost 700 suites and a lot of near-identical units around you. I’m Jatin Dua, RE/MAX Quantum Realty.

A tower dressed to fit the warehouse district

The site is an L-shaped assembly of five properties that used to hold low-rise buildings and surface parking. The tower wraps around two neighbours it doesn’t own: the Templar Hotel to the west and a small heritage building at 342 Adelaide West. That is why the base looks so broken up from the street.

BBB’s lead architect, Greg Alexander, said the goal was to reflect the area’s brick-and-beam warehouses in a modern way. In practice that means a mix of materials and framed openings in different proportions, rather than a single sheet of glass, and three-storey heritage fronts kept along Adelaide with the podium stepped back behind them.

The two street faces are very different. On Adelaide the podium climbs to about 16 storeys behind those older fronts. On Peter it stays at six, and the first two floors are notched in behind V-shaped columns to give the sidewalk more room. A pedestrian mews on the west side was planned to link through to the mid-block space behind 401 Richmond.

The build itself moved quickly by downtown standards. The old buildings came down in the fall of 2019, ground broke that November, the four-level garage was finished in 2020, and the tower went up from there. That makes it one of the newer towers on this stretch of Adelaide, with the systems, windows and elevators of a building that is only a few years old.

Layouts: mostly compact, with a few real family-size plans

Suites run from about 475 to 1,408 square feet, and Graywood sold everything from studios to three-bedrooms. Most of what comes up for sale sits between 500 and 700 square feet: one-bedrooms, one-plus-dens and compact two-bedrooms.

That is normal for this part of downtown, but it shapes your resale. When you sell a 600 square foot one-plus-den here, you may be up against several similar suites in the same tower. Floor height, exposure, a usable den and parking are what separate one listing from the next, so weigh those more than the finishes.

The larger plans near the top of the size range are the scarce product. If you need a true second bedroom or a three-bedroom downtown, those are the suites worth waiting for here, because the supply of them in the building is thin.

Beanfield Fibre is available in the building, which matters more than it used to. If you work from home in a 550 square foot one-bedroom, check where the desk actually goes on the floor plan: in towers like this, a den can be anything from a real room with a door to a nook off the kitchen.

Retail in the base and four levels of parking below

The base was planned with more than 15,000 square feet of street-level retail on Adelaide and Peter, and a second floor of retail that included over 33,000 square feet designed for a supermarket. Tenants change, so check what has actually opened before you count on a grocery store downstairs.

Under the building is a four-level underground garage. Parking ratios in tall downtown towers like this one tend to be low, so assume many suites have no spot, and if one is included, get confirmation that it is deeded or exclusive-use in the agreement.

Peter and Adelaide, day to day

This corner is the seam between the Entertainment District and King West. The office core, the theatres on King, and the restaurants of the old warehouse blocks are all close, and 401 Richmond’s galleries and studios are right behind the site.

It is also a nightlife area, and that is the honest trade-off. Lower floors facing Peter or Adelaide will hear the street on weekend nights, and the neighbourhood is still filling in with towers. Higher floors and north or west exposures will usually be quieter. The transit, grocery and park details are in the data panel on this page.

Pricing: lean fees for a newer downtown tower

Active listings here average about $0.68 per square foot in maintenance fees, which is reasonable for a recent downtown tower with a full amenity floor. Listing records don’t show what the fee includes, so ask for the status certificate and the current budget before you assume heat, water or air conditioning are covered.

At the time of writing, eight sample active listings were asking between $499,000 and $675,000, with monthly fees between about $311 and $499. Those are asking prices only. Recorded sale and lease medians are in the data panel, and with around 14 suites for sale at once, there is room to negotiate on the more ordinary layouts.

New buildings often start with low fees that rise once the developer’s first-year budget gives way to real operating costs. I would look at how the fee has moved since registration and what the reserve fund study projects for the next few years.

Building specifications

Amenities at Peter & Adelaide Condos

Graywood’s plans put the gym, an entertaining kitchen and dining space on the third floor and an outdoor terrace with lounge space, and a pool, on the 17th floor. Listing records confirm only a concierge and gym, so walk the amenity floors yourself and check what is actually open and how bookings work.

Jatin’s honest take on Peter & Adelaide Condos

Peter & Adelaide Condos — frequently asked questions

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