Atlantis at Waterpark City, 231 Fort York Blvd: Small Suites, Big Club

Atlantis is the Waterpark City tower that first-time buyers end up in. The suites are small, the prices are among the lowest on Fort York Boulevard, and you still get a pool, a hot tub and a sauna downstairs. The question is whether the fee, which does not include parking, still makes sense once you look at it per square foot. I’m Jatin Dua, RE/MAX Quantum Realty.

The second tower on the old Molson lands

Waterpark City is Lanterra Developments’ four-building community beside the former Molson brewery site on Fort York Boulevard: Aquarius, Atlantis, Neptune and Neptune 2, with close to 1,930 suites between them. Atlantis was the second tower to rise, and it was finished in 2007.

Page + Steele, working with IBI Group, designed it, and Munge Leung did the interiors. The defining feature is the facade, a convex wall of curved glass panels that makes the tower read as rounded rather than boxy. It is one of the more recognisable shapes on this stretch of the boulevard.

The numbers vary a little between sources. Listing data shows 28 storeys and 577 suites, while a listing site describes a 29-storey tower with 557 suites. Floor numbering that skips a number, or suites combined after registration, can explain both gaps. If it matters, check the registered plan.

Compact layouts built for first buyers and renters

Suites run from roughly 355 sq ft studios to about 1,238 sq ft two-bedroom-plus-dens, but the bulk of the building is studios and one-bedroom-plus-dens in the 500 to 700 sq ft range. Current listings bear that out, with most falling in the 600s.

Most suites are open-concept with floor-to-ceiling windows, breakfast-bar kitchens, engineered hardwood and a balcony. Some suites look out over Lake Ontario or the Exhibition grounds, and others look at the city or straight into a neighbouring tower. With four towers on one site, the view is the single biggest variable in value here, so price two similar suites on different exposures before you decide.

With suites this compact, look hard at storage. Ask whether the suite comes with a locker, measure the closets and check whether the den can actually hold a desk or a bed. A one-bedroom-plus-den at 600 sq ft works very differently depending on whether the den is a nook or a room.

Because so many suites are small, a large share are rentals. That is good news if you are an investor, since demand from young renters in this area is steady. If you are an owner-occupier, expect more move-ins and elevator bookings than in a building of larger suites.

Club Oasis and the shared amenities

The amenity centre is branded Club Oasis, and it is the reason many people choose Waterpark City over smaller buildings. It includes an indoor pool and hot tub, a spa with sauna and massage rooms, a fitness centre, a billiards room, a party room and theatre, and a shared rooftop terrace with gardens and barbecues. There are also guest suites, a business centre and a 24-hour concierge.

Waterpark City has two clubs, Club Oasis and Club Odyssey, housed in connected towers. Facilities like these are normally shared between corporations, which would mean a shared-facilities agreement, a cost-sharing formula and the possibility that a pool closure in one building affects residents of another. Ask for the agreement and the most recent shared-facilities budget with the status certificate.

Condos.ca also notes a pet restriction. I could not find the specific rules, so read them before you buy, particularly if you have a large dog or more than one pet.

Living on Fort York Boulevard

Fort York Boulevard has filled in around Atlantis since 2007, and the area now feels like a finished neighbourhood rather than a construction zone. Fort York and the Exhibition grounds are close by, Liberty Village is a short trip north-west and the CityPlace towers continue to the east.

The Gardiner Expressway is close, which is convenient by car and noisy for low suites facing south. Choose your floor and exposure deliberately, and visit at rush hour if a suite faces the expressway.

Within Waterpark City, buyers often treat the four towers as interchangeable. They are not. Each is its own corporation with its own reserve fund, its own fee rate and its own history of repairs, even though they share a site and some facilities. Compare the status certificates, not just the listings. The data panel on this page covers transit, schools, parks and food nearby.

What Atlantis costs, and the fee per square foot

The building average is about $836 per square foot, a little below Aquarius next door at around $897. That discount mostly reflects suite size and the lower floors of Atlantis rather than any problem with the building.

Seven suites are listed for sale right now, asking between $329,000 and $615,000, from a studio under 500 sq ft to a two-bedroom in the 700s. That is one of the lowest price ranges for a downtown tower with a pool, and it is the main reason this building suits first-time buyers.

Fees on current listings average about $1.02 per square foot, which is on the high side. They include heat, air conditioning, water and insurance, and a share of the club costs, but not parking. Compare carefully with Luna and other CityPlace towers where parking is in the fee. On a small suite the dollar amount is modest; on a two-bedroom it adds up.

Building specifications

Amenities at Atlantis at Waterpark City

For a building with this many small suites, Club Oasis is the real selling point: a pool, hot tub and spa you can use all winter without a gym membership. The cost of keeping it running is shared across Waterpark City, so it shows up in your fee.

Jatin’s honest take on Atlantis at Waterpark City

Atlantis at Waterpark City — frequently asked questions

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