Five Condos, 5 St Joseph St: A Tower Behind a 1905 Warehouse Facade

Five Condos is the building I point to when someone says new towers have no character. You walk in under the restored facade of a 1905 brick warehouse, on a Victorian lane off Yonge Street, and the 48-storey glass tower only shows itself above. The suites start very small, so it is not for everyone, but the heritage work here is some of the most ambitious in the city. I’m Jatin Dua, RE/MAX Quantum Realty.

The largest heritage retention of its kind in Toronto

The base of Five is a 1905 Gothic Revival brick warehouse at the corner of St. Joseph and St. Nicholas Streets. Hariri Pontarini restored the facade with new windows, roofs and storefronts, and the old building now forms an entrance archway under the tower. The architects describe it as the largest heritage retention of its kind ever done in Toronto.

The project also kept nearly half a block of historic buildings on Yonge Street and the original paving stones along St. Nicholas Street. New facades inspired by buildings that used to stand on the lane add retail space, so the lane works as a walking route rather than a service alley.

The industry noticed. Five won two BILD Awards in 2011, Project of the Year for high-rise and Best Building Design, before it was even built.

The tower above

The tower is 48 storeys of curved glass with undulating balcony panels in fritted glass that step down to meet the roof of the old podium. There is a roof garden of about 6,000 sq ft. In a neighbourhood of plain 1970s and 1980s slabs, it is one of the more refined towers on the skyline.

Hariri Pontarini is one of the most respected firms in the country, and David Pontarini led this project. If design quality matters to you, this is a meaningful difference from most buildings at a similar price per foot.

Suites start very small

Suites range from about 323 to 1,683 sq ft. That low end is one of the smallest I see in downtown towers, and it tells you the building was planned with students, investors and single buyers in mind. The University of Toronto, Queen’s Park and the Yonge Street strip are all walkable, which keeps rental demand strong.

If you are an owner-occupier, look hard at the studios and small one-bedrooms before you buy. They rent well, but they are tight for living, and resale is more sensitive to investor demand. The one-plus-dens and two-bedrooms in the 600 to 900 sq ft range are the more liveable middle of the building, with a handful of large suites higher up.

St. Joseph Street is short and has several other towers, including Eleven Residences a few doors along and Polo Club II farther west. They compete for the same buyers and tenants, so compare fees and layouts before you choose.

Living on a Victorian lane off Yonge

St. Nicholas Street is a quiet, Victorian-era lane that links the busy Yonge Street strip to Queen’s Park and the University of Toronto. That is one of the best things about Five: you are a short walk from Yonge’s shops and restaurants, but your front door is on a lane, not a six-lane road.

The heritage work also means the street-level experience is better than at most towers. Retail spaces fit into old and new brick facades along the lane, and the original paving stones were kept. It feels like a small part of an older city, which is rare this close to Yonge and Wellesley.

The area around Yonge and Wellesley has been one of the busiest construction zones in the city for over a decade, and more towers are planned. Expect cranes nearby and changing views. If an unobstructed outlook matters to you, ask what is approved or proposed on the sites facing your suite.

For investors, the mix of a university, hospitals to the south and the Yonge Street corridor keeps rental demand steady. For owner-occupiers, that same demand means many neighbours will be tenants, which is normal for this area but worth knowing.

Pricing and fees

Condos.ca puts the building average at about $898 per square foot. That is in line with newer towers around Yonge and Wellesley, and the heritage base and architect add something you do not get at most of them.

Across current listings, the fee works out to about $0.88 per square foot. Condos.ca lists heat and water as included; air conditioning and hydro are not listed, so expect to pay for cooling and electricity yourself. Parking is not listed as included either, which matters if you need a car downtown.

Five suites are on the market now, asking from about $400,000 for the smallest plan up to about $1.68 million for the largest. One-plus-dens are asking about $569,000 to $599,000. The data panel beside this review shows what has actually sold and leased.

Because so many suites here are small, the price per square foot on studios and compact one-bedrooms tends to run higher than on larger plans. Do not compare a 350 sq ft studio’s per-foot price with a 900 sq ft two-bedroom’s; compare like with like. The leases in the data panel are also worth a look if you are buying to rent, because the rent on small suites is what really sets their value here. For a building-specific sales summary, my building sold report is a good starting point.

Building specifications

Amenities at Five Condos

The amenity list is short: a concierge, a gym, a party room and a rooftop garden of about 6,000 sq ft. For residents in small suites, that roof garden is the most valuable shared space in the building.

Jatin’s honest take on Five Condos

Five Condos — 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.